# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-25-001561
**Filing Date:** 2025-11
**Character Count:** 119512
**Document Hash:** f9d5b3e18ea2dc5385dd8d2c0b5685b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001561.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0002066578-25-001561

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN FUNDS
- **CENTRAL INDEX KEY:** 0000916620

**ORGANIZATION NAME:**
- **EIN:** 391777365
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08236
- **FILM NUMBER:** 251506529

**BUSINESS ADDRESS:**
- **STREET 1:** NORTHERN FUNDS
- **STREET 2:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** 800-595-9111

**MAIL ADDRESS:**
- **STREET 1:** NORTHERN FUNDS
- **STREET 2:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

## Series and Classes Contracts Data

### CORE BOND FUND (Series ID: S000038895)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000119673 | CORE BOND FUND | NOCBX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Northern Funds

- **b. Investment Company Act file number:** 811-08236

- **c. CIK number of Registrant:** 0000916620

- **d. LEI of Registrant:** 5493004ZY1PEJR3C0A81

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

  - **Street Address 1:** 50 South LaSalle Street

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

  - **Telephone number:** 800-595-9111

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

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

- **b. EDGAR series identifier (if any):** S000038895

- **c. LEI of Series:** 549300VLPNL1PHV9X402

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $93600662.14

**Total Liabilities:** $319280.29

**Net Assets:** $93281381.85

**Delayed Delivery Securities:** $209689.20

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 120.840936124922 | **1-Year:** 2708.848328809390 | **5-Year:** 14010.669725457762 | **10-Year:** 14685.909987315450 | **30-Year:** 711.975397695399

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

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 51.004051661976 | **10-Year:** 208.920252587101 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000119673 | -0.19%               | 1.15%                | 1.02%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-152988.06              | $-306355.40                                |
| Month 2  | $13945.55                | $694798.14                                 |
| Month 3  | $69918.02                | $581487.33                                 |

**Designated Index Information**

- **Index Name:** BBG US Aggregate

- **Index Identifier:** LEH_AGG

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FREDDIE MAC NON GOLD FRN  | FREDDIE MAC NON GOLD FRN  | CUSIP: 3128QSRR9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8024 | PA      | $8183.45      | 0.01%             | 2037-11-01      | Variable      | 6.71%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC NON GOLD FRN  | FREDDIE MAC NON GOLD FRN  | CUSIP: 3128JN2H7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3388 | PA      | $3460.73      | 0.00%             | 2037-09-01      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE I POOL 3.50%   | GINNIE MAE I POOL 3.50%   | CUSIP: 36230RYJ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    224661 | PA      | $209751.30    | 0.22%             | 2040-12-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE II POOL 3.00%  | GINNIE MAE II POOL 3.00%  | CUSIP: 36179M2P4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    120342 | PA      | $110761.44    | 0.12%             | 2043-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRES 5.25% | DUKE ENERGY PROGRES 5.25% | CUSIP: 26442UAQ7<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |    173000 | PA      | $180019.95    | 0.19%             | 2033-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 6.00%    | FREDDIE MAC POOL 6.00%    | CUSIP: 3132DSV58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    181037 | PA      | $186721.43    | 0.20%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC F2F         | CITIGROUP INC F2F         | CUSIP: 172967PL9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    170000 | PA      | $176286.25    | 0.19%             | 2035-06-11      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FASHION SHOW MALL LLC VAR | FASHION SHOW MALL LLC VAR | CUSIP: 50245XAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    135000 | PA      | $137725.26    | 0.15%             | 2041-10-10      | Variable      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| M&T BANK CORP F2F         | M&T BANK CORP F2F         | CUSIP: 55261FAY0<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    440000 | PA      | $450606.84    | 0.48%             | 2031-07-08      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132E0XN7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    207820 | PA      | $211407.89    | 0.23%             | 2053-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 31418EUY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    156850 | PA      | $161101.96    | 0.17%             | 2043-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INC 7.95% | BLUE OWL CREDIT INC 7.95% | CUSIP: 69120VBB6<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    450000 | PA      | $481993.51    | 0.52%             | 2028-06-13      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| NNN REIT INC 5.50%        | NNN REIT INC 5.50%        | CUSIP: 637417AT3<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              | CORP              | US        |    130000 | PA      | $134863.78    | 0.14%             | 2034-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MAD COMMER. MTGE. TST VAR | MAD COMMER. MTGE. TST VAR | CUSIP: 55616AAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130000 | PA      | $130484.87    | 0.14%             | 2042-10-15      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC POOL 4.50%    | FREDDIE MAC POOL 4.50%    | CUSIP: 3132DNVK6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    247505 | PA      | $242499.24    | 0.26%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARES CAP. CORP 5.95%      | ARES CAP. CORP 5.95%      | CUSIP: 04010LBG7<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    160000 | PA      | $165305.29    | 0.18%             | 2029-07-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| HYUNDAI AUTO LEASE 5.41%  | HYUNDAI AUTO LEASE 5.41%  | CUSIP: 44934FAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $151066.92    | 0.16%             | 2027-05-17      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| HARLEY-DAVIDSON MOT 5.37% | HARLEY-DAVIDSON MOT 5.37% | CUSIP: 412922AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    110000 | PA      | $111195.96    | 0.12%             | 2029-03-15      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE 4.86% | WESTLAKE AUTOMOBILE 4.86% | CUSIP: 96043LAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101469.41    | 0.11%             | 2030-05-15      | Fixed         | 4.86%                 | Yes           |                  2 | On Loan: No      |
| SANTANDER MTGE. AS 5.473% | SANTANDER MTGE. AS 5.473% | CUSIP: 80262CAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $150020.89    | 0.16%             | 2065-08-25      | Variable      | 5.47%                 | Yes           |                  3 | On Loan: No      |
| FREDDIE MAC POOL 5.00%    | FREDDIE MAC POOL 5.00%    | CUSIP: 3132DQG75<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    256185 | PA      | $255989.62    | 0.27%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO F2F   | JPMORGAN CHASE & CO F2F   | CUSIP: 46647PEG7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    700000 | PA      | $731140.63    | 0.78%             | 2030-04-22      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| AUSTRALIA & NEW ZEALA F2V | AUSTRALIA & NEW ZEALA F2V | CUSIP: 052528AV8<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |    650000 | PA      | $674365.26    | 0.72%             | 2036-06-18      | Fixed         | 5.82%                 | Yes           |                  2 | On Loan: No      |
| VOLKSWAGEN GRP. OF 4.85%  | VOLKSWAGEN GRP. OF 4.85%  | CUSIP: 928668CX8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $200834.46    | 0.22%             | 2030-09-11      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3140QN3Z3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    198090 | PA      | $182030.68    | 0.20%             | 2052-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DELL EQUIPMENT FINA 5.65% | DELL EQUIPMENT FINA 5.65% | CUSIP: 24702HAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     56506 | PA      | $56590.07     | 0.06%             | 2028-09-22      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| FORD MOTOR CREDIT C 5.73% | FORD MOTOR CREDIT C 5.73% | CUSIP: 345397H48<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $262139.99    | 0.28%             | 2030-09-05      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP 4.45%         | ORACLE CORP 4.45%         | CUSIP: 68389XDH5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    430000 | PA      | $429789.02    | 0.46%             | 2030-09-26      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 3140QQL29<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    119059 | PA      | $120870.06    | 0.13%             | 2052-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FORD CREDIT AUTO OW 4.96% | FORD CREDIT AUTO OW 4.96% | CUSIP: 34531QAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $153160.97    | 0.16%             | 2030-05-15      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FI 5.875% | IMPERIAL BRANDS FI 5.875% | CUSIP: 45262BAH6<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |     80000 | PA      | $83726.54     | 0.09%             | 2034-07-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| SANTANDER UK GRP. HLD F2F | SANTANDER UK GRP. HLD F2F | CUSIP: 80281LAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    200000 | PA      | $199443.12    | 0.21%             | 2029-09-22      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| FIVE 2023-V1 MTGE. TR VAR | FIVE 2023-V1 MTGE. TR VAR | CUSIP: 337964AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260000 | PA      | $266608.86    | 0.29%             | 2056-02-10      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| CARVANA AUTO RECEIV 5.48% | CARVANA AUTO RECEIV 5.48% | CUSIP: 14688YAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $409008.92    | 0.44%             | 2031-11-10      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA F2F    | CREDIT AGRICOLE SA F2F    | CUSIP: 22535WAS6<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |    500000 | PA      | $496926.94    | 0.53%             | 2033-09-25      | Fixed         | 4.82%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140XKB82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    256921 | PA      | $256825.08    | 0.28%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANGEL OAK MTGE. TST 4.75% | ANGEL OAK MTGE. TST 4.75% | CUSIP: 03465WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    213760 | PA      | $212805.05    | 0.23%             | 2067-09-26      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 3140XKP79<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    225943 | PA      | $229183.16    | 0.25%             | 2053-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OBX 2024-NQM9 TRUST 6.03% | OBX 2024-NQM9 TRUST 6.03% | CUSIP: 67119DAA6<br>LEI: 2549004KB8X0K1PPTU08 | Long             | ABS-O            | CORP              | US        |    216369 | PA      | $218985.32    | 0.23%             | 2064-01-25      | Variable      | 6.03%                 | Yes           |                  2 | On Loan: No      |
| PMT LOAN TST. 2024-IN VAR | PMT LOAN TST. 2024-IN VAR | CUSIP: 73015BAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    457609 | PA      | $465558.28    | 0.50%             | 2059-10-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| HEWLETT PACKARD ENT 4.15% | HEWLETT PACKARD ENT 4.15% | CUSIP: 42824CBZ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $179796.50    | 0.19%             | 2028-09-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| NOMURA HLDGS. INC F2V     | NOMURA HLDGS. INC F2V     | CUSIP: 65535HCE7<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |    925000 | PA      | $920845.00    | 0.99%             | 2036-06-10      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC F2F          | BARCLAYS PLC F2F          | CUSIP: 06738EDE2<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    230000 | PA      | $236310.63    | 0.25%             | 2046-08-11      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| SANTANDER MTGE. ASS 5.76% | SANTANDER MTGE. ASS 5.76% | CUSIP: 80263BAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    454288 | PA      | $455861.00    | 0.49%             | 2065-07-25      | Variable      | 5.76%                 | Yes           |                  2 | On Loan: No      |
| CARLISLE COS INC 5.55%    | CARLISLE COS INC 5.55%    | CUSIP: 142339AM2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $182206.36    | 0.20%             | 2040-09-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| ROPER TECHS. INC 5.10%    | ROPER TECHS. INC 5.10%    | CUSIP: 776696AM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $352824.43    | 0.38%             | 2035-09-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3133KQ2M7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    232544 | PA      | $236759.56    | 0.25%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FORD CREDIT AUTO OW 5.23% | FORD CREDIT AUTO OW 5.23% | CUSIP: 344930AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     95543 | PA      | $96237.84     | 0.10%             | 2028-05-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132DQQ33<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    248070 | PA      | $252562.10    | 0.27%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BANK5 2023-5YR2 VAR       | BANK5 2023-5YR2 VAR       | CUSIP: 06211CAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    210000 | PA      | $221495.00    | 0.24%             | 2056-07-15      | Variable      | 6.66%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 6.00%    | FREDDIE MAC POOL 6.00%    | CUSIP: 3132DQ3Y0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    146187 | PA      | $150995.86    | 0.16%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 6.00%    | FREDDIE MAC POOL 6.00%    | CUSIP: 3132DP6A1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     74037 | PA      | $76347.48     | 0.08%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2023-V3 MTG VAR | BENCHMARK 2023-V3 MTG VAR | CUSIP: 08163VAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260000 | PA      | $272564.14    | 0.29%             | 2056-07-15      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132DQGK6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    154790 | PA      | $156761.52    | 0.17%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP F2F   | FIFTH THIRD BANCORP F2F   | CUSIP: 316773DK3<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    130000 | PA      | $136976.44    | 0.15%             | 2029-07-27      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE IN 4.85% | HOWMET AEROSPACE IN 4.85% | CUSIP: 443201AC2<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    110000 | PA      | $112864.07    | 0.12%             | 2031-10-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMER 5.309% | WELLS FARGO COMMER 5.309% | CUSIP: 94990FAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1100000 | PA      | $1139266.81   | 1.22%             | 2057-08-15      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.00%    | FREDDIE MAC POOL 5.00%    | CUSIP: 3132DQPS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    192692 | PA      | $192907.10    | 0.21%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 3140QS3Y5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    125455 | PA      | $127240.91    | 0.14%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132DQPV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    251604 | PA      | $255539.96    | 0.27%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 3140XLE38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    156625 | PA      | $158466.12    | 0.17%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ONEOK INC 6.05%           | ONEOK INC 6.05%           | CUSIP: 682680BL6<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     58000 | PA      | $61502.53     | 0.07%             | 2033-09-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 6.50%     | FANNIE MAE POOL 6.50%     | CUSIP: 3140XLDQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    103985 | PA      | $109834.92    | 0.12%             | 2040-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MOHAWK INDS. INC 5.85%    | MOHAWK INDS. INC 5.85%    | CUSIP: 608190AM6<br>LEI: 549300JI1115MG3Q6322 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2089.57      | 0.00%             | 2028-09-18      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL F2F   | SYNCHRONY FINANCIAL F2F   | CUSIP: 87165BAV5<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    120000 | PA      | $124383.87    | 0.13%             | 2030-08-02      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| FINANCE OF AMERICA 2.00%  | FINANCE OF AMERICA 2.00%  | CUSIP: 31739TAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260327 | PA      | $262332.17    | 0.28%             | 2073-04-25      | Variable      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3140QMRG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    224761 | PA      | $192362.29    | 0.21%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY F2F        | MORGAN STANLEY F2F        | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    262000 | PA      | $270727.13    | 0.29%             | 2029-07-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| COMM 2024-277P MTGE. VAR  | COMM 2024-277P MTGE. VAR  | CUSIP: 12654FAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $854106.80    | 0.92%             | 2044-08-10      | Variable      | 7.23%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.00%     | FANNIE MAE POOL 4.00%     | CUSIP: 3140J8QJ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    126498 | PA      | $123030.52    | 0.13%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MTGE. TST VAR | J.P. MORGAN MTGE. TST VAR | CUSIP: 46655NAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    256777 | PA      | $222770.52    | 0.24%             | 2052-12-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.00%    | FREDDIE MAC POOL 5.00%    | CUSIP: 3132DPSX7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    251918 | PA      | $251318.55    | 0.27%             | 2053-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%    | FREDDIE MAC POOL 3.00%    | CUSIP: 3132CWLH5<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    171752 | PA      | $167388.15    | 0.18%             | 2034-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132DP5B0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    250291 | PA      | $254365.13    | 0.27%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132DPXE3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    263946 | PA      | $269869.13    | 0.29%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLS. INC 2.30%  | MOTOROLA SOLS. INC 2.30%  | CUSIP: 620076BT5<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |     44000 | PA      | $39772.45     | 0.04%             | 2030-11-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3140X77D5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    197144 | PA      | $191756.84    | 0.21%             | 2036-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.00%     | FANNIE MAE POOL 3.00%     | CUSIP: 3140X7D97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    238450 | PA      | $211716.47    | 0.23%             | 2050-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATL. MT 2.50% | GOVERNMENT NATL. MT 2.50% | CUSIP: 38380FMH6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    153017 | PA      | $143238.50    | 0.15%             | 2046-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.50%     | FANNIE MAE POOL 4.50%     | CUSIP: 3140XKW55<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    260653 | PA      | $261364.41    | 0.28%             | 2038-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%    | FREDDIE MAC POOL 2.50%    | CUSIP: 3132CW4K7<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    173472 | PA      | $166336.02    | 0.18%             | 2035-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3140X6RX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     63700 | PA      | $62890.02     | 0.07%             | 2034-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%    | FREDDIE MAC POOL 2.50%    | CUSIP: 3132ADPS1<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    343151 | PA      | $331914.39    | 0.36%             | 2031-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE I POOL 5.00%   | GINNIE MAE I POOL 5.00%   | CUSIP: 3622ACCF5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    220367 | PA      | $225907.19    | 0.24%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%    | FREDDIE MAC POOL 3.00%    | CUSIP: 3132DQFR2<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    238217 | PA      | $219168.47    | 0.23%             | 2046-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE II POOL 4.00%  | GINNIE MAE II POOL 4.00%  | CUSIP: 36179RBY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     45720 | PA      | $43968.72     | 0.05%             | 2045-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DISCOVER CARD EXECU 4.31% | DISCOVER CARD EXECU 4.31% | CUSIP: 254683CY9<br>LEI: 207ALC1P1YM0OVDV0K75 | Long             | ABS-O            | CORP              | US        |    230000 | PA      | $230251.09    | 0.25%             | 2028-03-15      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE II POOL 4.00%  | GINNIE MAE II POOL 4.00%  | CUSIP: 36179MC24<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    341349 | PA      | $330386.34    | 0.35%             | 2042-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 31410KLW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     78660 | PA      | $81581.69     | 0.09%             | 2037-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3140X6Q38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    303028 | PA      | $285993.25    | 0.31%             | 2047-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRAN 2.875% | CONSTELLATION BRAN 2.875% | CUSIP: 21036PBF4<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     44000 | PA      | $41168.55     | 0.04%             | 2030-05-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3140QEB50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    245210 | PA      | $211068.83    | 0.23%             | 2050-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3133BV5N1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    323882 | PA      | $327733.69    | 0.35%             | 2053-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE II POOL 4.50%  | GINNIE MAE II POOL 4.50%  | CUSIP: 36179XVR4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    247821 | PA      | $241861.71    | 0.26%             | 2053-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA POOL #FS4040 5.0% DU | FNMA POOL #FS4040 5.0% DU | CUSIP: 3140XKP20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    232168 | PA      | $232699.05    | 0.25%             | 2053-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & CO F2F      | WELLS FARGO & CO F2F      | CUSIP: 95000U2S1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    159000 | PA      | $154564.74    | 0.17%             | 2028-06-02      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| AMEREN CORP 3.50%         | AMEREN CORP 3.50%         | CUSIP: 023608AJ1<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |     93000 | PA      | $88772.45     | 0.10%             | 2031-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%    | FREDDIE MAC POOL 3.00%    | CUSIP: 3133LPSP3<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     31496 | PA      | $30925.71     | 0.03%             | 2030-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.00%     | FANNIE MAE POOL 3.00%     | CUSIP: 31418DUL4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     85768 | PA      | $82579.55     | 0.09%             | 2035-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GATX CORP 4.00%           | GATX CORP 4.00%           | CUSIP: 361448BF9<br>LEI: 549300IHYHCQP2PIR591 | Long             | DBT              | CORP              | US        |      9000 | PA      | $8849.23      | 0.01%             | 2030-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC F2V     | NATWEST GROUP PLC F2V     | CUSIP: 780097BP5<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $245612.50    | 0.26%             | 2028-05-22      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| COCA-COLA FEMSA SAB 1.85% | COCA-COLA FEMSA SAB 1.85% | CUSIP: 191241AJ7<br>LEI: 5493008KEVFYPMGTXO33 | Long             | DBT              | CORP              | MX        |    205000 | PA      | $170877.57    | 0.18%             | 2032-09-01      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.00%     | FANNIE MAE POOL 4.00%     | CUSIP: 3140X56H1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     87186 | PA      | $83869.58     | 0.09%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140N9N44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    206243 | PA      | $206748.47    | 0.22%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140NCT25<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    246412 | PA      | $246976.53    | 0.26%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3140X6G70<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    511634 | PA      | $436774.84    | 0.47%             | 2050-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.00%    | FREDDIE MAC POOL 5.00%    | CUSIP: 3133BRD68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | CORP              | US        |    249206 | PA      | $248392.08    | 0.27%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.00%    | FREDDIE MAC POOL 5.00%    | CUSIP: 3132DQB21<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    244098 | PA      | $243908.61    | 0.26%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 31416CGK6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     78974 | PA      | $81875.33     | 0.09%             | 2035-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.00%    | FREDDIE MAC POOL 2.00%    | CUSIP: 3132D6NT3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    410897 | PA      | $379933.21    | 0.41%             | 2035-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3140XJAB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    147852 | PA      | $142958.52    | 0.15%             | 2035-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| OVINTIV INC 6.25%         | OVINTIV INC 6.25%         | CUSIP: 69047QAC6<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |    325000 | PA      | $342815.68    | 0.37%             | 2033-07-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 3.875% | UNITED STATES TSY. 3.875% | CUSIP: 91282CNM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1318000 | PA      | $1326546.41   | 1.42%             | 2028-07-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MSRW 2025-CC PAS 5.89372% | MSRW 2025-CC PAS 5.89372% | CUSIP: 55361BAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    598761 | PA      | $601127.52    | 0.64%             | 2030-08-15      | Fixed         | 5.89%                 | Yes           |                  2 | On Loan: No      |
| DEUTSCHE BANK AG/NEW F2F  | DEUTSCHE BANK AG/NEW F2F  | CUSIP: 251526DB2<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    100000 | PA      | $100945.68    | 0.11%             | 2031-08-04      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 0.00%  | UNITED STATES TSY. 0.00%  | CUSIP: 912803FV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7762100 | PA      | $2276864.24   | 2.44%             | 2051-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 3.875% | UNITED STATES TSY. 3.875% | CUSIP: 91282CLQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    138000 | PA      | $138679.22    | 0.15%             | 2027-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 4.25%  | UNITED STATES TSY. 4.25%  | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2652000 | PA      | $2676448.13   | 2.87%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 3.875% | UNITED STATES TSY. 3.875% | CUSIP: 91282CNK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2119000 | PA      | $2131995.42   | 2.29%             | 2030-06-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERV. CO OF 5.15%  | PUBLIC SERV. CO OF 5.15%  | CUSIP: 744448DC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $263327.25    | 0.28%             | 2035-09-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO     | NI US GOV T PORTFOLIO     | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   5087317 | NS      | $5087317.49   | 5.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SEQUOIA MTGE. TST. 20 VAR | SEQUOIA MTGE. TST. 20 VAR | CUSIP: 81749BAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     80587 | PA      | $79608.29     | 0.09%             | 2053-01-25      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| AERCAP IRELAND CAP 4.625% | AERCAP IRELAND CAP 4.625% | CUSIP: 00774MBL8<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    150000 | PA      | $151314.32    | 0.16%             | 2029-09-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CNH EQUIP. TST. 202 4.03% | CNH EQUIP. TST. 202 4.03% | CUSIP: 18978GAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $200407.96    | 0.21%             | 2030-01-15      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| TESLA AUTO LEASE TS 5.11% | TESLA AUTO LEASE TS 5.11% | CUSIP: 881934AF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $504425.80    | 0.54%             | 2028-08-21      | Fixed         | 5.11%                 | Yes           |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES F2V | HUNTINGTON BANCSHARES F2V | CUSIP: 446150BF0<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    270000 | PA      | $280965.18    | 0.30%             | 2039-11-18      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| 321 HENDERSON RECEI 6.15% | 321 HENDERSON RECEI 6.15% | CUSIP: 88576NAP3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    221714 | PA      | $229321.92    | 0.25%             | 2048-10-15      | Fixed         | 6.15%                 | Yes           |                  2 | On Loan: No      |
| KEYBANK NA/CLEVELAN 5.00% | KEYBANK NA/CLEVELAN 5.00% | CUSIP: 49327M3H5<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |    210000 | PA      | $211353.04    | 0.23%             | 2033-01-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANGEL OAK MTGE. TS 6.197% | ANGEL OAK MTGE. TS 6.197% | CUSIP: 034943AA8<br>LEI: 25490046TFINGL6XED11 | Long             | ABS-O            | CORP              | US        |    483579 | PA      | $489387.18    | 0.52%             | 2069-01-25      | Variable      | 6.20%                 | Yes           |                  2 | On Loan: No      |
| UNITED STATES TSY. 4.75%  | UNITED STATES TSY. 4.75%  | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4635000 | PA      | $4649484.38   | 4.98%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SAMMONS FINL. GRP. 6.875% | SAMMONS FINL. GRP. 6.875% | CUSIP: 79588TAF7<br>LEI: 254900SHCOQLVJ21CT59 | Long             | DBT              | CORP              | US        |    105000 | PA      | $115616.66    | 0.12%             | 2034-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| VULCAN MATS. CO 5.35%     | VULCAN MATS. CO 5.35%     | CUSIP: 929160BC2<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | DBT              | CORP              | US        |    525000 | PA      | $541550.84    | 0.58%             | 2034-12-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT TST 5.688% | PAGAYA AI DEBT TST 5.688% | CUSIP: 69547DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    280000 | PA      | $284212.71    | 0.30%             | 2033-01-17      | Fixed         | 5.69%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY CAP 3.903% | MORGAN STANLEY CAP 3.903% | CUSIP: 61766CAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    115000 | PA      | $113705.19    | 0.12%             | 2049-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 6.00%    | FREDDIE MAC POOL 6.00%    | CUSIP: 3132DQRJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    175143 | PA      | $180756.02    | 0.19%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC 4.80%        | BROADCOM INC 4.80%        | CUSIP: 11135FCD1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    110000 | PA      | $110769.38    | 0.12%             | 2034-10-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| PROVIDENT FNDG. MTGE. VAR | PROVIDENT FNDG. MTGE. VAR | CUSIP: 74389BAN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    715129 | PA      | $713771.58    | 0.77%             | 2054-12-25      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| UNITED STATES TSY. 5.00%  | UNITED STATES TSY. 5.00%  | CUSIP: 912810UL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2158000 | PA      | $2240948.13   | 2.40%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO F2F   | AMERICAN EXPRESS CO F2F   | CUSIP: 025816EK1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    110000 | PA      | $111914.92    | 0.12%             | 2033-07-20      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 3140QQVF9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     68089 | PA      | $69071.95     | 0.07%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DRIVE AUTO RECEIVAB 4.50% | DRIVE AUTO RECEIVAB 4.50% | CUSIP: 26207AAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2390000 | PA      | $2393330.94   | 2.57%             | 2028-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OBX 2023-NQM7 TRUS 7.299% | OBX 2023-NQM7 TRUS 7.299% | CUSIP: 67117XAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     59877 | PA      | $60621.62     | 0.06%             | 2063-04-25      | Variable      | 7.30%                 | Yes           |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE 5.95%  | BLACKSTONE PRIVATE 5.95%  | CUSIP: 09261HBN6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    160000 | PA      | $164600.53    | 0.18%             | 2029-07-16      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 6.00%     | FANNIE MAE POOL 6.00%     | CUSIP: 3140QUD52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    180106 | PA      | $185107.97    | 0.20%             | 2054-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE OWNER TS 4.06% | JOHN DEERE OWNER TS 4.06% | CUSIP: 477911AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $500938.35    | 0.54%             | 2029-06-15      | Fixed         | 4.06%                 | No            |                  2 | On Loan: No      |
| CARDINAL HEALTH INC 5.35% | CARDINAL HEALTH INC 5.35% | CUSIP: 14149YBS6<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |    450000 | PA      | $462555.85    | 0.50%             | 2034-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| MSRW 2025-CC PAS 6.65052% | MSRW 2025-CC PAS 6.65052% | CUSIP: 55361BAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $301272.99    | 0.32%             | 2030-08-15      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL NATL MTG ASSN GTD | FEDERAL NATL MTG ASSN GTD | CUSIP: 3138ENWB1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    370764 | PA      | $368460.76    | 0.39%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.50%     | FANNIE MAE POOL 4.50%     | CUSIP: 3138WJQ68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    141587 | PA      | $140179.92    | 0.15%             | 2046-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.00%     | FANNIE MAE POOL 4.00%     | CUSIP: 31418CRD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    332073 | PA      | $319175.21    | 0.34%             | 2047-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SEASONED LOANS STRU 2.75% | SEASONED LOANS STRU 2.75% | CUSIP: 35564CCZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGA              | US        |    256066 | PA      | $244719.11    | 0.26%             | 2029-09-25      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 6.50%    | FREDDIE MAC POOL 6.50%    | CUSIP: 3132E0PL0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    208806 | PA      | $219380.90    | 0.24%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORP F2F         | M&T BANK CORP F2F         | CUSIP: 55261FAS3<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    160000 | PA      | $173810.49    | 0.19%             | 2029-10-30      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & CO F2F      | WELLS FARGO & CO F2F      | CUSIP: 95000U3J0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    300000 | PA      | $308969.48    | 0.33%             | 2030-01-23      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC REMICS 5.50%  | FREDDIE MAC REMICS 5.50%  | CUSIP: 3137HBTY0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    139307 | PA      | $141112.84    | 0.15%             | 2051-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 31418MRQ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     79576 | PA      | $81574.55     | 0.09%             | 2037-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 3.00% | FREDDIE MAC GOLD PO 3.00% | CUSIP: 3132J65C4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    270854 | PA      | $249533.82    | 0.27%             | 2043-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.00%     | FANNIE MAE POOL 4.00%     | CUSIP: 31418CNE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    168897 | PA      | $162381.62    | 0.17%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 31418CZN7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     87275 | PA      | $88250.54     | 0.09%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%    | FREDDIE MAC POOL 3.00%    | CUSIP: 3132CWCV4<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    156409 | PA      | $153660.20    | 0.16%             | 2032-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE 5.0%           | FANNIE MAE 5.0%           | CUSIP: 3140X8ZB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    121592 | PA      | $124666.87    | 0.13%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 3140XKX62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    159520 | PA      | $162427.80    | 0.17%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 6.00%     | FANNIE MAE POOL 6.00%     | CUSIP: 3140A0AT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    206424 | PA      | $213175.95    | 0.23%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 6.00%     | FANNIE MAE POOL 6.00%     | CUSIP: 3140XMBK1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    242580 | PA      | $250658.88    | 0.27%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CNH EQUIP. TST. 202 4.77% | CNH EQUIP. TST. 202 4.77% | CUSIP: 18978FAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100869.76    | 0.11%             | 2029-06-15      | Fixed         | 4.77%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINL. COR F2F | CAPITAL ONE FINL. COR F2F | CUSIP: 14040HDF9<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53075.87     | 0.06%             | 2035-02-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 7.00%     | FANNIE MAE POOL 7.00%     | CUSIP: 3140XNT38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     56780 | PA      | $59767.31     | 0.06%             | 2040-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY CARD FNDG 5.04% | SYNCHRONY CARD FNDG 5.04% | CUSIP: 87166PAM3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     77000 | PA      | $78137.01     | 0.08%             | 2030-03-15      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 6.00%     | FANNIE MAE POOL 6.00%     | CUSIP: 3140NM6E2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     68779 | PA      | $70640.18     | 0.08%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL 5.5%  | GOVERNMENT NATIONAL 5.5%  | CUSIP: 36200MFY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       906 | PA      | $928.16       | 0.00%             | 2033-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JGWPT XXX LLC 4.08%       | JGWPT XXX LLC 4.08%       | CUSIP: 46617LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    310388 | PA      | $294629.45    | 0.32%             | 2073-01-17      | Fixed         | 4.08%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 3.50% | FREDDIE MAC GOLD PO 3.50% | CUSIP: 3128MFKH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     45879 | PA      | $45364.59     | 0.05%             | 2033-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140JAUW6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     38838 | PA      | $39358.62     | 0.04%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132DPTC2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    235511 | PA      | $240769.76    | 0.26%             | 2053-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 6.50%     | FANNIE MAE POOL 6.50%     | CUSIP: 3140XMTJ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    163164 | PA      | $171191.59    | 0.18%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC REMICS 5.00%  | FREDDIE MAC REMICS 5.00%  | CUSIP: 31395XRF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    136718 | PA      | $139164.80    | 0.15%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.50%     | FANNIE MAE POOL 4.50%     | CUSIP: 3140X4V45<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    181375 | PA      | $178974.60    | 0.19%             | 2049-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA POOL #AQ5150 2.5% 11 | FNMA POOL #AQ5150 2.5% 11 | CUSIP: 3138MLWL4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    546468 | PA      | $493317.07    | 0.53%             | 2042-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.00%    | FREDDIE MAC POOL 5.00%    | CUSIP: 3133KPQ68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    228597 | PA      | $229371.91    | 0.25%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE SA F2V   | SOCIETE GENERALE SA F2V   | CUSIP: 83368RBY7<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |    269000 | PA      | $287416.23    | 0.31%             | 2055-01-19      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| OBX 2024-NQM2 TRUS 5.878% | OBX 2024-NQM2 TRUS 5.878% | CUSIP: 67118HAA8<br>LEI: 254900OHTVKDKZL33I54 | Long             | ABS-O            | CORP              | US        |    154107 | PA      | $155362.39    | 0.17%             | 2063-12-25      | Variable      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| MARSH & MCLENNAN CO 5.15% | MARSH & MCLENNAN CO 5.15% | CUSIP: 571748BW1<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    190000 | PA      | $196725.05    | 0.21%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.00%     | FANNIE MAE POOL 4.00%     | CUSIP: 3138EMVM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     79709 | PA      | $78953.25     | 0.08%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3138WGPQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    250262 | PA      | $234956.97    | 0.25%             | 2046-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMER 2.931% | WELLS FARGO COMMER 2.931% | CUSIP: 95000FAT3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     90000 | PA      | $88838.53     | 0.10%             | 2048-07-15      | Fixed         | 2.93%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 3.00% | FREDDIE MAC GOLD PO 3.00% | CUSIP: 31335BBR6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    159357 | PA      | $142704.63    | 0.15%             | 2047-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.00%     | FANNIE MAE POOL 4.00%     | CUSIP: 3140H1XQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    110633 | PA      | $106335.73    | 0.11%             | 2048-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%    | FREDDIE MAC POOL 3.00%    | CUSIP: 3131XY4R7<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    187144 | PA      | $168596.17    | 0.18%             | 2048-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.00%     | FANNIE MAE POOL 3.00%     | CUSIP: 3140X4NV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    374880 | PA      | $339958.37    | 0.36%             | 2048-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3140X4T63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     19944 | PA      | $19654.14     | 0.02%             | 2034-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%    | FREDDIE MAC POOL 3.00%    | CUSIP: 3132CWGZ1<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     54587 | PA      | $53347.96     | 0.06%             | 2032-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BROADRIDGE FINL. SO 2.90% | BROADRIDGE FINL. SO 2.90% | CUSIP: 11133TAD5<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | DBT              | CORP              | US        |     42000 | PA      | $39653.50     | 0.04%             | 2029-12-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY F2F        | MORGAN STANLEY F2F        | CUSIP: 6174468L6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    187000 | PA      | $174739.23    | 0.19%             | 2031-01-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| ESSEX PORTFOLIO LP 2.65%  | ESSEX PORTFOLIO LP 2.65%  | CUSIP: 29717PAV9<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |     66000 | PA      | $58822.59     | 0.06%             | 2032-03-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%    | FREDDIE MAC POOL 2.50%    | CUSIP: 3132DM6T7<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     97094 | PA      | $83262.04     | 0.09%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DELL EQUIP. FIN. TS 5.93% | DELL EQUIP. FIN. TS 5.93% | CUSIP: 24702EAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     79790 | PA      | $80317.18     | 0.09%             | 2029-04-23      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 3.50% | FREDDIE MAC GOLD PO 3.50% | CUSIP: 3132J4HC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     44347 | PA      | $43104.64     | 0.05%             | 2036-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3140X9YX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    276548 | PA      | $238032.35    | 0.26%             | 2051-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NATWEST GRP. PLC F2V      | NATWEST GRP. PLC F2V      | CUSIP: 639057AP3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $210375.41    | 0.23%             | 2034-06-01      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL 5.5%  | GOVERNMENT NATIONAL 5.5%  | CUSIP: 36291N4L2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1949 | PA      | $1991.87      | 0.00%             | 2034-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE 3.5%           | FANNIE MAE 3.5%           | CUSIP: 31418BPS9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    139254 | PA      | $135348.23    | 0.15%             | 2035-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%    | FREDDIE MAC POOL 2.50%    | CUSIP: 3132A5F42<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    131658 | PA      | $114281.42    | 0.12%             | 2046-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.50%    | FREDDIE MAC POOL 3.50%    | CUSIP: 3131XBJA8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     39958 | PA      | $39651.39     | 0.04%             | 2029-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC F2F         | CITIGROUP INC F2F         | CUSIP: 172967MP3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    133000 | PA      | $132775.88    | 0.14%             | 2031-03-31      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%    | FREDDIE MAC POOL 2.50%    | CUSIP: 3132DNZY2<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    285496 | PA      | $244400.46    | 0.26%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.00%     | FANNIE MAE POOL 4.00%     | CUSIP: 3140J55X3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     99346 | PA      | $96376.71     | 0.10%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC 3.20%          | ABBVIE INC 3.20%          | CUSIP: 00287YBX6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    300000 | PA      | $289424.94    | 0.31%             | 2029-11-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL. 1.75% | PHILIP MORRIS INTL. 1.75% | CUSIP: 718172CS6<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    102000 | PA      | $90255.89     | 0.10%             | 2030-11-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%    | FREDDIE MAC POOL 2.50%    | CUSIP: 3133B0HX4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    235907 | PA      | $200700.39    | 0.22%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 3140QQLY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    226524 | PA      | $230306.01    | 0.25%             | 2052-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC F2V          | BARCLAYS PLC F2V          | CUSIP: 06738EBY0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $204298.00    | 0.22%             | 2028-08-09      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE II POOL 4.00%  | GINNIE MAE II POOL 4.00%  | CUSIP: 36179XHX7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    241538 | PA      | $229184.72    | 0.25%             | 2052-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PACIFICORP 5.45%          | PACIFICORP 5.45%          | CUSIP: 695114DD7<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    230000 | PA      | $235595.33    | 0.25%             | 2034-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BX TST. 2024-PAT FRN      | BX TST. 2024-PAT FRN      | CUSIP: 05612FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    343000 | PA      | $343107.19    | 0.37%             | 2041-03-15      | Floating      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| JOHN DEERE OWNER TS 4.96% | JOHN DEERE OWNER TS 4.96% | CUSIP: 47800RAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     35000 | PA      | $35380.53     | 0.04%             | 2028-11-15      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFINANC 6.50% | MACQUARIE AIRFINANC 6.50% | CUSIP: 55609NAD0<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |     97000 | PA      | $103906.81    | 0.11%             | 2031-03-26      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE-ACES VAR       | FANNIE MAE-ACES VAR       | CUSIP: 3136AC7M7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    667541 | PA      | $652146.33    | 0.70%             | 2043-02-25      | Variable      | 3.49%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 4.50% | FREDDIE MAC GOLD PO 4.50% | CUSIP: 3132VQCD6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     57285 | PA      | $56544.97     | 0.06%             | 2049-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3133C5ED9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    244734 | PA      | $247653.88    | 0.27%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP 5.375% | AERCAP IRELAND CAP 5.375% | CUSIP: 00774MBP9<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    600000 | PA      | $620542.79    | 0.67%             | 2031-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3140XJXV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    287256 | PA      | $247249.80    | 0.27%             | 2051-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE II POOL 5.50%  | GINNIE MAE II POOL 5.50%  | CUSIP: 3622ACSK7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    218129 | PA      | $221295.96    | 0.24%             | 2053-09-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3138EQKK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    168750 | PA      | $161317.47    | 0.17%             | 2040-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OMEGA HEALTHCARE I 3.375% | OMEGA HEALTHCARE I 3.375% | CUSIP: 681936BM1<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              | CORP              | US        |     18000 | PA      | $16703.35     | 0.02%             | 2031-02-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3133KR4Z4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    241177 | PA      | $246487.36    | 0.26%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3138WG2W3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     58006 | PA      | $56015.71     | 0.06%             | 2031-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FORTINET INC 2.20%        | FORTINET INC 2.20%        | CUSIP: 34959EAB5<br>LEI: 549300O0QJWDBAS0QX03 | Long             | DBT              | CORP              | US        |     97000 | PA      | $86404.01     | 0.09%             | 2031-03-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| GENERAL DYNAMICS CO 2.25% | GENERAL DYNAMICS CO 2.25% | CUSIP: 369550BP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $207759.78    | 0.22%             | 2031-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 31418CFE9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    242434 | PA      | $227473.54    | 0.24%             | 2047-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK 3.72% | MORGAN STANLEY BANK 3.72% | CUSIP: 61691GAS9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     80000 | PA      | $79373.40     | 0.09%             | 2049-12-15      | Variable      | 3.72%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.50%     | FANNIE MAE POOL 4.50%     | CUSIP: 31418CRE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     61802 | PA      | $60808.18     | 0.07%             | 2047-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC F2F         | CITIGROUP INC F2F         | CUSIP: 172967LS8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    131000 | PA      | $129254.40    | 0.14%             | 2028-10-27      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| TYSON FOODS INC 4.35%     | TYSON FOODS INC 4.35%     | CUSIP: 902494BK8<br>LEI: WD6L6041MNRW1JE49D58 | Long             | DBT              | CORP              | US        |     47000 | PA      | $47036.12     | 0.05%             | 2029-03-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140JAUJ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     53017 | PA      | $53555.46     | 0.06%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VMWARE LLC 1.80%          | VMWARE LLC 1.80%          | CUSIP: 928563AK1<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |     42000 | PA      | $39406.55     | 0.04%             | 2028-08-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC REMICS 0.00%  | FREDDIE MAC REMICS 0.00%  | CUSIP: 3137ASD35<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    261591 | PA      | $201088.66    | 0.22%             | 2041-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.50%     | FANNIE MAE POOL 4.50%     | CUSIP: 3140XJXN8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    286249 | PA      | $282469.25    | 0.30%             | 2050-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 6.00%    | FREDDIE MAC POOL 6.00%    | CUSIP: 3132DQTG1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    224691 | PA      | $231910.31    | 0.25%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE R 5.49% | EXETER AUTOMOBILE R 5.49% | CUSIP: 30167MAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    170000 | PA      | $172769.81    | 0.19%             | 2031-05-15      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PAR 5.75% | CHENIERE ENERGY PAR 5.75% | CUSIP: 16411QAS0<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     65000 | PA      | $67573.31     | 0.07%             | 2034-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CITADEL LP 6.375%         | CITADEL LP 6.375%         | CUSIP: 17288XAC8<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |    390000 | PA      | $412781.94    | 0.44%             | 2032-01-23      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| MARATHON PETROLEUM 5.70%  | MARATHON PETROLEUM 5.70%  | CUSIP: 56585ABL5<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |    380000 | PA      | $392247.66    | 0.42%             | 2035-03-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUT 5.06% | SANTANDER DRIVE AUT 5.06% | CUSIP: 80287NAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    549000 | PA      | $556359.84    | 0.60%             | 2031-05-15      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| STORE CAP. LLC 5.40%      | STORE CAP. LLC 5.40%      | CUSIP: 862123AA4<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              | CORP              | US        |    480000 | PA      | $488861.98    | 0.52%             | 2030-04-30      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| GINNIE MAE II POOL 3.50%  | GINNIE MAE II POOL 3.50%  | CUSIP: 3622AAGJ7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    229679 | PA      | $211026.53    | 0.23%             | 2047-06-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED EDISON 3.35% | CONSOLIDATED EDISON 3.35% | CUSIP: 209111FX6<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1936.51      | 0.00%             | 2030-04-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY F2F        | MORGAN STANLEY F2F        | CUSIP: 61747YFH3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    159000 | PA      | $168995.69    | 0.18%             | 2029-11-01      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA F2F    | CREDIT AGRICOLE SA F2F    | CUSIP: 225313AQ8<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |    325000 | PA      | $342937.46    | 0.37%             | 2035-01-10      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| TYCO ELECTNCS. GRP. 5.00% | TYCO ELECTNCS. GRP. 5.00% | CUSIP: 902133BD8<br>LEI: C33G1C5SYE2YM95EE712 | Long             | DBT              | CORP              | LU        |    410000 | PA      | $415994.28    | 0.45%             | 2035-05-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE II POOL 4.00%  | GINNIE MAE II POOL 4.00%  | CUSIP: 36179QGD7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     60081 | PA      | $57903.13     | 0.06%             | 2044-06-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP 2.375% | UNION PACIFIC CORP 2.375% | CUSIP: 907818FU7<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |       500 | PA      | $455.64       | 0.00%             | 2031-05-20      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| MELLO MTGE. CAP. ACCE VAR | MELLO MTGE. CAP. ACCE VAR | CUSIP: 585494AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    253677 | PA      | $210095.80    | 0.23%             | 2051-06-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.50%     | FANNIE MAE POOL 4.50%     | CUSIP: 3140XJMM2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    337873 | PA      | $330376.42    | 0.35%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132DQG59<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    246958 | PA      | $251240.48    | 0.27%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CENCORA INC 5.15%         | CENCORA INC 5.15%         | CUSIP: 03073EAY1<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |    270000 | PA      | $275732.72    | 0.30%             | 2035-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BMARK 2023-V4 VAR         | BMARK 2023-V4 VAR         | CUSIP: 081926AH0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    352000 | PA      | $366595.36    | 0.39%             | 2056-11-15      | Variable      | 7.71%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO L 6.30% | FOUNDRY JV HOLDCO L 6.30% | CUSIP: 350930AK9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    450000 | PA      | $483921.05    | 0.52%             | 2039-01-25      | Fixed         | 6.30%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL ONE FINL. COR F2F | CAPITAL ONE FINL. COR F2F | CUSIP: 14040HDJ1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    310000 | PA      | $321580.08    | 0.34%             | 2036-01-30      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC 5.15%        | SYNOPSYS INC 5.15%        | CUSIP: 871607AE7<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    420000 | PA      | $427246.83    | 0.46%             | 2035-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| HARBOUR ENERGY PLC 6.327% | HARBOUR ENERGY PLC 6.327% | CUSIP: 411618AD3<br>LEI: 213800YPC42DYBKVPF97 | Long             | DBT              | CORP              | GB        |    375000 | PA      | $385093.23    | 0.41%             | 2035-04-01      | Fixed         | 6.33%                 | Yes           |                  2 | On Loan: No      |
| RELX CAP. INC 5.25%       | RELX CAP. INC 5.25%       | CUSIP: 74949LAG7<br>LEI: 2R15C3RTKJN1RCBOV146 | Long             | DBT              | CORP              | US        |    330000 | PA      | $340572.03    | 0.37%             | 2035-03-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FINL. F2V  | MITSUBISHI UFJ FINL. F2V  | CUSIP: 606822DL5<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    240000 | PA      | $251776.27    | 0.27%             | 2036-04-24      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 7.00% | FREDDIE MAC GOLD PO 7.00% | CUSIP: 3128M9U67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    109851 | PA      | $120310.02    | 0.13%             | 2039-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELECTRIC A 2.40% | VIRGINIA ELECTRIC A 2.40% | CUSIP: 927804GG3<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     92000 | PA      | $81238.20     | 0.09%             | 2032-03-30      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132DQKL9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    251076 | PA      | $255113.24    | 0.27%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OBX 2023-NQM7 TRUS 6.844% | OBX 2023-NQM7 TRUS 6.844% | CUSIP: 67117XAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    282023 | PA      | $285682.52    | 0.31%             | 2063-04-25      | Variable      | 6.84%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA CORP F2F  | BANK OF AMERICA CORP F2F  | CUSIP: 06051GLS6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    165000 | PA      | $172539.72    | 0.18%             | 2029-09-15      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER 5.15%  | ARTHUR J GALLAGHER 5.15%  | CUSIP: 04316JAN9<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    270000 | PA      | $273192.35    | 0.29%             | 2035-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUT 5.47% | SANTANDER DRIVE AUT 5.47% | CUSIP: 80287NAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    570000 | PA      | $579945.70    | 0.62%             | 2031-05-15      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO F2F   | AMERICAN EXPRESS CO F2F   | CUSIP: 025816EH8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    300000 | PA      | $316951.13    | 0.34%             | 2036-04-25      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| DTE ELEC. CO 5.25%        | DTE ELEC. CO 5.25%        | CUSIP: 23338VAY2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290000 | PA      | $298382.45    | 0.32%             | 2035-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR INC 5.20%     | CATERPILLAR INC 5.20%     | CUSIP: 149123CL3<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | DBT              | CORP              | US        |    410000 | PA      | $424189.72    | 0.45%             | 2035-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE 5.25%  | BLACKSTONE PRIVATE 5.25%  | CUSIP: 09261HBS5<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    300000 | PA      | $301123.63    | 0.32%             | 2030-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE 5.15% | WESTLAKE AUTOMOBILE 5.15% | CUSIP: 96043LAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $203470.88    | 0.22%             | 2030-11-15      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| NTT FIN. CORP 5.502%      | NTT FIN. CORP 5.502%      | CUSIP: 62954WAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |    200000 | PA      | $206877.58    | 0.22%             | 2035-07-16      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 31418MH21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    144144 | PA      | $147883.58    | 0.16%             | 2037-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| J.G. WENTWORTH XLI 3.74%  | J.G. WENTWORTH XLI 3.74%  | CUSIP: 46651TAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    401393 | PA      | $363129.62    | 0.39%             | 2072-10-17      | Fixed         | 3.74%                 | Yes           |                  2 | On Loan: No      |
| BOSTON PROPERTIES L 2.55% | BOSTON PROPERTIES L 2.55% | CUSIP: 10112RBE3<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |     44000 | PA      | $38036.60     | 0.04%             | 2032-04-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP F2F  | BANK OF AMERICA CORP F2F  | CUSIP: 06051GJP5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     84000 | PA      | $76593.44     | 0.08%             | 2032-03-11      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP. 3.00% | AERCAP IRELAND CAP. 3.00% | CUSIP: 00774MAW5<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    190000 | PA      | $183101.57    | 0.20%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP. 3.40% | AERCAP IRELAND CAP. 3.40% | CUSIP: 00774MAY1<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |     52500 | PA      | $47171.74     | 0.05%             | 2033-10-29      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| BANK 2021-BNK37 VAR       | BANK 2021-BNK37 VAR       | CUSIP: 06540LBF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $222403.88    | 0.24%             | 2064-11-15      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%    | FREDDIE MAC POOL 2.50%    | CUSIP: 3133KKK24<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    563014 | PA      | $484726.34    | 0.52%             | 2050-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MTGE. TS 3.75% | TOWD POINT MTGE. TS 3.75% | CUSIP: 89180YAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     65206 | PA      | $62631.75     | 0.07%             | 2062-09-25      | Variable      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| COLT 2024-7 MTGE. 5.791%  | COLT 2024-7 MTGE. 5.791%  | CUSIP: 19688YAB0<br>LEI: 213800EA95GXXC9AJO50 | Long             | ABS-O            | CORP              | US        |    262480 | PA      | $264406.69    | 0.28%             | 2069-12-26      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| GNMA POOL #MA1287 4.5% 09 | GNMA POOL #MA1287 4.5% 09 | CUSIP: 36179NNC8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     58877 | PA      | $58535.98     | 0.06%             | 2043-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3138WGG65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    195247 | PA      | $183149.88    | 0.20%             | 2046-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP COMMER. 3.585%  | CITIGROUP COMMER. 3.585%  | CUSIP: 29429CAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    165000 | PA      | $161390.25    | 0.17%             | 2049-04-15      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE II POOL 5.00%  | GINNIE MAE II POOL 5.00%  | CUSIP: 36179SCB1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    114347 | PA      | $116886.01    | 0.13%             | 2046-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRACTOR SUPPLY CO 1.75%   | TRACTOR SUPPLY CO 1.75%   | CUSIP: 892356AA4<br>LEI: 549300OJ9VZHZRO6I137 | Long             | DBT              | CORP              | US        |     23000 | PA      | $20220.76     | 0.02%             | 2030-11-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 31418NA34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     79467 | PA      | $81382.54     | 0.09%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUBBELL INC 2.30%         | HUBBELL INC 2.30%         | CUSIP: 443510AK8<br>LEI: 54930088VDQ6840Y6597 | Long             | DBT              | CORP              | US        |    180000 | PA      | $161604.13    | 0.17%             | 2031-03-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| COCA-COLA EUROPACIF 1.50% | COCA-COLA EUROPACIF 1.50% | CUSIP: 19123MAF0<br>LEI: 549300LTH67W4GWMRF57 | Long             | DBT              | CORP              | GB        |      1250 | PA      | $1208.81      | 0.00%             | 2027-01-15      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3140XCDV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    245254 | PA      | $210645.68    | 0.23%             | 2051-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRES 3.40% | DUKE ENERGY PROGRES 3.40% | CUSIP: 26442UAN4<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |    114000 | PA      | $107634.83    | 0.12%             | 2032-04-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE T VAR | TOWD POINT MORTGAGE T VAR | CUSIP: 89170VAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    564825 | PA      | $542063.19    | 0.58%             | 2062-07-25      | Variable      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140N3AX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    262180 | PA      | $262261.63    | 0.28%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 4.00%    | FREDDIE MAC POOL 4.00%    | CUSIP: 3132E0N65<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    171280 | PA      | $162262.62    | 0.17%             | 2053-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO F2V   | JPMORGAN CHASE & CO F2V   | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    300000 | PA      | $310540.20    | 0.33%             | 2049-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH BANK OF F2V  | COMMONWEALTH BANK OF F2V  | CUSIP: 202712BX2<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    200000 | PA      | $207493.27    | 0.22%             | 2046-03-14      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| MCKESSON CORP 5.25%       | MCKESSON CORP 5.25%       | CUSIP: 581557BY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    440000 | PA      | $453198.49    | 0.49%             | 2035-05-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JGWPT XXVII LLC 3.22%     | JGWPT XXVII LLC 3.22%     | CUSIP: 46617AAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    122133 | PA      | $111373.48    | 0.12%             | 2065-09-15      | Fixed         | 3.22%                 | Yes           |                  2 | On Loan: No      |
| ROLLS-ROYCE PLC 5.75%     | ROLLS-ROYCE PLC 5.75%     | CUSIP: 77578JAC2<br>LEI: X57JK1U580XATGR67572 | Long             | DBT              | CORP              | GB        |     70000 | PA      | $71907.31     | 0.08%             | 2027-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.00%     | FANNIE MAE POOL 3.00%     | CUSIP: 31417BYF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    144166 | PA      | $140171.57    | 0.15%             | 2032-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY 1.65%  | BERKSHIRE HATHAWAY 1.65%  | CUSIP: 084659BD2<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |    130000 | PA      | $112623.23    | 0.12%             | 2031-05-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP F2F  | BANK OF AMERICA CORP F2F  | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    210000 | PA      | $188215.00    | 0.20%             | 2032-10-20      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO F2F   | JPMORGAN CHASE & CO F2F   | CUSIP: 46647PDH6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    252000 | PA      | $256966.14    | 0.28%             | 2033-07-25      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| KBC GRP. NV F2V           | KBC GRP. NV F2V           | CUSIP: 48241FAB0<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | DBT              | CORP              | BE        |    200000 | PA      | $206609.61    | 0.22%             | 2029-01-19      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140XLFD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    262259 | PA      | $262085.61    | 0.28%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CRH AMERICA FIN. IN 5.50% | CRH AMERICA FIN. IN 5.50% | CUSIP: 12636YAF9<br>LEI: 549300WEVUODRJ4CWK56 | Long             | DBT              | CORP              | US        |    290000 | PA      | $302664.63    | 0.32%             | 2035-01-09      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BHP BILLITON FIN. U 5.30% | BHP BILLITON FIN. U 5.30% | CUSIP: 055451BL1<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |    650000 | PA      | $676366.70    | 0.73%             | 2035-02-21      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| SANTANDER NQM1 M1A VAR    | SANTANDER NQM1 M1A VAR    | CUSIP: 80262BAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    508000 | PA      | $515901.18    | 0.55%             | 2065-01-25      | Variable      | 6.42%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC SERVS. INC 5.15% | REPUBLIC SERVS. INC 5.15% | CUSIP: 760759BM1<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |    380000 | PA      | $392362.73    | 0.42%             | 2035-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE R 5.89% | EXETER AUTOMOBILE R 5.89% | CUSIP: 30168JAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    170000 | PA      | $174447.85    | 0.19%             | 2031-07-15      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GBL. 4.40%  | NEW YORK LIFE GBL. 4.40%  | CUSIP: 64953BBW7<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |    440000 | PA      | $444474.32    | 0.48%             | 2028-04-25      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| KLA-TENCOR CORP 5.65%     | KLA-TENCOR CORP 5.65%     | CUSIP: 482480AF7<br>LEI: 549300H0BF5JCG96TJ81 | Long             | DBT              | CORP              | US        |     71000 | PA      | $75906.48     | 0.08%             | 2034-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.50%     | FANNIE MAE POOL 4.50%     | CUSIP: 3138WDBZ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    106588 | PA      | $105791.78    | 0.11%             | 2044-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.00%     | FANNIE MAE POOL 3.00%     | CUSIP: 3138ETH66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    200928 | PA      | $184680.52    | 0.20%             | 2044-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3140QLZ82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    149467 | PA      | $127977.49    | 0.14%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE 2.625% | BLACKSTONE PRIVATE 2.625% | CUSIP: 09261HAD9<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    300000 | PA      | $292928.64    | 0.31%             | 2026-12-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| US BANCORP F2F            | US BANCORP F2F            | CUSIP: 91159HJJ0<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    281000 | PA      | $299633.02    | 0.32%             | 2033-10-21      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140XJPE7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    332633 | PA      | $332037.60    | 0.36%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.00%     | FANNIE MAE POOL 3.00%     | CUSIP: 3140XTAN1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    223276 | PA      | $200103.71    | 0.21%             | 2051-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MTGE. TST VAR | J.P. MORGAN MTGE. TST VAR | CUSIP: 465978AH7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    183101 | PA      | $180581.12    | 0.19%             | 2053-06-25      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC POOL 6.00%    | FREDDIE MAC POOL 6.00%    | CUSIP: 3132E0E99<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    185392 | PA      | $191580.93    | 0.21%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LPL HLDGS. INC 5.75%      | LPL HLDGS. INC 5.75%      | CUSIP: 50212YAQ7<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    290000 | PA      | $297377.93    | 0.32%             | 2035-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PSEG POWER LLC 5.75%      | PSEG POWER LLC 5.75%      | CUSIP: 69362BBE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    285000 | PA      | $298147.83    | 0.32%             | 2035-05-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade    | FUT. U.S. T-BONDS DEC25   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        47 | NC      | $5479906.25   | 5.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade    | DEC 25 CBT ULT DEC 25     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -48 | NC      | $-5523750.00  | -5.92%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade    | DEC 25 CBT UL DEC 25      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -14 | NC      | $-1680875.00  | -1.80%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade    | DEC 25 5 YR T NOTEDEC 25  | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        39 | NC      | $4258617.19   | 4.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade    | DEC 25 US 2YR DEC 25      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        18 | NC      | $3751171.87   | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Northern Funds

**Signature:** Randal E. Rein

**Name of Signer:** Randal E. Rein

**Title:** Treasurer and Principal Financial Officer