# EDGAR Filing Document

**Accession Number:** 0001699360
**File Stem:** 0002066578-25-001983
**Filing Date:** 2025-12
**Character Count:** 91978
**Document Hash:** 00e65322efa995980bf72e47411eadcd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001983.hdr.sgml**: 20251216

**ACCESSION NUMBER**: 0002066578-25-001983

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251216

**DATE AS OF CHANGE**: 20251216

**PERIOD START**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morningstar Funds Trust
- **CENTRAL INDEX KEY:** 0001699360

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23235
- **FILM NUMBER:** 251574344

**BUSINESS ADDRESS:**
- **STREET 1:** 22 W. WASHINGTON STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602
- **BUSINESS PHONE:** 312-696-6000

**MAIL ADDRESS:**
- **STREET 1:** 22 W. WASHINGTON STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602

## Series and Classes Contracts Data

### Morningstar Defensive Bond Fund (Series ID: S000057732)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000186143 | Institutional | MSTBX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Morningstar Funds Trust

- **b. Investment Company Act file number:** 811-23235

- **c. CIK number of Registrant:** 0001699360

- **d. LEI of Registrant:** 254900AE65UZA65M0T82

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

  - **Street Address 1:** 22 W. WASHINGTON STREET

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60602

  - **Telephone number:** 312-696-6000

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

- **a. Name of Series:** Morningstar Defensive Bond Fund

- **b. EDGAR series identifier (if any):** S000057732

- **c. LEI of Series:** 254900JILOAKN6ZD6Q96

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

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2025-10-31

**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:** $116746471.30

**Total Liabilities:** $526377.38

**Net Assets:** $116220093.92

**Cash Not Reported:** $14830.25

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.460742051838 | **1-Year:** 1880.797560839887 | **5-Year:** 9725.984916231234 | **10-Year:** 1220.485103050421 | **30-Year:** 87.838766397630

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

- **3-Month:** 36.309608150286 | **1-Year:** 213.386165001828 | **5-Year:** 188.782935101933 | **10-Year:** 4.740937549343 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000186143 | 1.12%                | 0.40%                | 0.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-95763.82               | $933327.64                                 |
| Month 2  | $117594.11               | $24461.04                                  |
| Month 3  | $21130.85                | $-40338.37                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Federal Home Loan Mortgage Corp.                       | FHMS K096 A2                                       | CUSIP: 3137FNB82<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    774000 | PA      | $737070.14    | 0.63%             | 2029-07-25      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS K114 A2                                       | CUSIP: 3137FVNG3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $88988.51     | 0.08%             | 2030-06-25      | Fixed         | 1.37%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS K107 A2                                       | CUSIP: 3137FRZA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $91260.27     | 0.08%             | 2030-01-25      | Fixed         | 1.64%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS K109 A2                                       | CUSIP: 3137FTFY8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    151000 | PA      | $136459.09    | 0.12%             | 2030-04-25      | Fixed         | 1.56%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR RB5117                                          | CUSIP: 3133KYVJ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     71105 | PA      | $60430.43     | 0.05%             | 2041-07-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FN MA4417                                          | CUSIP: 31418D4B5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     94727 | PA      | $84975.60     | 0.07%             | 2036-09-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master Owner Trust A             | FORDF 2024-2 A                                     | CUSIP: 34528QJF2<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |    374000 | PA      | $387211.03    | 0.33%             | 2031-04-15      | Fixed         | 5.24%                 | Yes           |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL 2024-SFR3                         | PROG 2024-SFR3 A                                   | CUSIP: 74331VAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130578 | PA      | $124513.39    | 0.11%             | 2041-06-17      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Blue Owl Credit Income Corp.                           | OCINCC 7.95 06/13/28                               | CUSIP: 69120VBB6<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    468000 | PA      | $497010.54    | 0.43%             | 2028-06-13      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| GS MBS TR 2022-PJ3                                     | GSMBS 2022-PJ3 A22                                 | CUSIP: 362924BG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     71499 | PA      | $63596.94     | 0.05%             | 2052-08-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association               | GNR 2020-75 IO                                     | CUSIP: 38380PLB8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   2160256 | PA      | $130625.70    | 0.11%             | 2062-02-16      | Variable      | 0.87%                 | No            |                  2 | On Loan: No      |
| ELM TR 2020-3                                          | MDCP 2020-3A A2                                    | CUSIP: 289338AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10225 | PA      | $10209.63     | 0.01%             | 2029-08-20      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS K108 A2                                       | CUSIP: 3137FTBM8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $90525.34     | 0.08%             | 2030-03-25      | Fixed         | 1.52%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR RB5113                                          | CUSIP: 3133KYVE6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    324068 | PA      | $275318.41    | 0.24%             | 2041-06-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                               | JPMMT 2021-11 A4                                   | CUSIP: 46654KAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    416798 | PA      | $374020.30    | 0.32%             | 2052-01-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Heartland Dental LLC / Heartland Dental Finance Corp.  | HEARTL 10.5 04/30/28 144A                          | CUSIP: 42239PAB5<br>LEI: 5493008FRC0GRKBN1075 | Long             | DBT              | CORP              | US        |     79000 | PA      | $83325.65     | 0.07%             | 2028-04-30      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Springcastle I Spv Llc                                 | SCFT 2020-AA A                                     | CUSIP: 85022WAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130723 | PA      | $123823.70    | 0.11%             | 2037-09-25      | Fixed         | 1.97%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust 2020-Pj2           | GSMBS 2022-PJ2 A24                                 | CUSIP: 36267EBT7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    108393 | PA      | $98879.26     | 0.09%             | 2052-06-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| HOTWIRE FUNDING LLC                                    | HWIRE 2023-1A A2                                   | CUSIP: 44148HAA1<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |    115000 | PA      | $115979.79    | 0.10%             | 2053-05-20      | Fixed         | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR SC0501                                          | CUSIP: 3132D9RW6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     88049 | PA      | $74830.93     | 0.06%             | 2041-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD | FHMS K751 A2                                       | CUSIP: 3137HA4B9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    504000 | PA      | $511103.43    | 0.44%             | 2030-03-25      | Variable      | 4.41%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 310215                                          | CUSIP: 31374CSC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    246867 | PA      | $234417.21    | 0.20%             | 2044-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR RB5104                                          | CUSIP: 3133KYU56<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    574587 | PA      | $481206.24    | 0.41%             | 2041-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FN MA4278                                          | CUSIP: 31418DXG2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     61959 | PA      | $55699.52     | 0.05%             | 2036-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN FS7748                                          | CUSIP: 3140XPTE9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    182575 | PA      | $163967.04    | 0.14%             | 2036-06-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN FS9622                                          | CUSIP: 3140XRVQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    391009 | PA      | $339900.72    | 0.29%             | 2041-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS K094 A2                                       | CUSIP: 3137FMTY8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    532000 | PA      | $513666.75    | 0.44%             | 2029-06-25      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS K111 A2                                       | CUSIP: 3137FUZC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $89313.89     | 0.08%             | 2030-05-25      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS K105 A2                                       | CUSIP: 3137FRUJ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $92005.53     | 0.08%             | 2030-01-25      | Fixed         | 1.87%                 | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                           | Northern Institutional Funds TREAS PRT PRMR        | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   1000299 | NS      | $1000299.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FN MA4175                                          | CUSIP: 31418DT93<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     84884 | PA      | $71281.90     | 0.06%             | 2040-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| CERBERUS LOAN FUNDING XLI LLC                          | CERB 2023-2A A1                                    | CUSIP: 15674VAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    419000 | PA      | $419716.07    | 0.36%             | 2035-07-15      | Floating      | 6.45%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2021-8                        | JPMMT 2021-8 A4                                    | CUSIP: 46592TAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     69837 | PA      | $62865.82     | 0.05%             | 2051-12-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FN MA4473                                          | CUSIP: 31418D6K3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    728076 | PA      | $616959.39    | 0.53%             | 2041-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR SC0504                                          | CUSIP: 3132D9RZ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     87939 | PA      | $74627.40     | 0.06%             | 2042-01-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR QK0692                                          | CUSIP: 3133D3XV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    260798 | PA      | $218223.23    | 0.19%             | 2041-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR QK0622                                          | CUSIP: 3133D3VP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     86385 | PA      | $72477.99     | 0.06%             | 2041-02-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD | FHMS K754 A2                                       | CUSIP: 3137HBC51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    545000 | PA      | $565493.42    | 0.49%             | 2030-11-25      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| Progress Residential 2025-SFR3 Trust                   | PROG 2025-SFR3 A                                   | CUSIP: 74334BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $95195.41     | 0.08%             | 2042-07-17      | Fixed         | 3.39%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS K101 A2                                       | CUSIP: 3137FQ3Z4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    404000 | PA      | $383055.43    | 0.33%             | 2029-10-25      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN BM7354                                          | CUSIP: 3140JCE42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    181316 | PA      | $164887.94    | 0.14%             | 2052-04-01      | Variable      | 1.89%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC               | AESOP 2024-1A A                                    | CUSIP: 05377RHY3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    125000 | PA      | $128858.93    | 0.11%             | 2030-06-20      | Fixed         | 5.36%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR RB5084                                          | CUSIP: 3133KYUH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     93911 | PA      | $78938.41     | 0.07%             | 2040-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                               | JPMMT 2021-6 A4                                    | CUSIP: 46653PAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     84194 | PA      | $75749.96     | 0.07%             | 2051-10-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN FS9576                                          | CUSIP: 3140XRUA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    320164 | PA      | $287013.28    | 0.25%             | 2037-08-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| ROCK TR 2024-CNTR                                      | ROCC 2024-CNTR A                                   | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    209000 | PA      | $214500.15    | 0.18%             | 2041-11-13      | Fixed         | 5.39%                 | Yes           |                  2 | On Loan: No      |
| Wepco Environmental Trust Finance I Llc                | WEPCO 2021-1 A                                     | CUSIP: 950739AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     70228 | PA      | $63569.07     | 0.05%             | 2035-12-15      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FN MA4382                                          | CUSIP: 31418D2Q4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     70844 | PA      | $63552.58     | 0.05%             | 2036-07-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FH 841463                                          | CUSIP: 31288QTU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    628735 | PA      | $574002.70    | 0.49%             | 2052-07-01      | Variable      | 2.16%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES 2022-                    | GSMBS 2022-PJ4 A22                                 | CUSIP: 36264RBE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    188912 | PA      | $167814.62    | 0.14%             | 2052-09-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 3.875 06/30/30                                   | CUSIP: 91282CNK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1416000 | PA      | $1426785.94   | 1.23%             | 2030-06-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 3.625 08/31/30                                   | CUSIP: 91282CNX5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1887000 | PA      | $1880366.03   | 1.62%             | 2030-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 3.625 09/30/30                                   | CUSIP: 91282CPA3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    943000 | PA      | $939463.75    | 0.81%             | 2030-09-30      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FN MA4176                                          | CUSIP: 31418DUA8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    133188 | PA      | $116249.48    | 0.10%             | 2040-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FN MA4204                                          | CUSIP: 31418DU67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     79669 | PA      | $69219.66     | 0.06%             | 2040-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR SB8109                                          | CUSIP: 3132D6AJ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     61809 | PA      | $53835.57     | 0.05%             | 2036-07-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN BQ6602                                          | CUSIP: 3140KSKQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    226546 | PA      | $203089.62    | 0.17%             | 2036-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Oaktree Strategic Credit Fund                          | OAKSCF 8.4 11/14/28 *                              | CUSIP: 67403AAB5<br>LEI: 2549006RRE0JC7G43241 | Long             | DBT              | CORP              | US        |    313000 | PA      | $337430.81    | 0.29%             | 2028-11-14      | Fixed         | 8.40%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR SC0592                                          | CUSIP: 3132D9UR3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    199535 | PA      | $166033.65    | 0.14%             | 2041-12-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN FS9724                                          | CUSIP: 3140XRYW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    121886 | PA      | $101516.37    | 0.09%             | 2042-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 3.625 10/31/30                                   | CUSIP: 91282CPD7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    253000 | PA      | $252071.01    | 0.22%             | 2030-10-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS K104 A2                                       | CUSIP: 3137FREH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    118000 | PA      | $110423.31    | 0.10%             | 2030-01-25      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GNR 2020-43 IO                                     | CUSIP: 38380PAD6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    872244 | PA      | $67444.88     | 0.06%             | 2061-11-16      | Variable      | 1.26%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS K116 A2                                       | CUSIP: 3137FWHT0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $89025.47     | 0.08%             | 2030-07-25      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR QN7917                                          | CUSIP: 3133GEYN2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    166837 | PA      | $149561.55    | 0.13%             | 2036-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FN MA4488                                          | CUSIP: 31418D7A4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     94754 | PA      | $82527.95     | 0.07%             | 2036-11-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS K120 A2                                       | CUSIP: 3137F72P9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    140000 | PA      | $124150.39    | 0.11%             | 2030-10-25      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| TEXAS NAT GAS SECURITIZATION FIN CORP                  | TX TNGUTL 5.1 04/01/2035                           | CUSIP: 88258MAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     83731 | PA      | $86412.38     | 0.07%             | 2035-04-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Cerberus Loan Funding XLIII LLC                        | CERB 2023-4A A                                     | CUSIP: 156940AA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    451000 | PA      | $457867.02    | 0.39%             | 2035-10-15      | Floating      | 6.33%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FH 8D0161                                          | CUSIP: 3142BNFA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     90423 | PA      | $83706.90     | 0.07%             | 2052-03-01      | Variable      | 2.56%                 | No            |                  2 | On Loan: No      |
| Benchmark 2020-B16 Mortgage Trust                      | BMARK 2024-V11 A3                                  | CUSIP: 081921AZ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    126000 | PA      | $132588.12    | 0.11%             | 2057-11-15      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| HPS Corporate Lending Fund                             | HLEND 6.75 01/30/29                                | CUSIP: 40440VAF2<br>LEI: 549300ZS7IHUA6FKFV61 | Long             | DBT              | CORP              | US        |    207000 | PA      | $215246.98    | 0.19%             | 2029-01-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Arbor Multifamily Mortgage Securities Trust 2021-MF2   | AMMST 2020-MF1 A5                                  | CUSIP: 03881BAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    540000 | PA      | $504901.94    | 0.43%             | 2053-05-15      | Fixed         | 2.76%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR RB5076                                          | CUSIP: 3133KYT90<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     47287 | PA      | $41710.20     | 0.04%             | 2040-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR SB8102                                          | CUSIP: 3132D6AB6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     58132 | PA      | $52258.82     | 0.04%             | 2036-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR RB5134                                          | CUSIP: 3133KYV30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    109221 | PA      | $92551.58     | 0.08%             | 2041-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN BM7277                                          | CUSIP: 3140JCCP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    195816 | PA      | $179621.48    | 0.15%             | 2051-08-01      | Variable      | 1.97%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FH 8D0226                                          | CUSIP: 3142BNHB3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     64729 | PA      | $59858.03     | 0.05%             | 2052-05-01      | Variable      | 2.54%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR SC0576                                          | CUSIP: 3132D9T95<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    121697 | PA      | $106466.60    | 0.09%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                           | B 0 11/13/25                                       | CUSIP: 912797QQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    118000 | PA      | $117873.38    | 0.10%             | 2025-11-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS K097 A2                                       | CUSIP: 3137FNX54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    359000 | PA      | $341259.30    | 0.29%             | 2029-07-25      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GNR 2020-42 IO                                     | CUSIP: 38380PBP8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   1353865 | PA      | $90919.63     | 0.08%             | 2062-03-16      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS K106 A2                                       | CUSIP: 3137FRUT6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $92696.68     | 0.08%             | 2030-01-25      | Fixed         | 2.07%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS K099 A2                                       | CUSIP: 3137FPJG1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    155000 | PA      | $147597.53    | 0.13%             | 2029-09-25      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE TRUST 2021-PJ7 A2                          | GSMBS 2021-PJ7 A8                                  | CUSIP: 36262CAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    228929 | PA      | $204764.25    | 0.18%             | 2052-01-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Abpci Direct Lending Fund ABS II LLC                   | ABDLF 2022-2A C                                    | CUSIP: 00090NAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    758323 | PA      | $727206.56    | 0.63%             | 2032-03-01      | Fixed         | 8.17%                 | Yes           |                  2 | On Loan: No      |
| GS MBS TR 2022-PJ3                                     | GSMBS 2022-PJ3 A24                                 | CUSIP: 362924BK7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     71499 | PA      | $65022.11     | 0.06%             | 2052-08-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4.625 09/30/30                                   | CUSIP: 91282CHZ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    883000 | PA      | $918802.90    | 0.79%             | 2030-09-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| GS MBS TRUST 2021-PJ10                                 | GSMBS 2021-PJ10 A8                                 | CUSIP: 36262PAH4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     67642 | PA      | $60674.77     | 0.05%             | 2052-03-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR QN4913                                          | CUSIP: 3133GBN67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    165274 | PA      | $149089.20    | 0.13%             | 2036-01-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN FS9361                                          | CUSIP: 3140XRMK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    425128 | PA      | $382049.67    | 0.33%             | 2037-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                         | SATS 3.875 11/30/30                                | CUSIP: 278768AB2<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     65359 | PA      | $157106.70    | 0.14%             | 2030-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GNR 2020-71 IO                                     | CUSIP: 38380PHG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   1139799 | PA      | $79752.06     | 0.07%             | 2062-01-16      | Variable      | 1.09%                 | No            |                  2 | On Loan: No      |
| ELM TR 2020-3                                          | MDCP 2020-3A B                                     | CUSIP: 289338AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     27916 | PA      | $27873.75     | 0.02%             | 2029-08-20      | Fixed         | 4.48%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR RB5107                                          | CUSIP: 3133KYU80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    147107 | PA      | $125054.47    | 0.11%             | 2041-04-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Abpci Direct Lending Fund ABS II LLC                   | ABDLF 2022-2A A1                                   | CUSIP: 00090NAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    181673 | PA      | $179432.45    | 0.15%             | 2032-03-01      | Floating      | 7.31%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR QN7387                                          | CUSIP: 3133GEF45<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    223797 | PA      | $200626.22    | 0.17%             | 2036-08-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| MMAF EQUIPMENT FINANCE LLC 2024-A                      | MMAF 2024-A A4                                     | CUSIP: 55318CAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    132000 | PA      | $136122.86    | 0.12%             | 2049-07-13      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| PLACEHOLD WINDSTRM PREF S                              | PLACEHOLD WINDSTRM PREF S                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |        23 | PA      | $23381.00     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| ABPCI DIRECT LENDING FUND ABS I LTD                    | ABDLF 2020-1A B                                    | CUSIP: 00090TAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    501687 | PA      | $492877.76    | 0.42%             | 2030-12-20      | Fixed         | 4.93%                 | Yes           |                  2 | On Loan: No      |
| BX Trust 2018-Bilt                                     | BX 2021-VOLT E                                     | CUSIP: 05609VAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    234456 | PA      | $234236.61    | 0.20%             | 2036-09-15      | Floating      | 6.15%                 | Yes           |                  2 | On Loan: No      |
| Verizon Master Trust                                   | VZMT 2024-7 A                                      | CUSIP: 92348KDJ9<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |    233000 | PA      | $234716.98    | 0.20%             | 2032-08-20      | Fixed         | 4.35%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FN MA4334                                          | CUSIP: 31418DY89<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    123537 | PA      | $110708.41    | 0.10%             | 2041-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DIAMOND INFRASTRUCTURE FUNDING                         | DNFRA 2021-1A C                                    | CUSIP: 25265LAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    104000 | PA      | $100211.78    | 0.09%             | 2049-04-15      | Fixed         | 3.48%                 | Yes           |                  2 | On Loan: No      |
| BMO 2024-5C7 MORTGAGE TRUST                            | BMO 2024-5C7 A3                                    | CUSIP: 09660WAU5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    126000 | PA      | $130853.96    | 0.11%             | 2057-11-15      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| MidCap Financial Issuer Trust                          | MIDCAP 6.5 05/01/28                                | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    461000 | PA      | $452812.36    | 0.39%             | 2028-05-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| GOLUB CAPITAL PARTNERS ABS FUNDING                     | GCPAF 2021-2A B                                    | CUSIP: 38178XAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    711484 | PA      | $692042.73    | 0.60%             | 2029-10-19      | Fixed         | 3.99%                 | Yes           |                  2 | On Loan: No      |
| Ford Credit Floorplan Master Owner Trust A             | FORDF 2024-4 A                                     | CUSIP: 34528QJQ8<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |    197000 | PA      | $198335.68    | 0.17%             | 2031-09-15      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| MONROE CAPITAL FDG 2021-1 LTD                          | MCAF 2021-1A A2                                    | CUSIP: 610331AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    155529 | PA      | $152806.90    | 0.13%             | 2031-04-22      | Fixed         | 2.81%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN FA1222                                          | CUSIP: 3140W1LC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    176332 | PA      | $148553.36    | 0.13%             | 2042-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL PARTNERS ABS FUNDING                     | GCPAF 2020-1A A2                                   | CUSIP: 38177UAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     62123 | PA      | $61738.55     | 0.05%             | 2029-01-22      | Fixed         | 3.21%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN MTG 2021-7 TR                                | JPMMT 2021-7 A4                                    | CUSIP: 46592NAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     70861 | PA      | $63980.23     | 0.06%             | 2051-11-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| VCP RRL ABS 2021-1 LTD                                 | VCRRL 2021-1A A                                    | CUSIP: 92243RAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    134402 | PA      | $132105.43    | 0.11%             | 2031-10-20      | Fixed         | 2.15%                 | Yes           |                  2 | On Loan: No      |
| BX Trust 2018-Bilt                                     | BX 2021-VOLT F                                     | CUSIP: 05609VAQ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    358466 | PA      | $358130.35    | 0.31%             | 2036-09-15      | Floating      | 6.55%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association               | GNR 2015-7 IO                                      | CUSIP: 38378X2M2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    861404 | PA      | $21704.70     | 0.02%             | 2057-01-16      | Variable      | 0.49%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GNR 2015-108 IO                                    | CUSIP: 38379KYD4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     36613 | PA      | $145.48       | 0.00%             | 2056-10-16      | Variable      | 0.34%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR SC0659                                          | CUSIP: 3132D9WU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    219671 | PA      | $186281.64    | 0.16%             | 2042-01-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| ELM TRUST                                              | MDCP 2020-4A A2                                    | CUSIP: 28924AAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     17934 | PA      | $17901.64     | 0.02%             | 2029-10-20      | Fixed         | 2.29%                 | Yes           |                  2 | On Loan: No      |
| MONROE CAPITAL FDG 2021-1 LTD                          | MCAF 2021-1A B                                     | CUSIP: 610331AC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     93991 | PA      | $92943.62     | 0.08%             | 2031-04-22      | Fixed         | 3.91%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust 2020-Pj2           | GSMBS 2021-PJ4 A8                                  | CUSIP: 36264PAH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     60310 | PA      | $54222.29     | 0.05%             | 2051-09-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| VCP RRL ABS 2021-1 LTD                                 | VCRRL 2021-1A B                                    | CUSIP: 92243RAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    123971 | PA      | $115140.99    | 0.10%             | 2031-10-20      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| Diamond Issuer Llc                                     | SHINE 2021-1A C                                    | CUSIP: 25267TAS0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    282000 | PA      | $263840.86    | 0.23%             | 2051-11-20      | Fixed         | 3.79%                 | Yes           |                  2 | On Loan: No      |
| Northern Institutional Funds                           | Northern Institutional Funds TREAS PRT PRMR        | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |       109 | NS      | $109.03       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GS MTG -BACK SEC TR 2021-PJ6                           | GSMBS 2021-PJ6 A8                                  | CUSIP: 36262LAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    125297 | PA      | $112790.84    | 0.10%             | 2051-11-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR ZS3012                                          | CUSIP: 3132A3KZ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     81307 | PA      | $79735.24     | 0.07%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC               | AESOP 2024-3A A                                    | CUSIP: 05377RJK1<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    467000 | PA      | $480818.81    | 0.41%             | 2030-12-20      | Fixed         | 5.23%                 | Yes           |                  2 | On Loan: No      |
| PRET 2024-RPL1 TRUST                                   | PRET 2024-RPL1 A1                                  | CUSIP: 693989AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     79353 | PA      | $76826.70     | 0.07%             | 2063-10-25      | Variable      | 3.90%                 | Yes           |                  2 | On Loan: No      |
| GS MORTGAGE BACKED SECURITIES TRUST                    | GSMBS 2022-PJ6 A15                                 | CUSIP: 36267JAX8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    280634 | PA      | $248474.05    | 0.21%             | 2053-01-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD | FHMS K752 A2                                       | CUSIP: 3137HAGZ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    136000 | PA      | $137263.70    | 0.12%             | 2030-07-25      | Variable      | 4.28%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2021-15                       | JPMMT 2021-15 A4                                   | CUSIP: 46654TAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     67313 | PA      | $60162.43     | 0.05%             | 2052-06-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN MTG TRUST 2021-13                          | JPMMT 2021-13 A4                                   | CUSIP: 46592XAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    327562 | PA      | $294523.89    | 0.25%             | 2052-04-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN FS7649                                          | CUSIP: 3140XPQB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     83782 | PA      | $82058.13     | 0.07%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GS MTG BACK SEC TR 2022-PJ5                            | GSMBS 2022-PJ5 A22                                 | CUSIP: 362925BG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    555689 | PA      | $490879.84    | 0.42%             | 2052-10-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| GOLUB CAPITAL PARTNERS CLO 46M-R                       | GOCAP 2019-46A A1R                                 | CUSIP: 38178UAA7<br>LEI: 25490039QWFXO8F0DR53 | Long             | ABS-CBDO         | CORP              | US        |    343000 | PA      | $343554.56    | 0.30%             | 2037-04-20      | Floating      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST 2024-3                      | JPMMT 2024-3 A4                                    | CUSIP: 46657QAH4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    223422 | PA      | $202938.20    | 0.17%             | 2054-05-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN FS6661                                          | CUSIP: 3140XNMK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     81002 | PA      | $79327.19     | 0.07%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST 2022-3                      | JPMMT 2022-3 A4A                                   | CUSIP: 46654UAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     71582 | PA      | $63722.21     | 0.05%             | 2052-08-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN FS7628                                          | CUSIP: 3140XPPN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     84608 | PA      | $82893.50     | 0.07%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ELM TRUST                                              | MDCP 2020-4A B                                     | CUSIP: 28924AAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     69379 | PA      | $69251.45     | 0.06%             | 2029-10-20      | Fixed         | 3.87%                 | Yes           |                  2 | On Loan: No      |
| GOLUB CAPITAL PARTNERS ABS FUNDING                     | GCPAF 2020-1A B                                    | CUSIP: 38177UAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    160245 | PA      | $153751.65    | 0.13%             | 2029-01-22      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| GOLUB CAPITAL PARTNERS ABS FUNDING                     | GCPAF 2021-1A B                                    | CUSIP: 38178HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    256665 | PA      | $252003.32    | 0.22%             | 2029-04-20      | Fixed         | 3.82%                 | Yes           |                  2 | On Loan: No      |
| GOLUB CAPITAL PARTNERS ABS FUNDING                     | GCPAF 2021-1A A2                                   | CUSIP: 38178HAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     96459 | PA      | $95574.65     | 0.08%             | 2029-04-20      | Fixed         | 2.77%                 | Yes           |                  2 | On Loan: No      |
| SLG OFFICE TRUST                                       | SLG 2021-OVA A                                     | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    455000 | PA      | $405902.36    | 0.35%             | 2041-07-15      | Fixed         | 2.59%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FN MA4454                                          | CUSIP: 31418D5Q1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    153830 | PA      | $133986.42    | 0.12%             | 2036-09-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FN MA4302                                          | CUSIP: 31418DX80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    114766 | PA      | $103170.97    | 0.09%             | 2036-04-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FN MA4328                                          | CUSIP: 31418DY22<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     83428 | PA      | $74998.96     | 0.06%             | 2036-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FN MA4359                                          | CUSIP: 31418DZZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     60007 | PA      | $53943.63     | 0.05%             | 2036-06-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| CHI COMMERCIAL MORTGAGE TRUST 2025-                    | CHI 2025-SFT A                                     | CUSIP: 16706GAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    291000 | PA      | $298597.28    | 0.26%             | 2042-04-15      | Variable      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Northern Institutional Funds                           | Northern Institutional Funds TREAS PRT PRMR        | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |       500 | NS      | $500.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BX Trust 2018-Bilt                                     | BX 2019-OC11 A                                     | CUSIP: 05606FAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    418000 | PA      | $395623.83    | 0.34%             | 2041-12-09      | Fixed         | 3.20%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS K103 A2                                       | CUSIP: 3137FQKN2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    382000 | PA      | $363592.30    | 0.31%             | 2029-11-25      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FN MA4202                                          | CUSIP: 31418DU42<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    111727 | PA      | $93827.21     | 0.08%             | 2040-12-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN FS6264                                          | CUSIP: 3140XM6A9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    175512 | PA      | $153328.59    | 0.13%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR SC0457                                          | CUSIP: 3132D9QJ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    213572 | PA      | $186312.10    | 0.16%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR RC2043                                          | CUSIP: 3133L8HU2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    121917 | PA      | $109295.54    | 0.09%             | 2036-06-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN FS7700                                          | CUSIP: 3140XPRW1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    472651 | PA      | $411145.14    | 0.35%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                           | B 0 11/06/25                                       | CUSIP: 912797QP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     17000 | PA      | $16994.61     | 0.01%             | 2025-11-06      | None          | 0.00%                 | No            |                  2 | On Loan: —       |
| BBCMS MORTGAGE TRUST 2025-5C36                         | BBCMS 2025-5C36 A3                                 | CUSIP: 05556CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $104400.17    | 0.09%             | 2058-08-15      | Variable      | 5.52%                 | No            |                  2 | On Loan: No      |
| Uniti Group LLC                                        | Uniti Group LLC COM SHS                            | CUSIP: 912932100<br>LEI: 549300V3NU625PJUVA84 | Long             | EC               | CORP              | US        |      3665 | NS      | $21110.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS K102 A2                                       | CUSIP: 3137FQKC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    271000 | PA      | $257194.18    | 0.22%             | 2029-10-25      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR RB5130                                          | CUSIP: 3133KYVX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     86768 | PA      | $73552.78     | 0.06%             | 2041-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GNR 2012-150 IO                                    | CUSIP: 38378B2X6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    475740 | PA      | $4250.88      | 0.00%             | 2052-11-16      | Variable      | 0.44%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS K151 A3                                       | CUSIP: 3137BKGK0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    183000 | PA      | $178818.23    | 0.15%             | 2030-04-25      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| Texas Electric Market Stabilization Funding N LLC      | ERCOTT 4.265 08/01/34 A-1                          | CUSIP: 88240TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     79539 | PA      | $79340.50     | 0.07%             | 2034-08-01      | Fixed         | 4.26%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR SB1000                                          | CUSIP: 3132CXDD1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    762812 | PA      | $688037.13    | 0.59%             | 2035-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR SC0443                                          | CUSIP: 3132D9P40<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    313774 | PA      | $273919.42    | 0.24%             | 2042-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Virginia Power Fuel Securitization LLC                 | VIRPFS 4.877 05/01/31 A-2                          | CUSIP: 92808VAB8<br>LEI: 254900BELJ95ONW6U791 | Long             | DBT              | CORP              | US        |    424000 | PA      | $433850.91    | 0.37%             | 2031-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST 2025-S1                         | SEMT 2025-S1 A4                                    | CUSIP: 81749TAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    286420 | PA      | $254986.69    | 0.22%             | 2054-09-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Copper Property CTL Pass Through Trust                 | Copper Property CTL Pass Through Trust EQUITY CTFS | CUSIP: 217519107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25536 | NS      | $310262.40    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FH 8D0086                                          | CUSIP: 3142BNCX0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     74895 | PA      | $67595.53     | 0.06%             | 2051-09-01      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                | FR ZJ0720                                          | CUSIP: 3131WQYR2<br>LEI: 2549001DPIFGXC1TOL40 | Long             | ABS-MBS          | USGA              | US        |     82177 | PA      | $80741.06     | 0.07%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FN MA4266                                          | CUSIP: 31418DW40<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     86879 | PA      | $72830.66     | 0.06%             | 2041-02-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN FS6156                                          | CUSIP: 3140XMZW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    571567 | PA      | $515608.71    | 0.44%             | 2035-12-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| WHARF COMMERCIAL MORTGAGE TRUST 2025-DC                | WHARF 2025-DC A                                    | CUSIP: 92987LAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $102719.61    | 0.09%             | 2040-07-15      | Variable      | 5.35%                 | Yes           |                  2 | On Loan: No      |
| PHI Group Inc                                          | PHI Group Inc COM                                  | CUSIP: 69360B104<br>LEI: 549300131VTGQ00MCM62 | Long             | EC               | CORP              | US        |     44387 | NS      | $1420384.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Kansas Gas Service Securitization I L.L.C              | OGS 5.486 08/01/32 22A                             | CUSIP: 484915AA1<br>LEI: 549300HXDWI0LATTX840 | Long             | DBT              | CORP              | US        |    351477 | PA      | $364850.86    | 0.31%             | 2032-08-01      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN FS5363                                          | CUSIP: 3140XL5Z7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     77756 | PA      | $76107.51     | 0.07%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR SB1298                                          | CUSIP: 3132CXNP3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    425291 | PA      | $382326.45    | 0.33%             | 2036-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy Restoration Bond Co II LLC          | CNP 4.255 12/15/35 A-1                             | CUSIP: 15201GAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    321000 | PA      | $321669.06    | 0.28%             | 2034-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR RB5110                                          | CUSIP: 3133KYVB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    505848 | PA      | $429912.31    | 0.37%             | 2041-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR RB5121                                          | CUSIP: 3133KYVN6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     69612 | PA      | $60856.67     | 0.05%             | 2041-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Cerberus Loan Funding XL LLC                           | CERB 2023-1A A                                     | CUSIP: 15675AAA7<br>LEI: 635400FRD1HEGKSHCI69 | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $250416.65    | 0.22%             | 2035-03-22      | Floating      | 6.30%                 | Yes           |                  2 | On Loan: No      |
| VT Topco Inc.                                          | VERCOR 8.5 08/15/30 144A                           | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |    164000 | PA      | $170576.46    | 0.15%             | 2030-08-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN FS7513                                          | CUSIP: 3140XPK32<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    313161 | PA      | $306814.78    | 0.26%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| J P MORGAN SEASONED MORTGAGE TRUST 2025-1              | JPSMT 2025-1 A4                                    | CUSIP: 46659PAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    147288 | PA      | $138717.86    | 0.12%             | 2063-01-25      | Variable      | 3.69%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR RB5090                                          | CUSIP: 3133KYUP2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     89364 | PA      | $77635.48     | 0.07%             | 2040-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR SB8097                                          | CUSIP: 3132D57J5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     57334 | PA      | $51541.53     | 0.04%             | 2036-04-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN FA1527                                          | CUSIP: 3140W1VV2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    307559 | PA      | $260811.37    | 0.22%             | 2042-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN FA1315                                          | CUSIP: 3140W1N90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    262587 | PA      | $222840.09    | 0.19%             | 2042-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FN MA4301                                          | CUSIP: 31418DX72<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    124721 | PA      | $108635.26    | 0.09%             | 2036-04-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust 2021-Pj5           | GSMBS 2021-PJ5 A8                                  | CUSIP: 36261HAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    218961 | PA      | $197493.39    | 0.17%             | 2051-10-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FNS 284 1                                          | CUSIP: 31364HP50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14692 | PA      | $14272.51     | 0.01%             | 2027-07-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                               | JPMMT 2021-10 A4                                   | CUSIP: 46654AAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    334441 | PA      | $299426.80    | 0.26%             | 2051-12-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| J.C. Penney Corporation                                | J.C. Penney Corporation TLb 425 2023-06-23         | CUSIP: 46611NAJ2<br>LEI: 8TDNUQ07MEFMWW1VHP39 | Long             | LON              | CORP              | US        |    227454 | PA      | $22.75        | 0.00%             | 2028-04-30      | Floating      |  | No            |                  3 | On Loan: No      |
| PROGRESS RESIDENTIAL 2024-SFR4 TRUS                    | PROG 2024-SFR4 A                                   | CUSIP: 74334JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600644 | PA      | $572925.82    | 0.49%             | 2041-07-17      | Fixed         | 3.10%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FNR 2012-144 PD                                    | CUSIP: 3136ABJH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     52233 | PA      | $51763.31     | 0.04%             | 2042-04-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TOYTA AUT LN EXT TR 2024-1                             | TALNT 2024-1A A                                    | CUSIP: 89231JAA0<br>LEI: 254900CVU48B7WLCPS92 | Long             | ABS-O            | CORP              | US        |    409000 | PA      | $423095.08    | 0.36%             | 2036-11-25      | Fixed         | 5.16%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN BR2134                                          | CUSIP: 3140L0LQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     74853 | PA      | $65531.37     | 0.06%             | 2041-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN FS1967                                          | CUSIP: 3140XHFH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1054956 | PA      | $918840.60    | 0.79%             | 2037-03-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FH 841600                                          | CUSIP: 31288QX54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     77852 | PA      | $74462.80     | 0.06%             | 2052-11-01      | Variable      | 3.33%                 | No            |                  2 | On Loan: No      |
| Gmf Floorplan Owner Revolving Trust                    | GFORT 2024-2A A                                    | CUSIP: 361886DF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    342000 | PA      | $352550.49    | 0.30%             | 2031-03-17      | Fixed         | 5.06%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS K117 A2                                       | CUSIP: 3137FX3Q9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    493000 | PA      | $437767.14    | 0.38%             | 2030-08-25      | Fixed         | 1.41%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FN MA4445                                          | CUSIP: 31418D5F5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    494767 | PA      | $419411.93    | 0.36%             | 2041-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR RB5137                                          | CUSIP: 3133KYV63<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    513726 | PA      | $435319.08    | 0.37%             | 2041-12-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN FS1680                                          | CUSIP: 3140XG2N8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    741333 | PA      | $645682.23    | 0.56%             | 2036-12-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FH 841640                                          | CUSIP: 31288QZD5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     93368 | PA      | $85254.00     | 0.07%             | 2053-05-01      | Variable      | 2.16%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN FS6519                                          | CUSIP: 3140XNG57<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    756342 | PA      | $679936.44    | 0.59%             | 2036-08-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| VOLVO FINANCIAL EQUIPMENT LLC 2025-2                   | VFET 2025-2A A4                                    | CUSIP: 92886CAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99606.41     | 0.09%             | 2033-06-15      | Fixed         | 4.06%                 | Yes           |                  2 | On Loan: No      |
| iShares Trust                                          | iShares Trust ULTRA SHORT DURATION BOND ACTIVE ETF | CUSIP: 46434V878<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    282957 | NS      | $14358652.97  | 12.35%            |  |  |  | No            |                  1 | On Loan: —       |
| Northern Institutional Funds                           | Northern Institutional Funds TREAS PRT PRMR        | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   3996080 | NS      | $3996080.21   | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Strategic Trust                                 | Schwab Strategic Trust SHORT-TERM US TREASURY ETF  | CUSIP: 808524862<br>LEI: 549300NAZEQOIX80E226 | Long             | EC               | RF                | US        |   1726672 | NS      | $42165330.24  | 36.28%            |  |  |  | No            |                  1 | On Loan: —       |
| Vanguard Malvern Funds                                 | Vanguard Malvern Funds SH-TERM INFL PROTECTED ETF  | CUSIP: 922020805<br>LEI: 549300EW16IGZDA38J20 | Long             | EC               | RF                | US        |    124391 | NS      | $6224525.64   | 5.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PROGRESS RESIDENTIAL 2024-SFR5 TR                      | PROG 2024-SFR5 A                                   | CUSIP: 74332HAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    104999 | PA      | $99541.46     | 0.09%             | 2029-08-09      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR SB1242                                          | CUSIP: 3132CXLX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     87004 | PA      | $75782.14     | 0.07%             | 2036-10-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                               | JPMMT 2021-10 A4A                                  | CUSIP: 46654AAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    124583 | PA      | $109142.52    | 0.09%             | 2051-12-25      | Variable      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS K095 A2                                       | CUSIP: 3137FNAE0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    725000 | PA      | $697537.07    | 0.60%             | 2029-06-25      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHR 4162 P                                         | CUSIP: 3137AYHU8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     49838 | PA      | $48800.56     | 0.04%             | 2033-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PG&E Recovery Funding LLC                              | PCG 4.838 06/01/33 A-1                             | CUSIP: 71710TAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    297648 | PA      | $303122.44    | 0.26%             | 2033-06-01      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| PLACEHOLD WINDSTRM WARRNT                              | PLACEHOLD WINDSTRM WARRNT                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       714 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Northern Institutional Funds                           | Northern Institutional Funds LIQ ASET PORTF        | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   1700000 | NS      | $1700000.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-28

**Name of Applicant:** Morningstar Funds Trust

**Signature:** D. Scott Schilling

**Name of Signer:** D. Scott Schilling

**Title:** Chief Compliance Officer