# EDGAR Filing Document

**Accession Number:** 0000217087
**File Stem:** 0000940400-26-023148
**Filing Date:** 2026-6
**Character Count:** 387927
**Document Hash:** 08057c62f1b4729fdb38db459de6d436
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-023148.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0000940400-26-023148

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Guggenheim Variable Funds Trust
- **CENTRAL INDEX KEY:** 0000217087

**ORGANIZATION NAME:**
- **EIN:** 480873454
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02753
- **FILM NUMBER:** 261049144

**BUSINESS ADDRESS:**
- **STREET 1:** 702 KING FARM BOULEVARD
- **STREET 2:** SUITE 200
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850
- **BUSINESS PHONE:** 301-296-5100

**MAIL ADDRESS:**
- **STREET 1:** 702 KING FARM BOULEVARD
- **STREET 2:** SUITE 200
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SBL FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### SERIES E (TOTAL RETURN BOND SERIES) (Series ID: S000010066)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027865 | A            |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Guggenheim Variable Funds Trust

- **b. Investment Company Act file number:** 811-02753

- **c. CIK number of Registrant:** 0000217087

- **d. LEI of Registrant:** 549300QDJHZ1HF5UC735

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

  - **Street Address 1:** 702 King Farm Blvd.

  - **City:** Rockville

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20850

  - **Telephone number:** 301-296-5100

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

- **a. Name of Series:** Series E (Total Return Bond Series)

- **b. EDGAR series identifier (if any):** S000010066

- **c. LEI of Series:** 549300KRQSBPNKM3ER41

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $314119100.24

**Total Liabilities:** $123178054.41

**Net Assets:** $190941045.83

**Stand-by Commitments:** $121824433.59

**Cash Not Reported:** $4949520.28

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1667.78964480 | **1-Year:** 10640.42713630 | **5-Year:** 31527.47073980 | **10-Year:** 31858.13219420 | **30-Year:** 9385.12122200

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

- **3-Month:** 445.97890280 | **1-Year:** 648.03548650 | **5-Year:** 3482.57940400 | **10-Year:** 1163.37215480 | **30-Year:** 2246.00406000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000027865 | 0.41%                | 1.42%                | -1.87%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $102855.34               | $59784.08                                  |
| Month 2  | $89420.26                | $1951020.60                                |
| Month 3  | $-342729.41              | $-3753374.69                               |

**Designated Index Information**

- **Index Name:** Portfolio (ExDerivative)

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SUBWAY FUNDING LLC                                                                   | SUBWAY 2024-1A A2II                                                                                                                                    | CUSIP: 864300AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    197500 | PA      | $199215.76    | 0.10%             | 2054-07-30      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLDING LUX SARL                                                             | JBS 4.375 02/02/52                                                                                                                                     | CUSIP: 46590XAQ9<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $76125.14     | 0.04%             | 2052-02-02      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Whistler Pipeline LLC                                                                | WHISPI 5.95 09/30/34 144A                                                                                                                              | CUSIP: 96337RAC6<br>LEI: 549300NG57SGLTNW5C85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102460.23    | 0.05%             | 2034-09-30      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corp.                                                    | BK V5.95 PERP                                                                                                                                          | CUSIP: 064058AR1<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50012.10     | 0.03%             | N/A             | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V4.375 PERP RR                                                                                                                                     | CUSIP: 060505GB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69150.12     | 0.04%             | N/A             | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL SERVICES LLC                                                  | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DIR              | CORP              | US        |  -1370000 | NC      | $-3117.03     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Apollo Management Holdings, L.P.                                                     | APO 2.65 06/05/30 144A                                                                                                                                 | CUSIP: 03765HAF8<br>LEI: 5493006XQW0V5K38YM64 | Long             | DBT              | CORP              | US        |     90000 | PA      | $82584.03     | 0.04%             | 2030-06-05      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Mutual of Omaha Insurance Co                                                         | MUTOMA V6.144 01/16/64 144A                                                                                                                            | CUSIP: 628312AE0<br>LEI: P2LER0UPV1DKOU8RO042 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50417.11     | 0.03%             | 2064-01-16      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| KINETIC ABS ISSUER LLC                                                               | UNITK 2026-1A A2                                                                                                                                       | CUSIP: 49459AAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99715.11     | 0.05%             | 2056-02-25      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Level 3                                                                              | Level 3 Term Loan B-4 325 2032-03-01                                                                                                                   | CUSIP: 52729KAU0<br>LEI: 254900AE5FEFIJOXWL19 | Long             | LON              | CORP              | US        |     30000 | PA      | $29968.80     | 0.02%             | 2032-03-29      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Americo Life Inc.                                                                    | AMERIC 3.45 04/15/31 144A                                                                                                                              | CUSIP: 03060NAD2<br>LEI: 549300B5C1FRFHBYW144 | Long             | DBT              | CORP              | US        |    200000 | PA      | $176304.76    | 0.09%             | 2031-04-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                           | RCICN V6.875 07/31/56                                                                                                                                  | CUSIP: 775109DL2<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    175000 | PA      | $175671.48    | 0.09%             | 2056-07-31      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Dryden 37 Senior Loan Fund                                                           | DRSLF 2015-37A BR                                                                                                                                      | CUSIP: 26249MAQ0<br>LEI: 254900I0IPNA482LDS44 | Long             | ABS-CBDO         | CORP              | KY        |    367868 | PA      | $367358.39    | 0.19%             | 2031-01-15      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR RJ1966                                                                                                                                              | CUSIP: 3142GSFG8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    320698 | PA      | $332404.33    | 0.17%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                                       | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              | CORP              | US        |  -2604000 | NC      | $-7562.20     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Vista Point Securitization Trust 2024 CES3                                           | VSTA 2024-CES3 A1                                                                                                                                      | CUSIP: 92841WAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    145707 | PA      | $146175.54    | 0.08%             | 2055-01-25      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2025-117 NB                                                                                                                                        | CUSIP: 38381NQ50<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    302510 | PA      | $304677.05    | 0.16%             | 2052-03-20      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Assured Guaranty US Holdings Inc.                                                    | AGO 3.6 09/15/51                                                                                                                                       | CUSIP: 04621WAE0<br>LEI: 5493007YCE0652G9TZ64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $67513.66     | 0.04%             | 2051-09-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Sierra Pacific Power Company                                                         | BRKHEC V6.375 09/15/56                                                                                                                                 | CUSIP: 826418BS3<br>LEI: QB888G5GSVGE1LD1WV84 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198365.64    | 0.10%             | 2056-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Triton Container International Ltd.                                                  | TRTN 3.15 06/15/31 144A                                                                                                                                | CUSIP: 89680YAC9<br>LEI: 549300O4LZFLCX53XZ54 | Long             | DBT              | CORP              | BM        |    200000 | PA      | $180840.45    | 0.09%             | 2031-06-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Reinsurance Group of America, Incorporated                                           | RGA 5.75 09/15/34                                                                                                                                      | CUSIP: 759351AS8<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101581.93    | 0.05%             | 2034-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                    | CSCHLD 4.125 12/01/30 144A                                                                                                                             | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $120017.72    | 0.06%             | 2030-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CTL - AZ BATTERY PROPERTY LLC                                                        | CTL - AZ BATTERY PROPERTY LLC                                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $99088.53     | 0.05%             | 2046-02-20      | Fixed         | 6.73%                 | No            |                  3 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                                             | JPY CALL VERSUS USD PUT                                                                                                                                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |    173000 | NC      | $66.06        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                                                            | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DIR              | CORP              | CA        |  -1340000 | NC      | $-5620.16     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LSTAR SECURITIES INVESTMENT 2024-1 LTD                                               | LSTRZ 2024-1 A                                                                                                                                         | CUSIP: 54916LAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     43206 | PA      | $43127.81     | 0.02%             | 2029-01-02      | Variable      | 7.78%                 | No            |                  2 | On Loan: No      |
| Tennessee Valley Authority                                                           | TVA 4.625 09/15/60                                                                                                                                     | CUSIP: 880591EJ7<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    100000 | PA      | $88958.30     | 0.05%             | 2060-09-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| British Telecommunications PLC                                                       | BRITEL V4.875 11/23/81 144A                                                                                                                            | CUSIP: 11102AAG6<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |    350000 | PA      | $333638.10    | 0.17%             | 2081-11-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MB2 DENTAL SOLUTIONS LLC                                                             | MB2 DENTAL SOLUTIONS LLC                                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    132769 | PA      | $132580.67    | 0.07%             | 2031-02-13      | Floating      | 9.17%                 | No            |                  3 | On Loan: No      |
| HIGGINBOTHAM 1L DDTL USD UNFUNDED                                                    | HIGGINBOTHAM 1L DDTL USD UNFUNDED                                                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     34695 | PA      | $34608.16     | 0.02%             | 2031-05-01      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Global Atlantic Finance Co.                                                          | GBLATL V7.25 03/01/56 144A                                                                                                                             | CUSIP: 37959GAH0<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    280000 | PA      | $263917.44    | 0.14%             | 2056-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Nationwide Building Society                                                          | NWIDE V5.537 07/14/36 144A                                                                                                                             | CUSIP: 63861VAN7<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $200565.15    | 0.11%             | 2036-07-14      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNA 2020-M23 X1                                                                                                                                        | CUSIP: 3136B9J32<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   2472646 | PA      | $188308.31    | 0.10%             | 2035-03-25      | Variable      | 1.49%                 | No            |                  2 | On Loan: No      |
| RCKT Mortgage Trust 2025-CES8                                                        | RCKT 2025-CES8 A1B                                                                                                                                     | CUSIP: 74939WAB6<br>LEI: 254900FCN7EI8DTYGA19 | Long             | ABS-O            | CORP              | US        |    429981 | PA      | $429137.12    | 0.22%             | 2055-08-25      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Servpro Master Issuer Llc                                                            | SPRO 2021-1A A2                                                                                                                                        | CUSIP: 817743AE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    476250 | PA      | $452573.85    | 0.24%             | 2051-04-25      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| INVITATION HOMES 2024-SFR1 TRUST                                                     | IHSFR 2024-SFR1 B                                                                                                                                      | CUSIP: 46188DAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $96497.05     | 0.05%             | 2041-09-19      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                                                 | SUMIBK V5.046 01/15/37                                                                                                                                 | CUSIP: 86562MEF3<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $196689.69    | 0.10%             | 2037-01-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 1.75 08/15/41                                                                                                                                        | CUSIP: 912810TA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8900000 | PA      | $5950136.74   | 3.12%             | 2041-08-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| OWL ROCK CLO XXII LLC                                                                | OR 2025-22A A                                                                                                                                          | CUSIP: 69121AAA4<br>LEI: 254900R8KCHZBP66MP06 | Long             | ABS-CBDO         | CORP              | US        |    300000 | PA      | $300586.77    | 0.16%             | 2037-10-20      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                                                | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              | CORP              | US        |   -971000 | NC      | $-3687.81     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PRPM 2025-8 LLC                                                                      | PRPM 2025-8 A1                                                                                                                                         | CUSIP: 69383BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    320455 | PA      | $319008.41    | 0.17%             | 2030-10-25      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | CHTR 3.9 06/01/52                                                                                                                                      | CUSIP: 161175CA0<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |     17000 | PA      | $10822.02     | 0.01%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| NiSource Inc.                                                                        | NI V5.75 07/15/56                                                                                                                                      | CUSIP: 65473PAY1<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     75000 | PA      | $73858.93     | 0.04%             | 2056-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Henneman Trust                                                                       | GL 6.58 05/15/55 144A                                                                                                                                  | CUSIP: 425911AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100468.80    | 0.05%             | 2055-05-15      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners Lp                                                          | CQP 5.75 08/15/34                                                                                                                                      | CUSIP: 16411QAS0<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154503.23    | 0.08%             | 2034-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 2025-NQM9                             | MSRM 2025-NQM9 A2                                                                                                                                      | CUSIP: 61779VAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    279744 | PA      | $278233.55    | 0.15%             | 2070-09-25      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC.                                                               | FABSJV 6.2 01/25/37                                                                                                                                    | CUSIP: 350930AJ2<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206677.46    | 0.11%             | 2037-01-25      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                       | SCHW V4 PERP H                                                                                                                                         | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    200000 | PA      | $185007.44    | 0.10%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Costar Group Inc                                                                     | CSGP 2.8 07/15/30 144A                                                                                                                                 | CUSIP: 22160NAA7<br>LEI: 984500Q1D53D08E2E698 | Long             | DBT              | CORP              | US        |    111000 | PA      | $100376.09    | 0.05%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V6.125 PERP GG                                                                                                                                     | CUSIP: 95002YAE3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501881.85    | 0.26%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| OBX 2024-NQM9 TRUST                                                                  | OBX 2024-NQM9 A3                                                                                                                                       | CUSIP: 67119DAC2<br>LEI: 2549004KB8X0K1PPTU08 | Long             | ABS-O            | CORP              | US        |     59517 | PA      | $59944.87     | 0.03%             | 2064-01-25      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| Host Hotels & Resorts, L.P.                                                          | HST 2.9 12/15/31 J                                                                                                                                     | CUSIP: 44107TBA3<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44451.28     | 0.02%             | 2031-12-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| OBX 2025-NQM16 TRUST                                                                 | OBX 2025-NQM16 A3                                                                                                                                      | CUSIP: 67122DAG8<br>LEI: 254900WI6P4MRT24JH23 | Long             | ABS-O            | CORP              | US        |    419192 | PA      | $416719.97    | 0.22%             | 2065-08-25      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FINANCE AUTHORITY (CA)                                             | CA CASGEN 5.4 11/15/2031                                                                                                                               | CUSIP: 13057EKC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51039.17     | 0.03%             | 2031-11-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| NTT Finance Corp                                                                     | NTT 5.502 07/16/35 144A                                                                                                                                | CUSIP: 62954WAV7<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $202845.93    | 0.11%             | 2035-07-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Liquid Tech                                                                          | Liquid Tech Term Loan B 350 2032-09-09                                                                                                                 | CUSIP: 92917SAJ6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     90712 | PA      | $90542.44     | 0.05%             | 2032-09-09      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| UBS AG ZURICH PUT .64 CHF TECAN CH                                                   | UBS AG ZURICH PUT .64 CHF TECAN CH                                                                                                                     | CUSIP: 715ESC026<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8510 | NS      | $0.85         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CREDIT AGRICOLE SA                                                                   | ACAFP V5.261 01/12/37 144A                                                                                                                             | CUSIP: 22535WAU1<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $244564.66    | 0.13%             | 2037-01-12      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Fairfax Financial Holdings Limited                                                   | FFHCN 5.625 08/16/32                                                                                                                                   | CUSIP: 303901BL5<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $102587.17    | 0.05%             | 2032-08-16      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL PARTNERS CLO 54M-R LTD                                                 | GOCAP 2021-54A CR                                                                                                                                      | CUSIP: 38181GAG0<br>LEI: 2549007JA1TZWEDGPD41 | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $497515.30    | 0.26%             | 2037-08-05      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| team.blue                                                                            | team.blue Term Loan B 325 2032-07-01                                                                                                                   | CUSIP: 000000000<br>LEI: 549300DR8PIYMOZ4YU85 | Long             | LON              | CORP              | US        |    199000 | PA      | $189547.50    | 0.10%             | 2032-07-12      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| ITT Holdings LLC                                                                     | INTMAT 6.5 08/01/29 144A                                                                                                                               | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |    248000 | PA      | $241139.87    | 0.13%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PFP 2024-11 LTD                                                                      | PFP 2024-11 AS                                                                                                                                         | CUSIP: 69291WAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     94513 | PA      | $94135.87     | 0.05%             | 2039-09-19      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| GXO Logistics Inc.                                                                   | GXO 6.25 05/06/29                                                                                                                                      | CUSIP: 36262GAF8<br>LEI: 5493007CNWMXN78JRN66 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103668.00    | 0.05%             | 2029-05-06      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fairfax Financial Holdings Limited                                                   | FFHCN 5.75 05/20/35                                                                                                                                    | CUSIP: 303901BX9<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $102486.09    | 0.05%             | 2035-05-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                                                | WSTP V2.668 11/15/35                                                                                                                                   | CUSIP: 961214EP4<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |     27000 | PA      | $24252.46     | 0.01%             | 2035-11-15      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Western & Southern Life Insurance Co.                                                | WSFIN 3.75 04/28/61 144A                                                                                                                               | CUSIP: 95765PAE9<br>LEI: IN763J7JWIZ46OJ1T526 | Long             | DBT              | CORP              | US        |     68000 | PA      | $45546.46     | 0.02%             | 2061-04-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                     | VIX E 2026-04-15 PUT 20                                                                                                                                | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |       -72 | NC      | $-1908.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PRPM 2025-RCF3 LLC                                                                   | PRPM 2025-6 A1                                                                                                                                         | CUSIP: 69395KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    224437 | PA      | $223954.61    | 0.12%             | 2028-08-25      | Variable      | 5.77%                 | No            |                  2 | On Loan: No      |
| TPG Operating Group II LP                                                            | TPG 4.875 05/15/31                                                                                                                                     | CUSIP: 87268QAA4<br>LEI: 2549001H9RJQNZT7MU11 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49038.84     | 0.03%             | 2031-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL SERVICES LLC                                                  | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DIR              | CORP              | US        |   1370000 | NC      | $9432.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Rocket Companies Inc                                                                 | RKT 6.375 08/01/33 144A                                                                                                                                | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50537.20     | 0.03%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DAE Funding LLC                                                                      | DUBAEE 4.95 01/15/33 144A                                                                                                                              | CUSIP: 23371DAM6<br>LEI: 635400SZTPQL3Y1P2C76 | Long             | DBT              | CORP              | US        |    200000 | PA      | $189626.59    | 0.10%             | 2033-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| FIGRE TRUST 2023-HE1                                                                 | FIGRE 2024-HE3 B                                                                                                                                       | CUSIP: 31684GAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    256072 | PA      | $259490.07    | 0.14%             | 2054-07-25      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                                                   | ACAFP V5.222 05/27/31 144a                                                                                                                             | CUSIP: 22535WAR8<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $253036.71    | 0.13%             | 2031-05-27      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                                                                   | SUBWAY 2024-1A A23                                                                                                                                     | CUSIP: 864300AE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    148125 | PA      | $148283.92    | 0.08%             | 2054-07-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                    | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              | CORP              | GB        |  -1619000 | NC      | $-6162.37     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust 2018-Bilt                                                                   | BX 2025-VOLT A                                                                                                                                         | CUSIP: 05619PAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $348906.25    | 0.18%             | 2044-12-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding Llc                                                                | BELL 2025-1A A2II                                                                                                                                      | CUSIP: 87342RAL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $146491.46    | 0.08%             | 2055-08-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| FIGRE TRUST 2023-HE1                                                                 | FIGRE 2025-HE6 B                                                                                                                                       | CUSIP: 31684NAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    322224 | PA      | $319174.19    | 0.17%             | 2055-09-25      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                                             | JPY CALL VERSUS USD PUT                                                                                                                                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |     74000 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | IRS USD                                                                                                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-99203.26    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-30YR                                                                                                                                              | CUSIP: 01F030652<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  12485000 | PA      | $10954316.53  | 5.74%             | 2056-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RGA Global Funding                                                                   | RGA 5 08/25/32 144A                                                                                                                                    | CUSIP: 76209PAJ2<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118704.12    | 0.06%             | 2032-08-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dryden 37 Senior Loan Fund                                                           | DRSLF 2015-37A CR                                                                                                                                      | CUSIP: 26249MAS6<br>LEI: 254900I0IPNA482LDS44 | Long             | ABS-CBDO         | CORP              | KY        |    333333 | PA      | $334405.53    | 0.18%             | 2031-01-15      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-30YR                                                                                                                                              | CUSIP: 01F052664<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5820000 | PA      | $5832029.01   | 3.05%             | 2056-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GMAC Commercial Military Housing Trust XVIII                                         | GMACN 2007-HCKM A                                                                                                                                      | CUSIP: 36186YAF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    884645 | PA      | $849117.07    | 0.44%             | 2052-08-10      | Fixed         | 6.11%                 | No            |                  3 | On Loan: No      |
| Allwyn International                                                                 | Allwyn International Term Loan B (Incremental) 250 2032-10-25                                                                                          | CUSIP: 02008EAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    250000 | PA      | $245000.00    | 0.13%             | 2032-11-10      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| TD Synnex Corp                                                                       | SNX 5.3 10/10/35                                                                                                                                       | CUSIP: 87162WAN0<br>LEI: 5493004HI6PFLF46NS53 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96882.40     | 0.05%             | 2035-10-10      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| DYAL III SERIES B ISSUER A                                                           | DYAL III SERIES B ISSUER A                                                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    168000 | PA      | $168702.41    | 0.09%             | 2044-06-15      | Fixed         | 6.55%                 | No            |                  3 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2024-AIRC                                               | BX 2024-AIRC B                                                                                                                                         | CUSIP: 12433CAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    173450 | PA      | $173612.84    | 0.09%             | 2041-08-15      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | IRS USD                                                                                                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $8444.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Societe Generale S.A.                                                                | SOCGEN V5.4 04/10/37 144A                                                                                                                              | CUSIP: 83368RCN0<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $193485.46    | 0.10%             | 2037-04-10      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Brookfield Finance Inc.                                                              | BNCN 3.5 03/30/51                                                                                                                                      | CUSIP: 11271LAF9<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |    280000 | PA      | $186047.08    | 0.10%             | 2051-03-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets PLC                                                               | BPLN V4.875 PERP                                                                                                                                       | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    436000 | PA      | $430425.30    | 0.23%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Scientific Games Lottery                                                             | Scientific Games Lottery Term Loan B 300 2029-04-01                                                                                                    | CUSIP: 80875CAE7<br>LEI: 549300W5GPFXXB6TQ330 | Long             | LON              | CORP              | US        |    198990 | PA      | $195812.03    | 0.10%             | 2029-04-01      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| BSPRT 2025-FL12 ISSUER LLC                                                           | BSPRT 2025-FL12 AS                                                                                                                                     | CUSIP: 05619BAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99767.11     | 0.05%             | 2043-01-17      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR RJ2454                                                                                                                                              | CUSIP: 3142GSWQ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    545717 | PA      | $564475.82    | 0.30%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Copeland (Emerson Electrics climate control business)                                | EMRLD BORROWER LP                                                                                                                                      | CUSIP: 26872NAD1<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |     98506 | PA      | $98259.37     | 0.05%             | 2031-08-04      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V6.875 PERP GG                                                                                                                                       | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251764.50    | 0.13%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CERBERUS LOAN FDG XLIV 2024-44                                                       | CERB 2023-5A B                                                                                                                                         | CUSIP: 15674DAC8<br>LEI: 6354005DPIRML7EMPA20 | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $249230.55    | 0.13%             | 2036-01-15      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                                                         | SO V6 04/01/58                                                                                                                                         | CUSIP: 842587EJ2<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251252.98    | 0.13%             | 2058-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SVC ABS LLC                                                                          | SVC 2023-1A A                                                                                                                                          | CUSIP: 78487JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    344604 | PA      | $343136.40    | 0.18%             | 2053-02-20      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Weir Group PLC                                                                       | WEIRLN 2.2 05/13/26 144A                                                                                                                               | CUSIP: 94876QAA4<br>LEI: 549300KDR56WHY9I3D10 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $199316.85    | 0.10%             | 2026-05-13      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| QTS ISSUER ABS I LLC                                                                 | QTS 2025-1A A2                                                                                                                                         | CUSIP: 74690DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $494433.60    | 0.26%             | 2055-05-25      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                                          | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              | CORP              | FR        |  -1172500 | NC      | $-5385.75     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MAST 2026-1 LTD / MAST 2026-1 LLC                                                    | MASTT 2026-1A A                                                                                                                                        | CUSIP: 57631AAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    248512 | PA      | $244280.79    | 0.13%             | 2051-02-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Sirius Xm Radio LLC                                                                  | SIRI 4.125 07/01/30 144A                                                                                                                               | CUSIP: 82967NBG2<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    180000 | PA      | $168538.90    | 0.09%             | 2030-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PERSHING SQUARE SPARC HOLDINGS LTD                                                   | Pershing Square Sparc Hldgs Ltd SPECIAL PURPOSE ACQUISITION RIGHTS                                                                                     | CUSIP: 714920113<br>LEI: 5493000J0QXAU1Z8FB80 | Long             | EC               | CORP              | US        |     23402 | NS      | $2.34         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| TPG Operating Group II LP                                                            | TPG 5.875 03/05/34                                                                                                                                     | CUSIP: 872652AA0<br>LEI: 2549001H9RJQNZT7MU11 | Long             | DBT              | CORP              | US        |    194000 | PA      | $196738.73    | 0.10%             | 2034-03-05      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Eisner Advisory Group                                                                | Eisner Advisory Group Term Loan B 400 2031-02-05                                                                                                       | CUSIP: 28259HAG6<br>LEI: 549300TV33NKCG2ZE467 | Long             | LON              | CORP              | US        |     80552 | PA      | $76490.76     | 0.04%             | 2031-02-28      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Dryden 37 Senior Loan Fund                                                           | DRSLF 2015-37A SUB                                                                                                                                     | CUSIP: 26249YAE1<br>LEI: 254900I0IPNA482LDS44 | Long             | ABS-CBDO         | CORP              | KY        |    298799 | PA      | $533.39       | 0.00%             | 2031-01-15      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                                                   | MO 3.7 02/04/51                                                                                                                                        | CUSIP: 02209SBN2<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    350000 | PA      | $240924.00    | 0.13%             | 2051-02-04      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| HV STRUCTURED SOLUTIONS IV                                                           | HV STRUCTURED SOLUTIONS IV                                                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    171033 | PA      | $169794.96    | 0.09%             | 2030-09-15      | Floating      | 6.85%                 | No            |                  3 | On Loan: No      |
| BLUE OWL IV (FKA DYAL IV) SR SEC B                                                   | BLUE OWL IV (FKA DYAL IV) SR SEC B                                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    168000 | PA      | $163971.29    | 0.09%             | 2045-08-22      | Fixed         | 5.94%                 | No            |                  3 | On Loan: No      |
| Meiji Yasuda Life Insurance Co.                                                      | MYLIFE V6.1 06/11/55 144A                                                                                                                              | CUSIP: 585270AE1<br>LEI: 549300SLU4LP6YMRLK07 | Long             | DBT              | CORP              | JP        |    300000 | PA      | $300273.90    | 0.16%             | 2055-06-11      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Triton Container International Limited / TAL International Container Corporation     | TRTN 3.25 03/15/32                                                                                                                                     | CUSIP: 89681LAA0<br>LEI: 549300O4LZFLCX53XZ54 | Long             | DBT              | CORP              | BM        |    100000 | PA      | $90258.01     | 0.05%             | 2032-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                                                | TRGP 5.55 08/15/35                                                                                                                                     | CUSIP: 87612GAM3<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70598.38     | 0.04%             | 2035-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| NAVIGATOR 2025-1 AVIATION LTD                                                        | NAVTR 2025-1 A                                                                                                                                         | CUSIP: 63943GAA0<br>LEI: 984500AWDV89795F0342 | Long             | ABS-O            | CORP              | KY        |    243715 | PA      | $238789.28    | 0.13%             | 2050-10-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Penn Mutual Life Insurance Co.                                                       | PMUL 3.8 04/29/61 144A                                                                                                                                 | CUSIP: 707567AE3<br>LEI: BIYXEJSLUQ3IWFUXX074 | Long             | DBT              | CORP              | US        |    100000 | PA      | $66108.18     | 0.03%             | 2061-04-29      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| CrossCountry Intermediate HoldCo LLC                                                 | CROSIN 6.75 12/01/32 144A                                                                                                                              | CUSIP: 22757VAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $94095.05     | 0.05%             | 2032-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Servpro Master Issuer Llc                                                            | SPRO 2025-1A A2                                                                                                                                        | CUSIP: 817743AL1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    249375 | PA      | $246608.53    | 0.13%             | 2055-10-25      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Five Guys Funding LLC                                                                | GUYS 2023-1A A2                                                                                                                                        | CUSIP: 33830JAE5<br>LEI: 549300LV8X8T05G1H175 | Long             | ABS-O            | CORP              | US        |    148125 | PA      | $150868.87    | 0.08%             | 2054-01-25      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| British Airways PLC                                                                  | IAGLN 2.9 03/15/35 144A                                                                                                                                | CUSIP: 11042CAA8<br>LEI: 375X9PSJLLOV7F21O626 | Long             | ABS-O            | CORP              | GB        |     78212 | PA      | $71733.44     | 0.04%             | 2035-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| GABX Leasing LLC                                                                     | GATX 5.3 04/15/36 144A                                                                                                                                 | CUSIP: 36274FAB5<br>LEI: 25490085PXP0WGRIRI44 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122700.46    | 0.06%             | 2036-04-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| OWL ROCK CLO III LLC                                                                 | OR 2020-3A AR                                                                                                                                          | CUSIP: 69120DAA9<br>LEI: 2549004CIDJSHLSPXF37 | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $250075.18    | 0.13%             | 2036-04-21      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL SERVICES LLC                                                  | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DIR              | CORP              | US        |  -1172500 | NC      | $-969.38      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | U.S. Treasury Bond Futures, Jun-2026,ETH                                                                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        20 | NC      | $-34197.52    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| GA Global Funding Trust                                                              | GBLATL 4.5 09/18/30 144A                                                                                                                               | CUSIP: 36143L2V6<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144382.76    | 0.08%             | 2030-09-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ICON Investments Six DAC                                                             | ICLR 5.849 05/08/29                                                                                                                                    | CUSIP: 45115AAB0<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $203923.07    | 0.11%             | 2029-05-08      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                                                   | MO 4.45 05/06/50                                                                                                                                       | CUSIP: 02209SBK8<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     50000 | PA      | $39066.11     | 0.02%             | 2050-05-06      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                         | BACR V4.521 02/24/32                                                                                                                                   | CUSIP: 06738EDJ1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $195618.72    | 0.10%             | 2032-02-24      | Fixed         | 4.52%                 | No            |                  2 | On Loan: No      |
| FS RIALTO 2025-FL10 ISSUER LLC                                                       | FSRIA 2025-FL10 AS                                                                                                                                     | CUSIP: 30340KAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99696.64     | 0.05%             | 2042-08-19      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners Clo 69 (M) -R                                                 | GOCAP 2023-69A BR                                                                                                                                      | CUSIP: 38182GAC8<br>LEI: 2549004WBNSFGOX1MY52 | Long             | ABS-CBDO         | CORP              | US        |    300000 | PA      | $298964.19    | 0.16%             | 2038-11-09      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                                          | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              | CORP              | FR        |   -837500 | NC      | $-3419.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HarbourVest Partners                                                                 | HarbourVest Partners Term Loan B 200 2030-04-01                                                                                                        | CUSIP: 41165QAN7<br>LEI: 54930029KR62LTFQ8M21 | Long             | LON              | CORP              | US        |    498750 | PA      | $497503.13    | 0.26%             | 2030-04-22      | Floating      | 5.70%                 | No            |                  3 | On Loan: No      |
| Symetra Life Insurance Co.                                                           | SYA 6.55 10/01/55 144A                                                                                                                                 | CUSIP: 87151KAA7<br>LEI: 2CKADF5K7JYB5EG0VY36 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50098.35     | 0.03%             | 2055-10-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| CERBERUS LOAN FUNDING XLIII LLC                                                      | CERB 2024-3A B                                                                                                                                         | CUSIP: 156945AC1<br>LEI: 6354005VK9L5QCJ8WJ98 | Long             | ABS-CBDO         | CORP              | US        |    300000 | PA      | $299203.23    | 0.16%             | 2036-07-15      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| Pacific Beacon Llc                                                                   | PACBEA 5.508 07/15/36                                                                                                                                  | CUSIP: 69403WAC1<br>LEI: 549300RDBP3BJOLTTC39 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147635.16    | 0.08%             | 2036-07-15      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                     | NRG 2.45 12/02/27 144A                                                                                                                                 | CUSIP: 629377CP5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    200000 | PA      | $192653.04    | 0.10%             | 2027-12-02      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                          | COF V6.377 06/08/34                                                                                                                                    | CUSIP: 14040HDA0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $158079.32    | 0.08%             | 2034-06-08      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Farmers Insurance Exchange Inc.                                                      | FARMER V7 10/15/64 144A                                                                                                                                | CUSIP: 309601AG7<br>LEI: 549300UWG2TLX1GZVT44 | Long             | DBT              | CORP              | US        |    180000 | PA      | $179904.49    | 0.09%             | 2064-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BLUE OWL IV (FKA DYAL IV) SR SEC A                                                   | BLUE OWL IV (FKA DYAL IV) SR SEC A                                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    182000 | PA      | $177635.57    | 0.09%             | 2045-08-22      | Fixed         | 5.94%                 | No            |                  3 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | 2-Year T-Note Futures, Jun-2026,ETH                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        23 | NC      | $-7703.16     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| OBX 2024-NQM13 TRUST                                                                 | OBX 2024-NQM13 A2                                                                                                                                      | CUSIP: 67119PAB7<br>LEI: 254900W2SY2Z6X7UAX78 | Long             | ABS-O            | CORP              | US        |    149033 | PA      | $148870.77    | 0.08%             | 2064-06-25      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                     | NRG 7 03/15/33 144A                                                                                                                                    | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    100000 | PA      | $108259.00    | 0.06%             | 2033-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bond Stripped Principal Payment                                        | SP 0 05/15/44                                                                                                                                          | CUSIP: 912803EH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2720000 | PA      | $1103131.52   | 0.58%             | 2044-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Allianz SE                                                                           | ALVGR V6.55 PERP 144a                                                                                                                                  | CUSIP: 018820AE0<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    400000 | PA      | $400746.40    | 0.21%             | N/A             | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL PARTNERS CLO 49M-R2 LTD                                                | GOCAP 2020-49A A2R2                                                                                                                                    | CUSIP: 38181HAE3<br>LEI: 254900HDEN0DKV4B8U17 | Long             | ABS-CBDO         | CORP              | US        |    350000 | PA      | $350019.43    | 0.18%             | 2038-07-20      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NextEra Energy Capital Holdings Inc SERIES U JUNIOR SUBORDINATED DEBENTURES DUE JUNE 1, 2085                                                           | CUSIP: 65339K837<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | EP               | CORP              | US        |      2100 | NS      | $52101.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| STORE MASTER FUNDING III LLC                                                         | STR 2016-1A A1                                                                                                                                         | CUSIP: 86212VAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    802677 | PA      | $797906.04    | 0.42%             | 2046-10-20      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| ARETEC GROUP INC                                                                     | ARETEC GROUP INC                                                                                                                                       | CUSIP: 04009DAJ3<br>LEI: 549300NV2T8A33L0PQ58 | Long             | LON              | CORP              | US        |     74812 | PA      | $73799.54     | 0.04%             | 2030-08-09      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SL1136                                                                                                                                              | CUSIP: 31427NHN2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    395419 | PA      | $398118.67    | 0.21%             | 2055-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2025-68 CA                                                                                                                                         | CUSIP: 3136BWL61<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    335721 | PA      | $334097.10    | 0.17%             | 2053-01-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                                          | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              | CORP              | FR        |  -1370000 | NC      | $-3117.03     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OBX 2024-NQM2 TRUST                                                                  | OBX 2024-NQM2 A3                                                                                                                                       | CUSIP: 67118HAD2<br>LEI: 254900OHTVKDKZL33I54 | Long             | ABS-O            | CORP              | US        |    132844 | PA      | $133223.31    | 0.07%             | 2063-12-25      | Variable      | 6.18%                 | No            |                  2 | On Loan: No      |
| Arsenal AIC Parent LLC                                                               | ARNC 8 10/01/30 144A                                                                                                                                   | CUSIP: 04288BAB6<br>LEI: 254900G9F9HA5EP57J39 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104116.70    | 0.05%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bond Stripped Principal Payment                                        | SP 0 05/15/55                                                                                                                                          | CUSIP: 912803HL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    621000 | PA      | $147149.60    | 0.08%             | 2055-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Novelis Corporation                                                                  | HNDLIN 6.375 08/15/33 144A                                                                                                                             | CUSIP: 670001AN6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122611.59    | 0.06%             | 2033-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Wendys Funding Llc                                                                   | WEN 2025-1A A2I                                                                                                                                        | CUSIP: 95058XAR9<br>LEI: 5493009DRVSTWJOXUL48 | Long             | ABS-O            | CORP              | US        |     99750 | PA      | $98732.46     | 0.05%             | 2055-12-15      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Tru                                                       | Provident Funding Mortgage Trust 2026-1                                                                                                                | CUSIP: 74386PAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    196716 | PA      | $194038.59    | 0.10%             | 2056-01-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| RL DATIX 1L TL FACILITY B GBP                                                        | RL DATIX 1L TL FACILITY B GBP                                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |     71200 | PA      | $92171.95     | 0.05%             | 2031-04-30      | Floating      | 8.97%                 | No            |                  3 | On Loan: No      |
| CERBERUS LOAN FDG XLIV 2024-44                                                       | CERB 2023-5A A                                                                                                                                         | CUSIP: 15674DAA2<br>LEI: 6354005DPIRML7EMPA20 | Long             | ABS-CBDO         | CORP              | US        |    700000 | PA      | $700590.31    | 0.37%             | 2036-01-15      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets PLC                                                               | BPLN V6.125 PERP                                                                                                                                       | CUSIP: 05565QDX3<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |     75000 | PA      | $75647.78     | 0.04%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                                           | OKE 6.25 10/15/55                                                                                                                                      | CUSIP: 682680DD2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    275000 | PA      | $269596.96    | 0.14%             | 2055-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Flutter Treasury Designated Activity Co.                                             | FLTR 6.375 04/29/29 144a                                                                                                                               | CUSIP: 344045AA7<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $203607.00    | 0.11%             | 2029-04-29      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ELDRIDGE CLO 2025-1 LTD                                                              | ELD 2025-1A B                                                                                                                                          | CUSIP: 284913AE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $249730.93    | 0.13%             | 2038-10-20      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| KKR Group Finance Co VIII LLC                                                        | KKR 3.5 08/25/50 144A                                                                                                                                  | CUSIP: 48252MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $125575.59    | 0.07%             | 2050-08-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| RWC COMMERCIAL MORTGAGE 2025-1                                                       | RWC 2025-1 AS                                                                                                                                          | CUSIP: 78348LAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $198855.08    | 0.10%             | 2040-06-27      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Paramount Global                                                                     | PARA 5.9 10/15/40                                                                                                                                      | CUSIP: 124857AF0<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |     72000 | PA      | $53122.87     | 0.03%             | 2040-10-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR RJ2414                                                                                                                                              | CUSIP: 3142GSVG0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    587587 | PA      | $598600.56    | 0.31%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN CB9142                                                                                                                                              | CUSIP: 3140QVEQ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    965490 | PA      | $982542.25    | 0.51%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PacifiCorp.                                                                          | BRKHEC V7.375 09/15/55                                                                                                                                 | CUSIP: 695114DF2<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     90000 | PA      | $85998.50     | 0.05%             | 2055-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Corpay (fka FleetCor Technologies)                                                   | Corpay (fka FleetCor Technologies) Term Loan B (Incremental) 175 2032-09-27                                                                            | CUSIP: 33903RBA6<br>LEI: 549300FKKKZCXLK48427 | Long             | LON              | CORP              | US        |    249375 | PA      | $248856.30    | 0.13%             | 2032-11-05      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2025-65 CA                                                                                                                                         | CUSIP: 3136BWU38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    362386 | PA      | $360562.69    | 0.19%             | 2054-02-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | IRS USD                                                                                                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $30014.11     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MPLX LP                                                                              | MPLX 5.95 04/01/55                                                                                                                                     | CUSIP: 55336VBZ2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    150000 | PA      | $142831.67    | 0.07%             | 2055-04-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Creative Planning                                                                    | Creative Planning Term Loan B 200 2031-05-05                                                                                                           | CUSIP: 1261MAAE0<br>LEI: 254900A9E6SC2CI8V842 | Long             | LON              | CORP              | US        |    147750 | PA      | $146625.62    | 0.08%             | 2031-05-19      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| GCAT 2025-NQM4 Trust                                                                 | GCAT 2025-NQM4 A2                                                                                                                                      | CUSIP: 367923AD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    213731 | PA      | $214206.76    | 0.11%             | 2070-06-25      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| Loews Corporation                                                                    | L 4.94 04/01/36                                                                                                                                        | CUSIP: 540424AU2<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | DBT              | CORP              | US        |    120000 | PA      | $117432.88    | 0.06%             | 2036-04-01      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| LEGACY MORTGAGE ASSET TRUST 2021-GS3                                                 | LMAT 2021-GS3 A1                                                                                                                                       | CUSIP: 52474XAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    290564 | PA      | $290656.66    | 0.15%             | 2061-07-25      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                         | NOVNVX 5.7 03/18/56                                                                                                                                    | CUSIP: 66989HBL1<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100713.42    | 0.05%             | 2056-03-18      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| TransDigm                                                                            | TransDigm Term Loan N 250 2033-02-07                                                                                                                   | CUSIP: 89364MCG7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    200000 | PA      | $200038.00    | 0.10%             | 2033-02-07      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Brookfield Finance Inc.                                                              | BNCN 5.675 01/15/35                                                                                                                                    | CUSIP: 11271LAM4<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $100861.41    | 0.05%             | 2035-01-15      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.314 01/18/41                                                                                                                                     | CUSIP: 61748UAP7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     80000 | PA      | $77225.80     | 0.04%             | 2041-01-18      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V6.5 PERP OO                                                                                                                                       | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    110000 | PA      | $112874.85    | 0.06%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                                                | TRGP 5.5 02/15/35                                                                                                                                      | CUSIP: 87612GAK7<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    300000 | PA      | $302668.13    | 0.16%             | 2035-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citadel Enterprise                                                                   | Citadel Enterprise Term Loan B 200 2031-10-01                                                                                                          | CUSIP: 17288YAN2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |    195535 | PA      | $195644.26    | 0.10%             | 2031-10-31      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2025-1 MT                                                                                                                                          | CUSIP: 38385CQG6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    123617 | PA      | $122672.38    | 0.06%             | 2055-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FIGRE TRUST 2024-HE1                                                                 | FIGRE 2024-HE1 A                                                                                                                                       | CUSIP: 31684HAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     60262 | PA      | $61271.18     | 0.03%             | 2054-03-25      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| LVNV 6.84 6/12/29                                                                    | LVNV 6.84 6/12/29                                                                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101743.21    | 0.05%             | 2029-06-12      | Fixed         | 6.84%                 | No            |                  3 | On Loan: No      |
| Safehold GL Holdings LLC                                                             | SAFE 6.1 04/01/34                                                                                                                                      | CUSIP: 785931AA4<br>LEI: 54930012UY5Z4Q8NL108 | Long             | DBT              | CORP              | US        |     87000 | PA      | $91419.25     | 0.05%             | 2034-04-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                    | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              | CORP              | GB        |   -971000 | NC      | $-3687.81     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Safehold GL Holdings LLC                                                             | SAFE 5.65 01/15/35                                                                                                                                     | CUSIP: 785931AB2<br>LEI: 54930012UY5Z4Q8NL108 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23260.70     | 0.01%             | 2035-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                    | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              | CORP              | GB        |   -837500 | NC      | $-837.84      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SALUDA GRADE ALTERNATIVE MORTGAGE TRUST 2025-RRTL1                                   | GRADE 2025-RRTL1 A1                                                                                                                                    | CUSIP: 79582NAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $248853.75    | 0.13%             | 2040-10-25      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| GXO Logistics Inc.                                                                   | GXO 6.5 05/06/34                                                                                                                                       | CUSIP: 36262GAG6<br>LEI: 5493007CNWMXN78JRN66 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104936.46    | 0.05%             | 2034-05-06      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V6.85 PERP                                                                                                                                         | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103660.50    | 0.05%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-30YR                                                                                                                                              | CUSIP: 01F020653<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1210000 | PA      | $974002.73    | 0.51%             | 2056-05-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| VFH Parent LLC & Valor Co-Issuer Inc.                                                | VIRT 7.5 06/15/31 144A                                                                                                                                 | CUSIP: 91824YAA6<br>LEI: 549300FRO9M476YHHY64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102750.80    | 0.05%             | 2031-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Liberty Mutual Group, Inc.                                                           | LIBMUT 4.3 02/01/61 144A                                                                                                                               | CUSIP: 53079EBL7<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    554000 | PA      | $345295.65    | 0.18%             | 2061-02-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| WSP Global Inc                                                                       | WSPCN 5.714 09/18/36 144A                                                                                                                              | CUSIP: 92938WAH6<br>LEI: 549300IQ87LU6X6ERQ78 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $99100.37     | 0.05%             | 2036-09-18      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| AASET 2024-1 TRUST                                                                   | AASET 2024-1A A1                                                                                                                                       | CUSIP: 00255JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    225656 | PA      | $228638.56    | 0.12%             | 2049-05-16      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| EASY STREET MORTGAGE LOAN TRUST 2025-RTL2                                            | EASY 2025-RTL2 A1                                                                                                                                      | CUSIP: 27786YAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $500527.50    | 0.26%             | 2040-10-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| PMT LOAN TRUST 2025-INV8                                                             | PMTLT 2025-INV8 A7                                                                                                                                     | CUSIP: 73015EAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    367839 | PA      | $372535.25    | 0.20%             | 2056-07-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Valley Authority                                                           | TVASP 0 01/15/48                                                                                                                                       | CUSIP: 88059EN59<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    500000 | PA      | $155989.50    | 0.08%             | 2048-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LPL Holdings Inc.                                                                    | LPLA 6 05/20/34                                                                                                                                        | CUSIP: 50212YAK0<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    160000 | PA      | $163192.28    | 0.09%             | 2034-05-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PEER HOLDING III BV                                                                  | PEER USA LLC                                                                                                                                           | CUSIP: 000000000<br>LEI: 7245002S0K5Q59JCVQ03 | Long             | LON              | CORP              | US        |    450000 | PA      | $445500.00    | 0.23%             | 2032-09-29      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| Asurion                                                                              | Asurion First-lien Term Loan B-12 425 2030-09-01                                                                                                       | CUSIP: 04649VBD1<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    147750 | PA      | $146061.22    | 0.08%             | 2030-09-19      | Floating      | 7.90%                 | No            |                  2 | On Loan: No      |
| Dow Chemical Co. (The)                                                               | DOW 6.9 05/15/53                                                                                                                                       | CUSIP: 260543DH3<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | DBT              | CORP              | US        |    110000 | PA      | $112289.57    | 0.06%             | 2053-05-15      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| CF HIPPOLYTA ISSUER LLC                                                              | SORT 2022-1A A2                                                                                                                                        | CUSIP: 12530MAM7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    239639 | PA      | $235270.93    | 0.12%             | 2062-08-15      | Fixed         | 6.11%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                                                         | SO V3.75 09/15/51 21-A                                                                                                                                 | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     29000 | PA      | $28711.42     | 0.02%             | 2051-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bond Stripped Principal Payment                                        | SP 0 05/15/51                                                                                                                                          | CUSIP: 912803FY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9850000 | PA      | $2770792.88   | 1.45%             | 2051-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Global Payments Inc                                                                  | GPN 4.875 11/15/30                                                                                                                                     | CUSIP: 37940XAW2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     75000 | PA      | $73653.06     | 0.04%             | 2030-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NASSAU 2019 CFO LLC                                                                  | CFOZ 2019-1 A                                                                                                                                          | CUSIP: 63172DAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     57274 | PA      | $52997.93     | 0.03%             | 2034-08-15      | Fixed         | 3.98%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2025-65 BA                                                                                                                                         | CUSIP: 3136BWU53<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    295273 | PA      | $295767.52    | 0.15%             | 2053-11-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MetLife Inc.                                                                         | MET V5.85 03/15/56 .                                                                                                                                   | CUSIP: 59156RCR7<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98149.19     | 0.05%             | 2056-03-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                                            | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              | CORP              | US        |   1946000 | NC      | $8895.24      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NAVIGATOR 2024-1 AVIATION LIMITED                                                    | NAVTR 2024-1 A                                                                                                                                         | CUSIP: 63943DAA7<br>LEI: 984500UF8C3O89B30652 | Long             | ABS-O            | CORP              | KY        |    221726 | PA      | $220351.70    | 0.12%             | 2049-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc.                                 | RKT 3.875 03/01/31 144A                                                                                                                                | CUSIP: 74841CAB7<br>LEI: 549300FGXN1K3HLB1R50 | Long             | DBT              | CORP              | US        |    350000 | PA      | $322972.34    | 0.17%             | 2031-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Graphic Packaging International LLC                                                  | GPK 6.375 07/15/32 144A                                                                                                                                | CUSIP: 38869AAE7<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    190000 | PA      | $189103.60    | 0.10%             | 2032-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Grand River Funding Trust I                                                          | JXN 6.311 02/15/36                                                                                                                                     | CUSIP: 38644BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100883.57    | 0.05%             | 2036-02-15      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| Match Group Holdings II LLC                                                          | MTCHII 4.125 08/01/30 144A                                                                                                                             | CUSIP: 57665RAL0<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    200000 | PA      | $185346.27    | 0.10%             | 2030-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| AS MILEAGE PLAN IP LTD                                                               | ALK 5.308 10/20/31 144A                                                                                                                                | CUSIP: 00218QAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    250000 | PA      | $244550.58    | 0.13%             | 2031-10-20      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 5.875 09/26/45                                                                                                                                    | CUSIP: 68389XDP7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43137.04     | 0.02%             | 2045-09-26      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                                          | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              | CORP              | FR        |   1948000 | NC      | $7230.71      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust 2020-GC45                                               | GSMS 2020-GC45 XA                                                                                                                                      | CUSIP: 36258YBJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9228077 | PA      | $173503.53    | 0.09%             | 2053-02-14      | Variable      | 0.61%                 | No            |                  2 | On Loan: No      |
| TERMINAL INVESTMENT LIMITED HOLDIN                                                   | TERMINAL INVESTMENT LIMITED HOLDIN                                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    200000 | PA      | $200045.74    | 0.10%             | 2032-07-09      | Fixed         | 5.63%                 | No            |                  3 | On Loan: No      |
| CAPSTONE ACQUISITION 1L DDTL FUND                                                    | CAPSTONE ACQUISITION 1L DDTL FUND                                                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     12015 | PA      | $11966.99     | 0.01%             | 2029-11-13      | Floating      | 8.27%                 | No            |                  3 | On Loan: No      |
| Nationwide Mutual Insurance Co.                                                      | NATMUT 4.35 04/30/50 144A                                                                                                                              | CUSIP: 638671AN7<br>LEI: Z7LVXXWM8HZPKF5T2355 | Long             | DBT              | CORP              | US        |    370000 | PA      | $280092.69    | 0.15%             | 2050-04-30      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-15YR                                                                                                                                              | CUSIP: 01F042459<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2623006 | PA      | $2601858.56   | 1.36%             | 2041-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fair Isaac Corporation                                                               | FAIRIC 6 05/15/33 144A                                                                                                                                 | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    190000 | PA      | $186432.07    | 0.10%             | 2033-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OBX 2024-NQM6 TRUST                                                                  | OBX 2024-NQM6 A3                                                                                                                                       | CUSIP: 67118XAC9<br>LEI: 254900LMIQVUH9BFZJ05 | Long             | ABS-O            | CORP              | US        |     80571 | PA      | $81318.29     | 0.04%             | 2064-02-25      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| TEXTAINER MARINE CONTAINERS VII LTD                                                  | TMCL 2021-3A A                                                                                                                                         | CUSIP: 88315LAS7<br>LEI: 549300X48KLHDDGPK024 | Long             | ABS-O            | CORP              | BM        |    190000 | PA      | $168750.78    | 0.09%             | 2046-08-20      | Fixed         | 1.94%                 | No            |                  2 | On Loan: No      |
| LRECS 2025-CRE1 LLC                                                                  | LRECS 2025-CRE1 AS                                                                                                                                     | CUSIP: 50230AAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99793.50     | 0.05%             | 2043-08-19      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2024-NQM2                                        | NRZT 2024-NQM2 A3                                                                                                                                      | CUSIP: 64832BAE5<br>LEI: 213800Z6O4V4V96AU133 | Long             | ABS-O            | CORP              | US        |    193428 | PA      | $192347.05    | 0.10%             | 2064-09-25      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| CLI FUNDING VIII LLC                                                                 | CLIF 2021-1A A                                                                                                                                         | CUSIP: 12565KAA5<br>LEI: 254900Z4P82YK31RVL27 | Long             | ABS-O            | CORP              | US        |    224012 | PA      | $207671.26    | 0.11%             | 2046-02-18      | Fixed         | 1.64%                 | No            |                  2 | On Loan: No      |
| BDS 2025-FL15 LLC                                                                    | BDS 2025-FL15 B                                                                                                                                        | CUSIP: 05556EAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    300000 | PA      | $298820.79    | 0.16%             | 2043-03-19      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V6.85 PERP                                                                                                                                          | CUSIP: 38141GC28<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    212000 | PA      | $216094.36    | 0.11%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| NLT 2026-NQM1 TRUST                                                                  | NLT 2026-NQM1 TRUST CMO 2071-02-25 USD                                                                                                                 | CUSIP: 62916WAJ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1350000 | PA      | $1411415.96   | 0.74%             | 2071-02-25      | Variable      | 6.61%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                                                | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              | CORP              | US        |    971000 | NC      | $5309.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 07/31/32                                                                                                                                           | CUSIP: 91282CNR8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3500000 | PA      | $3482363.29   | 1.82%             | 2032-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lazard Group LLC                                                                     | LAZ 5.625 08/01/35                                                                                                                                     | CUSIP: 52107QAM7<br>LEI: FI94J2CJ1D7BIGVMS874 | Long             | DBT              | CORP              | US        |    175000 | PA      | $174623.87    | 0.09%             | 2035-08-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ARES DIRECT LENDING CLO 8 LLC                                                        | ARESDL 2025-4A B                                                                                                                                       | CUSIP: 039933AE6<br>LEI: 2549008VI9L2AN96MC59 | Long             | ABS-CBDO         | CORP              | US        |    200000 | PA      | $199338.16    | 0.10%             | 2039-01-20      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| OneAmerica Financial Partners Inc.                                                   | ONEAM 4.25 10/15/50 144A                                                                                                                               | CUSIP: 682441AB6<br>LEI: 5493009S1SVD6UNUDB08 | Long             | DBT              | CORP              | US        |    113000 | PA      | $83476.19     | 0.04%             | 2050-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CSMC 2020-West                                                                       | CSMC 2021-RPL4 A1                                                                                                                                      | CUSIP: 12662GAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    276355 | PA      | $275383.04    | 0.14%             | 2060-12-27      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| PartnerRe Finance B LLC                                                              | PRE V4.5 10/01/50                                                                                                                                      | CUSIP: 70213BAC5<br>LEI: 549300O0FAGHK2F79881 | Long             | DBT              | CORP              | US        |    140000 | PA      | $134026.82    | 0.07%             | 2050-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TRTX 2025-FL7 ISSUER LTD                                                             | TRTX 2025-FL7 B                                                                                                                                        | CUSIP: 87277LAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    150000 | PA      | $149309.82    | 0.08%             | 2043-06-18      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| OBX TRUST 2024-NQM8                                                                  | OBX 2024-NQM8 A3                                                                                                                                       | CUSIP: 67119CAC4<br>LEI: 254900Y1YRD8JNADSC78 | Long             | ABS-O            | CORP              | US        |     55349 | PA      | $55792.54     | 0.03%             | 2064-05-25      | Variable      | 6.59%                 | No            |                  2 | On Loan: No      |
| Avilease Capital Ltd.                                                                | AVILES 4.75 11/12/30 144A                                                                                                                              | CUSIP: 05370HAA1<br>LEI: 635400SXOPVAVBWNE366 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $194628.01    | 0.10%             | 2030-11-12      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 4.8 09/26/32                                                                                                                                      | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     75000 | PA      | $71426.09     | 0.04%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                                                            | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DIR              | CORP              | CA        |   -971000 | NC      | $-2819.85     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GLP Capital L.P. and GLP Financing II, Inc.                                          | GLPI 5.3 01/15/29                                                                                                                                      | CUSIP: 361841AL3<br>LEI: 2549005PXW31DRW8EC44 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252168.25    | 0.13%             | 2029-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                              | BPCEGP V7.003 10/19/34 144A                                                                                                                            | CUSIP: 05571AAS4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $273220.47    | 0.14%             | 2034-10-19      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-15YR                                                                                                                                              | CUSIP: 01F042467<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    666994 | PA      | $661121.46    | 0.35%             | 2041-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Telus Corp.                                                                          | TCN V7 10/15/55                                                                                                                                        | CUSIP: 87971MCM3<br>LEI: 894500TX134IMF6NW757 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $76563.68     | 0.04%             | 2055-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Frem Mil Hse Tr 2015-R1                                                              | FMMHR 2015-R1 B1                                                                                                                                       | CUSIP: 35563CAD0<br>LEI: 549300ZG8WH0M4JSUM77 | Long             | ABS-O            | USGSE             | US        |    866683 | PA      | $756001.31    | 0.40%             | 2055-11-25      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | IRS USD                                                                                                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $37429.03     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                     | VIX E 2026-04-15 CALL 50                                                                                                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |       -72 | NC      | $-2376.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BSPDF 2025-FL2 ISSUER LLC                                                            | BSPDF 2025-FL2 AS                                                                                                                                      | CUSIP: 05615KAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99833.83     | 0.05%             | 2042-12-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| GCAT 2023-NQM3 TRUST                                                                 | GCAT 2023-NQM3 A1                                                                                                                                      | CUSIP: 36169GAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    273350 | PA      | $275000.89    | 0.14%             | 2068-08-25      | Variable      | 6.89%                 | No            |                  2 | On Loan: No      |
| Ginkgo Bioworks Holdings Inc                                                         | Ginkgo Bioworks Holdings Inc WT EXP 091626                                                                                                             | CUSIP: 37611X118<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       684 | NC      | $1.37         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CAFL 2025-RRTL2 Issuer LP                                                            | CAFL 2025-RRTL2 A1                                                                                                                                     | CUSIP: 12770JAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $149723.78    | 0.08%             | 2040-11-28      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| Figre Trust 2023-HE1                                                                 | FIGRE 2024-HE4 A                                                                                                                                       | CUSIP: 31684UAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     68213 | PA      | $68242.17     | 0.04%             | 2054-09-25      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| Belrose Funding Trust II                                                             | Belrose Funding Trust II                                                                                                                               | CUSIP: 08079KAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $150236.69    | 0.08%             | 2055-05-15      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| Hunt Companies, Inc.                                                                 | HUNTCO 5.25 04/15/29 144A                                                                                                                              | CUSIP: 445587AE8<br>LEI: 549300ODPWDNCH5TKM49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $187623.32    | 0.10%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Sysco Corporation                                                                    | SYY 4.4 07/25/31                                                                                                                                       | CUSIP: 871829BW6<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96985.54     | 0.05%             | 2031-07-25      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Greensaif Pipelines Bidco S.a r.l.                                                   | GASBCM 6.1027 08/23/42 144A                                                                                                                            | CUSIP: 39541EAE3<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $198802.41    | 0.10%             | 2042-08-23      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| LIGHTNING 2022-1 A FUNDED                                                            | LIGHTNING 2022-1 A FUNDED                                                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    400000 | PA      | $379137.59    | 0.20%             | 2037-03-01      | Fixed         | 5.50%                 | No            |                  3 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC                                               | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              | CORP              | GB        |  -2913000 | NC      | $-11087.69    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| American National Group Inc.                                                         | American National Group Inc. DEPOSITARY SHARE REPRESENTING 1/1000TH, 7.375% FIXED-RATE NON-CUMULATIVE PREFERRED STOCK SERIES D                         | CUSIP: 025676859<br>LEI: 549300RK5RZQ740FPL83 | Long             | EP               | CORP              | US        |      4000 | NS      | $94400.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Global                                                                     | PARA 4.9 08/15/44                                                                                                                                      | CUSIP: 124857AK9<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    132000 | PA      | $82041.70     | 0.04%             | 2044-08-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                                      | CDS CDX.NA.HY.43.V1                                                                                                                                    | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-33630.90    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| HOTWIRE FUNDING LLC                                                                  | HWIRE 2024-1A A2                                                                                                                                       | CUSIP: 44148JAH2<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $151759.74    | 0.08%             | 2054-06-20      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                                                            | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DIR              | CORP              | CA        |   -969000 | NC      | $-2824.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL SERVICES LLC                                                  | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DIR              | CORP              | US        |  -1172500 | NC      | $-5385.75     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AES Corp.                                                                            | AES 3.95 07/15/30 144A                                                                                                                                 | CUSIP: 00130HCC7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    170000 | PA      | $162528.48    | 0.09%             | 2030-07-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| BO GPS IV CAPITAL CALL FACILITY D                                                    | BO GPS IV CAPITAL CALL FACILITY D                                                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $192520.55    | 0.10%             | 2032-10-30      | Fixed         | 5.38%                 | No            |                  3 | On Loan: No      |
| THE TORONTO-DOMINION BANK                                                            | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DIR              | CORP              | CA        |  -1370000 | NC      | $-3117.03     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BIP PIPECO HOLDINGS LLC                                                              | AL NGPL FUND VIII FUNDIN                                                                                                                               | CUSIP: 05554DAB6<br>LEI: 254900VCXW4EPI0VC343 | Long             | LON              | CORP              | US        |    200000 | PA      | $200084.00    | 0.10%             | 2030-12-09      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| APOLLO AVIATION SECURITIZATION EQUITY TRUST 2021-1                                   | AASET 2021-1A A                                                                                                                                        | CUSIP: 00038PAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    167767 | PA      | $161800.14    | 0.08%             | 2041-11-16      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                                                            | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DIR              | CORP              | CA        |  -1340000 | NC      | $-1221.92     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                                                  | MQGAU V5.642 08/13/36 144A                                                                                                                             | CUSIP: 556079AG6<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |    275000 | PA      | $273497.73    | 0.14%             | 2036-08-13      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                                              | VENLNG 9.875 02/01/32 144A                                                                                                                             | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    100000 | PA      | $107398.80    | 0.06%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| SLAM 2024-1 LTD                                                                      | SLAM 2024-1A A                                                                                                                                         | CUSIP: 83100AAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    180556 | PA      | $179863.46    | 0.09%             | 2049-09-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| SERVICE EXPERTS ISSUER 2025-1 LLC                                                    | SE 2025-1A A                                                                                                                                           | CUSIP: 81758JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     89183 | PA      | $88790.46     | 0.05%             | 2037-01-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ARES DIRECT LENDING CLO 6 LLC                                                        | ARESDL 2025-2A A1                                                                                                                                      | CUSIP: 039960AA7<br>LEI: 254900F5EQV7KVCD4M68 | Long             | ABS-CBDO         | CORP              | US        |    200000 | PA      | $200376.90    | 0.10%             | 2037-10-16      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FA1481                                                                                                                                              | CUSIP: 3140W1UF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    387191 | PA      | $389824.51    | 0.20%             | 2055-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cifc Funding 2015-IV Limited                                                         | CIFC 2015-4A BR3                                                                                                                                       | CUSIP: 12550TBN4<br>LEI: 549300ZXX0SJBZWIWI81 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $499479.35    | 0.26%             | 2039-01-18      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Galaxy Pipeline Assets Bidco Ltd.                                                    | ADGLXY 3.25 09/30/40 144A                                                                                                                              | CUSIP: 36321PAC4<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |    328000 | PA      | $251924.34    | 0.13%             | 2040-09-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| DRI HEALTHCARE LP                                                                    | DRI HEALTHCARE LP                                                                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $98719.69     | 0.05%             | 2031-06-30      | Floating      | 5.35%                 | No            |                  3 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                               | FHR 5571 BA                                                                                                                                            | CUSIP: 3137HMEB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    296506 | PA      | $297224.38    | 0.16%             | 2051-10-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Discovery Global Holdings Inc.                                                       | WBD 5.141 03/15/52 *                                                                                                                                   | CUSIP: 55903VBU6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     28000 | PA      | $17010.00     | 0.01%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Eagle Funding Luxco S.a.r.l.                                                         | MEXPCP 5.5 08/17/30 144A                                                                                                                               | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | CORP              | LU        |    250000 | PA      | $251312.50    | 0.13%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO 83 M                                                      | GOCAP 2025-83A B                                                                                                                                       | CUSIP: 38182EAE9<br>LEI: 254900VLZT72CPBHZ909 | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99653.30     | 0.05%             | 2038-11-09      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| Copeland (Emerson Electrics climate control business)                                | EMRLD BORROWER LP                                                                                                                                      | CUSIP: 26872NAC3<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |     97761 | PA      | $97590.17     | 0.05%             | 2030-05-31      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Prologis Targeted US Logistics Fund LP                                               | PLDTLF 4.625 03/15/33 144A                                                                                                                             | CUSIP: 74350LAF1<br>LEI: 5493004DTBWUQ9F2VJ87 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97247.07     | 0.05%             | 2033-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Minerals Technologies Inc.                                                           | MTX 5 07/01/28 144A                                                                                                                                    | CUSIP: 603158AA4<br>LEI: 549300D3I1QU67GP6403 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88473.96     | 0.05%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Viper Energy Partners LLC                                                            | VNOM 5.7 08/01/35                                                                                                                                      | CUSIP: 92764MAB0<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |    175000 | PA      | $176366.75    | 0.09%             | 2035-08-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                           | OXY 5.375 01/01/32                                                                                                                                     | CUSIP: 674599EK7<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152247.41    | 0.08%             | 2032-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| American National Global Funding                                                     | ANGINC 5.25 06/03/30 144A                                                                                                                              | CUSIP: 02771D2B9<br>LEI: 63540033TQXTOXKK1L93 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298777.40    | 0.16%             | 2030-06-03      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Prpm 2025-7 LLC                                                                      | PRPM 2025-7 A1                                                                                                                                         | CUSIP: 69382YAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    364392 | PA      | $363182.55    | 0.19%             | 2030-08-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Grand River Funding Trust II                                                         | JXN 7.28 02/15/56 144A                                                                                                                                 | CUSIP: 38644CAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $156900.06    | 0.08%             | 2056-02-15      | Fixed         | 7.28%                 | No            |                  2 | On Loan: No      |
| Sysco Corporation                                                                    | SYY 4.95 03/25/36                                                                                                                                      | CUSIP: 871829BX4<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47665.80     | 0.02%             | 2036-03-25      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| HNI CORP                                                                             | HNI CORP                                                                                                                                               | CUSIP: 000000000<br>LEI: 549300SKRADLC4O5HV93 | Long             | LON              | CORP              | US        |    199500 | PA      | $200497.50    | 0.11%             | 2032-12-10      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Equitable Holdings Inc                                                               | EQH V6.7 03/28/55                                                                                                                                      | CUSIP: 29452EAD3<br>LEI: 549300FIBAKMNHPZ4009 | Long             | DBT              | CORP              | US        |    202000 | PA      | $203856.58    | 0.11%             | 2055-03-28      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                                  | ABT 5.5 03/15/56                                                                                                                                       | CUSIP: 002824BW9<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122565.89    | 0.06%             | 2056-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2021-12                                                     | JPMMT 2021-12 A6                                                                                                                                       | CUSIP: 46592WAN6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    485769 | PA      | $454710.23    | 0.24%             | 2052-02-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Cerberus Loan Funding XL LLC                                                         | CERB 2023-1A A                                                                                                                                         | CUSIP: 15675AAA7<br>LEI: 635400FRD1HEGKSHCI69 | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $501080.25    | 0.26%             | 2035-03-22      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Vertiv Holdings Co                                                                   | VRT 5.8 03/15/56                                                                                                                                       | CUSIP: 92537NAC2<br>LEI: 549300KTTIRAOGXCRV69 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72093.21     | 0.04%             | 2056-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| LIFE 2021-BMR MORTGAGE TRUST                                                         | LIFE 2021-BMR F                                                                                                                                        | CUSIP: 53218CAL4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    175000 | PA      | $154472.50    | 0.08%             | 2038-03-15      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial Inc.                                                            | CRBG V6.875 PERP                                                                                                                                       | CUSIP: 21871XAU3<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    113000 | PA      | $115144.40    | 0.06%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bond Stripped Principal Payment                                        | SP 0 02/15/46                                                                                                                                          | CUSIP: 912803ER0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1940000 | PA      | $714546.21    | 0.37%             | 2046-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                                                            | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DIR              | CORP              | CA        |   1370000 | NC      | $9432.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                                          | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              | CORP              | FR        |  -1172500 | NC      | $-969.38      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ARES DIRECT LENDING CLO 1 LLC                                                        | ARESDL 2024-1A B                                                                                                                                       | CUSIP: 04020RAC2<br>LEI: 254900W79C3ALKJIMH12 | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $249462.95    | 0.13%             | 2036-04-25      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| CAPITAL AUTOMOTIVE REIT                                                              | CAUTO 2021-1A A4                                                                                                                                       | CUSIP: 12510HAN0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    491979 | PA      | $428649.26    | 0.22%             | 2051-08-15      | Fixed         | 2.76%                 | No            |                  2 | On Loan: No      |
| KREF 2021-Fl2 Ltd.                                                                   | KREF 2021-FL2 C                                                                                                                                        | CUSIP: 48275RAG2<br>LEI: 54930083ELM2GCMVTQ91 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $497138.00    | 0.26%             | 2039-02-17      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | TII 2.125 01/15/35                                                                                                                                     | CUSIP: 91282CML2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2592034 | PA      | $2635733.71   | 1.38%             | 2035-01-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-30YR                                                                                                                                              | CUSIP: 01F050650<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2300970 | PA      | $2266441.25   | 1.19%             | 2056-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ABG INTERMEDIATE HOLDINGS 2 LLC                                                      | Authentic Brands Term Loan B 225 2028-12-01                                                                                                            | CUSIP: 00076VBL3<br>LEI: 54930020NXD0RJB64985 | Long             | LON              | CORP              | US        |    172375 | PA      | $171895.80    | 0.09%             | 2028-12-21      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Gcat 2025-INV3 Trust                                                                 | GCAT 2025-INV3 A5                                                                                                                                      | CUSIP: 36831DAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    166623 | PA      | $168245.75    | 0.09%             | 2055-08-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                                      | CDS CDX.NA.HY.45.V1                                                                                                                                    | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-80174.90    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Taco Bell Funding Llc                                                                | BELL 2025-1A A2I                                                                                                                                       | CUSIP: 87342RAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $147695.46    | 0.08%             | 2055-08-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                                                            | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DIR              | CORP              | CA        |    971000 | NC      | $4438.47      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CMS Energy Corporation                                                               | CMS V6.5 06/01/55                                                                                                                                      | CUSIP: 125896BY5<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    140000 | PA      | $142524.90    | 0.07%             | 2055-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CVR Energy Inc.                                                                      | CVI 7.5 02/15/31 144A                                                                                                                                  | CUSIP: 12662PAH1<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90672.03     | 0.05%             | 2031-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Kkr Clo 16 Ltd. / Kkr Clo 16 LLC                                                     | KKR 16 A2R3                                                                                                                                            | CUSIP: 48251BBG4<br>LEI: 254900VCKMCY079T6M57 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $498240.05    | 0.26%             | 2034-10-20      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| Becle Sab DE CV                                                                      | JBYCMX 2.5 10/14/31 144A                                                                                                                               | CUSIP: 07586PAA9<br>LEI: 529900JY55CZKMJLCE09 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $171762.00    | 0.09%             | 2031-10-14      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HOTWIRE FUNDING LLC                                                                  | HWIRE 2021-1 A2                                                                                                                                        | CUSIP: 44148JAA7<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $246375.13    | 0.13%             | 2051-11-20      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| NOVASTAR MORTGAGE FUNDING TRUST SERIES 2007-2                                        | NHEL 2007-2 A1A                                                                                                                                        | CUSIP: 66989EAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    195234 | PA      | $193423.48    | 0.10%             | 2037-09-25      | Floating      | 3.99%                 | No            |                  2 | On Loan: No      |
| Guggenheim Strategy Funds Trust                                                      | Guggenheim Variable Insurance Strategy Fund III                                                                                                        | CUSIP: 40168Q403<br>LEI: 5493007THUTJ3GMETL84 | Long             | EC               | RF                | US        |   1080331 | NS      | $26748990.16  | 14.01%            |  |  |  | No            |                  1 | On Loan: No      |
| ARES DIRECT LENDING CLO 2 LLC                                                        | ARESDL 2024-2A C                                                                                                                                       | CUSIP: 04021CAG5<br>LEI: 254900G0OBAGPDEAK422 | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99479.12     | 0.05%             | 2036-10-20      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| VB-S1 ISSUER LLC                                                                     | VBTEL 2026-1A C2                                                                                                                                       | CUSIP: 91825HAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $343890.72    | 0.18%             | 2056-03-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FINANCE LLC / JFIN CO-ISSUER CORP                                          | JEFFIN 5 08/15/28                                                                                                                                      | CUSIP: 47232MAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $232965.43    | 0.12%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SWITCH ABS ISSUER LLC                                                                | SWTCH 2024-2A A2                                                                                                                                       | CUSIP: 871044AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $294071.64    | 0.15%             | 2054-06-25      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| LAKE SHORE MM CLO I LTD                                                              | THLLS 2019-1A A1R                                                                                                                                      | CUSIP: 510800AC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    270146 | PA      | $270815.94    | 0.14%             | 2033-04-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| AMFAM HOLDINGS INC                                                                   | AMFAHI 3.833 03/11/51 144A                                                                                                                             | CUSIP: 03115AAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $68448.27     | 0.04%             | 2051-03-11      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| Iqvia Inc                                                                            | IQV 5 05/15/27 144A                                                                                                                                    | CUSIP: 46266TAA6<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199243.88    | 0.10%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SWITCH ABS ISSUER LLC 2024-1                                                         | SWTCH 2024-1A A2                                                                                                                                       | CUSIP: 871044AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100938.94    | 0.05%             | 2054-03-25      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| OSAT 2021-RPL1 TRUST                                                                 | OSAT 2021-RPL1 A1                                                                                                                                      | CUSIP: 67114HAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    304489 | PA      | $304659.63    | 0.16%             | 2065-05-25      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| OBX TRUST2024-NQM5                                                                   | OBX 2024-NQM5 A2                                                                                                                                       | CUSIP: 67448NAB4<br>LEI: 254900RDM4XSF0B1E373 | Long             | ABS-O            | CORP              | US        |    124916 | PA      | $125603.44    | 0.07%             | 2064-01-25      | Variable      | 6.29%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | IRS USD                                                                                                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-31033.68    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 5.75 11/30/45                                                                                                                                       | CUSIP: 92343VHH0<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97380.06     | 0.05%             | 2045-11-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FIGRE TRUST 2025-HE8                                                                 | FIGRE 2025-HE8 A                                                                                                                                       | CUSIP: 30191WAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    137605 | PA      | $136742.39    | 0.07%             | 2055-11-25      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR RJ2209                                                                                                                                              | CUSIP: 3142GSN38<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    321410 | PA      | $332792.70    | 0.17%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | Three-Month SOFR Futures, Dec-2026,ETH                                                                                                                 | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -40 | NC      | $51916.73     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc.                                                                          | HUM V6.625 09/15/56                                                                                                                                    | CUSIP: 444859CE0<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144147.69    | 0.08%             | 2056-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                                  | D V6.2 02/15/56                                                                                                                                        | CUSIP: 25746UEA3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198240.86    | 0.10%             | 2056-02-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | Options on Three-Month SOFR Futures                                                                                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -82 | NC      | $-14350.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| ANGEL OAK MORTGAGE TRUST 2025-12                                                     | AOMT 2025-12 A3                                                                                                                                        | CUSIP: 03466KAE6<br>LEI: 254900ZULW8CAJ29C630 | Long             | ABS-O            | CORP              | US        |    192058 | PA      | $190999.76    | 0.10%             | 2070-12-25      | Variable      | 5.34%                 | No            |                  2 | On Loan: No      |
| FIGRE TRUST 2026-HE2                                                                 | FIGRE 2026-HE2 B                                                                                                                                       | CUSIP: 31684VAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $148422.72    | 0.08%             | 2056-01-25      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| LG Energy Solution Ltd.                                                              | LGENSO 5.5 07/02/34 144A                                                                                                                               | CUSIP: 50205MAE9<br>LEI: 988400QX6P286XA6ZS85 | Long             | DBT              | CORP              | KR        |    200000 | PA      | $197768.31    | 0.10%             | 2034-07-02      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Paramount Global                                                                     | PARA 5.25 04/01/44                                                                                                                                     | CUSIP: 92553PAW2<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    116000 | PA      | $73402.10     | 0.04%             | 2044-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLDING LUX SARL                                                             | JBS 5.5 01/15/36                                                                                                                                       | CUSIP: 472140AF9<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |     75000 | PA      | $75034.50     | 0.04%             | 2036-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tricon Residential 2023-SFR2 Trust                                                   | TCN 2023-SFR2 C                                                                                                                                        | CUSIP: 895978AC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $247189.30    | 0.13%             | 2040-12-19      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR RA9163                                                                                                                                              | CUSIP: 3133KRFC3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    198780 | PA      | $202435.03    | 0.11%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Societe Generale S.A.                                                                | SOCGEN V2.889 06/09/32 144A                                                                                                                            | CUSIP: 83368RBD3<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $224232.02    | 0.12%             | 2032-06-09      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V5.387 02/02/41                                                                                                                                     | CUSIP: 38145GAU4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    250000 | PA      | $241537.70    | 0.13%             | 2041-02-02      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| OWL ROCK CLO IV LTD                                                                  | OR 2020-4A A1R                                                                                                                                         | CUSIP: 691200AC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    192408 | PA      | $192245.50    | 0.10%             | 2033-08-22      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Hasbro Inc                                                                           | HAS 6.05 05/14/34                                                                                                                                      | CUSIP: 418056BA4<br>LEI: 549300NUB6D2R1ITYR45 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156346.79    | 0.08%             | 2034-05-14      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Whirlpool Corp.                                                                      | WHR 4.6 05/15/50                                                                                                                                       | CUSIP: 963320AX4<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     10000 | PA      | $6649.42      | 0.00%             | 2050-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | Three-Month SOFR Futures, Dec-2027,ETH                                                                                                                 | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        40 | NC      | $-39289.29    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS                                                                          | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              | CORP              | FR        |  -1340000 | NC      | $-1221.92     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | IRS USD                                                                                                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-102868.49   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Central Garden & Pet Company                                                         | CENT 4.125 04/30/31 144A                                                                                                                               | CUSIP: 153527AP1<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |     42000 | PA      | $39132.96     | 0.02%             | 2031-04-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Citadel Securities Global Holdings LLC                                               | CITSEC 6.2 06/18/35                                                                                                                                    | CUSIP: 17289RAB2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255767.90    | 0.13%             | 2035-06-18      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Gulfstream Natural Gas System LLC                                                    | GULFNG 5.6 07/23/35 144A                                                                                                                               | CUSIP: 402740AG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $177205.37    | 0.09%             | 2035-07-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| AWAYDAY(VACATION RENT)1L TL CL USD                                                   | AWAYDAY(VACATION RENT)1L TL CL USD                                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      8970 | PA      | $8886.88      | 0.00%             | 2032-05-01      | Floating      | 6.00%                 | No            |                  3 | On Loan: No      |
| Federal National Mortgage Association                                                | FN CB9155                                                                                                                                              | CUSIP: 3140QVE59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    914966 | PA      | $946694.47    | 0.50%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                                            | SUN 4.625 05/01/30 144A                                                                                                                                | CUSIP: 86765KAK5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96236.90     | 0.05%             | 2030-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO 83 M                                                      | GOCAP 2025-83A C                                                                                                                                       | CUSIP: 38182EAG4<br>LEI: 254900VLZT72CPBHZ909 | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99401.60     | 0.05%             | 2038-11-09      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                                                | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              | CORP              | US        |   1618000 | NC      | $7405.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                     | VIX E 2026-04-15 CALL 35                                                                                                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        72 | NC      | $6336.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                         | MAR 5.1 05/01/38                                                                                                                                       | CUSIP: 571903BZ5<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     75000 | PA      | $71301.78     | 0.04%             | 2038-05-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Hyatt Hotels Corporation                                                             | H 5.4 12/15/35                                                                                                                                         | CUSIP: 448579AW2<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    250000 | PA      | $244867.31    | 0.13%             | 2035-12-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| AMFAM HOLDINGS INC                                                                   | AMFAHI 2.805 03/11/31 144A                                                                                                                             | CUSIP: 03115AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $175436.84    | 0.09%             | 2031-03-11      | Fixed         | 2.81%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-30YR                                                                                                                                              | CUSIP: 01F050668<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  14736030 | PA      | $14501083.60  | 7.59%             | 2056-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE TRUST 2025-FIX1                                                  | TPMT 2025-FIX1 A2                                                                                                                                      | CUSIP: 89183MAB9<br>LEI: 2549009GWN99QN2XSG71 | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $295599.66    | 0.15%             | 2065-09-25      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| ARETEC ESCROW ISSUER 2 INC                                                           | RCAP 10 08/15/30 144A                                                                                                                                  | CUSIP: 04020JAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $95594.82     | 0.05%             | 2030-08-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CAPSTONE ACQUISITION 1L TL                                                           | CAPSTONE ACQUISITION 1L TL                                                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    135856 | PA      | $135310.85    | 0.07%             | 2029-11-12      | Floating      | 8.27%                 | No            |                  3 | On Loan: No      |
| MetLife Inc.                                                                         | MET V6.35 03/15/55 G                                                                                                                                   | CUSIP: 59156RCQ9<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152212.65    | 0.08%             | 2055-03-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| CMFT NET LEASE MASTER ISSUER LLC                                                     | CIMNL 2021-1 A6                                                                                                                                        | CUSIP: 12575AAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $339338.56    | 0.18%             | 2051-07-20      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                                                | WSTP V3.02 11/18/36                                                                                                                                    | CUSIP: 961214EX7<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    150000 | PA      | $134184.54    | 0.07%             | 2036-11-18      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| Smithfield Foods Inc                                                                 | SFD 2.625 09/13/31 144A                                                                                                                                | CUSIP: 832248BD9<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | DBT              | CORP              | US        |    300000 | PA      | $263305.91    | 0.14%             | 2031-09-13      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Norfolk Southern Corporation                                                         | NSC 4.1 05/15/21                                                                                                                                       | CUSIP: 655844CJ5<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |     40000 | PA      | $26901.98     | 0.01%             | 2121-05-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| BSPRT 2025-FL12 ISSUER LLC                                                           | BSPRT 2025-FL12 B                                                                                                                                      | CUSIP: 05619BAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99768.76     | 0.05%             | 2043-01-17      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Nippon Life Insurance Co.                                                            | NIPLIF V2.9 09/16/51 144A                                                                                                                              | CUSIP: 654579AK7<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $175086.13    | 0.09%             | 2051-09-16      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL HOLDINGS (US) INC                                                  | GFLCN 5.5 02/01/34 144A                                                                                                                                | CUSIP: 36273TAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $392318.36    | 0.21%             | 2034-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HF Sinclair Corp.                                                                    | DINO 5.5 09/01/32                                                                                                                                      | CUSIP: 403949AT7<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |    175000 | PA      | $175398.71    | 0.09%             | 2032-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fairfax Financial Holdings Limited                                                   | FFHCN 3.375 03/03/31                                                                                                                                   | CUSIP: 303901BJ0<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $232775.00    | 0.12%             | 2031-03-03      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| PROVIDENT FUNDING MORTGAGE TRUST 2025-4                                              | PFMT 2025-4 A4                                                                                                                                         | CUSIP: 74387AAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    121382 | PA      | $121506.55    | 0.06%             | 2055-09-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| First Republic Bank San Francisco                                                    | First Republic Bank San Francisco DEPOSITARY SHARES EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF 4.5% NONCUMULATIVE PERPETUAL SERIES N PREFERRED  | CUSIP: 33616C696<br>LEI: YWC0TIKBQM2JV8L4IV08 | Long             | EP               | CORP              | US        |       675 | NS      | $0.14         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                                             | JPY CALL VERSUS USD PUT                                                                                                                                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |    336000 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pershing Square Holdings, Ltd.                                                       | PSHNA 3.25 10/01/31 144A                                                                                                                               | CUSIP: 000000000<br>LEI: U7LC4KOKCTZ0YWGI2G56 | Long             | DBT              | CORP              | GG        |   1000000 | PA      | $897695.81    | 0.47%             | 2031-10-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Sierra Pacific Power Company                                                         | BRKHEC V6.2 12/15/55                                                                                                                                   | CUSIP: 826418BR5<br>LEI: QB888G5GSVGE1LD1WV84 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48631.09     | 0.03%             | 2055-12-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| STWD 2025-FL4 LLC                                                                    | STWD 2025-FL4 B                                                                                                                                        | CUSIP: 863922AE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99505.06     | 0.05%             | 2042-11-19      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| HARMONI TOWERS LLC                                                                   | HARMONI TOWERS LLC                                                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $198465.12    | 0.10%             | 2030-10-30      | Fixed         | 5.22%                 | No            |                  3 | On Loan: No      |
| Macquarie Bank Ltd.                                                                  | MQGAU 3.624 06/03/30 144A                                                                                                                              | CUSIP: 556079AC5<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |    200000 | PA      | $189787.40    | 0.10%             | 2030-06-03      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| First Republic Bank San Francisco                                                    | First Republic Bank San Francisco DEPOSITARY SHARES EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF 4.25% NONCUMULATIVE PERPETUAL SERIES L PREFERRED | CUSIP: 33616C746<br>LEI: YWC0TIKBQM2JV8L4IV08 | Long             | EP               | CORP              | US        |     16525 | NS      | $3.31         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGEL OAK MORTGAGE TRUST 2023-1                                                      | AOMT 2023-1 A3                                                                                                                                         | CUSIP: 03465WAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    144185 | PA      | $143583.75    | 0.08%             | 2067-09-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| FIRSTKEY HOMES 2021-SFR1 TRUST                                                       | FKH 2021-SFR1 B                                                                                                                                        | CUSIP: 33767WAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $593242.74    | 0.31%             | 2038-08-19      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| ARES DIRECT LENDING CLO 6 LLC                                                        | ARESDL 2025-2A B                                                                                                                                       | CUSIP: 039960AE9<br>LEI: 254900F5EQV7KVCD4M68 | Long             | ABS-CBDO         | CORP              | US        |    400000 | PA      | $398729.24    | 0.21%             | 2037-10-16      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                          | COF V5.197 09/11/36                                                                                                                                    | CUSIP: 14040HDN2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72707.20     | 0.04%             | 2036-09-11      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Kkr Core Holding Company Llc                                                         | Kkr Core Holding Company Llc 4% SNR NTS 12/08/2031 USD (SEC REGD)                                                                                      | CUSIP: 48255KAA4<br>LEI: 5493007DXHDGV3QWWI42 | Long             | DBT              | CORP              | KY        |    450360 | PA      | $418468.93    | 0.22%             | 2031-08-12      | Fixed         | 4.00%                 | No            |                  3 | On Loan: No      |
| Telus Corp.                                                                          | TCN V6.375 06/09/56 .                                                                                                                                  | CUSIP: 87971MCQ4<br>LEI: 894500TX134IMF6NW757 | Long             | DBT              | CORP              | CA        |    125000 | PA      | $123748.41    | 0.06%             | 2056-06-09      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Carlyle Group Inc                                                                    | CG 5.05 09/19/35                                                                                                                                       | CUSIP: 14316JAA6<br>LEI: 529900NGGVF94UK6PG95 | Long             | DBT              | CORP              | US        |    200000 | PA      | $192968.67    | 0.10%             | 2035-09-19      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE STRATEGIC CAP HLDNG II                                                    | BLACKSTONE STRATEGIC CAP HLDNG II                                                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    400000 | PA      | $400000.00    | 0.21%             | 2033-12-31      | Floating      | 5.64%                 | No            |                  3 | On Loan: No      |
| Honeywell Aerospace Inc.                                                             | HONA 5.622 03/16/46 144A                                                                                                                               | CUSIP: 43849RAH8<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88692.31     | 0.05%             | 2046-03-16      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SECURITIZED ASSET BACKED RECEIVABLES LLC TRUST 2007-NC2                              | SABR 2007-BR2 A1                                                                                                                                       | CUSIP: 81378PAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    448794 | PA      | $396321.32    | 0.21%             | 2037-02-25      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                                            | SUN 7.25 05/01/32 144A                                                                                                                                 | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103466.90    | 0.05%             | 2032-05-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Spire Inc                                                                            | SR V6.25 06/01/56                                                                                                                                      | CUSIP: 84857LAD3<br>LEI: 549300NXSY15DRY2R511 | Long             | DBT              | CORP              | US        |    125000 | PA      | $123605.96    | 0.06%             | 2056-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co, Inc.                                                     | AEP V6.05 03/15/56 D                                                                                                                                   | CUSIP: 02557TAF6<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69375.24     | 0.04%             | 2056-03-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| TRICON RESIDENTIAL 2024-SFR2 TRUST                                                   | TCN 2024-SFR2 B                                                                                                                                        | CUSIP: 89616VAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100374.63    | 0.05%             | 2040-06-20      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| First American Financial Corporation                                                 | FAF 4 05/15/30                                                                                                                                         | CUSIP: 31847RAG7<br>LEI: 549300B6VEZK3N0A1P55 | Long             | DBT              | CORP              | US        |    360000 | PA      | $343320.53    | 0.18%             | 2030-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 2 11/15/41                                                                                                                                           | CUSIP: 912810TC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1930000 | PA      | $1334715.63   | 0.70%             | 2041-11-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group Inc.                                                                | WEC V5.625 05/15/56                                                                                                                                    | CUSIP: 92939UAU0<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |     75000 | PA      | $73487.24     | 0.04%             | 2056-05-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| JEFFERIES CREDIT PARTNERS DIRECT LENDING CLO 2025-1 LTD                              | JCPDL 2025-1A C                                                                                                                                        | CUSIP: 47235BAG8<br>LEI: 213800SOG377Y9E1U217 | Long             | ABS-CBDO         | CORP              | KY        |    150000 | PA      | $149160.23    | 0.08%             | 2037-10-15      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | IRS USD                                                                                                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $24807.11     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                     | VIX E 2026-05-19 CALL 35                                                                                                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        72 | NC      | $13356.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| OBX 2024-NQM3 TRUST                                                                  | OBX 2024-NQM3 A3                                                                                                                                       | CUSIP: 67118KAC7<br>LEI: 2549001QDCO9VU0HH514 | Long             | ABS-O            | CORP              | US        |    265500 | PA      | $266536.28    | 0.14%             | 2063-12-25      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                                          | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              | CORP              | FR        |   1370000 | NC      | $9432.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LOANCORE 2025-CRE9 ISSUER LLC                                                        | LNCR 2025-CRE9 AS                                                                                                                                      | CUSIP: 538912AC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    150000 | PA      | $149693.51    | 0.08%             | 2042-08-18      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bond Stripped Principal Payment                                        | SP 0 11/15/44                                                                                                                                          | CUSIP: 912803EK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    485000 | PA      | $191034.60    | 0.10%             | 2044-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OBX 2024-NQM11 TR                                                                    | OBX 2024-NQM11 A2                                                                                                                                      | CUSIP: 67119EAB2<br>LEI: 254900F5LT8CA1U6PK21 | Long             | ABS-O            | CORP              | US        |    296912 | PA      | $299216.47    | 0.16%             | 2064-06-25      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                                                            | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DIR              | CORP              | CA        |    969000 | NC      | $3596.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TEXTAINER MARINE CONTAINERS VII LTD                                                  | TMCL 2020-1A A                                                                                                                                         | CUSIP: 88315LAE8<br>LEI: 549300X48KLHDDGPK024 | Long             | ABS-O            | CORP              | BM        |     89918 | PA      | $86680.85     | 0.05%             | 2045-08-20      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET 7.375 02/01/31 144A                                                                                                                                 | CUSIP: 226373AT5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51860.67     | 0.03%             | 2031-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2-30YR-Multi                                                                                                                                          | CUSIP: 21H050664<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5123370 | PA      | $5055473.31   | 2.65%             | 2056-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAPS TRUST 2026-1                                                                    | MAPSL 2026-1A A                                                                                                                                        | CUSIP: 55293WAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    444545 | PA      | $434233.01    | 0.23%             | 2051-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| LHOME MORTGAGE TRUST 2025-RTL3                                                       | LHOME 2025-RTL3 A1                                                                                                                                     | CUSIP: 50205YAA1<br>LEI: 529900XB146PHFHY2T23 | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $249521.68    | 0.13%             | 2040-08-25      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| Cox Communications, Inc.                                                             | COXENT 5.8 12/15/53 144A                                                                                                                               | CUSIP: 224044CT2<br>LEI: 5493001NEDZNIFRP2R92 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42302.92     | 0.02%             | 2053-12-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| DB Master Finance LLC                                                                | DNKN 2025-1A A2II                                                                                                                                      | CUSIP: 233046AW1<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |     99750 | PA      | $98227.62     | 0.05%             | 2055-08-20      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| GLP Capital L.P. and GLP Financing II, Inc.                                          | GLPI 4 01/15/31                                                                                                                                        | CUSIP: 361841AQ2<br>LEI: 2549005PXW31DRW8EC44 | Long             | DBT              | CORP              | US        |    280000 | PA      | $264762.48    | 0.14%             | 2031-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN MA5854                                                                                                                                              | CUSIP: 31418FQG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33118 | PA      | $33759.60     | 0.02%             | 2055-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2025-NQM3                                        | NRZT 2025-NQM3 A1                                                                                                                                      | CUSIP: 64832CAC7<br>LEI: 2138002D8CMDYG7QOU84 | Long             | ABS-O            | CORP              | US        |     78791 | PA      | $79174.23     | 0.04%             | 2065-05-25      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR RQ0095                                                                                                                                              | CUSIP: 3142J6C92<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1547677 | PA      | $1555643.53   | 0.81%             | 2056-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                    | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              | CORP              | GB        |   1619000 | NC      | $8865.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NEE V6.375 08/15/55                                                                                                                                    | CUSIP: 65339KDE7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     67000 | PA      | $68256.38     | 0.04%             | 2055-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WSP Global Inc                                                                       | WSPCN 5.039 09/18/31 144A                                                                                                                              | CUSIP: 92938WAG8<br>LEI: 549300IQ87LU6X6ERQ78 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $99133.55     | 0.05%             | 2031-09-18      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                                              | VENLNG V9 PERP 144a                                                                                                                                    | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149406.93    | 0.08%             | N/A             | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Sherwood Financing PLC                                                               | ARWLN F 12/15/29 REGS                                                                                                                                  | CUSIP: 000000000<br>LEI: 259400SSZWSSPNYW7K08 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $168124.81    | 0.09%             | 2029-12-15      | Floating      | 7.65%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST 2024-5                                                        | SEMT 2024-5 A5                                                                                                                                         | CUSIP: 81743CAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     43946 | PA      | $44053.34     | 0.02%             | 2054-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co, Inc.                                                     | AEP V5.8 03/15/56 C                                                                                                                                    | CUSIP: 02557TAE9<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69147.05     | 0.04%             | 2056-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| AP GRANGE HOLDINGS                                                                   | AP GRANGE HOLDINGS                                                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    200000 | PA      | $208000.00    | 0.11%             | 2045-03-20      | Fixed         | 5.00%                 | No            |                  3 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V3.65 PERP KK                                                                                                                                      | CUSIP: 48128BAN1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248853.23    | 0.13%             | N/A             | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Maple Grove Funding Trust I                                                          | LIFEVT 4.161 08/15/51                                                                                                                                  | CUSIP: 565130AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $360593.63    | 0.19%             | 2051-08-15      | Fixed         | 4.16%                 | No            |                  2 | On Loan: No      |
| Bell Canada                                                                          | BCECN V7 09/15/55                                                                                                                                      | CUSIP: 0778FPAQ2<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $255879.75    | 0.13%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FS KKR Capital Corp                                                                  | FSK 2.625 01/15/27                                                                                                                                     | CUSIP: 302635AH0<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |     51000 | PA      | $49494.72     | 0.03%             | 2027-01-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.942 02/07/39                                                                                                                                     | CUSIP: 61747YFM2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76668.57     | 0.04%             | 2039-02-07      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| SWITCH ABS ISSUER LLC                                                                | SWTCH 2025-1A A2                                                                                                                                       | CUSIP: 871044AL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $192688.90    | 0.10%             | 2055-03-25      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                                                            | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DIR              | CORP              | CA        |  -1272000 | NC      | $-3725.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CASTLELAKE AIRCRAFT STRUCTURED TRUST 2025-3                                          | CLAST 2025-3A A                                                                                                                                        | CUSIP: 14855YAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    292111 | PA      | $288345.07    | 0.15%             | 2050-11-15      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V6.5 PERP JJ                                                                                                                                         | CUSIP: 172967QK0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49878.71     | 0.03%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fortitude Group Holdings LLC                                                         | FORTRE 6.25 04/01/30 144A                                                                                                                              | CUSIP: 34966XAA6<br>LEI: 2549006R9ZUL08JFIH12 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101836.22    | 0.05%             | 2030-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TRICON RESIDENTIAL 2024-SFR3 TRUST                                                   | TCN 2024-SFR3 C                                                                                                                                        | CUSIP: 89616YAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $198689.34    | 0.10%             | 2041-08-19      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cushman & Wakefield U S Borrower LLC                                                 | CWK 6.75 05/15/28 144A                                                                                                                                 | CUSIP: 23166MAA1<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35050.53     | 0.02%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                              | MPLX 5.65 03/01/53                                                                                                                                     | CUSIP: 55336VBW9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45672.54     | 0.02%             | 2053-03-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                          | IL ILS 5.65 12/01/2038                                                                                                                                 | CUSIP: 452152ZB0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    288889 | PA      | $297649.46    | 0.16%             | 2038-12-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Vontier Corporation                                                                  | VNT 2.95 04/01/31                                                                                                                                      | CUSIP: 928881AF8<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |     81000 | PA      | $73654.62     | 0.04%             | 2031-04-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Bombardier Recreational Products                                                     | Bombardier Recreational Products Term Loan B-4 (Incremental) 275 2031-01-01                                                                            | CUSIP: 09776MAT1<br>LEI: 549300DZZJW11IMTMJ24 | Long             | LON              | CORP              | US        |    348250 | PA      | $348194.28    | 0.18%             | 2031-01-22      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| The Brooklyn Union Gas Company                                                       | NGGLN 6.388 09/15/33 144A                                                                                                                              | CUSIP: 114259AX2<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106471.84    | 0.06%             | 2033-09-15      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| Altice France SAS                                                                    | SFRFP 6.5 04/15/32 144A                                                                                                                                | CUSIP: 02090DAD0<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    152439 | PA      | $144433.51    | 0.08%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BDS 2025-FL16 LLC                                                                    | BDS 2025-FL16 B                                                                                                                                        | CUSIP: 05556XAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99299.03     | 0.05%             | 2043-07-19      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                                                                   | SUBWAY 2024-3A A23                                                                                                                                     | CUSIP: 864300AL2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    246875 | PA      | $240453.07    | 0.13%             | 2054-07-30      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS V6.75 12/10/54                                                                                                                                     | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151881.45    | 0.08%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Telus Corp.                                                                          | TCN V6.625 10/15/55 **                                                                                                                                 | CUSIP: 87971MCL5<br>LEI: 894500TX134IMF6NW757 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $75027.45     | 0.04%             | 2055-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Cox Communications, Inc.                                                             | COXENT 2.95 10/01/50 144A                                                                                                                              | CUSIP: 224044CM7<br>LEI: 5493001NEDZNIFRP2R92 | Long             | DBT              | CORP              | US        |    101000 | PA      | $54448.29     | 0.03%             | 2050-10-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| AWAYDAY(VACATION RENTAL BRANDS HOLDINGS) DD                                          | AWAYDAY(VACATION RENTAL BRANDS HOLDINGS) DD                                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      6623 | PA      | $6561.72      | 0.00%             | 2032-05-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| FORTRESS CREDIT BSL XV LTD                                                           | FCBSL 2022-2A BR                                                                                                                                       | CUSIP: 34964WAQ5<br>LEI: 254900VHYDP7XYPMH337 | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $300297.27    | 0.16%             | 2033-10-18      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Jane Street Group                                                                    | Jane Street Group Term Loan B 200 2031-12-01                                                                                                           | CUSIP: 47077DAM2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | LON              | CORP              | US        |    220252 | PA      | $215972.41    | 0.11%             | 2031-12-15      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                                                | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              | CORP              | US        |  -1618000 | NC      | $-6158.56     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ARES DIRECT LENDING CLO 5 LLC                                                        | ARESDL 2025-3A B                                                                                                                                       | CUSIP: 039973AE2<br>LEI: 254900FZTAJNX33DJ460 | Long             | ABS-CBDO         | CORP              | US        |    150000 | PA      | $149533.08    | 0.08%             | 2038-01-20      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Sumitomo Life Insurance Co.                                                          | SUMILF V5.875 09/10/55 144A                                                                                                                            | CUSIP: 86564CAF7<br>LEI: 549300I5OQCDADQSPI57 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $195685.78    | 0.10%             | 2055-09-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                                          | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              | CORP              | FR        |   -837500 | NC      | $-837.84      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Discovery Global Holdings Inc.                                                       | WBD 4.279 03/15/32 *                                                                                                                                   | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    233000 | PA      | $206205.00    | 0.11%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Phantom 2026-1 Aviation Ltd. / Phantom 2026-1 Aviation LLC                           | PHNTOM 2026-1A A                                                                                                                                       | CUSIP: 71711GAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    249032 | PA      | $244142.16    | 0.13%             | 2051-01-15      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| FedEx Corporation                                                                    | FDX 4.1 02/01/45 .                                                                                                                                     | CUSIP: 31428XDQ6<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |     75000 | PA      | $58943.50     | 0.03%             | 2045-02-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN MA5880                                                                                                                                              | CUSIP: 31418FRA7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5464 | PA      | $5572.17      | 0.00%             | 2055-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Valley Authority                                                           | TVA 4.25 09/15/65                                                                                                                                      | CUSIP: 880591ES7<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |   1000000 | PA      | $821654.00    | 0.43%             | 2065-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BX TRUST 2024-VLT4                                                                   | BX 2024-VLT4 B                                                                                                                                         | CUSIP: 05612TAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99375.00     | 0.05%             | 2041-06-17      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                                      | CDS CDX.NA.HY.43.V1                                                                                                                                    | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-17547.20    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SLAM 2021-1 LLC                                                                      | SLAM 2021-1A A                                                                                                                                         | CUSIP: 78449AAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    525000 | PA      | $497692.44    | 0.26%             | 2046-06-15      | Fixed         | 2.43%                 | No            |                  2 | On Loan: No      |
| Blackfin Pipeline                                                                    | Blackfin Pipeline Term Loan B 300 2032-09-21                                                                                                           | CUSIP: 09231PAB2<br>LEI: 254900F4BUS186SK8A51 | Long             | LON              | CORP              | US        |    199500 | PA      | $200309.97    | 0.10%             | 2032-09-29      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                     | VIX E 2026-05-19 CALL 50                                                                                                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |       -72 | NC      | $-6948.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Ascend Learning                                                                      | Ascend Learning First-lien Term Loan 300 2028-12-01                                                                                                    | CUSIP: 04349HAN4<br>LEI: 549300T466HKRLVCD610 | Long             | LON              | CORP              | US        |    189523 | PA      | $184784.54    | 0.10%             | 2028-12-11      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| CF HIPPOLYTA ISSUER LLC                                                              | SORT 2020-1 B1                                                                                                                                         | CUSIP: 12530MAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    224863 | PA      | $138290.57    | 0.07%             | 2060-07-15      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| ELDRIDGE CLO 2025-2 LTD                                                              | ELD 2025-2A C                                                                                                                                          | CUSIP: 28473AAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    200000 | PA      | $200144.78    | 0.10%             | 2039-01-20      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                                       | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              | CORP              | US        |   2604000 | NC      | $11981.20     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                                                    | VENTGL 4.125 08/15/31 144A                                                                                                                             | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    200000 | PA      | $185521.10    | 0.10%             | 2031-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V6.75 PERP EE                                                                                                                                        | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299864.88    | 0.16%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                       | BNP V4.916 01/15/34 144A                                                                                                                               | CUSIP: 09659W3E2<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $244455.22    | 0.13%             | 2034-01-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                                                    | ES V6.35 08/15/56 B                                                                                                                                    | CUSIP: 30040WBD9<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98645.60     | 0.05%             | 2056-08-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Live Nation                                                                          | Live Nation Term Loan B 200 2032-10-06                                                                                                                 | CUSIP: 53803HAY6<br>LEI: 5493007B9BM9ZXJINO78 | Long             | LON              | CORP              | US        |    199500 | PA      | $199250.63    | 0.10%             | 2032-10-21      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Smithfield Foods Inc                                                                 | SFD 3 10/15/30 144A                                                                                                                                    | CUSIP: 832248BC1<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91412.44     | 0.05%             | 2030-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Insured Lending 1 Ltd.                                                               | INLEND 6.5 02/04/32 144                                                                                                                                | CUSIP: 000000000<br>LEI: 875500RRX7H6NZ8RYE90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $231140.00    | 0.12%             | 2032-02-04      | Fixed         | 6.50%                 | Yes           |                  3 | On Loan: No      |
| LOANCORE 2021-CRE6 ISSUER LTD                                                        | LNCR 2021-CRE6 C                                                                                                                                       | CUSIP: 53948HAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $496714.10    | 0.26%             | 2038-11-15      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| Flowserve Corporation                                                                | FLS 3.5 10/01/30                                                                                                                                       | CUSIP: 34354PAF2<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | DBT              | CORP              | US        |     82000 | PA      | $77136.48     | 0.04%             | 2030-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SALUDA GRADE ALTERNATIVE MORTGAGE TRUST 2023-FIG                                     | GRADE 2023-FIG4 A                                                                                                                                      | CUSIP: 79581UAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     90451 | PA      | $92895.58     | 0.05%             | 2053-11-25      | Variable      | 6.72%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                                            | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              | CORP              | US        |  -1946000 | NC      | $-5651.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Dreyfus Treasury Securities Cash Management                                          | Dreyfus Treasury Securities Cash Management INSTL SHS                                                                                                  | CUSIP: 261941108<br>LEI: 549300U78VESCW509025 | Long             | STIV             | RF                | US        |   2442651 | NS      | $2442650.97   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Enstar Group Ltd                                                                     | ESGR V7.5 04/01/45 144A                                                                                                                                | CUSIP: 29359UAD1<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |    100000 | PA      | $102764.90    | 0.05%             | 2045-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FIGRE TRUST 2023-HE1                                                                 | FIGRE 2024-HE2 A                                                                                                                                       | CUSIP: 316927AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    183859 | PA      | $187512.95    | 0.10%             | 2054-05-25      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| SALUDA GRADE ALTERNATIVE MORTGAGE T                                                  | GRADE 2025-LOC4 A1A                                                                                                                                    | CUSIP: 79589VAN4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    124592 | PA      | $125023.45    | 0.07%             | 2055-06-25      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| STADCO LA LLC                                                                        | STADCO LA LLC                                                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $353016.25    | 0.18%             | 2056-05-15      | Fixed         | 3.75%                 | No            |                  3 | On Loan: No      |
| Oneok Inc.                                                                           | OKE 7.15 01/15/51                                                                                                                                      | CUSIP: 682680BF9<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53918.98     | 0.03%             | 2051-01-15      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | TII 1.875 07/15/35                                                                                                                                     | CUSIP: 91282CNS6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2329762 | PA      | $2318310.57   | 1.21%             | 2035-07-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| ARCHWEST 2025-RTL1                                                                   | ARCHW 2025-RTL1 A1                                                                                                                                     | CUSIP: 039966AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $399139.48    | 0.21%             | 2040-10-25      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| IMPERIAL FUND MORTGAGE TRUST 2022-NQM2                                               | IMPRL 2022-NQM2 A3                                                                                                                                     | CUSIP: 45276PAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    140349 | PA      | $132225.07    | 0.07%             | 2067-03-25      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | Options on Three-Month SOFR Futures                                                                                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       115 | NC      | $12937.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Greensaif Pipelines Bidco S.a r.l.                                                   | GASBCM 6.129 02/23/38 144A                                                                                                                             | CUSIP: 39541EAA1<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $202300.74    | 0.11%             | 2038-02-23      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Plains All American Pipeline L.P.                                                    | PAA 5.6 01/15/36                                                                                                                                       | CUSIP: 72650RBS0<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200648.10    | 0.11%             | 2036-01-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| HOMES 2025-AFC3 TRUS                                                                 | HOMES 2025-AFC3 A3                                                                                                                                     | CUSIP: 43762AAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    448779 | PA      | $447439.26    | 0.23%             | 2060-08-25      | Variable      | 5.34%                 | No            |                  2 | On Loan: No      |
| Globe Life Inc                                                                       | GL 5.85 09/15/34                                                                                                                                       | CUSIP: 37959EAC6<br>LEI: 5493001JFHKQOPP6XA71 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66964.87     | 0.04%             | 2034-09-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST 2024-CES4                                                        | RCKT 2024-CES4 A1A                                                                                                                                     | CUSIP: 74939FAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    118313 | PA      | $119125.30    | 0.06%             | 2044-06-25      | Variable      | 6.15%                 | No            |                  2 | On Loan: No      |
| United Wholesale Mortgage LLC                                                        | UWMLLC 5.5 04/15/29 144A                                                                                                                               | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    300000 | PA      | $280795.83    | 0.15%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AITX FINCO LLC                                                                       | AITX FINCO LLC                                                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $199090.52    | 0.10%             | 2032-10-23      | Fixed         | 5.67%                 | No            |                  3 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2021-13                                                     | JPMMT 2021-13 A6                                                                                                                                       | CUSIP: 46592XAN4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    212663 | PA      | $199979.72    | 0.10%             | 2052-04-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| OWL ROCK CLO XVII LLC                                                                | OR 2024-17A B                                                                                                                                          | CUSIP: 69121RAC3<br>LEI: 254900XW6EXYO0CEAC23 | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $249318.78    | 0.13%             | 2036-07-15      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Beacon Funding Trust                                                                 | LIBMUT 6.266 08/15/54                                                                                                                                  | CUSIP: 073952AB9<br>LEI: 984500A80A2EBF5A7C93 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148235.64    | 0.08%             | 2054-08-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                                          | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              | CORP              | FR        |  -1340000 | NC      | $-5620.16     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RL DATIX 1L TL FACILITY B USD                                                        | RL DATIX 1L TL FACILITY B USD                                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     20000 | PA      | $19564.00     | 0.01%             | 2031-04-30      | Floating      | 8.73%                 | No            |                  3 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                   | VEGLPL 6.5 06/15/34 144A                                                                                                                               | CUSIP: 922966AF3<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26023.80     | 0.01%             | 2034-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 6.1 09/26/65                                                                                                                                      | CUSIP: 68389XDT9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     25000 | PA      | $20729.54     | 0.01%             | 2065-09-26      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                    | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              | CORP              | GB        |   1618000 | NC      | $7405.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LVNV 7.80 10/26/28                                                                   | LVNV 7.80 10/26/28                                                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $259559.98    | 0.14%             | 2028-11-05      | Fixed         | 7.80%                 | No            |                  3 | On Loan: No      |
| Ascot Group Limited                                                                  | ASCOTG V6.349 06/15/35 144A                                                                                                                            | CUSIP: 04365XAB4<br>LEI: 213800DJV7WRJBE2II28 | Long             | DBT              | CORP              | BM        |    150000 | PA      | $153056.57    | 0.08%             | 2035-06-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| DYAL III SERIES B ISSUER B                                                           | DYAL III SERIES B ISSUER B                                                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    132000 | PA      | $132542.40    | 0.07%             | 2044-06-15      | Fixed         | 6.55%                 | No            |                  3 | On Loan: No      |
| Brookfield Finance Inc.                                                              | BNCN 5.33 01/15/36                                                                                                                                     | CUSIP: 11271LAQ5<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $73434.17     | 0.04%             | 2036-01-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Copper River CLO Ltd                                                                 | Copper River CLO Ltd                                                                                                                                   | CUSIP: 217563AC9<br>LEI: 5493005HHHXVM8NBWY47 | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $60.00        | 0.00%             | 2021-01-20      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 5.95 09/26/55                                                                                                                                     | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    125000 | PA      | $105158.84    | 0.06%             | 2055-09-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Australia (Commonwealth of)                                                          | ACGB 4.25 03/21/36 172                                                                                                                                 | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |   3545000 | PA      | $2305907.66   | 1.21%             | 2036-03-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 2025-NQM1                             | MSRM 2025-SPL1 A2                                                                                                                                      | CUSIP: 617946AD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    433692 | PA      | $419488.21    | 0.22%             | 2065-02-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| TransMontaigne                                                                       | TransMontaigne Term Loan B 250 2028-11-01                                                                                                              | CUSIP: 89376WAH1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    200000 | PA      | $199550.00    | 0.10%             | 2028-11-17      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| First Franklin Mortgage Loan Trust                                                   | FFML 2006-FF16 2A4                                                                                                                                     | CUSIP: 320275AE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    763877 | PA      | $296775.16    | 0.16%             | 2036-12-25      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V3.8 PERP T                                                                                                                                         | CUSIP: 38144GAE1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149205.50    | 0.08%             | N/A             | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | 5-Year T-Note Futures, Jun-2026,ETH                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        21 | NC      | $-1713.06     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Station Place Securitization T                                                       | Station Place Securitization Trust Series 2024-SP2                                                                                                     | CUSIP: 857942AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    325000 | PA      | $325000.00    | 0.17%             | 2026-07-12      | Floating      | 5.38%                 | No            |                  3 | On Loan: No      |
| BRAVO Residential Funding Trust 2022-NQM3                                            | BRAVO 2023-NQM2 A3                                                                                                                                     | CUSIP: 105933AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    185439 | PA      | $183839.36    | 0.10%             | 2062-05-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| NYMT Loan Trust 2025-INV2                                                            | NYMT 2025-INV2 A3                                                                                                                                      | CUSIP: 62957JAG6<br>LEI: 254900EYRFLK2LMLVT67 | Long             | ABS-O            | CORP              | US        |    981107 | PA      | $977283.72    | 0.51%             | 2060-10-25      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| FIGRE TRUST 2025-HE1                                                                 | FIGRE 2025-HE1 A                                                                                                                                       | CUSIP: 30191LAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    152355 | PA      | $153310.23    | 0.08%             | 2055-01-25      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| KREF 2021-Fl2 Ltd.                                                                   | KREF 2021-FL2 AS                                                                                                                                       | CUSIP: 48275RAC1<br>LEI: 54930083ELM2GCMVTQ91 | Long             | ABS-CBDO         | CORP              | KY        |    150000 | PA      | $147983.93    | 0.08%             | 2039-02-17      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2025-1 CT                                                                                                                                          | CUSIP: 38385CRP5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     45846 | PA      | $45849.76     | 0.02%             | 2055-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ACHM TRUST 2025-HE3                                                                  | ACHM 2025-HE3 A                                                                                                                                        | CUSIP: 00449VAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     95050 | PA      | $94273.56     | 0.05%             | 2055-11-25      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| Nassau Companies Of New York                                                         | NASSAU 7.875 07/15/30 144A                                                                                                                             | CUSIP: 63155AAA6<br>LEI: 549300Q3ENSFI87YLC32 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91346.86     | 0.05%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                                                            | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DIR              | CORP              | CA        |   1272000 | NC      | $5852.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AP GRANGE HOLDINGS                                                                   | AP GRANGE HOLDINGS                                                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    900000 | PA      | $945000.00    | 0.49%             | 2045-03-20      | Fixed         | 6.50%                 | No            |                  3 | On Loan: No      |
| CEAMER FINANCE III LLC                                                               | CEAMER FINANCE III LLC                                                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    179333 | PA      | $181466.59    | 0.10%             | 2039-11-15      | Fixed         | 6.79%                 | No            |                  3 | On Loan: No      |
| Pacific Bells                                                                        | Pacific Bells Term Loan B (Add-on) 375 2028-11-10                                                                                                      | CUSIP: 69403HAN0<br>LEI: 549300VGOQXINYVBJF37 | Long             | LON              | CORP              | US        |     87984 | PA      | $88094.41     | 0.05%             | 2028-11-10      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| Pershing Square Tontine Holdings Ltd                                                 | Pershing Square Tontine Holdings Ltd SHS                                                                                                               | CUSIP: 715ESC018<br>LEI: 549300ZDVEYEVCF35B08 | Long             | EC               | CORP              | US        |     76590 | NS      | $7.66         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SERVICE EXPERTS ISSUER 2024-1 LLC                                                    | SE 2024-1A A                                                                                                                                           | CUSIP: 81758FAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     97165 | PA      | $99106.24     | 0.05%             | 2035-11-20      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| STOLTHAVEN HOUSTON INC                                                               | STOLTHAVEN HOUSTON INC                                                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    194000 | PA      | $195292.53    | 0.10%             | 2034-07-17      | Fixed         | 5.98%                 | No            |                  3 | On Loan: No      |
| HARBORVIEW MORTGAGE LOAN TRUST 2005-4                                                | HVMLT 2006-14 2A1A                                                                                                                                     | CUSIP: 41162NAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    261789 | PA      | $249756.65    | 0.13%             | 2047-01-25      | Floating      | 4.09%                 | No            |                  2 | On Loan: No      |
| BR SECONDARIES & LQDITY SOLUTIONS                                                    | BR SECONDARIES & LQDITY SOLUTIONS                                                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    433285 | PA      | $433332.89    | 0.23%             | 2030-06-15      | Floating      | 6.60%                 | No            |                  3 | On Loan: No      |
| Higginbotham Insurance Agency Inc - TL 1L 12/25                                      | Higginbotham Insurance Agency Inc - TL 1L 12/25                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    406724 | PA      | $405707.52    | 0.21%             | 2031-06-11      | Floating      | 8.17%                 | No            |                  3 | On Loan: No      |
| TD Synnex Corp                                                                       | SNX 2.65 08/09/31                                                                                                                                      | CUSIP: 87162WAK6<br>LEI: 5493004HI6PFLF46NS53 | Long             | DBT              | CORP              | US        |    210000 | PA      | $186346.18    | 0.10%             | 2031-08-09      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| SPRITE 2021-1 LTD                                                                    | SPRTE 2021-1 A                                                                                                                                         | CUSIP: 85208UAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     43918 | PA      | $43017.79     | 0.02%             | 2046-11-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ARBYS FUNDING LLC                                                                    | ARBYS 2020-1A A2                                                                                                                                       | CUSIP: 038779AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    756000 | PA      | $737557.15    | 0.39%             | 2050-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Brookfield Finance Inc.                                                              | BNCN 4.7 09/20/47                                                                                                                                      | CUSIP: 11271LAB8<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $41532.58     | 0.02%             | 2047-09-20      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                    | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              | CORP              | GB        |  -1618000 | NC      | $-6158.56     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BX TRUST 2024-VLT4                                                                   | BX 2024-VLT4 C                                                                                                                                         | CUSIP: 05612TAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $148828.13    | 0.08%             | 2041-06-17      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN CC0431                                                                                                                                              | CUSIP: 3140Y6PR5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    578142 | PA      | $582148.81    | 0.30%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Plains All American Pipeline L.P.                                                    | PAA 5.7 09/15/34                                                                                                                                       | CUSIP: 72650RBP6<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255366.33    | 0.13%             | 2034-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Perimeter Holdings LLC                                                               | PRM 6.25 01/15/34 144A                                                                                                                                 | CUSIP: 71384AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $186342.58    | 0.10%             | 2034-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SBA Tower Trust                                                                      | SBATOW 4.831 10/15/29 144A                                                                                                                             | CUSIP: 78403DBD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $150653.45    | 0.08%             | 2029-10-15      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 6.2 09/15/55                                                                                                                                       | CUSIP: 126650EL0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24762.69     | 0.01%             | 2055-09-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC.                                                               | FABSJV 5.875 01/25/34                                                                                                                                  | CUSIP: 350930AA1<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $202499.56    | 0.11%             | 2034-01-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association                                                | GBP/USD FORWARD                                                                                                                                        | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $1261.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                                                   | VOD V4.125 06/04/81                                                                                                                                    | CUSIP: 92857WBW9<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $228827.98    | 0.12%             | 2081-06-04      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY RE-REMIC TRUST                                                        | MSRR 2010-R5 4B                                                                                                                                        | CUSIP: 61759HBA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     19898 | PA      | $20054.54     | 0.01%             | 2036-06-26      | Variable      | 7.07%                 | No            |                  3 | On Loan: No      |
| HighTower                                                                            | HighTower Term Loan B 275 2032-02-01                                                                                                                   | CUSIP: 43117LAP8<br>LEI: 254900MKOSB7RTMA9K12 | Long             | LON              | CORP              | US        |    153464 | PA      | $151642.45    | 0.08%             | 2032-02-01      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| AP GRANGE HOLDINGS DEFERRAL                                                          | AP GRANGE HOLDINGS DEFERRAL                                                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     75505 | PA      | $75505.04     | 0.04%             | 2045-03-20      | Fixed         | 6.50%                 | No            |                  3 | On Loan: No      |
| Tennessee Valley Authority                                                           | TVA 5.375 04/01/56                                                                                                                                     | CUSIP: 880591DZ2<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    750000 | PA      | $756371.25    | 0.40%             | 2056-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                                             | JPY CALL VERSUS USD PUT                                                                                                                                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |    420000 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Host Hotels & Resorts, L.P.                                                          | HST 3.5 09/15/30 I                                                                                                                                     | CUSIP: 44107TAZ9<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              | CORP              | US        |    395000 | PA      | $371312.25    | 0.19%             | 2030-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-30YR                                                                                                                                              | CUSIP: 01F022659<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4210000 | PA      | $3537551.18   | 1.85%             | 2056-05-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | Options on Three-Month SOFR Futures                                                                                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |      -115 | NC      | $-9343.75     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Jane Street Group LLC / JSG Finance Inc.                                             | JANEST 7.125 04/30/31 144A                                                                                                                             | CUSIP: 47077WAC2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |    160000 | PA      | $164472.96    | 0.09%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Nustar Logistics, L.P.                                                               | NSUS 5.625 04/28/27                                                                                                                                    | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100183.90    | 0.05%             | 2027-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NAVIGATOR AIRCRAFT ABS LTD                                                           | NAVTR 2021-1 A                                                                                                                                         | CUSIP: 63943BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    311663 | PA      | $295612.22    | 0.15%             | 2046-11-15      | Fixed         | 2.77%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                                              | VENLNG 9.5 02/01/29 144A                                                                                                                               | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    200000 | PA      | $216258.88    | 0.11%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Telus Corp.                                                                          | TCN V6.625 06/09/56 ...                                                                                                                                | CUSIP: 87971MCR2<br>LEI: 894500TX134IMF6NW757 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $73106.94     | 0.04%             | 2056-06-09      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Reinsurance Group of America, Incorporated                                           | RGA V6.375 09/15/56                                                                                                                                    | CUSIP: 759351AV1<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48330.07     | 0.03%             | 2056-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Brookfield Finance LLC                                                               | BNCN 3.45 04/15/50                                                                                                                                     | CUSIP: 11271RAB5<br>LEI: 549300E643C5WZF8BL44 | Long             | DBT              | CORP              | US        |     50000 | PA      | $32865.54     | 0.02%             | 2050-04-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                                           | OKE 5.65 09/01/34                                                                                                                                      | CUSIP: 682680CU5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101723.41    | 0.05%             | 2034-09-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                                                        | JEF 6.2 04/14/34                                                                                                                                       | CUSIP: 47233WEJ4<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    133000 | PA      | $135634.98    | 0.07%             | 2034-04-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Global Payments Inc                                                                  | GPN 5.4 03/15/33                                                                                                                                       | CUSIP: 37940XBB7<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87837.50     | 0.05%             | 2033-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CNO Financial Group, Inc.                                                            | CNO 6.45 06/15/34                                                                                                                                      | CUSIP: 12621EAM5<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | DBT              | CORP              | US        |    170000 | PA      | $175417.34    | 0.09%             | 2034-06-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| AWAYDAY(VACATION RENTAL BRANDS HOLDINGS) DD                                          | AWAYDAY(VACATION RENTAL BRANDS HOLDINGS) DD                                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     13819 | PA      | $13690.89     | 0.01%             | 2032-05-01      | Floating      | 8.95%                 | No            |                  3 | On Loan: No      |
| LOANCORE 2025-CRE8 ISSUER LLC                                                        | LNCR 2025-CRE8 AS                                                                                                                                      | CUSIP: 53947FAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99630.29     | 0.05%             | 2042-08-18      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANKS                                                              | FR SD7565                                                                                                                                              | CUSIP: 3132DVMN2<br>LEI: 2549001DPIFGXC1TOL40 | Long             | ABS-MBS          | USGSE             | US        |    826402 | PA      | $841998.78    | 0.44%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OWL ROCK CLO XXIV LLC                                                                | OR 2026-24A B                                                                                                                                          | CUSIP: 69122KAC7<br>LEI: 254900KMIN8B894DGS50 | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $498280.50    | 0.26%             | 2038-01-22      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Corporation                                                        | OMF 6.75 09/15/33                                                                                                                                      | CUSIP: 682691AN0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95885.26     | 0.05%             | 2033-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Midwest Connector Capital Company LLC                                                | MWXCAP 4.625 04/01/29 144A                                                                                                                             | CUSIP: 59833CAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $109433.02    | 0.06%             | 2029-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Anchorage Credit Funding 4 Ltd.                                                      | ANCHF 2016-4A AR                                                                                                                                       | CUSIP: 03329TAG9<br>LEI: 549300VR9XUOV1E0U888 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $724427.25    | 0.38%             | 2039-04-27      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V6.25 PERP                                                                                                                                         | CUSIP: 06055HAK9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    325000 | PA      | $326957.48    | 0.17%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Cars Db4 LP                                                                          | CAUTO 2020-1A A6                                                                                                                                       | CUSIP: 12510HAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    244010 | PA      | $230737.74    | 0.12%             | 2050-02-15      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP V5.412 02/08/41                                                                                                                                    | CUSIP: 025816ES4<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59536.00     | 0.03%             | 2041-02-08      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| MB2 DENTAL SOLUTIONS LLC                                                             | MB2 DENTAL SOLUTIONS LLC                                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       400 | PA      | $365.25       | 0.00%             | 2031-02-13      | Floating      | 9.17%                 | No            |                  3 | On Loan: No      |
| ANGEL OAK MORTGAGE TRUST 2024-2                                                      | AOMT 2024-2 A3                                                                                                                                         | CUSIP: 034942AC6<br>LEI: 254900NLG610771ZLP05 | Long             | ABS-O            | CORP              | US        |    335726 | PA      | $336800.92    | 0.18%             | 2069-01-25      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| BLUE OWL GP STAKES V A-2 A                                                           | BLUE OWL GP STAKES V A-2 A                                                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    174650 | PA      | $179454.94    | 0.09%             | 2043-08-22      | Fixed         | 7.21%                 | No            |                  3 | On Loan: No      |
| United States Treasury Notes                                                         | TII 1.875 01/15/36                                                                                                                                     | CUSIP: 91282CPU9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2417367 | PA      | $2388179.25   | 1.25%             | 2036-01-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Selective Insurance Group Inc.                                                       | Selective Insurance Group Inc. DEPOSITARY SHARES, EACH REPRESENTING A 1/1,000TH INTEREST IN A SHARE OF 4.60% NON-CUMULATIVE PREFERRED STOCK, SERIES B  | CUSIP: 816300503<br>LEI: 549300R3WGJWLE40R258 | Long             | EP               | CORP              | US        |      4000 | NS      | $63280.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| VMED O2 UK Financing I PLC                                                           | VMED 6.75 01/15/33 144A                                                                                                                                | CUSIP: 92858RAE0<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $178689.06    | 0.09%             | 2033-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners Clo 69 (M) -R                                                 | GOCAP 2023-69A CR                                                                                                                                      | CUSIP: 38182GAE4<br>LEI: 2549004WBNSFGOX1MY52 | Long             | ABS-CBDO         | CORP              | US        |    300000 | PA      | $298212.12    | 0.16%             | 2038-11-09      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                                                                     | UWMC 6.25 03/15/31 144A                                                                                                                                | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $91068.55     | 0.05%             | 2031-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fort Benning Familyily Communitys Llc                                                | BENFAM 6.09 01/15/51                                                                                                                                   | CUSIP: 346845AK6<br>LEI: 254900O8GC3CHW0PH218 | Long             | DBT              | CORP              | US        |    442646 | PA      | $397384.20    | 0.21%             | 2051-01-15      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| Qorvo Inc                                                                            | QRVO 3.375 04/01/31 144A                                                                                                                               | CUSIP: 74736KAJ0<br>LEI: 254900YAUJV2EUEVBR11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90448.14     | 0.05%             | 2031-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MB2 1L DDTL TRANCHE 1 CL FUNDED                                                      | MB2 1L DDTL TRANCHE 1 CL FUNDED                                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     27391 | PA      | $27200.57     | 0.01%             | 2031-02-13      | Floating      | 9.17%                 | No            |                  3 | On Loan: No      |
| Home Eqty Ln Tst                                                                     | HELT 2007-FRE1 1AV1                                                                                                                                    | CUSIP: 43710XAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    349562 | PA      | $333380.88    | 0.17%             | 2037-04-25      | Floating      | 3.98%                 | No            |                  2 | On Loan: No      |
| QTS CORP                                                                             | QTS CORP                                                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    825000 | PA      | $813460.30    | 0.43%             | 2032-08-21      | Fixed         | 5.42%                 | No            |                  3 | On Loan: No      |
| Apollo Global Management Inc                                                         | APO 5.7 03/30/36                                                                                                                                       | CUSIP: 03769MAG1<br>LEI: 254900LMFT1CY9IYB476 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150133.17    | 0.08%             | 2036-03-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                    | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              | CORP              | GB        |   -837500 | NC      | $-3419.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Stewart Information Services Corporation                                             | STC 3.6 11/15/31                                                                                                                                       | CUSIP: 86038AAA0<br>LEI: 529900TV1XI0PLKENU10 | Long             | DBT              | CORP              | US        |    250000 | PA      | $221018.25    | 0.12%             | 2031-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| TRTX 2025-FL6 ISSUER LTD                                                             | TRTX 2025-FL6 A                                                                                                                                        | CUSIP: 897764AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $299745.93    | 0.16%             | 2042-09-18      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners Lp                                                          | CQP 5.55 10/30/35                                                                                                                                      | CUSIP: 16411QAW1<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50917.42     | 0.03%             | 2035-10-30      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Nippon Life Insurance Co.                                                            | NIPLIF V2.75 01/21/51 144A                                                                                                                             | CUSIP: 654579AH4<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    350000 | PA      | $308205.59    | 0.16%             | 2051-01-21      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Wilton Re Limited                                                                    | WILTON V6 PERP 144A                                                                                                                                    | CUSIP: 97263CAA9<br>LEI: 5493004VQ9VSL29MT373 | Long             | DBT              | CORP              | CA        |    497000 | PA      | $476785.75    | 0.25%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CERBERUS LOAN FUNDING 50 LLC                                                         | CERB 2025-1A B                                                                                                                                         | CUSIP: 15673UAC1<br>LEI: 635400VJODJ5OZQ2H763 | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $498645.70    | 0.26%             | 2037-07-15      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| McGraw-Hill Education Inc.                                                           | MHED 5.75 08/01/28 144A                                                                                                                                | CUSIP: 57767XAA8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |     16000 | PA      | $15820.93     | 0.01%             | 2028-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                    | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              | CORP              | GB        |  -1370000 | NC      | $-3117.03     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Alumina Pty Ltd.                                                                     | AA 6.125 03/15/30 144A                                                                                                                                 | CUSIP: 02220AAA5<br>LEI: 2138002VD9MW2WT8HR38 | Long             | DBT              | CORP              | AU        |    200000 | PA      | $204079.00    | 0.11%             | 2030-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CASTLELAKE AIRCRAFT STRUCTURED TRUS                                                  | CLAST 2025-1A A                                                                                                                                        | CUSIP: 14856VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    226772 | PA      | $228392.30    | 0.12%             | 2050-02-15      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                                                | WSTP 3.133 11/18/41                                                                                                                                    | CUSIP: 961214EY5<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |     73000 | PA      | $53623.57     | 0.03%             | 2041-11-18      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| AITX FINCO LLC                                                                       | AITX FINCO LLC                                                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $199218.87    | 0.10%             | 2030-10-23      | Fixed         | 5.38%                 | No            |                  3 | On Loan: No      |
| PetSmart                                                                             | PetSmart Term Loan B 400 2032-08-02                                                                                                                    | CUSIP: 71677HAN5<br>LEI: 894500NGJMHSFNESGA67 | Long             | LON              | CORP              | US        |    190000 | PA      | $188527.50    | 0.10%             | 2032-08-18      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| CERBERUS LOAN FUNDING 53 LLC                                                         | CERB 2025-4A C                                                                                                                                         | CUSIP: 15674YAE8<br>LEI: 635400YQBXB1DKX6JK08 | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $248489.68    | 0.13%             | 2038-01-15      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| Bcred CLO 2026-1 LLC                                                                 | BCRED 2026-1A B                                                                                                                                        | CUSIP: 05557LAC3<br>LEI: 25490083OXQDCR6C9A06 | Long             | ABS-CBDO         | CORP              | US        |    350000 | PA      | $348795.55    | 0.18%             | 2039-04-24      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| MIDCAP FUNDING XLVI TRUST                                                            | MIDCAP FUNDING XLVI TRUST                                                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $250000.00    | 0.13%             | 2028-04-15      | Floating      | 6.49%                 | No            |                  3 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2025-69 DA                                                                                                                                         | CUSIP: 3136BWB21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    398319 | PA      | $398888.78    | 0.21%             | 2051-10-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Whirlpool Corp.                                                                      | WHR 4.5 06/01/46                                                                                                                                       | CUSIP: 963320AV8<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |    100000 | PA      | $65886.72     | 0.03%             | 2046-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLDING LUX SARL                                                             | JBS 3 05/15/32                                                                                                                                         | CUSIP: 46590XAP1<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $177727.54    | 0.09%             | 2032-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VANTAGE DATA CENTERS ISSUER LLC                                                      | VDC 2025-1A A2                                                                                                                                         | CUSIP: 92212KAH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $440256.78    | 0.23%             | 2055-08-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Dreyfus Treasury Obligations Cash Management                                         | Dreyfus Treasury Obligations Cash Management TREASURY INSTNAL                                                                                          | CUSIP: 261908107<br>LEI: 549300MKKM9KT7BF6329 | Long             | STIV             | RF                | US        |     10814 | NS      | $10814.41     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                                                                  | GPN 5.55 11/15/35                                                                                                                                      | CUSIP: 37940XAY8<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72272.90     | 0.04%             | 2035-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| STARWOOD MORTGAGE RESIDENTIAL TRUST 2020-1                                           | STAR 2020-1 A2                                                                                                                                         | CUSIP: 85573AAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    496630 | PA      | $478022.80    | 0.25%             | 2050-02-25      | Variable      | 2.41%                 | No            |                  2 | On Loan: No      |
| MILL CITY SECURITIES 2024-RS2 LTD                                                    | MCMLT 2024-RS2 A1                                                                                                                                      | CUSIP: 59982DAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    135651 | PA      | $128662.94    | 0.07%             | 2069-08-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| MASTR ASSET BACKED SECURITIES TRUST 2007-HE1                                         | MABS 2006-WMC4 A5                                                                                                                                      | CUSIP: 57645MAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1042207 | PA      | $330167.46    | 0.17%             | 2036-10-25      | Floating      | 4.09%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2022-LP2                                                | BX 2022-LP2 D                                                                                                                                          | CUSIP: 05610HAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $349781.25    | 0.18%             | 2039-02-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES WMALT SERIES 2005-AR18 TRUST    | WMALT 2006-AR9 2A                                                                                                                                      | CUSIP: 939346AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    162620 | PA      | $142052.34    | 0.07%             | 2046-11-25      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Trust 2018-Rpl5                                                      | LMAT 2021-GS5 A1                                                                                                                                       | CUSIP: 52475XAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    276880 | PA      | $277077.74    | 0.15%             | 2067-07-25      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| FIGRE TRUST 2023-HE1                                                                 | FIGRE 2025-PF2 C                                                                                                                                       | CUSIP: 316918AC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    582518 | PA      | $576529.61    | 0.30%             | 2055-10-25      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| HLEND CLO 2026-5 LLC                                                                 | HLEND 2026-5A B                                                                                                                                        | CUSIP: 403967AE2<br>LEI: 529900N6JRXPABMGOA33 | Long             | ABS-CBDO         | CORP              | US        |    150000 | PA      | $149699.64    | 0.08%             | 2039-04-15      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                               | FHR 5566 EA                                                                                                                                            | CUSIP: 3137HMHR4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    600033 | PA      | $600434.81    | 0.31%             | 2051-11-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V6.625 PERP                                                                                                                                          | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100075.02    | 0.05%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BLUE OWL GP STAKES V A-2 B                                                           | BLUE OWL GP STAKES V A-2 B                                                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175350 | PA      | $180174.19    | 0.09%             | 2043-08-22      | Fixed         | 7.21%                 | No            |                  3 | On Loan: No      |
| BXMT 2020-FL2 LTD                                                                    | BXMT 2020-FL2 AS                                                                                                                                       | CUSIP: 12434LAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $997025.50    | 0.52%             | 2038-02-18      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                                          | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              | CORP              | FR        |  -1948000 | NC      | $-5679.01     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| American National Group Inc.                                                         | ANGINC V7 12/01/55                                                                                                                                     | CUSIP: 025676AR8<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |     75000 | PA      | $71124.15     | 0.04%             | 2055-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BRSP 2024-FL2 LTD                                                                    | BRSP 2024-FL2 A                                                                                                                                        | CUSIP: 05613BAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250051.95    | 0.13%             | 2037-08-19      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                           | RCICN 4.55 03/15/52                                                                                                                                    | CUSIP: 775109CK5<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    159000 | PA      | $125584.55    | 0.07%             | 2052-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Atlassian Corporation                                                                | TEAM 5.5 05/15/34                                                                                                                                      | CUSIP: 049468AB7<br>LEI: 549300V7ZY5P02D2MY38 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68546.58     | 0.04%             | 2034-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings PLC                                                      | SANUK V5.136 09/22/36                                                                                                                                  | CUSIP: 80281LAY1<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $193132.78    | 0.10%             | 2036-09-22      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| American National Group Inc.                                                         | ANGINC 6 07/15/35                                                                                                                                      | CUSIP: 025676AQ0<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |    141000 | PA      | $137458.94    | 0.07%             | 2035-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Trustage Financial Group Inc                                                         | CUNAMU 4.625 04/15/32 144A                                                                                                                             | CUSIP: 89787EAA9<br>LEI: 549300X7YNHNZXTI6F10 | Long             | DBT              | CORP              | US        |    200000 | PA      | $191176.53    | 0.10%             | 2032-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                                         | RCL 5.25 02/27/38                                                                                                                                      | CUSIP: 78017TAD5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    100000 | PA      | $95131.51     | 0.05%             | 2038-02-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RLI Corp                                                                             | RLI 5.375 06/01/36 .                                                                                                                                   | CUSIP: 749607AD9<br>LEI: 529900AMTJE5ECN9PS55 | Long             | DBT              | CORP              | US        |    125000 | PA      | $120323.60    | 0.06%             | 2036-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NLT 2025-NQM1 TRUST                                                                  | NLT 2025-NQM1 PT                                                                                                                                       | CUSIP: 629154AJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1184392 | PA      | $1237470.59   | 0.65%             | 2070-10-25      | Variable      | 7.46%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                           | RCICN V7.125 04/15/55                                                                                                                                  | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $51164.40     | 0.03%             | 2055-04-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| AASET MT-1 LTD                                                                       | AASET 2025-3A A                                                                                                                                        | CUSIP: 00039NAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    392226 | PA      | $386826.01    | 0.20%             | 2050-02-16      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                    | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              | CORP              | GB        |    971000 | NC      | $5309.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EQT AB                                                                               | EQTSS 5.85 05/08/35 144A                                                                                                                               | CUSIP: 29439EAA7<br>LEI: 213800U7P9GOIRKCTB34 | Long             | DBT              | CORP              | SE        |    200000 | PA      | $200441.60    | 0.10%             | 2035-05-08      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Global Atlantic Finance Co.                                                          | GBLATL V7.95 10/15/54 144A                                                                                                                             | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24071.55     | 0.01%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | TII 2.375 02/15/55                                                                                                                                     | CUSIP: 912810UH9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    742140 | PA      | $689631.93    | 0.36%             | 2055-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| QTS ISSUER ABS II, LLC                                                               | QTSII 2025-1A A2                                                                                                                                       | CUSIP: 74690FAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $146927.63    | 0.08%             | 2055-10-05      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| LHOME MORTGAGE TRUST 2024-RTL5                                                       | LHOME 2024-RTL5 A1                                                                                                                                     | CUSIP: 50205WAA5<br>LEI: 529900ZQNJ23BIJVY871 | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $200003.30    | 0.10%             | 2039-09-25      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| MERLIN BUYER INC                                                                     | MERLIN BUYER INC                                                                                                                                       | CUSIP: 59010LAB3<br>LEI: 2549008CJ699WXZAWW31 | Long             | LON              | CORP              | US        |    149223 | PA      | $149222.80    | 0.08%             | 2028-12-14      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2025-52 GA                                                                                                                                         | CUSIP: 3136BWWS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    303544 | PA      | $303826.71    | 0.16%             | 2053-01-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                              | BPCEGP V5.389 05/28/31 144A                                                                                                                            | CUSIP: 056121AA4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $253367.99    | 0.13%             | 2031-05-28      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| CROSS 2025-H6 MORTGAGE TRUST                                                         | CROSS 2025-H6 A2                                                                                                                                       | CUSIP: 22758TAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    171333 | PA      | $171266.43    | 0.09%             | 2070-07-25      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                              | MPLX 5.4 09/15/35                                                                                                                                      | CUSIP: 55336VCC2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124441.25    | 0.07%             | 2035-09-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| EFMT 2025-CES4                                                                       | EFMT 2025-CES4 A1                                                                                                                                      | CUSIP: 267954AA3<br>LEI: 254900UDLJF220C8I638 | Long             | ABS-O            | CORP              | US        |    206428 | PA      | $206742.08    | 0.11%             | 2060-06-25      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| VB-S1 ISSUER LLC                                                                     | VBTEL 2022-1A D                                                                                                                                        | CUSIP: 91823AAY7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $246778.53    | 0.13%             | 2052-02-15      | Fixed         | 4.29%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOME MORTGAGE INVESTMENT TRUST 2007-1                                       | AHM 2007-1 GIOP                                                                                                                                        | CUSIP: 026932AF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1546082 | PA      | $237315.33    | 0.12%             | 2047-05-25      | Fixed         | 2.08%                 | No            |                  2 | On Loan: No      |
| CNO Financial Group, Inc.                                                            | CNO Financial Group, Inc. 5.125% SUBORDINATED DEBENTURES DUE NOVEMBER 25, 2060                                                                         | CUSIP: 12621E301<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EP               | CORP              | US        |      6000 | NS      | $107820.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                               | FHR 5564 CA                                                                                                                                            | CUSIP: 3137HMCR9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    121266 | PA      | $121457.65    | 0.06%             | 2052-02-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salesforce Inc.                                                                      | CRM 4.9 09/15/31                                                                                                                                       | CUSIP: 79466LAS3<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49929.19     | 0.03%             | 2031-09-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                                                | TRGP 6.05 05/15/56                                                                                                                                     | CUSIP: 87612GAU5<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72509.35     | 0.04%             | 2056-05-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET 5.95 05/15/54                                                                                                                                       | CUSIP: 29273VAW0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93767.61     | 0.05%             | 2054-05-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Brightstar Lottery PLC / Brightstar Global Solutions Corp.                           | BRSL 5.75 01/15/33 144A                                                                                                                                | CUSIP: 108922AA3<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $194415.38    | 0.10%             | 2033-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TIF FUNDING III LLC                                                                  | TIF 2024-1A A                                                                                                                                          | CUSIP: 88655AAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     85000 | PA      | $85354.56     | 0.04%             | 2049-04-20      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| Station Place Securitization T                                                       | Station Place Securitization Trust Series 2025-SP2                                                                                                     | CUSIP: 857936AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $200000.00    | 0.10%             | 2026-09-25      | Floating      | 4.83%                 | No            |                  3 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NextEra Energy Capital Holdings Inc PUBLIC OFFERING OF 60NC5 FIXED-FOR-LIFE JUNIOR SUBORDINATED DEBENTURES DUE 15-APR-2086                             | CUSIP: 65339K829<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | EP               | CORP              | US        |      4750 | NS      | $118560.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Tennessee Valley Authority                                                           | TVA 5.25 02/01/55                                                                                                                                      | CUSIP: 880591FC1<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |     50000 | PA      | $49570.30     | 0.03%             | 2055-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust 2022-NQM3                                            | BRAVO 2024-NQM1 A3                                                                                                                                     | CUSIP: 10570FAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    131549 | PA      | $132056.80    | 0.07%             | 2063-12-01      | Variable      | 6.40%                 | No            |                  2 | On Loan: No      |
| WAVE 2019-1 LLC                                                                      | WAAV 2019-1 A                                                                                                                                          | CUSIP: 94354KAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    201023 | PA      | $197191.81    | 0.10%             | 2044-09-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Phillips 66 Co.                                                                      | PSX V6.2 03/15/56 B                                                                                                                                    | CUSIP: 718547BA9<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74663.05     | 0.04%             | 2056-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE TRUST 2025-CES4                                                  | TPMT 2025-CES4 A2                                                                                                                                      | CUSIP: 89170UAC4<br>LEI: 254900V1XGR6BSB30T32 | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $249434.10    | 0.13%             | 2065-10-25      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| Flowserve Corporation                                                                | FLS 2.8 01/15/32                                                                                                                                       | CUSIP: 34355JAB4<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | DBT              | CORP              | US        |    147000 | PA      | $129758.45    | 0.07%             | 2032-01-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| ALLO ISSUER LLC                                                                      | ALLO 2024-1A A2                                                                                                                                        | CUSIP: 01983KAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $151370.54    | 0.08%             | 2054-07-20      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | IRS USD                                                                                                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-5673.81     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SOLRR AIRCRAFT 2021-1 LTD                                                            | SOLRR 2021-1 A                                                                                                                                         | CUSIP: 83438LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    319130 | PA      | $303077.62    | 0.16%             | 2046-10-15      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                                                           | PRU V3.7 10/01/50                                                                                                                                      | CUSIP: 744320BH4<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    130000 | PA      | $118096.56    | 0.06%             | 2050-10-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| TPG Operating Group II LP                                                            | TPG 5.375 01/15/36                                                                                                                                     | CUSIP: 872652AB8<br>LEI: 2549001H9RJQNZT7MU11 | Long             | DBT              | CORP              | US        |     61000 | PA      | $58993.33     | 0.03%             | 2036-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| VB-S1 ISSUER LLC                                                                     | VBTEL 2026-1A D                                                                                                                                        | CUSIP: 91825HAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $196639.06    | 0.10%             | 2056-03-15      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| Air Canada                                                                           | ACACN 3.875 08/15/26 144A                                                                                                                              | CUSIP: 008911BK4<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $149252.34    | 0.08%             | 2026-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ALIGNED DATA CENTERS ISSUER LLC                                                      | ADC 2021-1A A2                                                                                                                                         | CUSIP: 01627AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $247446.88    | 0.13%             | 2046-08-15      | Fixed         | 1.94%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                    | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              | CORP              | GB        |   1370000 | NC      | $9432.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LUXCO3                                                                               | LUXCO3                                                                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |       905 | NS      | $15061.08     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Polaris Inc.                                                                         | PII 5.6 03/01/31                                                                                                                                       | CUSIP: 731068AB8<br>LEI: 549300QJSN8UVWN1EI78 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148656.43    | 0.08%             | 2031-03-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| FS KKR Capital Corp                                                                  | FSK 3.25 07/15/27                                                                                                                                      | CUSIP: 302635AL1<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |    200000 | PA      | $192130.33    | 0.10%             | 2027-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corp.                                                    | BK V3.75 PERP I                                                                                                                                        | CUSIP: 064058AL4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    400000 | PA      | $391015.00    | 0.20%             | N/A             | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CEAMER FINANCE IV LLC                                                                | CEAMER FINANCE IV LLC                                                                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $149189.09    | 0.08%             | 2040-12-15      | Floating      | 6.18%                 | No            |                  3 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.                                                | ARE 5.25 03/15/36                                                                                                                                      | CUSIP: 015271BF5<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97657.63     | 0.05%             | 2036-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | Options on Three-Month SOFR Futures                                                                                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        82 | NC      | $22550.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc                              | BHI 5.85 06/15/56                                                                                                                                      | CUSIP: 05724BAQ2<br>LEI: 549300XU3XH6F05YEQ93 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97854.22     | 0.05%             | 2056-06-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Reinsurance Group of America, Incorporated                                           | RGA V6.65 09/15/55                                                                                                                                     | CUSIP: 759351AT6<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49777.42     | 0.03%             | 2055-09-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Servpro Master Issuer Llc                                                            | SPRO 2024-1A A2                                                                                                                                        | CUSIP: 817743AJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     98000 | PA      | $100337.96    | 0.05%             | 2054-01-25      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                              | MPLX 6.2 09/15/55                                                                                                                                      | CUSIP: 55336VCD0<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    125000 | PA      | $123366.06    | 0.06%             | 2055-09-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | Citigroup Inc. DEPOSITARY SHARES EACH REPRESENTING A 1/1,000TH INTEREST IN A SHARE OF 6.25% NONCUMULATIVE PREFERRED STOCK, SERIES II                   | CUSIP: 172967242<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |      2400 | NS      | $59160.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank, National Association                                            | USD/EUR FORWARD                                                                                                                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $700.55       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                                                        | JEF 5.5 02/15/36                                                                                                                                       | CUSIP: 47233WLL1<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |     70000 | PA      | $67185.59     | 0.04%             | 2036-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| THUNDERBIRD 2022-1 A FUNDED                                                          | THUNDERBIRD 2022-1 A FUNDED                                                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    400000 | PA      | $379137.59    | 0.20%             | 2037-03-01      | Fixed         | 5.50%                 | No            |                  3 | On Loan: No      |
| State Street Corp.                                                                   | STT V6.45 PERP                                                                                                                                         | CUSIP: 857477CS0<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101459.60    | 0.05%             | N/A             | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC                                               | SWOP IRS USD                                                                                                                                           | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              | CORP              | GB        |   2913000 | NC      | $15951.37     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 5.2 09/26/35                                                                                                                                      | CUSIP: 68389XDM4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    175000 | PA      | $164149.12    | 0.09%             | 2035-09-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MB2 1L DDTL CL TRANCHE 2 FUNDED                                                      | MB2 1L DDTL CL TRANCHE 2 FUNDED                                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     19226 | PA      | $18958.55     | 0.01%             | 2031-02-13      | Floating      | 9.17%                 | No            |                  3 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                     | VIX E 2026-05-19 PUT 19                                                                                                                                | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |       -72 | NC      | $-5040.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CASTLELAKE AIRCRAFT STRUCTURED TRUST 2026-1                                          | CLAST 2026-1A A                                                                                                                                        | CUSIP: 148924AA1<br>LEI: 5493003ADMTNWVTVWM43 | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $294476.91    | 0.15%             | 2051-03-15      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V7.5 PERP X                                                                                                                                         | CUSIP: 38141GA79<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104764.00    | 0.05%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Global Payments Inc                                                                  | GPN 5.2 11/15/32                                                                                                                                       | CUSIP: 37940XAX0<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58242.39     | 0.03%             | 2032-11-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| AMERIQUEST MORTGAGE SECURITIES SERIES 2006-M3 INC                                    | Ameriquest Mortgage Securities Trust 2006-M3                                                                                                           | CUSIP: 03076MAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1916046 | PA      | $576559.63    | 0.30%             | 2036-10-25      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| FS Investments (Franklin Square Capital)                                             | FS Investments (Franklin Square Capital) Term Loan B 225 2031-04-14                                                                                    | CUSIP: 30259HAG2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    248734 | PA      | $207693.04    | 0.11%             | 2031-04-28      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 1.875 02/15/41                                                                                                                                       | CUSIP: 912810SW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2820000 | PA      | $1953621.10   | 1.02%             | 2041-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Encore Capital Group Inc.                                                            | ECPG 6.625 04/15/31 144A                                                                                                                               | CUSIP: 292554AS1<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199000.00    | 0.10%             | 2031-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| OBRA LONGEVITY RFF CL A NTS FUNDED                                                   | OBRA LONGEVITY RFF CL A NTS FUNDED                                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    450000 | PA      | $466891.84    | 0.24%             | 2039-06-30      | Fixed         | 8.48%                 | No            |                  3 | On Loan: No      |
| SERVICEMASTER FUNDING LLC                                                            | SERV 2020-1 A2II                                                                                                                                       | CUSIP: 81761TAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    234476 | PA      | $208246.47    | 0.11%             | 2051-01-30      | Fixed         | 3.34%                 | No            |                  2 | On Loan: No      |
| JOL Air Limited                                                                      | JOLAR 2019-1 A                                                                                                                                         | CUSIP: 46651NAA2<br>LEI: 549300TS4MUGCDXPW498 | Long             | ABS-O            | CORP              | KY        |    238089 | PA      | $237755.95    | 0.12%             | 2044-04-15      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                                                        | JEF 6.25 01/15/36                                                                                                                                      | CUSIP: 472319AC6<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17232.93     | 0.01%             | 2036-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-01

**Name of Applicant:** Guggenheim Variable Funds Trust

**Signature:** James Howley

**Name of Signer:** James Howley

**Title:** Chief Financial Officer