# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001396092-25-000093
**Filing Date:** 2025-11
**Character Count:** 106440
**Document Hash:** f093902a67a164c60f82519d52070962
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001396092-25-000093.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001396092-25-000093

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** World Funds Trust
- **CENTRAL INDEX KEY:** 0001396092

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22172
- **FILM NUMBER:** 251457843

**BUSINESS ADDRESS:**
- **STREET 1:** 8730 STONY POINT PARKWAY
- **STREET 2:** SUITE 205
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23235
- **BUSINESS PHONE:** 804-267-7400

**MAIL ADDRESS:**
- **STREET 1:** 8730 STONY POINT PARKWAY
- **STREET 2:** SUITE 205
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23235

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Abacus World Funds Trust
- **DATE OF NAME CHANGE:** 20070410

## Series and Classes Contracts Data

### Curasset Capital Management Limited Term Income Fund (Series ID: S000073807)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000231000 | Class A             | CMIAX           |
| C000231001 | Founders Class      | CMIFX           |
| C000231002 | Institutional Class | CMIIX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-22172

- **c. CIK number of Registrant:** 0001396092

- **d. LEI of Registrant:** 5493007BOSPYEMKSSY03

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

  - **Street Address 1:** 8730 Stony Point Parkway

  - **City:** Richmond

  - **State:** VA

  - **Foreign country:** US

  - **Zip / Postal Code:** 23235

  - **Telephone number:** 800-673-0550

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

- **a. Name of Series:** Curasset Capital Management Limited Term Income Fund

- **b. EDGAR series identifier (if any):** S000073807

- **c. LEI of Series:** 549300O64BV9SDN0ED95

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

- **a. Date of fiscal year-end:** 2025-09-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $356442776.54

**Total Liabilities:** $184256.01

**Net Assets:** $356258520.53

**Cash Not Reported:** $1545335.05

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1126.83 | **1-Year:** -44094.16 | **5-Year:** -45354.56 | **10-Year:** -802.70 | **30-Year:** -690.88

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

- **3-Month:** -153.00 | **1-Year:** -2656.88 | **5-Year:** -3665.29 | **10-Year:** 0.00 | **30-Year:** -5584.07

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231000 |  |  |  |
| Class ID C000231002 |  |  |  |
| Class ID C000231001 | 0.10%                | 0.90%                | 0.24%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $259887.15               | $-702529.86                                |
| Month 2  | $314487.21               | $527976.40                                 |
| Month 3  | $16346.23                | $-397174.45                                |

**Designated Index Information**

- **Index Name:** Bloomberg U.S. Aggregate 1-3 year Index (USD)

- **Index Identifier:** 5747USD1

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Default                  | ING Groep NV                                              | CUSIP: 456837AH6<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1991598.00   | 0.56%             | 2027-03-29      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Default                  | Prestige Auto Receivables Trust                           | CUSIP: 74113XAE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    825600 | PA      | $71900.73     | 0.02%             | 2028-02-15      | Fixed         | 1.53%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae - CAS 05/25/2044 VAR% 144A                     | CUSIP: 20753GAC5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1100000 | PA      | $1102068.00   | 0.31%             | 2044-05-25      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Default                  | Westlake Automobile Receivable                            | CUSIP: 96042WAG2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1487200 | PA      | $629108.01    | 0.18%             | 2027-03-15      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal Home Loan Mortgage Corp.                          | CUSIP: 3137AQH35<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  28479666 | PA      | $6757.56      | 0.00%             | 2027-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae 02/25/2037 1.5000%                             | CUSIP: 31423XPH8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  13200000 | PA      | $495225.63    | 0.14%             | 2037-02-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Default                  | Energen Corp 02/15/2028 7.125%                            | CUSIP: 29265AAS5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    525000 | PA      | $550619.48    | 0.15%             | 2028-02-18      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Default                  | Atlas Senior Loan Fund LTD 04/22/2031 VAR% 144A           | CUSIP: 04942VBA1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    559000 | PA      | $560677.00    | 0.16%             | 2031-04-22      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| DOMTAR CORP              | Steel Dynamics, Inc.                                      | CUSIP: 858119BF6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    813000 | PA      | $812853.66    | 0.23%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Winwater Mortgage Loan Trust                              | CUSIP: 97655JCC4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    270000 | PA      | $128639.13    | 0.04%             | 2046-01-20      | Floating      | 3.78%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury 10/15/2028 2.375%                             | CUSIP: 91282CJH5<br>LEI: N/A | Long             | DBT              | UST               | US        |   8000000 | PA      | $8788027.21   | 2.47%             | 2028-10-15      | Floating      | 2.38%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury 11/30/2028 4.375%                             | CUSIP: 91282CJN2<br>LEI: N/A | Long             | DBT              | UST               | US        |   2101000 | PA      | $2146385.80   | 0.60%             | 2028-11-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Default                  | GLS Auto Receivables Trust 07/15/2027 1.480% 144A         | CUSIP: 36263LAG4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $403630.45    | 0.11%             | 2027-07-15      | Fixed         | 1.48%                 | No            |                  2 | On Loan: No      |
| Default                  | JP Morgan Mortgage Trust                                  | CUSIP: 46591LAC5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    260000 | PA      | $33232.90     | 0.01%             | 2050-05-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 01/25/2051 VAR% 144A                          | CUSIP: 35564KAH2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $780030.52    | 0.22%             | 2051-01-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Default                  | Carvana Auto Receivables Trust                            | CUSIP: 14686KAF4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $38516.42     | 0.01%             | 2028-03-10      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Default                  | Exeter Automobile Receivables Trust                       | CUSIP: 30166QAG4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    962500 | PA      | $943806.33    | 0.26%             | 2029-10-15      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac Stacr 03/25/2052 VAR% 144A                    | CUSIP: 35564KL49<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1165415 | PA      | $1253916.62   | 0.35%             | 2052-03-25      | Floating      | 9.36%                 | No            |                  2 | On Loan: No      |
| Default                  | TSY INFL 01/15/2026 2.000%                                | CUSIP: 912810FS2<br>LEI: N/A | Long             | DBT              | UST               | US        |   1000000 | PA      | $1628990.38   | 0.46%             | 2026-01-15      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| Default                  | OSCAR US Funding Trust 04/10/2028 1.000% 144A             | CUSIP: 68785AAD7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1040000 | PA      | $120327.62    | 0.03%             | 2028-04-10      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury N/B 02/28/2027 4.125%                         | CUSIP: 91282CMP3<br>LEI: N/A | Long             | DBT              | UST               | US        |   5600000 | PA      | $5633471.20   | 1.58%             | 2027-02-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae-CAS 10/25/2041 VAR%                            | CUSIP: 20754RAF3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2100000 | PA      | $2139622.80   | 0.60%             | 2041-10-25      | Floating      | 7.46%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae 07/25/2043 VAR% 144A                           | CUSIP: 20754EAB1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1033256.00   | 0.29%             | 2043-07-25      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| Default                  | Golun Capital Partners 04/25/2034 VAR% 144A               | CUSIP: 38180UAA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1102420.00   | 0.31%             | 2034-04-25      | Floating      | 1.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Lendbuzz Sec 07/15/2026 4.759% 144A                       | CUSIP: 52611JAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    695000 | PA      | $360714.99    | 0.10%             | 2026-07-15      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| Default                  | Mastec Inc 08/15/2029 6.625% 144A                         | CUSIP: 576323AQ2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    550000 | PA      | $550000.00    | 0.15%             | 2029-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Default                  | COMM Mortgage Trust                                       | CUSIP: 20048KAG2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |     65000 | PA      | $19500.00     | 0.01%             | 2033-09-15      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| Default                  | Exeter Automobile Recei  06/15/2027 VAR%                  | CUSIP: 30166AAF1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1281500 | PA      | $624215.23    | 0.18%             | 2027-06-15      | Floating      | 1.55%                 | No            |                  2 | On Loan: No      |
| Default                  | Banque Federative du Credit Mutuel                        | CUSIP: 06675FAY3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1950126.00   | 0.55%             | 2026-10-04      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Default                  | BreanAsset Backed Sec 07/25/2065 4.50% 144A               | CUSIP: 10638KAE4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    578000 | PA      | $502559.97    | 0.14%             | 2065-07-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Default                  | Transamerica Capital II                                   | CUSIP: 893472AA8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    825000 | PA      | $839868.15    | 0.24%             | 2026-12-01      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| Default                  | Venture Global Lng 04/01/2028 8.125% 144A                 | CUSIP: 92332YAA9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $517535.00    | 0.15%             | 2028-06-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 30711XY32<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1089242.00   | 0.31%             | 2031-01-25      | Floating      | 8.72%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae 05/25/2042 VAR% 144A                           | CUSIP: 20754NAB1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1650000 | PA      | $728940.45    | 0.20%             | 2042-05-25      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae- Cas 03/25/2042 VAR% 144A                      | CUSIP: 20753XAB0<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   4920000 | PA      | $5075275.20   | 1.42%             | 2042-03-25      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| Default                  | Lad Auto Receivables Trust                                | CUSIP: 501687AC1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    726000 | PA      | $734280.03    | 0.21%             | 2030-04-15      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Default                  | Sofi Consumer Loan Pro 06/25/2034 4.82% 144A              | CUSIP: 83407HAA5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $440897.70    | 0.12%             | 2034-06-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 02/25/2042 VAR% 144A                          | CUSIP: 35564KRF8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2600000 | PA      | $2646675.20   | 0.74%             | 2042-02-25      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| Default                  | Crown City CLO 07/15/2037 VAR% 144A                       | CUSIP: 22823EAN8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $855770.57    | 0.24%             | 2037-07-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Default                  | Lendbuzz Securitization Trust 05/15/2029 5.990% 144A      | CUSIP: 525920AB0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $308990.14    | 0.09%             | 2029-05-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Default                  | Teva Pharmaceutical Industries Ltd.                       | CUSIP: 88167AAP6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    100000 | PA      | $99860.30     | 0.03%             | 2027-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac STACR 05/25/2042 VAR% 144A                    | CUSIP: 35564KWT2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2870000 | PA      | $2978514.70   | 0.84%             | 2042-05-25      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| Default                  | Arivo Acceptance Auto 02/15/2029 7.700% 144A              | CUSIP: 04047JAB1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    825000 | PA      | $851762.18    | 0.24%             | 2029-02-15      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 3136BNEW2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  49821831 | PA      | $53719.76     | 0.02%             | 2046-11-25      | Floating      | 0.11%                 | No            |                  2 | On Loan: No      |
| Default                  | DT Auto Owner Trust                                       | CUSIP: 23344QAD1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $522922.44    | 0.15%             | 2027-05-17      | Fixed         | 1.31%                 | No            |                  2 | On Loan: No      |
| Default                  | Eagle Pt Income Co Inc Pfd B                              | CUSIP: 269817300<br>LEI: N/A | Long             | EP               | CORP              | US        |     11122 | NS      | $278050.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 20753ACJ1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2605000 | PA      | $1114510.61   | 0.31%             | 2043-04-25      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| Default                  | Ford Holdings LLC 03/01/2030 9.30%                        | CUSIP: 345277AE7<br>LEI: N/A | Long             | DBT              | CORP              | US        |    990000 | PA      | $1133720.28   | 0.32%             | 2030-03-01      | Fixed         | 9.30%                 | No            |                  2 | On Loan: No      |
| Default                  | Timken Co.                                                | CUSIP: 88738TAA8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    480000 | PA      | $509616.48    | 0.14%             | 2028-05-08      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KHE2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    135026 | PA      | $38144.00     | 0.01%             | 2034-01-25      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Default                  | Arivo Acceptance Auto Loan Rec'ls Trust                   | CUSIP: 04047JAA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $221496.91    | 0.06%             | 2029-01-16      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Default                  | OZLM Ltd 04/15/2031 VAR% 144A                             | CUSIP: 67112GAA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $401775.69    | 0.11%             | 2031-04-15      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Default                  | Tallgrass NRG PRTNR/FIN 01/15/2028 5.50% 144A             | CUSIP: 87470LAD3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $497456.50    | 0.14%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac Stacr 05/25/2044 VAR% 144A                    | CUSIP: 35564NCW1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1400000 | PA      | $1225592.32   | 0.34%             | 2044-05-25      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Default                  | Carvana Auto Receivables Trust                            | CUSIP: 14686GAE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1777050 | PA      | $448830.62    | 0.13%             | 2028-12-11      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae - CAS 03/25/2045 VAR% 144A                     | CUSIP: 20754VAC1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1100000 | PA      | $1117875.00   | 0.31%             | 2045-03-25      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| Default                  | EQT Corp 04/01/2029 6.3750% 144A                          | CUSIP: 26884LAZ2<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1120000 | PA      | $1161424.32   | 0.33%             | 2029-04-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Default                  | DT Auto Owner Trust 09/15/2028 2.650% 144A                | CUSIP: 23344QAE9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $545267.25    | 0.15%             | 2028-09-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Default                  | Pagaya AI Debt Selection Trust 07/15/2031 VAR% 144A       | CUSIP: 69548RAC8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $325594.91    | 0.09%             | 2031-07-15      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac Stacr 09/25/2042 VAR% 144A                    | CUSIP: 35564KH44<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2671000 | PA      | $2807060.74   | 0.79%             | 2042-09-25      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| Default                  | GLS Auto Receivables 04/17/2028 6.15% 144A                | CUSIP: 36265NAE3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1600000 | PA      | $1572310.34   | 0.44%             | 2028-04-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KQC6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1350000 | PA      | $1372086.00   | 0.39%             | 2042-01-25      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| Default                  | Nova Chemicals Corp 06/01/2027 5.25% 144A                 | CUSIP: 66977WAR0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $501439.50    | 0.14%             | 2027-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury 11/30/2026 4.25%                              | CUSIP: 91282CLY5<br>LEI: N/A | Long             | DBT              | UST               | US        |    714700 | PA      | $718915.30    | 0.20%             | 2026-11-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac Stacr 04/25/2043 VAR%                         | CUSIP: 35564KT66<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1545000 | PA      | $1617091.25   | 0.45%             | 2043-04-25      | Floating      | 7.60%                 | No            |                  2 | On Loan: No      |
| Default                  | Tricolor Auto Securitization Trust                        | CUSIP: 89616KAE4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $306105.00    | 0.09%             | 2028-06-15      | Fixed         | 13.45%                | No            |                  2 | On Loan: No      |
| Default                  | Arivo Acceptance Auto Loan Rec'ls Trust                   | CUSIP: 04047EAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $14774.98     | 0.00%             | 2028-05-15      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| Default                  | Toll Bros Finance Corp.                                   | CUSIP: 88947EAS9<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1007298.00   | 0.28%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 01/25/2042 VAR% 144A                          | CUSIP: 35564KPV5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    720000 | PA      | $726905.52    | 0.20%             | 2042-01-25      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury N/B 05/31/2026 4.875%                         | CUSIP: 91282CKS9<br>LEI: N/A | Long             | DBT              | UST               | US        |  10000000 | PA      | $10066560.00  | 2.83%             | 2026-05-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 11/25/2043 VAR% 144A                          | CUSIP: 35564K3F4<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   3550000 | PA      | $3182765.66   | 0.89%             | 2043-11-25      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae 01/25/2044 VAR% 144A                           | CUSIP: 20753UAB6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1100000 | PA      | $1108976.00   | 0.31%             | 2044-01-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Default                  | Ocwen Loan Investment Trust 02/25/2037 3.000% 144A        | CUSIP: 675952AE5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $457821.50    | 0.13%             | 2037-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 11/25/2043 VAR% 144A                          | CUSIP: 35564NAA1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2200000 | PA      | $2320568.80   | 0.65%             | 2043-11-25      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| Default                  | Nissan Motor Acc  03/09/2028 2.75% 144A                   | CUSIP: 654740BT5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    350000 | PA      | $328391.35    | 0.09%             | 2028-03-09      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Default                  | Flagship Credit Auto 09/15/2028 3.16% 144A                | CUSIP: 33844WAJ9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1150000 | PA      | $1113726.70   | 0.31%             | 2028-09-15      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| Default                  | Sound Point CLO LTD 07/18/2031 VAR% 144A                  | CUSIP: 83607EAC6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    530000 | PA      | $535247.00    | 0.15%             | 2031-07-18      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Default                  | X-Caliber Funding LLC                                     | CUSIP: 98373XBD1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $686830.14    | 0.19%             | 2025-11-15      | Fixed         | 8.58%                 | No            |                  2 | On Loan: No      |
| Default                  | Harvest SBA Loan Trust                                    | CUSIP: 41755NAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1650000 | PA      | $295839.17    | 0.08%             | 2047-06-25      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| Default                  | SMB Private Education Loan Trust                          | CUSIP: 78449UAB4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $586583.00    | 0.16%             | 2037-09-15      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae- CAS 12/25/2042 Var%                           | CUSIP: 207932AA2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2250000 | PA      | $1417909.38   | 0.40%             | 2042-12-25      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury N/B 07/15/2027 4.375%                         | CUSIP: 91282CKZ3<br>LEI: N/A | Long             | DBT              | UST               | US        |   1800000 | PA      | $1822570.20   | 0.51%             | 2027-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE               | Federal National Mortgage Assoc.                          | CUSIP: 3136BMXV5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  27788800 | PA      | $52624.37     | 0.01%             | 2046-02-25      | Floating      | 0.16%                 | No            |                  2 | On Loan: No      |
| Default                  | Saluda Grace Alternative Mortgage 04/25/2030 VAR% 144A    | CUSIP: 795935AA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    260000 | PA      | $263098.42    | 0.07%             | 2030-04-25      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae Cas 07/25/2045 VAR% 144A                       | CUSIP: 20753CAC4<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1550000 | PA      | $1555414.15   | 0.44%             | 2045-07-25      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae 04/25/2042 VAR% 144A                           | CUSIP: 20754DAA5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2295000 | PA      | $375043.99    | 0.11%             | 2042-04-25      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| Default                  | Targa Resources Partners LP                               | CUSIP: 87612BBQ4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $508590.00    | 0.14%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Default                  | GLS Auto Rec 10/15/2027 2.48% 144A                        | CUSIP: 36263DAD9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    675000 | PA      | $433264.97    | 0.12%             | 2027-10-15      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Default                  | GLS Auto Receivables Trust 10/15/2027 3.510% 144A         | CUSIP: 36261EAE7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    357500 | PA      | $205392.42    | 0.06%             | 2027-10-15      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae 08/25/2028 VAR%                                | CUSIP: 30711XBM5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    485000 | PA      | $35427.31     | 0.01%             | 2028-08-25      | Floating      | 11.22%                | No            |                  2 | On Loan: No      |
| Default                  | GoldenTree Loan Management 07/20/2037 VAR% 144A           | CUSIP: 38139MAA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1250000 | PA      | $780078.13    | 0.22%             | 2037-07-20      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Default                  | Energy Transfer LP                                        | CUSIP: 29273VAJ9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    600000 | PA      | $598850.40    | 0.17%             | 2028-02-15      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| Default                  | Saratoga Invest Corp 04/20/2033 Var% 144A                 | CUSIP: 80349BBF3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $557480.00    | 0.16%             | 2033-04-20      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| Default                  | GLS Auto Receivables Trust                                | CUSIP: 36260CAE2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    725000 | PA      | $214543.23    | 0.06%             | 2027-07-15      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| Default                  | JP Morgan Mortgage Trust                                  | CUSIP: 46643KAA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $29257.16     | 0.01%             | 2029-10-25      | Floating      | 2.60%                 | No            |                  2 | On Loan: No      |
| Default                  | X-Caliber Funding LLC 08/04/2027 12.000% 144A             | CUSIP: 98373XBP4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $553666.30    | 0.16%             | 2027-08-04      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Default                  | Cheniere Energy Inc. 10/15/2028 4.625%                    | CUSIP: 16411RAK5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $498437.00    | 0.14%             | 2028-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Default                  | Provident Funding Mortgage Trust                          | CUSIP: 74388JAA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $616102.35    | 0.17%             | 2051-04-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Default                  | Oceaneering Intl Inc 02/01/2028 6.00%                     | CUSIP: 675232AB8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    350000 | PA      | $354328.80    | 0.10%             | 2028-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae- Cas 12/25/2041 VAR% 144A                      | CUSIP: 20754LAF6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1900000 | PA      | $1945714.00   | 0.55%             | 2041-12-25      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| Default                  | DT Auto Owner Trust 12/15/2027 3.400% 144A                | CUSIP: 23345YAG6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    624000 | PA      | $345306.16    | 0.10%             | 2027-12-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Default                  | United Auto Credit Securitization Trust                   | CUSIP: 90944DAJ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    850000 | PA      | $491944.27    | 0.14%             | 2028-11-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 3136AAL86<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1050000 | PA      | $81507.96     | 0.02%             | 2032-12-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Default                  | TREASURY 08/31/2026 3.75%                                 | CUSIP: 91282CLH2<br>LEI: N/A | Long             | DBT              | UST               | US        |  62000000 | PA      | $62001922.00  | 17.40%            | 2026-08-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Default                  | Crossroads Asset Trusts 08/20/2032 8.32% 144A             | CUSIP: 22767VAF5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    275000 | PA      | $278321.18    | 0.08%             | 2032-08-20      | Fixed         | 8.32%                 | No            |                  2 | On Loan: No      |
| Default                  | Avid Automobile Receivables Trust                         | CUSIP: 05368QAC1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $788804.71    | 0.22%             | 2027-12-15      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Default                  | ICG US CLO Ltd 01/15/2031 VAR                             | CUSIP: BCC2FMLA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    530000 | PA      | $532014.00    | 0.15%             | 2031-01-15      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 20755AAB8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1074000 | PA      | $673875.52    | 0.19%             | 2043-01-25      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| Default                  | Carvana Auto Receivables Trust                            | CUSIP: 14686KAB3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    432000 | PA      | $113418.73    | 0.03%             | 2028-03-10      | Fixed         | 0.97%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KWS4<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   3162500 | PA      | $1125139.94   | 0.32%             | 2042-05-25      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| Default                  | MPLX LP 02/15/2031 4.8000%                                | CUSIP: 55336VCA6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    550000 | PA      | $553319.80    | 0.16%             | 2031-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac-Star 05/25/2044 Var%                          | CUSIP: 35564NCX9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    916000 | PA      | $601082.83    | 0.17%             | 2044-05-25      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury 07/31/2027 3.875%                             | CUSIP: 91282CNP2<br>LEI: N/A | Long             | DBT              | UST               | US        |   5000000 | PA      | $5020510.00   | 1.41%             | 2027-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Default                  | Lendbuzz Securitization Trust                             | CUSIP: 525931AB7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $273067.44    | 0.08%             | 2028-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KRE1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    580000 | PA      | $115244.33    | 0.03%             | 2042-02-25      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Default                  | Federated Government Obligations Fund                     | CUSIP: 60934N104<br>LEI: N/A | Long             | STIV             | RF                | US        |  16326137 | NS      | $16326136.60  | 4.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                  | Credit Agricole SA                                        | CUSIP: 22535WAH0<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1978936.00   | 0.56%             | 2027-01-26      | Floating      | 1.25%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac- Stacr 01/25/2042 VAR%                        | CUSIP: 35564KPU7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $101493.50    | 0.03%             | 2042-01-25      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Default                  | GLS Auto Rec Trust 05/15/2029 5.64% 144A                  | CUSIP: 36263XAJ2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $500564.00    | 0.14%             | 2029-05-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Default                  | Upstart Securitization 06/20/2033 7.92% 144A              | CUSIP: 91683VAB0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $395144.12    | 0.11%             | 2033-06-20      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| Default                  | Venture CDO Ltd  10/20/2034 VAR% 144A                     | CUSIP: 92331DBL1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    560000 | PA      | $555240.00    | 0.16%             | 2034-10-20      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Default                  | Shackleton CLO Ltd 08/15/2030 VAR% 144A                   | CUSIP: 81883EAJ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1002000 | PA      | $1011218.40   | 0.28%             | 2030-08-15      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| Default                  | Citigroup Mortgage Loan Trust                             | CUSIP: 17328PAQ6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $50118.86     | 0.01%             | 2050-08-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Default                  | CCO HLDGS LLC 06/01/2029 5.375% 144A                      | CUSIP: 1248EPCB7<br>LEI: N/A | Long             | DBT              | CORP              | US        |    275000 | PA      | $273166.30    | 0.08%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Default                  | AMN Healthcare, Inc.                                      | CUSIP: 00175PAB9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    110000 | PA      | $109956.00    | 0.03%             | 2027-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury                                               | CUSIP: 912828Z78<br>LEI: N/A | Long             | DBT              | UST               | US        |   1107000 | PA      | $1075692.93   | 0.30%             | 2027-01-31      | Floating      | 1.50%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae 10/25/2041 VAR% 144A                           | CUSIP: 20754RAB2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    375000 | PA      | $214445.23    | 0.06%             | 2041-10-25      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 03/25/2043 VAR% 144A                          | CUSIP: 35564KP37<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1150000 | PA      | $640574.73    | 0.18%             | 2043-03-25      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac STACR 10/25/2041 VAR% 144A                    | CUSIP: 35564KKY4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1160000 | PA      | $995573.77    | 0.28%             | 2041-10-25      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Default                  | Zais Matrix 04/15/2032 VAR%                               | CUSIP: 98888BBN5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    520000 | PA      | $524992.00    | 0.15%             | 2032-04-15      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Default                  | Carvana Auto Receivables Trust                            | CUSIP: 14686MAF0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    175000 | PA      | $178212.65    | 0.05%             | 2028-11-10      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Default                  | Venture CDO Ltd  07/15/2032 VAR%                          | CUSIP: 92328XBF5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1112980.00   | 0.31%             | 2032-07-15      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Default                  | Bridgecrest Lending Au 10/16/2028 5.370%                  | CUSIP: 10805NAD7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1650000 | PA      | $1659368.70   | 0.47%             | 2028-10-16      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Default                  | Bluemountain CLO Ltd 10/20/2030 var% 144A                 | CUSIP: 09629EAE1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    520000 | PA      | $523224.00    | 0.15%             | 2030-10-20      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE               | Federal National Mortgage Assoc.                          | CUSIP: 3136BNFA9<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  33025657 | PA      | $49168.50     | 0.01%             | 2047-02-25      | Floating      | 0.11%                 | No            |                  2 | On Loan: No      |
| Default                  | Washington Gas Light Co.                                  | CUSIP: 93884PCJ7<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1021783.00   | 0.29%             | 2026-10-09      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| Default                  | GCAT Trust                                                | CUSIP: 36167YAA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    260000 | PA      | $104199.02    | 0.03%             | 2066-08-25      | Fixed         | 1.92%                 | No            |                  2 | On Loan: No      |
| Default                  | Horizon Bancorp 07/01/2030 Var%                           | CUSIP: 440407AA2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    550000 | PA      | $550000.00    | 0.15%             | 2030-07-01      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Default                  | Ballyrock Ltd 07/20/2037 VAR% 144A                        | CUSIP: 05874XAJ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $623625.00    | 0.18%             | 2037-07-20      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Default                  | Hubbell, Inc.                                             | CUSIP: 443510AH5<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1079000 | PA      | $1059612.53   | 0.30%             | 2027-08-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury N/B 12/15/2027 4.00%                          | CUSIP: 91282CMB4<br>LEI: N/A | Long             | DBT              | UST               | US        |   1655600 | PA      | $1669180.89   | 0.47%             | 2027-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Ally Financial Inc Perpetual                              | CUSIP: 02005NBM1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    275000 | PA      | $267830.20    | 0.08%             | 2057-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 04/25/2029 VAR%                               | CUSIP: 3137G0LU1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    468789 | PA      | $169432.90    | 0.05%             | 2029-04-25      | Floating      | 8.37%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 20753XAA2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1225000 | PA      | $472133.95    | 0.13%             | 2042-03-25      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| Default                  | Flagship Credit Auto 07/16/2029 5.6400% 144A              | CUSIP: 33846BAG9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1650000 | PA      | $1664302.20   | 0.47%             | 2029-07-16      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 20754MBZ9<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1104000 | PA      | $497109.25    | 0.14%             | 2042-06-25      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| Default                  | M&T Equipment Notes 07/15/2030 5.74%                      | CUSIP: 551925AB6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    460000 | PA      | $332778.00    | 0.09%             | 2030-07-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Default                  | Helmerich & Payne Inc 12/01/2029 4.85% 144A               | CUSIP: 423452AM3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1095364.60   | 0.31%             | 2029-12-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Default                  | Generate CLO 07/20/2037 VAR% 144A                         | CUSIP: 37148BAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1750000 | PA      | $873512.50    | 0.25%             | 2037-07-20      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Default                  | Amer. Credit Accept. Receivables Trust                    | CUSIP: 02530BAG5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $217469.24    | 0.06%             | 2028-06-13      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury                                               | CUSIP: 91282CJP7<br>LEI: N/A | Long             | DBT              | UST               | US        |   5000000 | PA      | $5039065.00   | 1.41%             | 2026-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| N/A                      | US 5YR NOTE (CBT) Dec25                                   | CUSIP: N/A<br>LEI: N/A       | N/A              | DIR              |  | US        |       374 | PA      | $161827.18    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                  | Freddie Mac Stacr 05/25/2044 VAR% 144A                    | CUSIP: 35564NDA8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1100000 | PA      | $1105324.00   | 0.31%             | 2044-05-25      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| Default                  | Aqua Finance Trust                                        | CUSIP: 038413AA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2200000 | PA      | $171503.82    | 0.05%             | 2046-07-17      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Default                  | SBL Holdings, Inc.                                        | CUSIP: 78432MAA3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    600000 | PA      | $604950.00    | 0.17%             | 2026-11-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Default                  | Chesapeake Funding II 10/15/2035 6.16% 144A               | CUSIP: 165183CZ5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    153000 | PA      | $66825.68     | 0.02%             | 2035-10-15      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae 12/25/2041 VAR% 144A                           | CUSIP: 20754LAJ8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1100000 | PA      | $1148779.50   | 0.32%             | 2041-12-25      | Floating      | 10.36%                | No            |                  2 | On Loan: No      |
| Default                  | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KYN3<br>LEI: N/A | Long             | DBT              | USGSE             | US        |     70000 | PA      | $26344.57     | 0.01%             | 2042-06-25      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| Default                  | General Motors Financial Co.                              | CUSIP: 37045XCA2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $495431.00    | 0.14%             | 2027-09-30      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae - CAS 12/25/2042 VAR% 144A                     | CUSIP: 207932AB0<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1230000 | PA      | $1291500.00   | 0.36%             | 2042-12-25      | Floating      | 8.10%                 | No            |                  2 | On Loan: No      |
| Default                  | BreanAsset Backed Sec 01/25/2065 5.0000% 144A             | CUSIP: 10638FAC9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    412500 | PA      | $400985.89    | 0.11%             | 2065-01-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Voya CLO Ltd 10/15/2037 VAR% 144A                         | CUSIP: 92944YAA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1375000 | PA      | $1374312.50   | 0.39%             | 2037-10-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 05/25/2048 VAR% 144A                          | CUSIP: 3137G1CV7<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   7710000 | PA      | $222049.48    | 0.06%             | 2048-05-25      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| Default                  | Connecticut Avenue Securities Trust                       | CUSIP: 20755DAB2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2980000 | PA      | $3099200.00   | 0.87%             | 2042-07-25      | Floating      | 7.96%                 | No            |                  2 | On Loan: No      |
| Default                  | Greensky Home Imp 06/25/2060 4.9300% 144A                 | CUSIP: 39571VAB4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    275000 | PA      | $275423.06    | 0.08%             | 2060-06-25      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Default                  | Foursight Capital Automobile Recei Trust                  | CUSIP: 35105JAF5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $599376.60    | 0.17%             | 2028-05-15      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANKSHARE | First Citizens Bancshare                                  | CUSIP: 31959XAA1<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1029768.00   | 0.29%             | 2164-06-19      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| Default                  | ZAIS CLO 01/20/2032 VAR%                                  | CUSIP: 98887YAQ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    530000 | PA      | $532915.00    | 0.15%             | 2032-01-20      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae 08/25/2028 VAR%                                | CUSIP: 30711XBU7<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   3855000 | PA      | $217586.58    | 0.06%             | 2028-08-25      | Floating      | 11.42%                | No            |                  2 | On Loan: No      |
| Default                  | Brean Asset Backed 05/25/2065 4.7500% 144A                | CUSIP: 10638GAG8<br>LEI: N/A | Long             | DBT              | UST               | US        |    336000 | PA      | $261883.08    | 0.07%             | 2065-05-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Default                  | Pagaya AI Debt Selection Trust                            | CUSIP: 69546LAA7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $955.36       | 0.00%             | 2029-01-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Carvana Auto Receivables Trust                            | CUSIP: 14687HAC7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $122451.96    | 0.03%             | 2028-09-11      | Fixed         | 1.24%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac STACR 08/25/2044 VAR% 144A                    | CUSIP: 35564NEC3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1520000 | PA      | $1527128.80   | 0.43%             | 2044-08-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae 06/25/2042 VAR% 144A                           | CUSIP: 20754MCB1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    950000 | PA      | $1004850.15   | 0.28%             | 2042-06-25      | Floating      | 9.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae 02/25/2030 VAR%                                | CUSIP: 30711XSX3<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    850000 | PA      | $230429.29    | 0.06%             | 2030-02-25      | Floating      | 7.27%                 | No            |                  2 | On Loan: No      |
| Default                  | Gov. National Mortgage 11/20/2051 3.00%                   | CUSIP: 38383DP36<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  11929408 | PA      | $1582687.42   | 0.44%             | 2051-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Credit Suisse Mortgage Trust                              | CUSIP: 12648HBE4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2989000 | PA      | $446250.71    | 0.13%             | 2044-04-25      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| Default                  | Saluda Grace Alternative Mortgage 02/25/2030 7.500% 144A  | CUSIP: 79584CAA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $555267.35    | 0.16%             | 2030-02-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Default                  | US TREASURY N/B 04/30/2027 3.75%                          | CUSIP: 91282CMY4<br>LEI: N/A | Long             | DBT              | UST               | US        |   3900000 | PA      | $3905483.40   | 1.10%             | 2027-04-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Default                  | Can-Pack SA/Canpack US LLC                                | CUSIP: 13805AAA5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $498459.00    | 0.14%             | 2025-11-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Default                  | SCF Equipment Trust LLC                                   | CUSIP: 784033AL6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $497898.00    | 0.14%             | 2032-07-20      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Default                  | Crossroads Asset Trusts 06/22/2026 4.73% 144A             | CUSIP: 22767VAA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $417138.54    | 0.12%             | 2026-06-22      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 10/25/2044 VAR% 144A                          | CUSIP: 35564NFA6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1100000 | PA      | $1100336.60   | 0.31%             | 2044-10-25      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac- STACR 11/25/2041 VAR% 144A                   | CUSIP: 35564KMH9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1221685 | PA      | $1231996.02   | 0.35%             | 2041-11-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury N/B 12/31/2026 4.25%                          | CUSIP: 91282CME8<br>LEI: N/A | Long             | DBT              | UST               | US        |   5312000 | PA      | $5346235.84   | 1.50%             | 2026-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Default                  | Avis Budget Rental Car 08/20/2029 5.87% 144A              | CUSIP: 05377RKN3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    140000 | PA      | $142297.68    | 0.04%             | 2029-08-20      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 05/25/2048 VAR%                               | CUSIP: 3137G1CT2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  28617180 | PA      | $407807.22    | 0.11%             | 2048-05-25      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 02/25/2048 VAR% 144A                          | CUSIP: 3137G1CL9<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   8255000 | PA      | $148239.51    | 0.04%             | 2048-02-25      | Floating      | 3.78%                 | No            |                  2 | On Loan: No      |
| Default                  | Bank of America Corp.                                     | CUSIP: 060505GB4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    125000 | PA      | $122948.63    | 0.03%             | 2164-06-19      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac- STACR 12/25/2041 VAR% 144A                   | CUSIP: 35564KPP8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1600000 | PA      | $1683836.80   | 0.47%             | 2041-12-25      | Floating      | 11.36%                | No            |                  2 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 207942AA1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    720214 | PA      | $358917.89    | 0.10%             | 2043-06-25      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Default                  | Sequoia Mortgage Trust                                    | CUSIP: 81748AAD6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1650000 | PA      | $71669.15     | 0.02%             | 2050-04-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Velocity Commercial Capital                               | CUSIP: 92259HAA5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $167213.92    | 0.05%             | 2053-11-25      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Default                  | Credit Suisse Mortgage Trust                              | CUSIP: 12648HBC8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   3940000 | PA      | $499217.91    | 0.14%             | 2037-04-25      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| Default                  | DT Auto Owner Trust 03/15/2029 5.53% 144A                 | CUSIP: 23345YAJ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $999897.00    | 0.28%             | 2029-03-15      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 20754LAB5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    684241 | PA      | $693758.79    | 0.19%             | 2026-12-25      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| Default                  | Flagship Credit Auto Trust                                | CUSIP: 33846QAE1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    506000 | PA      | $176689.33    | 0.05%             | 2027-09-15      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury N/B 06/30/2026 4.625%                         | CUSIP: 91282CKY6<br>LEI: N/A | Long             | DBT              | UST               | US        |   4000000 | PA      | $4023936.00   | 1.13%             | 2026-06-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Default                  | Polus Capital Management 10/20/2037 VAR% 144A             | CUSIP: 73163EAA7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $984604.21    | 0.28%             | 2037-10-20      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Default                  | Halcyon Loan 07/21/2031 VAR%                              | CUSIP: 40538TAC7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1033000 | PA      | $1039507.90   | 0.29%             | 2031-07-21      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| Default                  | Exeter Automobile Receivables Trust                       | CUSIP: 30167JAF1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1695000 | PA      | $1015731.67   | 0.29%             | 2028-06-15      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| Default                  | Trinity Rail Leasing LP                                   | CUSIP: 89657BAB0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $92893.75     | 0.03%             | 2049-10-18      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KT58<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1730000 | PA      | $1017574.18   | 0.29%             | 2043-04-25      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| N/A                      | US 2YR NOTE (CBT) Dec25                                   | CUSIP: N/A<br>LEI: N/A       | N/A              | DIR              |  | US        |       447 | PA      | $160391.65    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                  | TransCanada Pipelines Ltd.                                | CUSIP: 89352LAG5<br>LEI: N/A | Long             | DBT              | CORP              | CA        |   1150000 | PA      | $1263675.20   | 0.35%             | 2029-06-15      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae Cas 02/25/20244 VAR% 144A                      | CUSIP: 20754GAE0<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2035000 | PA      | $2051737.88   | 0.58%             | 2044-02-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae - CAS 12/25/2041 VAR% 144A                     | CUSIP: 20754AAA1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    307551 | PA      | $25697.21     | 0.01%             | 2041-12-25      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Default                  | BorgWarner, Inc.                                          | CUSIP: 099724AC0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    600000 | PA      | $651446.40    | 0.18%             | 2029-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Default                  | CPS Auto Trust                                            | CUSIP: 12664WAE1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $494860.50    | 0.14%             | 2030-11-15      | Fixed         | 10.72%                | No            |                  2 | On Loan: No      |
| Default                  | Crossroads Asset Trusts 08/20/2030 5.90%                  | CUSIP: 227927AB6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    260000 | PA      | $169162.03    | 0.05%             | 2030-08-20      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac Stacr 05/25/2043 VAR% 144A                    | CUSIP: 35564KX87<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1100000 | PA      | $1159827.90   | 0.33%             | 2043-05-25      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564K3G2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $520776.29    | 0.15%             | 2043-11-25      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| Default                  | First Investors Auto Owner Trust                          | CUSIP: 32057KAE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $495708.00    | 0.14%             | 2029-06-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Default                  | Tricolor Auto 01/16/2029 5.12%                            | CUSIP: 89617QAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $722059.43    | 0.20%             | 2029-01-16      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Default                  | Avis Budget Rental Car 08/20/2031 6.24% 144A              | CUSIP: 05377RKS2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $103379.60    | 0.03%             | 2031-08-20      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564K2F5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2675000 | PA      | $840828.66    | 0.24%             | 2043-06-25      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 05/25/2042 VAR% 144A                          | CUSIP: 35564KXA2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    478188 | PA      | $508680.14    | 0.14%             | 2042-05-25      | Floating      | 9.61%                 | No            |                  2 | On Loan: No      |
| Default                  | EPR Properties                                            | CUSIP: 26884UAE9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    220000 | PA      | $221701.92    | 0.06%             | 2028-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae - CAS 04/25/2043 VAR% 144A                     | CUSIP: 20753AAA2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2355000 | PA      | $2490355.98   | 0.70%             | 2043-04-25      | Floating      | 8.26%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 02/25/2045 VAR% 144A                          | CUSIP: 35564NGZ0<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1170000 | PA      | $927369.54    | 0.26%             | 2045-02-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Default                  | Domtar Corp.                                              | CUSIP: 70478JAA2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    100000 | PA      | $86193.40     | 0.02%             | 2028-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Default                  | Generate CLO Ltd 07/22/2037 VAR% 144A                     | CUSIP: 37148XAA0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   3200000 | PA      | $1995000.00   | 0.56%             | 2037-07-22      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Default                  | Allegro CLO Ltd 01/19/2033 VAR% 144A                      | CUSIP: 01750HAU6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    530000 | PA      | $531007.00    | 0.15%             | 2033-01-19      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury 02/15/2027 4.000%                             | CUSIP: 91282CKA8<br>LEI: N/A | Long             | DBT              | UST               | US        |   4000000 | PA      | $4023124.00   | 1.13%             | 2027-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 3136AJGA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  13817854 | PA      | $67483.74     | 0.02%             | 2042-08-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Default                  | Veros Auto Receivables Trust 11/15/2028 8.320% 144A       | CUSIP: 924933AC8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1001000 | PA      | $1027257.23   | 0.29%             | 2028-11-15      | Fixed         | 8.32%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac Stacr 03/25/2042 VAR% 144A                    | CUSIP: 35564KTA7<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   5235000 | PA      | $889892.62    | 0.25%             | 2042-03-25      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| Default                  | BGC GROUP INC 04/02/2030 6.1500% 144A                     | CUSIP: 05555LAC5<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1126985.20   | 0.32%             | 2030-04-02      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Default                  | CoreVest American Finance Trust 10/15/2054 2.911% 144A    | CUSIP: 21873NAJ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1040000 | PA      | $984276.80    | 0.28%             | 2054-10-15      | Fixed         | 2.91%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 09/25/2042 VAR%                               | CUSIP: 35564KH36<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $252882.63    | 0.07%             | 2042-09-25      | Floating      | 6.51%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae 03/25/2042 VAR% 144A                           | CUSIP: 20753YCH3<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    400000 | PA      | $147973.13    | 0.04%             | 2042-03-25      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| Default                  | Tricolor Auto Securitization Trust 02/15/2028 6.570% 144A | CUSIP: 89616PAB9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    390000 | PA      | $306911.67    | 0.09%             | 2028-02-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 03/25/2042 VAR% 144A                          | CUSIP: 35564KTJ8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    250000 | PA      | $263416.50    | 0.07%             | 2042-03-25      | Floating      | 9.61%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac Stacr 03/25/2044 VAR%                         | CUSIP: 35564NBX0<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    375000 | PA      | $188295.94    | 0.05%             | 2044-03-25      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Default                  | United Auto Credit                                        | CUSIP: 90944KAF2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $272052.60    | 0.08%             | 2029-04-10      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Default                  | PEAC Solutions Rec 10/20/2031 4.65%144A                   | CUSIP: 69392BAC0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $553374.80    | 0.16%             | 2031-10-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Default                  | Alliance Res Op/Finance 06/15/29 8.625% 144A              | CUSIP: 01879NAC9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    550000 | PA      | $582195.35    | 0.16%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury 01/31/2026 4.250%                             | CUSIP: 91282CJV4<br>LEI: N/A | Long             | DBT              | UST               | US        |    525000 | PA      | $525369.08    | 0.15%             | 2026-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Default                  | Exter Automobile Rec 04/15/2027 1.400%                    | CUSIP: 30165XAF2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1756950 | PA      | $612214.21    | 0.17%             | 2027-04-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 05/25/2045 VAR% 144A                          | CUSIP: 35564NHZ9<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1100000 | PA      | $866569.35    | 0.24%             | 2045-05-25      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Default                  | US Treasury 01/15/2027 4.000%                             | CUSIP: 91282CJT9<br>LEI: N/A | Long             | DBT              | UST               | US        |  21000000 | PA      | $21078750.00  | 5.92%             | 2027-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Switch ABS Issuer 06/25/2054 6.20% 144A                   | CUSIP: 871044AG8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $556779.30    | 0.16%             | 2054-06-25      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Default                  | US TREASURY N/B 11/15/2027 4.125%                         | CUSIP: 91282CLX7<br>LEI: N/A | Long             | DBT              | UST               | US        |   3305800 | PA      | $3339502.63   | 0.94%             | 2027-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac Stacr 06/25/2043 VAR% 144A                    | CUSIP: 35564K2G3<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2750000 | PA      | $2853526.50   | 0.80%             | 2043-06-25      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| Default                  | Ocwen Loan Investment Trust 02/25/2037 3.000% 144A        | CUSIP: 675952AA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $147798.99    | 0.04%             | 2037-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                  | NGC Ltd 04/20/2038 VAR% 144A                              | CUSIP: 652942AA1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1120000 | PA      | $1119776.00   | 0.31%             | 2038-04-20      | Floating      | 1.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Saluda Grade Alternative Mortgage Trust                   | CUSIP: 79582GAA2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $460489.20    | 0.13%             | 2053-06-25      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| Default                  | Hasbro, Inc.                                              | CUSIP: 418056AH0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    798000 | PA      | $846498.45    | 0.24%             | 2028-07-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Default                  | CPS Auto Trust                                            | CUSIP: 12663BAD0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2200000 | PA      | $2203443.00   | 0.62%             | 2028-08-15      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal Home Loan Mortgage Corp.                          | CUSIP: 35566CAH8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $415124.19    | 0.12%             | 2050-12-25      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| Default                  | CPS Auto Trust                                            | CUSIP: 12663BAE8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1116293.20   | 0.31%             | 2029-10-15      | Fixed         | 7.14%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 20755CAA6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2000000 | PA      | $897238.90    | 0.25%             | 2043-10-25      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae - CAS 03/25/2042 VAR% 144A                     | CUSIP: 20753YCK6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1027340.00   | 0.29%             | 2042-03-25      | Floating      | 7.46%                 | No            |                  2 | On Loan: No      |
| Default                  | Carvana Auto Receivables Trust                            | CUSIP: 14686KAD9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    960000 | PA      | $104915.93    | 0.03%             | 2028-03-10      | Fixed         | 1.07%                 | No            |                  2 | On Loan: No      |
| Default                  | Voya CLO Ltd 10/18/2031 VAR% 144A                         | CUSIP: 92916XAL1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    901310 | PA      | $908881.00    | 0.26%             | 2031-10-18      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| Default                  | Freddie Mac 08/25/2044 VAR% 144A                          | CUSIP: 35564NDY6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1650000 | PA      | $1464787.49   | 0.41%             | 2044-08-25      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Default                  | The Goldman Sachs Group, Inc.                             | CUSIP: 38144GAG6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $489729.50    | 0.14%             | 2164-07-21      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KX79<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2200000 | PA      | $1018680.23   | 0.29%             | 2043-05-25      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| Default                  | Q0RV0 Inc 04/01/2031 3.375% 144A                          | CUSIP: 74736KAJ0<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1213000 | PA      | $1114482.57   | 0.31%             | 2031-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Default                  | Research-Driven Pagaya Motor 03/25/2032 7.540% 144A       | CUSIP: 76088UAA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    275000 | PA      | $124438.01    | 0.03%             | 2032-03-25      | Fixed         | 7.54%                 | No            |                  2 | On Loan: No      |
| Default                  | Exeter Automobile Receivables Trust                       | CUSIP: 30166QAF6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1941250 | PA      | $1754608.84   | 0.49%             | 2028-07-17      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 20754EAA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1781119 | PA      | $800872.05    | 0.22%             | 2043-07-25      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| Default                  | Celanese US Holdings 07/15/2032 6.629%                    | CUSIP: 15089QAP9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    275000 | PA      | $280998.03    | 0.08%             | 2032-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Default                  | Phillips 66 Partners LP                                   | CUSIP: 718549AF5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    540000 | PA      | $521391.07    | 0.15%             | 2028-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Default                  | GS Mortgage-Backed Sec 10/25/2055 Var% 144A               | CUSIP: 36272NAA2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    275000 | PA      | $264399.86    | 0.07%             | 2055-10-25      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| Default                  | Space Coast Credit 11/15/2028 4.67% 144A                  | CUSIP: 80620BAB3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $551872.20    | 0.15%             | 2028-11-15      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Default                  | Connecticut Avenue Securities Trust                       | CUSIP: 20753DAA6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    700000 | PA      | $281758.19    | 0.08%             | 2042-09-25      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| Default                  | Mill City Mortgage Trust                                  | CUSIP: 59980YAB1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1905000 | PA      | $429544.41    | 0.12%             | 2066-04-25      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| Default                  | Benefit Street Partners 07/15/2037 VAR% 144A              | CUSIP: 08179MAL3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1060000 | PA      | $846388.80    | 0.24%             | 2037-07-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Default                  | Constellium SE 06/15/2028 5.625% 144A                     | CUSIP: 21039CAA2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    350000 | PA      | $349474.30    | 0.10%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Default                  | Citigroup, Inc.                                           | CUSIP: 172967MU2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $498053.50    | 0.14%             | 2164-06-19      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                  | Hecla Mining CO 02/15/2028 7.25%                          | CUSIP: 422704AH9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    194000 | PA      | $195754.15    | 0.05%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae 07/25/2044 VAR% 144A                           | CUSIP: 20754XAC7<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1100000 | PA      | $1104642.00   | 0.31%             | 2044-07-25      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| Default                  | PRA Health Sciences, Inc.                                 | CUSIP: 45569KAA1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    110000 | PA      | $108482.44    | 0.03%             | 2026-07-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Default                  | Timken Co.                                                | CUSIP: 887389AK0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $502243.50    | 0.14%             | 2028-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Default                  | Carvana Auto Rec Trust 01/10/2031 4.74%                   | CUSIP: 146919AF2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $549078.20    | 0.15%             | 2031-01-10      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Default                  | Fannie Mae 12/25/2041 VAR% 144A                           | CUSIP: 20754AAB9<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2210000 | PA      | $2220011.30   | 0.62%             | 2041-12-25      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal Home Loan Mortgage Corp.                          | CUSIP: 35566AAH2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    214000 | PA      | $8926.52      | 0.00%             | 2050-10-25      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| Default                  | Lendbuzz Sec 05/15/2030 5.18% 144A                        | CUSIP: 52611JAB6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1103032.70   | 0.31%             | 2030-05-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| Default                  | Federal National Mortgage Assoc.                          | CUSIP: 20755DAA4<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1795002 | PA      | $1052929.00   | 0.30%             | 2042-07-25      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| Default                  | ARTFI 12/22/2031 VAR% 144A                                | CUSIP: 83589CAB4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    520000 | PA      | $520251.16    | 0.15%             | 2031-12-22      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Default                  | Angel Oak Mortgage Trust                                  | CUSIP: 03465CAA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    230000 | PA      | $43205.79     | 0.01%             | 2066-01-25      | Fixed         | 0.91%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** World Funds Trust

**Signature:** Ann MacDonald

**Name of Signer:** Ann MacDonald

**Title:** Principal Financial Officer