# EDGAR Filing Document

**Accession Number:** 0000076721
**File Stem:** 0002071691-26-010457
**Filing Date:** 2026-5
**Character Count:** 199584
**Document Hash:** 74e13e4d5d154e5ff77fb1f6840c1286
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-010457.hdr.sgml**: 20260520

**ACCESSION NUMBER**: 0002071691-26-010457

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260520

**DATE AS OF CHANGE**: 20260520

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IMPAX FUNDS SERIES TRUST I
- **CENTRAL INDEX KEY:** 0000076721

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02064
- **FILM NUMBER:** 261003680

**BUSINESS ADDRESS:**
- **STREET 1:** 30 PENHALLOW STREET, SUITE 400
- **CITY:** PORTSMOUTH
- **STATE:** NH
- **ZIP:** 03801-3852
- **BUSINESS PHONE:** 800-767-1729

**MAIL ADDRESS:**
- **STREET 1:** 30 PENHALLOW STREET, SUITE 400
- **CITY:** PORTSMOUTH
- **STATE:** NH
- **ZIP:** 03801-3852

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAX WORLD FUNDS SERIES TRUST I
- **DATE OF NAME CHANGE:** 20070831

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAX WORLD BALANCED FUND
- **DATE OF NAME CHANGE:** 20061113

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAX WORLD BALANCED FUND INC
- **DATE OF NAME CHANGE:** 20040624

## Series and Classes Contracts Data

### Impax Core Bond Fund (Series ID: S000055845)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000175862 | Institutional Class | PXBIX           |
| C000175863 | Investor Class      | PAXBX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** IMPAX FUNDS SERIES TRUST I

- **b. Investment Company Act file number:** 811-02064

- **c. CIK number of Registrant:** 0000076721

- **d. LEI of Registrant:** 549300TD5R23SWU72456

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 30 Penhallow St., Suite 100

  - **City:** Portsmouth

  - **State:** NH

  - **Foreign country:** US

  - **Zip / Postal Code:** 03801

  - **Telephone number:** 603-431-8022

**Item A.2. Information about the Series.**

- **a. Name of Series:** Impax Core Bond Fund

- **b. EDGAR series identifier (if any):** S000055845

- **c. LEI of Series:** 549300Z901FIZVY05W78

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $861124130.97

**Total Liabilities:** $8299185.60

**Net Assets:** $852824945.37

**Cash Not Reported:** $1063040.81

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 748.22271800 | **1-Year:** 13152.27673100 | **5-Year:** 104045.15675700 | **10-Year:** 174168.49446200 | **30-Year:** 42325.95581700

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 70.55089800 | **1-Year:** 2317.30025800 | **5-Year:** 3513.68981600 | **10-Year:** 343.06490900 | **30-Year:** 617.90962500

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000175862 | 0.22%                | 1.56%                | -1.78%               |
| Class ID C000175863 | 0.20%                | 1.54%                | -1.80%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-162504.20              | $-493158.82                                |
| Month 2  | $-584634.41              | $11193574.18                               |
| Month 3  | $-615573.90              | $-17801186.66                              |

### Schedule of Portfolio Investments

| Name                                                                                        | Title                                                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| European Investment Bank                                                                    | European Investment Bank                                                                    | CUSIP: 298785KG0<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | US        |   2000000 | PA      | $2044723.82   | 0.24%             | 2030-03-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Essential Utilities, Inc.                                                                   | Essential Utilities, Inc.                                                                   | CUSIP: 29670GAL6<br>LEI: 549300ILTEOF3E3QY357 | Long             | DBT              | CORP              | US        |    917000 | PA      | $904558.10    | 0.11%             | 2036-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Ciena Corp.                                                                                 | Ciena Corp.                                                                                 | CUSIP: 171779AL5<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $951944.20    | 0.11%             | 2030-01-31      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                         | International Bank for Reconstruction & Development                                         | CUSIP: 459058JN4<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        |   1000000 | PA      | $951801.71    | 0.11%             | 2027-11-24      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                                        | GNMA II, Single-family, 30 Year                                                             | CUSIP: 36179XBQ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1407114 | PA      | $1213341.21   | 0.14%             | 2052-07-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                          | T-Mobile USA, Inc.                                                                          | CUSIP: 87264ADT9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4539140.96   | 0.53%             | 2035-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140KKGH1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1291583 | PA      | $1108519.81   | 0.13%             | 2050-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance, Inc. (The) | Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance, Inc. (The) | CUSIP: 05825XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1005719.43   | 0.12%             | 2031-05-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| FNMA Connecticut Avenue Securities Trust                                                    | FNMA Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1                        | CUSIP: 20754TAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    996024 | PA      | $994892.18    | 0.12%             | 2045-02-25      | Floating      | 4.66%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140W1MD2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5579775 | PA      | $4939293.78   | 0.58%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA Connecticut Avenue Securities Trust                                                    | FNMA Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1                        | CUSIP: 20754EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    459281 | PA      | $460110.89    | 0.05%             | 2043-07-25      | Floating      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| SCE Recovery Funding LLC                                                                    | SCE Recovery Funding LLC, Series A-2                                                        | CUSIP: 78433LAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1233816.27   | 0.14%             | 2042-11-15      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loan Trust                                                                     | Mosaic Solar Loan Trust, Series 2018-1A, Class A                                            | CUSIP: 61946FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    792258 | PA      | $747481.99    | 0.09%             | 2043-06-22      | Fixed         | 4.01%                 | Yes           |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                                                         | Constellation Energy Generation LLC                                                         | CUSIP: 210385AP5<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $992432.37    | 0.12%             | 2028-01-08      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                                                                   | OBX Trust, Series 2025-NQM15, Class A1                                                      | CUSIP: 67122CAC9<br>LEI: 254900Y3YIZHUWMEGC78 | Long             | ABS-MBS          | CORP              | US        |   1624891 | PA      | $1623750.30   | 0.19%             | 2065-07-27      | Variable      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| Verizon Communications, Inc.                                                                | Verizon Communications, Inc.                                                                | CUSIP: 92343VFT6<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    600000 | PA      | $421450.39    | 0.05%             | 2040-11-20      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| SCE Recovery Funding LLC                                                                    | SCE Recovery Funding LLC, Series A-2                                                        | CUSIP: 78433LAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    880000 | PA      | $826150.41    | 0.10%             | 2047-12-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Walmart, Inc.                                                                               | Walmart, Inc.                                                                               | CUSIP: 931142EZ2<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $863072.66    | 0.10%             | 2052-09-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Kioxia Holdings Corp.                                                                       | Kioxia Holdings Corp.                                                                       | CUSIP: 49726JAA6<br>LEI: 35380080RTKRARNH4R73 | Long             | DBT              | CORP              | JP        |   1000000 | PA      | $1017028.94   | 0.12%             | 2030-07-24      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Clean Harbors, Inc.                                                                         | Clean Harbors, Inc.                                                                         | CUSIP: 184496AQ0<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2032541.26   | 0.24%             | 2031-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                                                         | Constellation Energy Generation LLC                                                         | CUSIP: 210385AQ3<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $987375.19    | 0.12%             | 2031-01-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                                  | FHLMC Pool, 30 Year                                                                         | CUSIP: 3133BJPG1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2040751 | PA      | $1943758.90   | 0.23%             | 2052-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140XJMM2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2154203 | PA      | $2097937.79   | 0.25%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Carrier Global Corp.                                                                        | Carrier Global Corp.                                                                        | CUSIP: 14448CAR5<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $788229.20    | 0.09%             | 2040-04-05      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                                  | FHLMC Pool, 30 Year                                                                         | CUSIP: 3133KRKE3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1358428 | PA      | $1424890.16   | 0.17%             | 2053-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                                        | GNMA I                                                                                      | CUSIP: 36194SPD4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1426864 | PA      | $1263272.21   | 0.15%             | 2041-09-15      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| Vivint Solar Financing V LLC                                                                | Vivint Solar Financing V LLC, Series 2018-1A, Class A                                       | CUSIP: 92854VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    801844 | PA      | $781752.66    | 0.09%             | 2048-04-30      | Fixed         | 4.73%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission, Inc.                                                                  | Allison Transmission, Inc.                                                                  | CUSIP: 019736AF4<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1007605.00   | 0.12%             | 2029-06-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140MTE41<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2297690 | PA      | $2228838.90   | 0.26%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FARM Mortgage Trust                                                                         | FARM Mortgage Trust, Series 2024-2, Class A                                                 | CUSIP: 307910AC3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1262174 | PA      | $1166227.44   | 0.14%             | 2054-08-01      | Variable      | 5.17%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                                                  | Verus Securitization Trust, Series 2026-1, Class A1                                         | CUSIP: 92541JAF8<br>LEI: 2138009KJR7Q44BI8668 | Long             | ABS-MBS          | CORP              | US        |   1234876 | PA      | $1229481.74   | 0.14%             | 2071-01-25      | Variable      | 4.86%                 | Yes           |                  2 | On Loan: No      |
| SCE Recovery Funding LLC                                                                    | SCE Recovery Funding LLC, Series A-1                                                        | CUSIP: 78433LAG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1978585 | PA      | $1911579.26   | 0.22%             | 2040-06-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| WLB Asset VII Pte. Ltd.                                                                     | WLB Asset VII Pte. Ltd.                                                                     | CUSIP: N/A<br>LEI: 254900606PGU4UDQPS56       | Long             | DBT              | CORP              | MU        |    925000 | PA      | $923088.00    | 0.11%             | 2029-07-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                                                                      | Tesla Auto Lease Trust, Series 2023-B, Class B                                              | CUSIP: 88167QAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    133434 | PA      | $133550.37    | 0.02%             | 2027-08-20      | Fixed         | 6.57%                 | Yes           |                  2 | On Loan: No      |
| AbbVie, Inc.                                                                                | AbbVie, Inc.                                                                                | CUSIP: 00287YEH8<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $978709.84    | 0.11%             | 2056-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 31418DV66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3573079 | PA      | $2771932.81   | 0.33%             | 2051-01-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| DTE Electric Co.                                                                            | DTE Electric Co., Series A                                                                  | CUSIP: 23338VBB1<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1472518.14   | 0.17%             | 2036-03-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                                  | FHLMC Pool, 30 Year                                                                         | CUSIP: 3132DSB68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2504417 | PA      | $2239357.82   | 0.26%             | 2053-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                             | Inter-American Development Bank                                                             | CUSIP: 4581X0EB0<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | US        |   2000000 | PA      | $1964918.12   | 0.23%             | 2027-01-13      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Pentair Finance SARL                                                                        | Pentair Finance SARL                                                                        | CUSIP: 709629AS8<br>LEI: 549300H2U8U8TZPV3T89 | Long             | DBT              | CORP              | LU        |   1705000 | PA      | $1784210.82   | 0.21%             | 2032-07-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Nature Conservancy (The)                                                                    | Nature Conservancy (The), Series A                                                          | CUSIP: 63902HBF5<br>LEI: 549300GJ1IZME7V1JJ28 | Long             | DBT              | CORP              | US        |    750000 | PA      | $594734.34    | 0.07%             | 2052-03-01      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                                                           | Eversource Energy, Series A                                                                 | CUSIP: 30040WBC1<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1482092.90   | 0.17%             | 2056-08-15      | Variable      | 6.10%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                             | Goldman Sachs Group, Inc. (The)                                                             | CUSIP: 38145GAR1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1970104.20   | 0.23%             | 2032-01-21      | Variable      | 4.52%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                                                                   | OBX Trust, Series 2025-NQM20, Class A1                                                      | CUSIP: 67126GAC6<br>LEI: 254900Y8CC35WOVR8295 | Long             | ABS-MBS          | CORP              | US        |    916538 | PA      | $913783.27    | 0.11%             | 2065-10-25      | Variable      | 5.02%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                                                                  | FHLMC Pool, 30 Year                                                                         | CUSIP: 3142GQXY3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2511098 | PA      | $2531597.59   | 0.30%             | 2054-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| American Water Capital Corp.                                                                | American Water Capital Corp.                                                                | CUSIP: 03040WBF1<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1524870.11   | 0.18%             | 2035-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                                  | Verus Securitization Trust, Series 2025-8, Class A3                                         | CUSIP: 924930AG5<br>LEI: 213800K8E68XJS6Z1D09 | Long             | ABS-MBS          | CORP              | US        |   1829709 | PA      | $1818321.24   | 0.21%             | 2070-09-25      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Amgen, Inc.                                                                                 | Amgen, Inc.                                                                                 | CUSIP: 031162BA7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2164389.36   | 0.25%             | 2039-02-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                                                            | CVS Health Corp.                                                                            | CUSIP: 126650DT4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2028629.06   | 0.24%             | 2030-02-21      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ITC Holdings Corp.                                                                          | ITC Holdings Corp.                                                                          | CUSIP: 465685AU9<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2001820.56   | 0.23%             | 2031-04-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| College Ave Student Loans LLC                                                               | College Ave Student Loans LLC, Series 2024-B, Class A1A                                     | CUSIP: 19423UAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1961784 | PA      | $2003291.04   | 0.23%             | 2054-08-25      | Fixed         | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Walt Disney Co. (The)                                                                       | Walt Disney Co. (The)                                                                       | CUSIP: 254687EV4<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2222875.10   | 0.26%             | 2044-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| VB-S1 Issuer LLC                                                                            | VB-S1 Issuer LLC, Series 2026-1A, Class C2                                                  | CUSIP: 91825HAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2250000 | PA      | $2213594.55   | 0.26%             | 2056-03-15      | Fixed         | 4.69%                 | Yes           |                  2 | On Loan: No      |
| PMT Loan Trust                                                                              | PMT Loan Trust, Series 2025-INV11, Class A2                                                 | CUSIP: 729916AB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1032962 | PA      | $1033777.32   | 0.12%             | 2056-11-25      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Apple, Inc.                                                                                 | Apple, Inc.                                                                                 | CUSIP: 037833EF3<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $1818509.28   | 0.21%             | 2051-02-08      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                        | JPMorgan Chase & Co.                                                                        | CUSIP: 46647PFG6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3800000 | PA      | $3747175.52   | 0.44%             | 2032-01-22      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140XCCQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2308252 | PA      | $1957676.69   | 0.23%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States International Development Finance Corp.                                       | United States International Development Finance Corp., Series 1                             | CUSIP: 90376PCZ2<br>LEI: 254900QI8QTIK0FY6E92 | Long             | DBT              | UST               | US        |    500000 | PA      | $482301.99    | 0.06%             | 2028-04-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| SoFi Professional Loan Program LLC                                                          | SoFi Professional Loan Program LLC, Series 2018-B, Class BFX                                | CUSIP: 83404RAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    461057 | PA      | $447329.86    | 0.05%             | 2047-08-25      | Fixed         | 3.83%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, ACES, Series 2019-M9, Class A2                                                        | CUSIP: 3136B4VT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    981358 | PA      | $951067.54    | 0.11%             | 2029-06-25      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Welltower OP LLC                                                                            | Welltower OP LLC                                                                            | CUSIP: 42217KAX4<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |   2549000 | PA      | $2801859.98   | 0.33%             | 2041-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Envest Microfinance Cooperative                                                             | Envest Microfinance Cooperative                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    250000 | PA      | $249802.50    | 0.03%             | 2026-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                                       | FHLMC, Multi-family Structured Pass-Through Certificates, Series KG07, Class A2             | CUSIP: 3137H8TZ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1750000 | PA      | $1628278.23   | 0.19%             | 2032-08-25      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| Haleon US Capital LLC                                                                       | Haleon US Capital LLC                                                                       | CUSIP: 36264FAM3<br>LEI: 549300N8C3A3L0UVQB07 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2115165.58   | 0.25%             | 2032-03-24      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                             | Inter-American Development Bank                                                             | CUSIP: 4581X0EW4<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | US        |   2000000 | PA      | $2008355.46   | 0.24%             | 2035-07-16      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Chubb INA Holdings LLC                                                                      | Chubb INA Holdings LLC                                                                      | CUSIP: 00440EAW7<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |    250000 | PA      | $210757.66    | 0.02%             | 2045-11-03      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance                                                           | Mello Mortgage Capital Acceptance, Series 2021-INV1, Class A4                               | CUSIP: 58549KAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    634981 | PA      | $569489.32    | 0.07%             | 2051-06-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                                                                  | FHLMC Pool, 30 Year                                                                         | CUSIP: 31427PTS3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2843376 | PA      | $2756928.74   | 0.32%             | 2053-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VB-S1 Issuer LLC                                                                            | VB-S1 Issuer LLC, Series 2026-1A, Class D                                                   | CUSIP: 91825HAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $984977.00    | 0.12%             | 2056-03-15      | Fixed         | 5.19%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140XFUU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2332256 | PA      | $1999437.82   | 0.23%             | 2047-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Caisse d'Amortissement de la Dette Sociale                                                  | Caisse d'Amortissement de la Dette Sociale                                                  | CUSIP: 12802D2U9<br>LEI: 969500P04DQJS4BPM574 | Long             | DBT              | NUSS              | FR        |   3000000 | PA      | $2912598.75   | 0.34%             | 2033-03-03      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140XPZR3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3529948 | PA      | $3342499.33   | 0.39%             | 2054-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140L56H4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1371756 | PA      | $1164268.34   | 0.14%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140XCGX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1273775 | PA      | $1080905.65   | 0.13%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140XHVN4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2932414 | PA      | $2712976.77   | 0.32%             | 2052-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Assured Guaranty US Holdings, Inc.                                                          | Assured Guaranty US Holdings, Inc.                                                          | CUSIP: 04621WAD2<br>LEI: 5493007YCE0652G9TZ64 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $927089.66    | 0.11%             | 2031-06-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                                  | FHLMC Pool, 30 Year                                                                         | CUSIP: 3142GRMN7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1697305 | PA      | $1719322.43   | 0.20%             | 2054-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Vulcan Materials Co.                                                                        | Vulcan Materials Co.                                                                        | CUSIP: 929160BC2<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3049393.95   | 0.36%             | 2034-12-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                        | JPMorgan Chase & Co.                                                                        | CUSIP: 46647PEK8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3038161.05   | 0.36%             | 2035-07-22      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| International Finance Corp.                                                                 | International Finance Corp.                                                                 | CUSIP: 45950KDH0<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | US        |   2000000 | PA      | $2023734.78   | 0.24%             | 2029-07-02      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                                       | FHLMC STACR REMIC Trust, Series 2024-DNA1, Class A1                                         | CUSIP: 35564NAW3<br>LEI: 529900N6M839KA246662 | Long             | ABS-MBS          | CORP              | US        |   1126129 | PA      | $1126664.81   | 0.13%             | 2044-02-25      | Floating      | 5.01%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                                        | GNMA II, Single-family, 30 Year                                                             | CUSIP: 36179WQB7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2804321 | PA      | $2508378.98   | 0.29%             | 2051-10-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| American Museum of Natural History (The)                                                    | American Museum of Natural History (The), Series 2021                                       | CUSIP: 02766PAJ3<br>LEI: 549300B053XB1DI40R02 | Long             | DBT              | CORP              | US        |    750000 | PA      | $553530.97    | 0.06%             | 2052-07-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Unum Group                                                                                  | Unum Group                                                                                  | CUSIP: 91529YAT3<br>LEI: 549300E32YFDO6TZ8R31 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $947792.71    | 0.11%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 31418DSJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2291203 | PA      | $1949209.06   | 0.23%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt fuer Wiederaufbau                                                             | Kreditanstalt fuer Wiederaufbau                                                             | CUSIP: 500769KN3<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |   1591000 | PA      | $1578565.00   | 0.19%             | 2031-03-14      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                                      | Sequoia Mortgage Trust, Series 2021-4, Class A4                                             | CUSIP: 81748WAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1235109 | PA      | $1112040.70   | 0.13%             | 2051-06-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                                                                  | J.P. Morgan Mortgage Trust, Series 2022-7, Class B2                                         | CUSIP: 46655NDJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2716413 | PA      | $2405407.41   | 0.28%             | 2052-12-25      | Variable      | 3.69%                 | Yes           |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                            | Amazon.com, Inc.                                                                            | CUSIP: 023135DH6<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $999902.48    | 0.12%             | 2056-03-13      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                                  | FHLMC Pool, 30 Year                                                                         | CUSIP: 3132DUJC2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2754254 | PA      | $2742993.66   | 0.32%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loan Trust                                                                     | Mosaic Solar Loan Trust, Series 2017-2A, Class A                                            | CUSIP: 61946GAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    295171 | PA      | $279288.75    | 0.03%             | 2043-06-22      | Fixed         | 3.82%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding Ltd.                                                                           | CIFC Funding Ltd., Series 2019-5A, Class A1R2                                               | CUSIP: 12554XAY8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2360000 | PA      | $2356356.16   | 0.28%             | 2038-10-15      | Floating      | 4.94%                 | Yes           |                  2 | On Loan: No      |
| Chubb INA Holdings LLC                                                                      | Chubb INA Holdings LLC                                                                      | CUSIP: 171239AM8<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $985036.41    | 0.12%             | 2035-08-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Century Housing Corp.                                                                       | Century Housing Corp.                                                                       | CUSIP: 15654VB64<br>LEI: 549300VS3H1EH9Z2PW94 | Long             | DBT              | CORP              | US        |    500000 | PA      | $496629.68    | 0.06%             | 2028-12-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140XGA33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2106560 | PA      | $1904035.79   | 0.22%             | 2046-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                             | Inter-American Development Bank                                                             | CUSIP: 4581X0ES3<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | US        |   4000000 | PA      | $4087750.08   | 0.48%             | 2030-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FFCB                                                                                        | FFCB Funding Corp.                                                                          | CUSIP: 3133EMVU3<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2509363.80   | 0.29%             | 2036-04-14      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140XMJN7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2459395 | PA      | $2182208.49   | 0.26%             | 2052-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace, Inc.                                                                      | Howmet Aerospace, Inc.                                                                      | CUSIP: 013817AK7<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2667126.83   | 0.31%             | 2037-02-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                                        | GNMA II, Single-family, 30 Year                                                             | CUSIP: 36179YAM6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2234214 | PA      | $2004260.45   | 0.24%             | 2053-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                                                                | Dell Equipment Finance Trust, Series 2025-2, Class D                                        | CUSIP: 24703VAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $498841.65    | 0.06%             | 2032-03-22      | Fixed         | 4.83%                 | Yes           |                  2 | On Loan: No      |
| Elevance Health, Inc.                                                                       | Elevance Health, Inc.                                                                       | CUSIP: 036752AZ6<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1013502.92   | 0.12%             | 2034-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Verizon Communications, Inc.                                                                | Verizon Communications, Inc.                                                                | CUSIP: 92343VGZ1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2503972.08   | 0.29%             | 2035-04-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                                  | FHLMC Pool, 30 Year                                                                         | CUSIP: 3133A7T25<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3092549 | PA      | $2631265.33   | 0.31%             | 2050-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140X8QV2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1736829 | PA      | $1490375.08   | 0.17%             | 2050-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AGCO Corp.                                                                                  | AGCO Corp.                                                                                  | CUSIP: 001084AR3<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2014035.50   | 0.24%             | 2027-03-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                                                                  | AT&T, Inc.                                                                                  | CUSIP: 00206RMT6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3835921.50   | 0.45%             | 2034-02-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Kommunalbanken A/S                                                                          | Kommunalbanken A/S                                                                          | CUSIP: 50048MDR8<br>LEI: I7ETN0QQO2AHZZGHJ389 | Long             | DBT              | NUSS              | NO        |   1000000 | PA      | $1005938.56   | 0.12%             | 2030-08-29      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| European Investment Bank                                                                    | European Investment Bank                                                                    | CUSIP: 298785KJ4<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | US        |   1000000 | PA      | $1001809.12   | 0.12%             | 2028-06-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States of America                                                                    | U.S. Treasury Bonds                                                                         | CUSIP: 912810SB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $948354.82    | 0.11%             | 2048-02-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt fuer Wiederaufbau                                                             | Kreditanstalt fuer Wiederaufbau                                                             | CUSIP: 500769KK9<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    600000 | PA      | $596561.63    | 0.07%             | 2030-07-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140W5KP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $1994198.88   | 0.23%             | 2056-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nordic Investment Bank                                                                      | Nordic Investment Bank                                                                      | CUSIP: 65562QC29<br>LEI: 213800HYL1S7VAXG6Z48 | Long             | DBT              | NUSS              | US        |   1000000 | PA      | $993341.76    | 0.12%             | 2030-05-09      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                        | JPMorgan Chase & Co.                                                                        | CUSIP: 46647PEH5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2604800.10   | 0.31%             | 2035-04-22      | Variable      | 5.77%                 | No            |                  2 | On Loan: No      |
| Nasdaq, Inc.                                                                                | Nasdaq, Inc.                                                                                | CUSIP: 63111XAH4<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |   1319000 | PA      | $1346590.08   | 0.16%             | 2028-06-28      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140XGAC3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2600052 | PA      | $2455746.85   | 0.29%             | 2043-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                                  | FHLMC Pool, 30 Year                                                                         | CUSIP: 3133AJT94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2145983 | PA      | $1812551.83   | 0.21%             | 2051-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                                       | FHLMC, Multi-family Structured Pass-Through Certificates, Series KG04, Class A2             | CUSIP: 3137F84S9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $1773647.20   | 0.21%             | 2030-11-25      | Fixed         | 1.49%                 | No            |                  2 | On Loan: No      |
| Union Electric Co.                                                                          | Union Electric Co.                                                                          | CUSIP: 906548DA7<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1011764.39   | 0.12%             | 2035-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                              | Morgan Stanley                                                                              | CUSIP: 61748UAS1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4917375.40   | 0.58%             | 2032-01-16      | Variable      | 4.49%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                            | Amazon.com, Inc.                                                                            | CUSIP: 023135DE3<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    500000 | PA      | $495333.62    | 0.06%             | 2033-03-13      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, ACES, Series 2021-M1S, Class A2                                                       | CUSIP: 3136BDXH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2358351 | PA      | $2092721.26   | 0.25%             | 2030-12-25      | Variable      | 1.39%                 | No            |                  2 | On Loan: No      |
| Southwestern Public Service Co.                                                             | Southwestern Public Service Co.                                                             | CUSIP: 845743BX0<br>LEI: OL6FE7QD5EQ3DOYEO258 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1008137.03   | 0.12%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| American Water Capital Corp.                                                                | American Water Capital Corp.                                                                | CUSIP: 03040WBH7<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1002494.86   | 0.12%             | 2036-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                                                                  | AT&T, Inc.                                                                                  | CUSIP: 00206RMY5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3040047.09   | 0.36%             | 2035-08-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140XRWK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3661749 | PA      | $3645568.70   | 0.43%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SBA Small Business Investment Cos.                                                          | SBA Small Business Investment Cos., Series 2023-10A, Class 1                                | CUSIP: 83162CS79<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    754393 | PA      | $768357.51    | 0.09%             | 2033-03-10      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd.                                                                                | OCP CLO Ltd., Series 2021-21A, Class AR                                                     | CUSIP: 671000AL1<br>LEI: 2549000M7NBNQ7XU2038 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $996693.00    | 0.12%             | 2038-01-20      | Floating      | 4.85%                 | Yes           |                  2 | On Loan: No      |
| FARM Mortgage Trust                                                                         | FARM Mortgage Trust, Series 2024-1, Class A                                                 | CUSIP: 30335JAC5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1639699 | PA      | $1589410.93   | 0.19%             | 2053-10-01      | Variable      | 4.68%                 | Yes           |                  2 | On Loan: No      |
| MidAmerican Energy Co.                                                                      | MidAmerican Energy Co.                                                                      | CUSIP: 595620AT2<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $982243.52    | 0.12%             | 2029-04-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| FFCB                                                                                        | FFCB Funding Corp.                                                                          | CUSIP: 3133ENAF7<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2957085.24   | 0.35%             | 2026-10-07      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Inter-American Investment Corp.                                                             | Inter-American Investment Corp.                                                             | CUSIP: 45828Q2F3<br>LEI: 5493001X4LH60PFRL744 | Long             | DBT              | NUSS              | US        |   2500000 | PA      | $2521181.25   | 0.30%             | 2030-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VRTX Trust                                                                                  | VRTX Trust, Series 2025-HQ, Class C                                                         | CUSIP: 91835XAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1997010.40   | 0.23%             | 2042-08-05      | Variable      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                                                                       | Albertsons Cos., Inc.                                                                       | CUSIP: 01309QAE8<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $985331.10    | 0.12%             | 2032-03-31      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Duke Energy Corp.                                                                           | Duke Energy Corp.                                                                           | CUSIP: 26441CCJ2<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $975207.56    | 0.11%             | 2035-09-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Mill City Solar Loan Ltd.                                                                   | Mill City Solar Loan Ltd., Series 2019-2GS, Class A                                         | CUSIP: 59982VAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    353265 | PA      | $320431.37    | 0.04%             | 2043-07-20      | Fixed         | 3.69%                 | Yes           |                  2 | On Loan: No      |
| Burlington Northern Santa Fe LLC                                                            | Burlington Northern Santa Fe LLC                                                            | CUSIP: 12189LBL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $241188.36    | 0.03%             | 2055-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                                  | FHLMC Pool, 30 Year                                                                         | CUSIP: 3142GS4J4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1140945 | PA      | $1168027.05   | 0.14%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Local Initiatives Support Corp.                                                             | Local Initiatives Support Corp.                                                             | CUSIP: 53961LBZ1<br>LEI: 549300V1ATNB9BHB6146 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500823.02    | 0.06%             | 2026-07-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                                       | FHLMC STACR REMIC Trust, Series 2024-DNA2, Class M1                                         | CUSIP: 35564NCX9<br>LEI: 529900GRKKKHILZX4347 | Long             | ABS-MBS          | CORP              | US        |    812572 | PA      | $812509.95    | 0.10%             | 2044-05-25      | Floating      | 4.86%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                                         | New Residential Mortgage Loan Trust, Series 2019-5A, Class A1B                              | CUSIP: 64830MAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    298979 | PA      | $282735.13    | 0.03%             | 2059-08-25      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| FFCB                                                                                        | FFCB Funding Corp.                                                                          | CUSIP: 3133EMK27<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | UST               | US        |   1220000 | PA      | $1096939.10   | 0.13%             | 2031-06-16      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                                                                   | OBX Trust, Series 2025-NQM13, Class A1                                                      | CUSIP: 67121UAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1744481 | PA      | $1751224.00   | 0.21%             | 2065-05-25      | Variable      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| Foundation Finance Trust                                                                    | Foundation Finance Trust, Series 2025-2A, Class A                                           | CUSIP: 35042NAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1069204 | PA      | $1063562.70   | 0.12%             | 2052-04-15      | Fixed         | 4.67%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140X4TF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3358116 | PA      | $3114630.93   | 0.37%             | 2049-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                               | Commonwealth of Massachusetts, Series 2022 A                                                | CUSIP: 576004HF5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1982275.80   | 0.23%             | 2031-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 15 Year                                                                               | CUSIP: 3140QHPS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1525664 | PA      | $1408530.91   | 0.17%             | 2036-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                                  | FHLMC Pool, 30 Year                                                                         | CUSIP: 31346YS46<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1315292 | PA      | $1172118.96   | 0.14%             | 2049-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                                                     | Flagstar Mortgage Trust, Series 2021-6INV, Class A6                                         | CUSIP: 33851GAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1150383 | PA      | $1036841.21   | 0.12%             | 2051-08-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                                                                  | FHLMC Pool, 30 Year                                                                         | CUSIP: 3132DNDH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2239868 | PA      | $2129186.91   | 0.25%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan U.S. Treasury Plus Money Market Fund                                               | JPMorgan U.S. Treasury Plus Money Market Fund, Class IM                                     | CUSIP: 4812C2262<br>LEI: 549300WIC5LVF25Z1127 | Long             | STIV             | RF                | US        |  11116326 | NS      | $11116325.86  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp.                                                                            | CVS Health Corp.                                                                            | CUSIP: 126650CY4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $922077.69    | 0.11%             | 2038-03-25      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Alphabet, Inc.                                                                              | Alphabet, Inc.                                                                              | CUSIP: 02079KAY3<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1976742.88   | 0.23%             | 2035-11-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                                    | Angel Oak Mortgage Trust, Series 2022-5, Class A1                                           | CUSIP: 03464HAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1359356 | PA      | $1354562.42   | 0.16%             | 2067-05-25      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Roche Holdings, Inc.                                                                        | Roche Holdings, Inc.                                                                        | CUSIP: 771196CS9<br>LEI: PVJRP0EQNV6OGDPZGY95 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $987935.83    | 0.12%             | 2030-12-02      | Fixed         | 4.08%                 | Yes           |                  2 | On Loan: No      |
| SCE Recovery Funding LLC                                                                    | SCE Recovery Funding LLC                                                                    | CUSIP: 78433LAL0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $736525.01    | 0.09%             | 2050-09-15      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| GreenSky Home Improvement Issuer Trust                                                      | GreenSky Home Improvement Issuer Trust, Series 2025-3A, Class C                             | CUSIP: 39571WAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2493931.00   | 0.29%             | 2060-12-27      | Fixed         | 4.86%                 | Yes           |                  2 | On Loan: No      |
| Southern Power Co.                                                                          | Southern Power Co., Series A                                                                | CUSIP: 843646AX8<br>LEI: 5LADC78JBG2BMZD5XF57 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $987504.00    | 0.12%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Compass Datacenters Issuer III LLC                                                          | Compass Datacenters Issuer III LLC, Series 2026-1A, Class A21                               | CUSIP: 20469BAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2667000 | PA      | $2648205.92   | 0.31%             | 2056-02-25      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, ACES, Series 2018-M13, Class A2                                                       | CUSIP: 3136B3DE7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1184682 | PA      | $1163796.75   | 0.14%             | 2030-09-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                         | International Bank for Reconstruction & Development                                         | CUSIP: 459058JU8<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        |   1000000 | PA      | $1003527.15   | 0.12%             | 2031-02-11      | Floating      | 4.02%                 | No            |                  2 | On Loan: No      |
| FNMA Connecticut Avenue Securities Trust                                                    | FNMA Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B1                        | CUSIP: 20754RAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1249000 | PA      | $1261215.10   | 0.15%             | 2041-10-25      | Floating      | 6.76%                 | Yes           |                  2 | On Loan: No      |
| European Investment Bank                                                                    | European Investment Bank                                                                    | CUSIP: 298785KH8<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | US        |    500000 | PA      | $512730.56    | 0.06%             | 2035-02-12      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group, Inc.                                                              | Citizens Financial Group, Inc.                                                              | CUSIP: 174610BG9<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2412568.91   | 0.28%             | 2035-04-25      | Variable      | 6.64%                 | No            |                  2 | On Loan: No      |
| FFCB                                                                                        | FFCB Funding Corp.                                                                          | CUSIP: 3133EMM41<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | UST               | US        |   1095000 | PA      | $1011334.27   | 0.12%             | 2030-03-28      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| United States International Development Finance Corp.                                       | United States International Development Finance Corp.                                       | CUSIP: 6903538B6<br>LEI: 254900QI8QTIK0FY6E92 | Long             | DBT              | UST               | US        |    166667 | PA      | $166666.66    | 0.02%             | 2026-09-15      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                             | Inter-American Development Bank                                                             | CUSIP: 4581X0DV7<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | US        |   2000000 | PA      | $1996875.70   | 0.23%             | 2026-04-20      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| MAD Commercial Mortgage Trust                                                               | MAD Commercial Mortgage Trust, Series 2025-11MD, Class B                                    | CUSIP: 55616AAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1995183.60   | 0.23%             | 2042-10-15      | Variable      | 4.76%                 | Yes           |                  2 | On Loan: No      |
| BlueHub Loan Fund, Inc.                                                                     | BlueHub Loan Fund, Inc., Series 2020                                                        | CUSIP: 095623AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $979846.00    | 0.11%             | 2027-01-01      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140QV2C7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2907279 | PA      | $2815647.67   | 0.33%             | 2054-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                             | Goldman Sachs Group, Inc. (The)                                                             | CUSIP: 38145GAS9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $978044.71    | 0.11%             | 2037-01-21      | Variable      | 5.07%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                         | International Bank for Reconstruction & Development                                         | CUSIP: 459058KW2<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        |    550000 | PA      | $559960.67    | 0.07%             | 2028-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140MQBP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2968666 | PA      | $2742606.24   | 0.32%             | 2052-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Sirius XM Radio LLC                                                                         | Sirius XM Radio LLC                                                                         | CUSIP: 82967NBG2<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1873964.40   | 0.22%             | 2030-07-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| NSTAR Electric Co.                                                                          | NSTAR Electric Co.                                                                          | CUSIP: 67021CAW7<br>LEI: 54930080R72Y2Z31UR68 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2015869.10   | 0.24%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Avantor Funding, Inc.                                                                       | Avantor Funding, Inc.                                                                       | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1953226.90   | 0.23%             | 2028-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                         | International Bank for Reconstruction & Development                                         | CUSIP: 459058KR3<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        |   4500000 | PA      | $4496625.00   | 0.53%             | 2028-03-31      | Floating      | 4.18%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                                  | FHLMC Pool, 30 Year                                                                         | CUSIP: 3133BMQ32<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3114335 | PA      | $3168781.50   | 0.37%             | 2052-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                         | International Bank for Reconstruction & Development                                         | CUSIP: 459058KJ1<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        |   2000000 | PA      | $1983773.74   | 0.23%             | 2027-06-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                                        | GNMA, Series 2014-164, Class AN                                                             | CUSIP: 38378XZH7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    454405 | PA      | $407559.46    | 0.05%             | 2055-03-16      | Variable      | 3.11%                 | No            |                  2 | On Loan: No      |
| United States International Development Finance Corp.                                       | United States International Development Finance Corp.                                       | CUSIP: 6903534C8<br>LEI: 254900QI8QTIK0FY6E92 | Long             | DBT              | UST               | US        |    928571 | PA      | $902408.43    | 0.11%             | 2032-09-20      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| Navient Refinance Loan Trust                                                                | Navient Refinance Loan Trust, Series 2026-A, Class C                                        | CUSIP: 63943HAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1600000 | PA      | $1575118.88   | 0.18%             | 2056-01-18      | Fixed         | 5.57%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140LY2H5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2376315 | PA      | $2013920.72   | 0.24%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Essential Utilities, Inc.                                                                   | Essential Utilities, Inc.                                                                   | CUSIP: 29670GAK8<br>LEI: 549300ILTEOF3E3QY357 | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2747693.33   | 0.32%             | 2035-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| United States of America                                                                    | U.S. Treasury Bonds                                                                         | CUSIP: 912810UP1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  24000000 | PA      | $22935000.00  | 2.69%             | 2055-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Brean Asset-Backed Securities Trust                                                         | Brean Asset-Backed Securities Trust, Series 2026-RM14, Class A1                             | CUSIP: 10638QAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1929556.80   | 0.23%             | 2066-01-25      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| FARM Mortgage Trust                                                                         | FARM Mortgage Trust, Series 2025-1, Class A                                                 | CUSIP: 30768CAC6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    982591 | PA      | $969898.08    | 0.11%             | 2055-08-01      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                             | Goldman Sachs Group, Inc. (The)                                                             | CUSIP: 38145GAU4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1933033.88   | 0.23%             | 2041-02-02      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                                      | Sequoia Mortgage Trust, Series 2024-3, Class A19                                            | CUSIP: 81749JAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1021420 | PA      | $1025122.48   | 0.12%             | 2054-04-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                        | JPMorgan Chase & Co.                                                                        | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1013071.43   | 0.12%             | 2036-07-23      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                                                           | Lowe's Cos., Inc.                                                                           | CUSIP: 548661EV5<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1227393.90   | 0.14%             | 2031-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                             | Inter-American Development Bank                                                             | CUSIP: 4581X0DQ8<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | US        |    600000 | PA      | $573114.26    | 0.07%             | 2027-09-16      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                                                           | Lowe's Cos., Inc.                                                                           | CUSIP: 548661ER4<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    750000 | PA      | $725511.05    | 0.09%             | 2053-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NiSource, Inc.                                                                              | NiSource, Inc.                                                                              | CUSIP: 65473PAT2<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1026754.00   | 0.12%             | 2055-03-31      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 20 Year                                                                               | CUSIP: 31418CCK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2356663 | PA      | $2237791.71   | 0.26%             | 2036-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AOMT                                                                                        | AOMT, Inc., Series 2024-6, Class A3                                                         | CUSIP: 034944AC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1665794 | PA      | $1643568.54   | 0.19%             | 2067-11-25      | Variable      | 4.65%                 | Yes           |                  2 | On Loan: No      |
| Switch ABS Issuer LLC                                                                       | Switch ABS Issuer LLC, Series 2026-1A, Class A21                                            | CUSIP: 871044BA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2004524.00   | 0.24%             | 2056-03-27      | Fixed         | 5.61%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140XRQ65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2544835 | PA      | $2430862.03   | 0.29%             | 2053-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140XPWH8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2219702 | PA      | $2296778.72   | 0.27%             | 2054-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Laboratory Corp. of America Holdings                                                        | Laboratory Corp. of America Holdings                                                        | CUSIP: 50540RAZ5<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1487319.95   | 0.17%             | 2030-04-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| United States of America                                                                    | U.S. Treasury Notes                                                                         | CUSIP: 91282CPW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20000000 | PA      | $19831250.00  | 2.33%             | 2031-01-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                                                         | Intesa Sanpaolo SpA                                                                         | CUSIP: 46115HBS5<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |   1500000 | PA      | $1257220.26   | 0.15%             | 2042-06-01      | Variable      | 4.95%                 | Yes           |                  2 | On Loan: No      |
| PG&E Recovery Funding LLC                                                                   | PG&E Recovery Funding LLC, Series A-2                                                       | CUSIP: 71710TAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1030986.73   | 0.12%             | 2038-01-15      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| United States International Development Finance Corp.                                       | United States International Development Finance Corp., Series 2                             | CUSIP: 90376PDF5<br>LEI: 254900QI8QTIK0FY6E92 | Long             | DBT              | UST               | US        |   1000000 | PA      | $961613.79    | 0.11%             | 2028-04-15      | Fixed         | 1.44%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                                       | FHLMC, Multi-family Structured Pass-Through Certificates, Series KG01, Class A10            | CUSIP: 3137FMCZ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3000000 | PA      | $2886352.50   | 0.34%             | 2029-04-25      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                                                                  | J.P. Morgan Mortgage Trust, Series 2023-2, Class B3                                         | CUSIP: 46656DDF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1406966 | PA      | $1341910.14   | 0.16%             | 2053-07-25      | Variable      | 5.56%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140QPZG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2534517 | PA      | $2471605.82   | 0.29%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States International Development Finance Corp.                                       | United States International Development Finance Corp., Series 4                             | CUSIP: 90376PEX5<br>LEI: 254900QI8QTIK0FY6E92 | Long             | DBT              | UST               | US        |   1000000 | PA      | $983132.88    | 0.12%             | 2028-04-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Humana, Inc.                                                                                | Humana, Inc.                                                                                | CUSIP: 444859CE0<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    800000 | PA      | $769075.68    | 0.09%             | 2056-09-15      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Gap, Inc. (The)                                                                             | Gap, Inc. (The)                                                                             | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $934840.00    | 0.11%             | 2029-10-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, ACES, Series 2019-M1, Class A2                                                        | CUSIP: 3136B3XY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1432425 | PA      | $1414996.11   | 0.17%             | 2028-09-25      | Variable      | 3.56%                 | No            |                  2 | On Loan: No      |
| Kimco Realty OP LLC                                                                         | Kimco Realty OP LLC                                                                         | CUSIP: 49447BAB9<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2695097.90   | 0.32%             | 2035-03-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Verizon Communications, Inc.                                                                | Verizon Communications, Inc.                                                                | CUSIP: 92343VHF4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1975984.50   | 0.23%             | 2033-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Travelers Cos., Inc. (The)                                                                  | Travelers Cos., Inc. (The)                                                                  | CUSIP: 89417EAU3<br>LEI: 549300Y650407RU8B149 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248436.62    | 0.03%             | 2055-07-24      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Council of Europe Development Bank                                                          | Council of Europe Development Bank                                                          | CUSIP: 222213BH2<br>LEI: 549300UYNXMI821WYG82 | Long             | DBT              | NUSS              | US        |   1000000 | PA      | $996021.95    | 0.12%             | 2028-05-08      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                       | Bank of America Corp.                                                                       | CUSIP: 06051GLU1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6284859.60   | 0.74%             | 2034-09-15      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| Allison Transmission, Inc.                                                                  | Allison Transmission, Inc.                                                                  | CUSIP: 019736AE7<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $994376.30    | 0.12%             | 2027-10-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Kommunalbanken A/S                                                                          | Kommunalbanken A/S                                                                          | CUSIP: 50048MDD9<br>LEI: I7ETN0QQO2AHZZGHJ389 | Long             | DBT              | NUSS              | NO        |   1500000 | PA      | $1477386.96   | 0.17%             | 2026-10-26      | Fixed         | 1.12%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                                                                | Oracle Corp.                                                                                | CUSIP: 68389XDZ5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    800000 | PA      | $769537.37    | 0.09%             | 2036-02-04      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                                  | FHLMC Pool, 30 Year                                                                         | CUSIP: 31427MTP6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2799099 | PA      | $2856869.30   | 0.33%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Institute of Technology                                                       | Massachusetts Institute of Technology                                                       | CUSIP: 575718AJ0<br>LEI: DLZO3A31IADZ27B62557 | Long             | DBT              | CORP              | US        |    700000 | PA      | $468570.94    | 0.05%             | 2052-04-01      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                                  | FHLMC Pool, 30 Year                                                                         | CUSIP: 3142GSFR4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    885835 | PA      | $911700.08    | 0.11%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                                                              | PMT Loan Trust, Series 2025-CNF1, Class A2                                                  | CUSIP: 729906AB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2266361 | PA      | $2221229.79   | 0.26%             | 2056-10-25      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Ameren Corp.                                                                                | Ameren Corp.                                                                                | CUSIP: 023608AR3<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1011353.82   | 0.12%             | 2035-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                                       | FHLMC Gold Pool, 20 Year                                                                    | CUSIP: 3128P8AQ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1785067 | PA      | $1701916.14   | 0.20%             | 2035-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Niagara Mohawk Power Corp.                                                                  | Niagara Mohawk Power Corp.                                                                  | CUSIP: 653522DT6<br>LEI: 3T97Y9RR5EN5Y18QHB56 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1992909.30   | 0.23%             | 2030-10-03      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                                   | Florida Power & Light Co.                                                                   | CUSIP: 341081GV3<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $979666.45    | 0.11%             | 2054-06-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| California Endowment (The)                                                                  | California Endowment (The), Series 2021                                                     | CUSIP: 1301ETAA0<br>LEI: 54930046FICHFANLFV69 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $591893.25    | 0.07%             | 2051-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PPL Electric Utilities Corp.                                                                | PPL Electric Utilities Corp.                                                                | CUSIP: 69351UBD4<br>LEI: 549300GCZLSGYEYPIR35 | Long             | DBT              | CORP              | US        |    750000 | PA      | $729645.52    | 0.09%             | 2055-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140XFVF5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2894879 | PA      | $2451447.13   | 0.29%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140QFNE5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1823646 | PA      | $1418958.10   | 0.17%             | 2050-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140X8EN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1373864 | PA      | $1171639.36   | 0.14%             | 2050-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140KVPQ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1343672 | PA      | $1141697.49   | 0.13%             | 2051-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FARM Mortgage Trust                                                                         | FARM Mortgage Trust, Series 2025-2, Class A                                                 | CUSIP: 30768BAC8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1881248 | PA      | $1876881.39   | 0.22%             | 2054-09-25      | Variable      | 5.29%                 | Yes           |                  2 | On Loan: No      |
| MetroNet Infrastructure Issuer LLC                                                          | MetroNet Infrastructure Issuer LLC, Series 2025-2A, Class A2                                | CUSIP: 59170JAX6<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1009853.90   | 0.12%             | 2055-08-20      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Navient Refinance Loan Trust                                                                | Navient Refinance Loan Trust, Series 2026-A, Class A                                        | CUSIP: 63943HAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1778000 | PA      | $1759825.82   | 0.21%             | 2056-01-18      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Aon North America, Inc.                                                                     | Aon North America, Inc.                                                                     | CUSIP: 03740MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2043301.38   | 0.24%             | 2034-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| SV RNO Property Owner 1 LLC                                                                 | SV RNO Property Owner 1 LLC                                                                 | CUSIP: 78488XAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $989087.56    | 0.12%             | 2031-03-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Sprint Capital Corp.                                                                        | Sprint Capital Corp.                                                                        | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5947869.90   | 0.70%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| United States of America                                                                    | U.S. Treasury Bonds                                                                         | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  17000000 | PA      | $9344023.48   | 1.10%             | 2051-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                       | Bank of America Corp.                                                                       | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2042242.28   | 0.24%             | 2035-01-23      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                                                                       | OneMain Finance Corp.                                                                       | CUSIP: 682691AB6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1963489.00   | 0.23%             | 2027-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                                    | European Investment Bank                                                                    | CUSIP: 298785KN5<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | US        |   1714000 | PA      | $1696476.53   | 0.20%             | 2031-03-13      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                                  | Verus Securitization Trust, Series 2026-1, Class A2                                         | CUSIP: 92541JAL5<br>LEI: 2138009KJR7Q44BI8668 | Long             | ABS-MBS          | CORP              | US        |   1481851 | PA      | $1473434.19   | 0.17%             | 2071-01-25      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140XGLL1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2339865 | PA      | $2152717.02   | 0.25%             | 2052-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                                  | FHLMC Pool, 30 Year                                                                         | CUSIP: 3132DQL61<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2237786 | PA      | $2307749.93   | 0.27%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loan Trust                                                                     | Mosaic Solar Loan Trust, Series 2020-2A, Class C                                            | CUSIP: 61946PAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    364301 | PA      | $322550.94    | 0.04%             | 2046-08-20      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Aptiv Swiss Holdings Ltd.                                                                   | Aptiv Swiss Holdings Ltd.                                                                   | CUSIP: 03837AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |   1300000 | PA      | $1328033.47   | 0.16%             | 2034-09-13      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                | UBS Group AG                                                                                | CUSIP: 902613BW7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   2000000 | PA      | $1934401.02   | 0.23%             | 2036-01-08      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140XLR42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2606192 | PA      | $2403125.65   | 0.28%             | 2053-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd.                                                                      | Palmer Square CLO Ltd., Series 2021-4A, Class A1R                                           | CUSIP: 69702EAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2501205.00   | 0.29%             | 2038-07-15      | Floating      | 4.99%                 | Yes           |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                         | International Bank for Reconstruction & Development                                         | CUSIP: N/A<br>LEI: ZTMSNXROF84AHWJNKQ93       | Long             | DBT              | NUSS              | US        |   3200000 | PA      | $3289179.28   | 0.39%             | 2033-07-31      | Variable      | 1.74%                 | No            |                  2 | On Loan: No      |
| Alphabet, Inc.                                                                              | Alphabet, Inc.                                                                              | CUSIP: 02079KAM9<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $944959.12    | 0.11%             | 2055-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 20 Year                                                                               | CUSIP: 3140XF3C3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1854232 | PA      | $1707082.04   | 0.20%             | 2042-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                                                                  | Prudential Financial, Inc.                                                                  | CUSIP: 74432QBU8<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    875000 | PA      | $865763.56    | 0.10%             | 2041-11-16      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| SBA Small Business Investment Cos.                                                          | SBA Small Business Investment Cos., Series 2023-10B, Class 1                                | CUSIP: 831641FW0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    815658 | PA      | $846481.25    | 0.10%             | 2033-09-10      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| Assured Guaranty US Holdings, Inc.                                                          | Assured Guaranty US Holdings, Inc.                                                          | CUSIP: 04621WAF7<br>LEI: 5493007YCE0652G9TZ64 | Long             | DBT              | CORP              | US        |    750000 | PA      | $776739.98    | 0.09%             | 2028-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Northern States Power Co.                                                                   | Northern States Power Co.                                                                   | CUSIP: 665772CY3<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1903650.40   | 0.22%             | 2054-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Issuer Trust                                                                   | Aqua Finance Issuer Trust, Series 2025-B, Class A                                           | CUSIP: 03837GAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1551896 | PA      | $1560026.16   | 0.18%             | 2051-05-17      | Fixed         | 4.79%                 | Yes           |                  2 | On Loan: No      |
| FFCB                                                                                        | FFCB Funding Corp.                                                                          | CUSIP: 3133EMVA7<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | UST               | US        |    780000 | PA      | $711070.01    | 0.08%             | 2031-04-01      | Fixed         | 2.02%                 | No            |                  2 | On Loan: No      |
| Kommuninvest I Sverige AB                                                                   | Kommuninvest I Sverige AB                                                                   | CUSIP: 50046PDA0<br>LEI: EV2XZWMLLXF2QRX0CD47 | Long             | DBT              | NUSS              | SE        |   1000000 | PA      | $1002843.25   | 0.12%             | 2028-11-29      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| International Development Association                                                       | International Development Association                                                       | CUSIP: 45939FAA5<br>LEI: P41R60HC414IWQA1XW02 | Long             | DBT              | NUSS              | US        |    800000 | PA      | $811723.28    | 0.10%             | 2029-06-11      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| DTE Energy Co.                                                                              | DTE Energy Co.                                                                              | CUSIP: 233331BP1<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1725366.27   | 0.20%             | 2035-10-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Kroger Co. (The)                                                                            | Kroger Co. (The)                                                                            | CUSIP: 501044DW8<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1858700.78   | 0.22%             | 2054-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                                                     | Flagstar Mortgage Trust, Series 2021-5INV, Class A5                                         | CUSIP: 33851PAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    556592 | PA      | $502737.95    | 0.06%             | 2051-07-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                                        | GNMA II, Single-family, 30 Year                                                             | CUSIP: 36179XDA1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4229649 | PA      | $3660023.76   | 0.43%             | 2052-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Corebridge Global Funding                                                                   | Corebridge Global Funding                                                                   | CUSIP: 00138CBM9<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $987816.16    | 0.12%             | 2031-01-09      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| Sunrun Athena Issuer LLC                                                                    | Sunrun Athena Issuer LLC, Series 2018-1, Class A                                            | CUSIP: 86772DAA4<br>LEI: 5493001ZI15Y2FZFMI30 | Long             | ABS-O            | CORP              | US        |    738576 | PA      | $714673.59    | 0.08%             | 2049-04-30      | Fixed         | 5.31%                 | Yes           |                  2 | On Loan: No      |
| Travelers Cos., Inc. (The)                                                                  | Travelers Cos., Inc. (The)                                                                  | CUSIP: 89417EAS8<br>LEI: 549300Y650407RU8B149 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $959257.34    | 0.11%             | 2053-05-25      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140XGST7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3064372 | PA      | $2817746.24   | 0.33%             | 2052-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GE HealthCare Technologies, Inc.                                                            | GE HealthCare Technologies, Inc.                                                            | CUSIP: 36266GAC1<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2041599.02   | 0.24%             | 2035-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                       | Bank of America Corp.                                                                       | CUSIP: 06051GEN5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2576763.75   | 0.30%             | 2042-02-07      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO IX Ltd.                                                                         | Elmwood CLO IX Ltd., Series 2021-2A, Class AR                                               | CUSIP: 29003UAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1994188.00   | 0.23%             | 2038-04-20      | Floating      | 4.81%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                                                                  | FHLMC Pool, 30 Year                                                                         | CUSIP: 3132DPB49<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2841069 | PA      | $2898664.15   | 0.34%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Church & Dwight Co., Inc.                                                                   | Church & Dwight Co., Inc.                                                                   | CUSIP: 171340AL6<br>LEI: POOXSI30AWAQGYJZC921 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1179594.89   | 0.14%             | 2047-08-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Seagate Data Storage Technology Pte. Ltd.                                                   | Seagate Data Storage Technology Pte. Ltd.                                                   | CUSIP: 81180LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |   2000000 | PA      | $2034220.00   | 0.24%             | 2030-07-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                                                                  | FHLMC Pool, 30 Year                                                                         | CUSIP: 31427MX97<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1542337 | PA      | $1495444.57   | 0.18%             | 2053-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loan Trust                                                                     | Mosaic Solar Loan Trust, Series 2020-2A, Class A                                            | CUSIP: 61946PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    549370 | PA      | $464945.53    | 0.05%             | 2046-08-20      | Fixed         | 1.44%                 | Yes           |                  2 | On Loan: No      |
| FHLB                                                                                        | FHLB                                                                                        | CUSIP: 3130AJFD6<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | UST               | US        |   1666667 | PA      | $1544789.32   | 0.18%             | 2030-03-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                                                           | HSBC Holdings plc                                                                           | CUSIP: 404280FA2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1007999.28   | 0.12%             | 2030-06-05      | Variable      | 7.05%                 | No            |                  2 | On Loan: No      |
| United States of America                                                                    | U.S. Treasury Bonds                                                                         | CUSIP: 912810UN6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  34000000 | PA      | $33896406.08  | 3.97%             | 2045-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Union Electric Co.                                                                          | Union Electric Co.                                                                          | CUSIP: 906548CZ3<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1360322.91   | 0.16%             | 2055-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Amgen, Inc.                                                                                 | Amgen, Inc.                                                                                 | CUSIP: 031162DW7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1965823.16   | 0.23%             | 2036-02-19      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                                        | GNMA, Series 2013-101, Class AF                                                             | CUSIP: 38378KZF9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    308814 | PA      | $304410.78    | 0.04%             | 2050-09-16      | Variable      | 2.83%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                                        | GNMA II, Single-family, 30 Year                                                             | CUSIP: 36179X5C6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3970432 | PA      | $3564412.72   | 0.42%             | 2053-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SBA Small Business Investment Cos.                                                          | SBA Small Business Investment Cos., Series 2025-10A, Class 1                                | CUSIP: 831641FZ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1483242 | PA      | $1507279.33   | 0.18%             | 2035-03-10      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| International Finance Corp.                                                                 | International Finance Corp.                                                                 | CUSIP: 45950KDF4<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | US        |   1000000 | PA      | $1004077.12   | 0.12%             | 2027-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                                    | PNC Financial Services Group, Inc. (The)                                                    | CUSIP: 693475CC7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1327636.53   | 0.16%             | 2036-01-29      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                                    | Angel Oak Mortgage Trust, Series 2022-2, Class A1                                           | CUSIP: 03464PAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1303656 | PA      | $1248682.33   | 0.15%             | 2067-01-25      | Variable      | 4.04%                 | Yes           |                  2 | On Loan: No      |
| Augusta SpinCo Corp.                                                                        | Augusta SpinCo Corp.                                                                        | CUSIP: 051473AF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2701686.42   | 0.32%             | 2036-03-23      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Esab Corp.                                                                                  | Esab Corp.                                                                                  | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1016149.00   | 0.12%             | 2029-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| M&T Bank Corp.                                                                              | M&T Bank Corp.                                                                              | CUSIP: 55261FAT1<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |   4250000 | PA      | $4456684.51   | 0.52%             | 2032-03-13      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                                        | GNMA II, Single-family, 30 Year                                                             | CUSIP: 36179XBP0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2582691 | PA      | $2138593.23   | 0.25%             | 2052-07-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                                   | HCA, Inc.                                                                                   | CUSIP: 404119AJ8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1134262.18   | 0.13%             | 2033-11-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MetroNet Infrastructure Issuer LLC                                                          | MetroNet Infrastructure Issuer LLC, Series 2025-4A, Class A2                                | CUSIP: 59170JBD9<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $997710.30    | 0.12%             | 2055-12-20      | Fixed         | 5.16%                 | Yes           |                  2 | On Loan: No      |
| Mosaic Solar Loan Trust                                                                     | Mosaic Solar Loan Trust, Series 2019-1A, Class A                                            | CUSIP: 61946CAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         0 | PA      | $0.14         | 0.00%             | 2043-12-21      | Fixed         | 4.37%                 | Yes           |                  2 | On Loan: No      |
| International Development Association                                                       | International Development Association                                                       | CUSIP: 45939E2D1<br>LEI: P41R60HC414IWQA1XW02 | Long             | DBT              | NUSS              | US        |   1000000 | PA      | $1012285.09   | 0.12%             | 2035-02-12      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Consolidated Edison Co. of New York, Inc.                                                   | Consolidated Edison Co. of New York, Inc.                                                   | CUSIP: 209111GM9<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2011730.76   | 0.24%             | 2035-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Burlington Northern Santa Fe LLC                                                            | Burlington Northern Santa Fe LLC                                                            | CUSIP: 12189LBN0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $727745.54    | 0.09%             | 2056-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| MetroNet Infrastructure Issuer LLC                                                          | MetroNet Infrastructure Issuer LLC, Series 2026-1A, Class A2                                | CUSIP: 59170JBK3<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1508613.00   | 0.18%             | 2056-04-20      | Fixed         | 5.27%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                                                                  | FHLMC Pool, 30 Year                                                                         | CUSIP: 3133BAFE6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3876981 | PA      | $3440017.40   | 0.40%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                                        | GNMA II, Single-family, 30 Year                                                             | CUSIP: 36179XXY7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2982917 | PA      | $2575250.93   | 0.30%             | 2053-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140W4UY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2993500 | PA      | $2955251.89   | 0.35%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                                                                  | AT&T, Inc.                                                                                  | CUSIP: 00206RNJ7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   4025000 | PA      | $3924655.50   | 0.46%             | 2046-04-30      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140QEWM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1644380 | PA      | $1405949.30   | 0.16%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                                    | Foundation Finance Trust, Series 2023-2A, Class A                                           | CUSIP: 35042RAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    406987 | PA      | $422412.81    | 0.05%             | 2049-06-15      | Fixed         | 6.53%                 | Yes           |                  2 | On Loan: No      |
| State of California                                                                         | State of California                                                                         | CUSIP: 13063A5G5<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2376409.00   | 0.28%             | 2039-04-01      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| Steel Dynamics, Inc.                                                                        | Steel Dynamics, Inc.                                                                        | CUSIP: 858119BS8<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1501413.17   | 0.18%             | 2035-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                                                                       | CCG Receivables Trust, Series 2025-2, Class D                                               | CUSIP: 12516XAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $995995.90    | 0.12%             | 2034-08-15      | Fixed         | 5.08%                 | Yes           |                  2 | On Loan: No      |
| Kreditanstalt fuer Wiederaufbau                                                             | Kreditanstalt fuer Wiederaufbau                                                             | CUSIP: 500769KH6<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |   3000000 | PA      | $3083698.26   | 0.36%             | 2030-03-18      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Principal Financial Group, Inc.                                                             | Principal Financial Group, Inc.                                                             | CUSIP: 74251VAT9<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1021750.99   | 0.12%             | 2033-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140MRA31<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3025157 | PA      | $2881143.93   | 0.34%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                         | International Bank for Reconstruction & Development                                         | CUSIP: 45905UWL4<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        |   2000000 | PA      | $1656138.50   | 0.19%             | 2036-05-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                                    | Foundation Finance Trust, Series 2023-1A, Class A                                           | CUSIP: 35042AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1178637 | PA      | $1201885.16   | 0.14%             | 2043-12-15      | Fixed         | 5.67%                 | Yes           |                  2 | On Loan: No      |
| Foundation Finance Trust                                                                    | Foundation Finance Trust, Series 2023-2A, Class C                                           | CUSIP: 35042RAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1081847 | PA      | $1126084.15   | 0.13%             | 2049-06-15      | Fixed         | 7.31%                 | Yes           |                  2 | On Loan: No      |
| IQVIA, Inc.                                                                                 | IQVIA, Inc.                                                                                 | CUSIP: 449934AD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1001373.50   | 0.12%             | 2026-10-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Brixmor Operating Partnership LP                                                            | Brixmor Operating Partnership LP                                                            | CUSIP: 11120VAN3<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1510330.94   | 0.18%             | 2032-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                                                                | Dell Equipment Finance Trust, Series 2025-1, Class D                                        | CUSIP: 24703UAL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2555000 | PA      | $2582765.70   | 0.30%             | 2031-08-22      | Fixed         | 5.64%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140X7X61<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2870820 | PA      | $2440810.68   | 0.29%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140XQK63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2710845 | PA      | $2567821.05   | 0.30%             | 2053-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes Trust                                                                 | Tricon American Homes Trust, Series 2020-SFR2, Class A                                      | CUSIP: 89613JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1159553 | PA      | $1104902.74   | 0.13%             | 2039-11-17      | Fixed         | 1.48%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                                       | FHLMC, Multi-class Certificates, Series 2024-P016, Class A2                                 | CUSIP: 3137HDJU5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $2011936.00   | 0.24%             | 2033-09-25      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co., Inc.                                                           | American Electric Power Co., Inc., Series C                                                 | CUSIP: 02557TAE9<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $988505.00    | 0.12%             | 2056-03-15      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                                         | Cisco Systems, Inc.                                                                         | CUSIP: 17275RAD4<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3698197.06   | 0.43%             | 2039-02-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140X8AZ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2571648 | PA      | $2083977.91   | 0.24%             | 2050-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Ontario Teachers' Finance Trust                                                             | Ontario Teachers' Finance Trust                                                             | CUSIP: 68329AAH1<br>LEI: 635400ZZE5J8OXXBBY26 | Long             | DBT              | NUSS              | CA        |   1000000 | PA      | $885421.36    | 0.10%             | 2030-09-27      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| Sunrun Atlas Issuer LLC                                                                     | Sunrun Atlas Issuer LLC, Series 2019-2, Class A                                             | CUSIP: 86772FAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1587910 | PA      | $1533191.35   | 0.18%             | 2055-02-01      | Fixed         | 3.61%                 | Yes           |                  2 | On Loan: No      |
| Black Pearl Compute LLC                                                                     | Black Pearl Compute LLC                                                                     | CUSIP: 09216NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1146427.88   | 0.13%             | 2031-02-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Nature Conservancy (The)                                                                    | Nature Conservancy (The), Series A                                                          | CUSIP: 63902HAR0<br>LEI: 549300GJ1IZME7V1JJ28 | Long             | DBT              | CORP              | US        |    266000 | PA      | $214293.32    | 0.03%             | 2033-07-01      | Fixed         | 1.86%                 | No            |                  2 | On Loan: No      |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC                  | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC                  | CUSIP: 01309QAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    393000 | PA      | $389039.35    | 0.05%             | 2031-03-31      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| United States of America                                                                    | U.S. Treasury Notes                                                                         | CUSIP: 91282CPT2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  47000000 | PA      | $46603437.50  | 5.46%             | 2029-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                                  | FHLMC Pool, 30 Year                                                                         | CUSIP: 3133KRD68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2593582 | PA      | $2565911.29   | 0.30%             | 2053-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140XCWP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2362728 | PA      | $1912179.79   | 0.22%             | 2051-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140QR4G5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2210095 | PA      | $2254175.75   | 0.26%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                                   | Towd Point Mortgage Trust, Series 2023-1, Class A1                                          | CUSIP: 89181JAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    803385 | PA      | $768987.45    | 0.09%             | 2063-01-25      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                           | Wells Fargo & Co.                                                                           | CUSIP: 95000U3K7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   3250000 | PA      | $3309386.54   | 0.39%             | 2035-01-23      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                                  | FHLMC Pool, 30 Year                                                                         | CUSIP: 3133KLAK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2005076 | PA      | $1651159.78   | 0.19%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PACEWell 5 Trust                                                                            | PACEWell 5 Trust, Series 2021-1, Class A                                                    | CUSIP: 69410PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    769180 | PA      | $645021.42    | 0.08%             | 2059-10-10      | Fixed         | 2.63%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                                                                  | FHLMC Pool, 30 Year                                                                         | CUSIP: 31329QBK6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2218692 | PA      | $2174476.06   | 0.25%             | 2049-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Co.                                                                       | Kraft Heinz Foods Co.                                                                       | CUSIP: 50077LAM8<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $874970.73    | 0.10%             | 2045-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                                                                  | Prudential Financial, Inc.                                                                  | CUSIP: 744320AW2<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $976091.90    | 0.11%             | 2047-09-15      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Kommunalbanken A/S                                                                          | Kommunalbanken A/S                                                                          | CUSIP: 50048MDU1<br>LEI: I7ETN0QQO2AHZZGHJ389 | Long             | DBT              | NUSS              | NO        |    800000 | PA      | $791886.27    | 0.09%             | 2031-01-14      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                                              | Hewlett Packard Enterprise Co.                                                              | CUSIP: 42824CCA5<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2455189.45   | 0.29%             | 2030-10-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                            | California Health Facilities Financing Authority, Series 2022                               | CUSIP: 13032UD88<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1640373.18   | 0.19%             | 2037-06-01      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                                        | GNMA II                                                                                     | CUSIP: 3622ADFX1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2254055 | PA      | $2110702.12   | 0.25%             | 2074-02-20      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| Durst Commercial Mortgage Trust                                                             | Durst Commercial Mortgage Trust, Series 2025-151, Class D                                   | CUSIP: 266895AG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2750000 | PA      | $2815772.30   | 0.33%             | 2042-08-10      | Variable      | 6.34%                 | Yes           |                  2 | On Loan: No      |
| Toyota Motor Corp.                                                                          | Toyota Motor Corp.                                                                          | CUSIP: 892331AP4<br>LEI: 5493006W3QUS5LMH6R84 | Long             | DBT              | CORP              | JP        |    500000 | PA      | $500905.23    | 0.06%             | 2026-07-13      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| PG&E Energy Recovery Funding LLC                                                            | PG&E Energy Recovery Funding LLC, Series A-3                                                | CUSIP: 71710TAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $554963.61    | 0.07%             | 2046-07-15      | Fixed         | 2.82%                 | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                                                                | BX Commercial Mortgage Trust, Series 2026-CSMO, Class A                                     | CUSIP: 12433LAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2503747.25   | 0.29%             | 2043-02-15      | Floating      | 5.07%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140QLHH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2705630 | PA      | $2308942.04   | 0.27%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                                      | Sequoia Mortgage Trust, Series 2024-2, Class A19                                            | CUSIP: 81749HAT5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    971162 | PA      | $977959.74    | 0.11%             | 2054-03-25      | Variable      | 5.98%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                                        | GNMA II, Single-family, 30 Year                                                             | CUSIP: 36179XS72<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3635409 | PA      | $3139879.66   | 0.37%             | 2053-02-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                            | Amazon.com, Inc.                                                                            | CUSIP: 023135CU8<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1473305.21   | 0.17%             | 2033-03-20      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| MetroNet Infrastructure Issuer LLC                                                          | MetroNet Infrastructure Issuer LLC, Series 2025-2A, Class B                                 | CUSIP: 59170JAZ1<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1003280.20   | 0.12%             | 2055-08-20      | Fixed         | 5.59%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                                       | FHLMC STACR REMIC Trust, Series 2020-HQA2, Class M2                                         | CUSIP: 35565LAH9<br>LEI: 5493000ITBJ4KEFYWF83 | Long             | ABS-MBS          | CORP              | US        |    521066 | PA      | $531842.71    | 0.06%             | 2050-03-25      | Floating      | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                                                             | Citigroup, Inc.                                                                             | CUSIP: 172967MS7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1833844.12   | 0.22%             | 2031-06-03      | Variable      | 2.57%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                                                                       | HPEFS Equipment Trust, Series 2025-2A, Class D                                              | CUSIP: 442927AF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $993548.70    | 0.12%             | 2033-05-20      | Fixed         | 4.77%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140X5UV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1966800 | PA      | $1833026.59   | 0.21%             | 2050-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                                       | FHLMC, Multi-family Structured Pass-Through Certificates, Series KG02, Class A2             | CUSIP: 3137FPHR9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $1895317.40   | 0.22%             | 2029-08-25      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| Apple, Inc.                                                                                 | Apple, Inc.                                                                                 | CUSIP: 037833FB1<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2033060.28   | 0.24%             | 2035-05-12      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NiSource, Inc.                                                                              | NiSource, Inc.                                                                              | CUSIP: 65473PAX3<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2014494.18   | 0.24%             | 2035-07-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 20 Year                                                                               | CUSIP: 3140QFQC6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1626546 | PA      | $1431029.06   | 0.17%             | 2040-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                                       | FHLMC, Multi-family Structured Pass-Through Certificates, Series KSG4, Class A2             | CUSIP: 3137H92X6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $1885325.60   | 0.22%             | 2032-08-25      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                                  | FHLMC Pool, 30 Year                                                                         | CUSIP: 3132DWKU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2478277 | PA      | $2449546.69   | 0.29%             | 2054-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SLG Office Trust                                                                            | SLG Office Trust, Series 2021-OVA, Class A                                                  | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1335674.40   | 0.16%             | 2041-07-15      | Fixed         | 2.59%                 | Yes           |                  2 | On Loan: No      |
| AGL CLO 23 Ltd.                                                                             | AGL CLO 23 Ltd., Series 2022-23A, Class A1R                                                 | CUSIP: 00119EAN7<br>LEI: 54930001FYWQPYWEPQ30 | Long             | ABS-CBDO         | CORP              | JE        |   2600000 | PA      | $2592395.00   | 0.30%             | 2038-04-20      | Floating      | 4.82%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                                         | New Residential Mortgage Loan Trust, Series 2019-2A, Class A1                               | CUSIP: 64830DAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    516938 | PA      | $506829.58    | 0.06%             | 2057-12-25      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Export-Import Bank of Korea                                                                 | Export-Import Bank of Korea                                                                 | CUSIP: 302154EQ8<br>LEI: 549300APVP4R32PI3Y06 | Long             | DBT              | NUSS              | KR        |    800000 | PA      | $794722.49    | 0.09%             | 2029-01-13      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| WLB Asset VI Pte. Ltd.                                                                      | WLB Asset VI Pte. Ltd.                                                                      | CUSIP: N/A<br>LEI: 254900M29A8RHZTF4J92       | Long             | DBT              | CORP              | MU        |    987888 | PA      | $1023558.10   | 0.12%             | 2027-12-21      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Deere & Co.                                                                                 | Deere & Co.                                                                                 | CUSIP: 244199BL8<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1039187.95   | 0.12%             | 2035-01-16      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| PG&E Recovery Funding LLC                                                                   | PG&E Recovery Funding LLC, Series A-3                                                       | CUSIP: 71710TAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2625000 | PA      | $2596952.56   | 0.30%             | 2047-07-15      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Nexstar Media, Inc.                                                                         | Nexstar Media, Inc.                                                                         | CUSIP: 65346UAB5<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1008224.00   | 0.12%             | 2033-09-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 20 Year                                                                               | CUSIP: 3140QGDM6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1684491 | PA      | $1530522.19   | 0.18%             | 2040-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ACE Capital Trust II                                                                        | ACE Capital Trust II                                                                        | CUSIP: 00440FAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $588642.30    | 0.07%             | 2030-04-01      | Fixed         | 9.70%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                                   | HCA, Inc.                                                                                   | CUSIP: 404119DA4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1538248.53   | 0.18%             | 2032-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MetLife, Inc.                                                                               | MetLife, Inc.                                                                               | CUSIP: 59156RCR7<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1718503.29   | 0.20%             | 2056-03-15      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                                                           | Duke Energy Corp.                                                                           | CUSIP: 26441CCE3<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2045159.98   | 0.24%             | 2034-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                                      | Asian Development Bank                                                                      | CUSIP: 045167FV0<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | US        |   3000000 | PA      | $2974490.04   | 0.35%             | 2033-01-12      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                              | Morgan Stanley                                                                              | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5075209.80   | 0.60%             | 2034-07-21      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                         | International Bank for Reconstruction & Development                                         | CUSIP: 459058LQ4<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        |   5600000 | PA      | $5767380.25   | 0.68%             | 2032-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 20 Year                                                                               | CUSIP: 3140QGG92<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1882542 | PA      | $1656052.70   | 0.19%             | 2040-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Verizon Communications, Inc.                                                                | Verizon Communications, Inc.                                                                | CUSIP: 92343VDR2<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3264743.23   | 0.38%             | 2039-03-15      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| 200 Park Funding Trust                                                                      | 200 Park Funding Trust                                                                      | CUSIP: 901928AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $961418.25    | 0.11%             | 2055-02-15      | Fixed         | 5.74%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                                        | GNMA, Series 2019-H02, Class JA                                                             | CUSIP: 38380LQA4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2140651 | PA      | $2056267.43   | 0.24%             | 2068-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                                              | University of Massachusetts Building Authority, Series 2010-2                               | CUSIP: 914440LJ9<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1251099.12   | 0.15%             | 2040-11-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, ACES, Series 2023-M1S, Class A2                                                       | CUSIP: 3136BQCX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2500000 | PA      | $2507528.00   | 0.29%             | 2033-04-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Republic Services, Inc.                                                                     | Republic Services, Inc.                                                                     | CUSIP: 760759AK6<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1629503.66   | 0.19%             | 2040-03-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Compass Datacenters Issuer II LLC                                                           | Compass Datacenters Issuer II LLC, Series 2025-2A, Class A1                                 | CUSIP: 20469CAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1778000 | PA      | $1752450.14   | 0.21%             | 2050-11-25      | Fixed         | 4.93%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140XJPE7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2130640 | PA      | $2119058.28   | 0.25%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Travelers Cos., Inc. (The)                                                                  | Travelers Cos., Inc. (The)                                                                  | CUSIP: 89417EAH2<br>LEI: 549300Y650407RU8B149 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $990225.21    | 0.12%             | 2040-11-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                                   | HCA, Inc.                                                                                   | CUSIP: 404119DE6<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    750000 | PA      | $729769.06    | 0.09%             | 2032-11-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140XDCJ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2117729 | PA      | $1733740.96   | 0.20%             | 2051-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Elevance Health, Inc.                                                                       | Elevance Health, Inc.                                                                       | CUSIP: 036752BH5<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $991483.03    | 0.12%             | 2028-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PLYM Commercial Mortgage Trust                                                              | PLYM Commercial Mortgage Trust, Series 2026-IND, Class B                                    | CUSIP: 69292BAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1750000 | PA      | $1739924.73   | 0.20%             | 2043-03-15      | Floating      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                        | FNMA, 30 Year                                                                               | CUSIP: 3140MRA56<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2621331 | PA      | $2485871.11   | 0.29%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                                       | FHLMC STACR REMIC Trust, Series 2025-DNA1, Class A1                                         | CUSIP: 35564NFY4<br>LEI: 529900WZAMS87JCAOC53 | Long             | ABS-MBS          | CORP              | US        |    707000 | PA      | $706048.38    | 0.08%             | 2045-01-25      | Floating      | 4.61%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                                         | New Residential Mortgage Loan Trust, Series 2019-2A, Class B5A                              | CUSIP: 64830DBX0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2194863 | PA      | $2073751.27   | 0.24%             | 2057-12-25      | Variable      | 4.20%                 | Yes           |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                                        | Charter Communications Operating LLC / Charter Communications Operating Capital Corp.       | CUSIP: 161175CQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2072116.52   | 0.24%             | 2029-06-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Verizon Communications, Inc.                                                                | Verizon Communications, Inc.                                                                | CUSIP: 92343VGK4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    600000 | PA      | $460988.80    | 0.05%             | 2041-03-22      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Agilent Technologies, Inc.                                                                  | Agilent Technologies, Inc.                                                                  | CUSIP: 00846UAR2<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $986359.69    | 0.12%             | 2034-09-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States of America                                                                    | U.S. Treasury Notes                                                                         | CUSIP: 91282CGH8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  48000000 | PA      | $47730000.00  | 5.60%             | 2028-01-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                                                              | PMT Loan Trust, Series 2025-INV6, Class A2                                                  | CUSIP: 69382MAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1950387 | PA      | $1972603.15   | 0.23%             | 2056-06-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Kaiser Foundation Hospitals                                                                 | Kaiser Foundation Hospitals, Series 2021                                                    | CUSIP: 48305QAF0<br>LEI: DW4Z57L3G4IRMHYZYK62 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $727007.95    | 0.09%             | 2041-06-01      | Fixed         | 2.81%                 | No            |                  2 | On Loan: No      |
| Elevance Health, Inc.                                                                       | Elevance Health, Inc.                                                                       | CUSIP: 036752BA0<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $942697.87    | 0.11%             | 2054-06-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                                  | FHLMC Pool, 30 Year                                                                         | CUSIP: 3133KQWV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2170248 | PA      | $2210982.72   | 0.26%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Gates Corp.                                                                                 | Gates Corp.                                                                                 | CUSIP: 367398AA2<br>LEI: 984500F43C791F4C7894 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2054578.00   | 0.24%             | 2029-07-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** IMPAX FUNDS SERIES TRUST I

**Signature:** Daniel Saltus

**Name of Signer:** Daniel Saltus

**Title:** Treasurer