# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0001145549-23-014285
**Filing Date:** 2023-3
**Character Count:** 155575
**Document Hash:** 2df3e01fe4801bbfa8425fa30b0368bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-014285.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001145549-23-014285

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Manager Directed Portfolios
- **CENTRAL INDEX KEY:** 0001359057
- **IRS NUMBER:** 571138125
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21897
- **FILM NUMBER:** 23692438

**BUSINESS ADDRESS:**
- **STREET 1:** C/O U.S. BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 9522306140

**MAIL ADDRESS:**
- **STREET 1:** C/O U.S. BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Roxbury Funds
- **DATE OF NAME CHANGE:** 20060411

## Series and Classes Contracts Data

### Pemberwick Fund (Series ID: S000055882)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000176027 | Pemberwick Fund Shares |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Pemberwick Fund** | **Pemberwick Fund** | **Pemberwick Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** |
|  | **Par** | |
|  | **Value** | **Value** |
| **CORPORATE BONDS AND NOTES - 82.6%** | | |
| **COMMUNICATIONS - 1.3%** | | |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.700%, 04/15/2024 | $250000 | $246316 |
| &nbsp;&nbsp;&nbsp; 4.709% (3 Month LIBOR USD + 0.630%), 04/15/2024 (a) | 2000000 | 2006240 |
| &nbsp;&nbsp;&nbsp; 3.375%, 02/15/2025 | 200000 | 194044 |
| &nbsp;&nbsp;&nbsp; 3.375%, 08/15/2025 | 100000 | 96554 |
| &nbsp;&nbsp;&nbsp; 3.950%, 10/15/2025 | 125000 | 122547 |
| TWDC Enterprises 18 Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.150%, 09/17/2025 | 300000 | 287749 |
| Walt Disney Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.700%, 10/15/2025 | 250000 | 243183 |
| &nbsp;&nbsp;&nbsp; 1.750%, 01/13/2026 | 300000 | 274913 |
|  |  | 3471546 |
| **CONSUMER CYCLICAL - 1.0%** |  |  |
| American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 0.875%, 07/07/2023 | 300000 | 293955 |
| &nbsp;&nbsp;&nbsp; 3.625%, 10/10/2023 | 200000 | 198657 |
| &nbsp;&nbsp;&nbsp; 3.550%, 01/12/2024 | 250000 | 246671 |
| &nbsp;&nbsp;&nbsp; 2.150%, 09/10/2024 | 250000 | 238683 |
| PACCAR Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.400%, 08/09/2023 | 60000 | 59461 |
| &nbsp;&nbsp;&nbsp; 2.150%, 08/15/2024 | 300000 | 286500 |
| Target Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.500%, 07/01/2024 | 250000 | 245009 |
| Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 0.450%, 01/11/2024 | 300000 | 287102 |
| &nbsp;&nbsp;&nbsp; 2.900%, 04/17/2024 | 250000 | 243384 |
| &nbsp;&nbsp;&nbsp; 3.650%, 08/18/2025 | 300000 | 291787 |
| &nbsp;&nbsp;&nbsp; 0.800%, 10/16/2025 | 300000 | 268876 |
|  |  | 2660085 |
| **CONSUMER NON-CYCLICAL - 1.9%** |  |  |
| Abbott Laboratories |  |  |
| &nbsp;&nbsp;&nbsp; 3.875%, 09/15/2025 | 250000 | 245325 |
| AmerisourceBergen Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 0.737%, 03/15/2023 | 134000 | 132882 |
| Astrazeneca Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp; 0.700%, 05/28/2024 | 350000 | 330062 |
| Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.250%, 11/01/2023 | 125000 | 123273 |
| &nbsp;&nbsp;&nbsp; 0.750%, 11/13/2025 | 300000 | 269885 |
| Cigna Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.969% (3 Month LIBOR USD + 0.890%), 07/15/2023 (a) | 2000000 | 2003604 |
| Gilead Sciences Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 0.750%, 09/29/2023 | 300000 | 290728 |
| &nbsp;&nbsp;&nbsp; 3.500%, 02/01/2025 | 300000 | 290714 |
| Novartis Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.400%, 05/06/2024 | 50000 | 49011 |
| PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.600%, 03/01/2024 | 100000 | 98816 |
| Thermo Fisher Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.215%, 10/18/2024 | 300000 | 281757 |
| Unilever Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.125%, 03/22/2023 | 300000 | 299976 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.500%, 02/15/2024 | 260000 | 255920 |
| &nbsp;&nbsp;&nbsp; 5.150%, 10/15/2025 | 300000 | 303747 |
| &nbsp;&nbsp;&nbsp; 3.700%, 12/15/2025 | 400000 | 390136 |
|  |  | 5365836 |
| **ENERGY - 0.6%** |  |  |
| Baker Hughes Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 1.231%, 12/15/2023 | 300000 | 289864 |
| BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.796%, 09/21/2025 | 250000 | 245727 |
| Chevron USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.900%, 11/15/2024 | 250000 | 245917 |
| Columbia Pipeline Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.500%, 06/01/2025 | 300000 | 295701 |
| EOG Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.625%, 03/15/2023 | 100000 | 99615 |
| Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.992%, 03/19/2025 | 300000 | 289215 |
| Phillips 66 |  |  |
| &nbsp;&nbsp;&nbsp; 3.850%, 04/09/2025 | 300000 | 292888 |
|  |  | 1758927 |
| **FINANCIAL - 73.1%** |  |  |
| AvalonBay Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.200%, 12/15/2023 | 250000 | 247919 |
| &nbsp;&nbsp;&nbsp; 3.500%, 11/15/2024 | 300000 | 292169 |
| &nbsp;&nbsp;&nbsp; 3.500%, 11/15/2025 | 300000 | 287075 |
| Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp; 5.782% (3 Month LIBOR USD + 1.090%), 02/23/2023 (a) | 10750000 | 10758072 |
| &nbsp;&nbsp;&nbsp; 5.039% (3 Month LIBOR USD + 1.120%), 04/12/2023 (a) | 2900000 | 2900428 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.555% (3 Month LIBOR USD + 0.790%), 03/05/2024 (a) | 3206000 | 3204500 |
| &nbsp;&nbsp;&nbsp; 4.963% (BSBY3M + 0.430%), 05/28/2024 (a) | 6200000 | 6143208 |
| &nbsp;&nbsp;&nbsp; 4.763% (SOFR + 0.660%), 02/04/2025 (a) | 900000 | 887995 |
| &nbsp;&nbsp;&nbsp; 5.653% (SOFR + 1.330%), 04/02/2026 (a) | 2900000 | 2877374 |
| Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp; 4.964% (SOFRINDX + 0.680%), 03/10/2023 (a) | 1200000 | 1200500 |
| &nbsp;&nbsp;&nbsp; 4.058% (SOFRINDX + 0.270%), 04/14/2023 (a) | 5000000 | 4993866 |
| &nbsp;&nbsp;&nbsp; 4.623% (SOFRINDX + 0.350%), 12/08/2023 (a) | 1100000 | 1096327 |
| &nbsp;&nbsp;&nbsp; 4.983% (SOFRINDX + 0.710%), 03/08/2024 (a) | 1930000 | 1921255 |
| &nbsp;&nbsp;&nbsp; 4.170% (SOFR + 0.465%), 01/10/2025 (a) | 1971000 | 1939788 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp; 4.862% (SOFR + 0.550%), 09/15/2023 (a) | 2000000 | 1997786 |
| &nbsp;&nbsp;&nbsp; 5.245% (SOFRINDX + 0.960%), 03/11/2024 (a) | 1000000 | 998586 |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp; 5.122% (SOFR + 0.800%), 03/17/2023 (a) | 1075000 | 1076263 |
| &nbsp;&nbsp;&nbsp; 5.393% (3 Month LIBOR USD + 0.660%), 09/13/2023 (a) | 2000000 | 2004361 |
| &nbsp;&nbsp;&nbsp; 4.706% (SOFRINDX + 0.400%), 12/14/2023 (a) | 7730000 | 7704579 |
| &nbsp;&nbsp;&nbsp; 4.230% (SOFRINDX + 0.420%), 10/18/2024 (a) | 5000000 | 4925304 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.135% (3 Month LIBOR USD + 0.720%), 01/30/2023 (a) | 6663000 | 6663000 |
| &nbsp;&nbsp;&nbsp; 4.963% (SOFR + 0.690%), 12/06/2024 (a) | 8700000 | 8536319 |
| &nbsp;&nbsp;&nbsp; 5.476% (SOFR + 1.350%), 05/09/2025 (a) | 1000000 | 988258 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.750% (3 Month LIBOR USD + 1.100%), 05/17/2024 (a) | 2150000 | 2153511 |
| &nbsp;&nbsp;&nbsp; 5.586% (SOFR + 1.372%), 05/24/2025 (a) | 2220000 | 2215186 |
| &nbsp;&nbsp;&nbsp; 4.615% (SOFR + 0.694%), 01/25/2026 (a) | 2585000 | 2527889 |
| &nbsp;&nbsp;&nbsp; 5.850% (SOFR + 1.528%), 03/17/2026 (a) | 9300000 | 9326999 |
| ERP Operating LP |  |  |
| &nbsp;&nbsp;&nbsp; 3.375%, 06/01/2025 | 300000 | 288483 |
| Federal Realty Investment Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.750%, 06/01/2023 | 150000 | 148354 |
| &nbsp;&nbsp;&nbsp; 3.950%, 01/15/2024 | 217000 | 214265 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.442% (3 Month LIBOR USD + 0.750%), 02/23/2023 (a) | 300000 | 300160 |
| &nbsp;&nbsp;&nbsp; 6.334% (3 Month LIBOR USD + 1.600%), 11/29/2023 (a) | 4800000 | 4837323 |
| &nbsp;&nbsp;&nbsp; 4.853% (SOFR + 0.580%), 03/08/2024 (a) | 1005000 | 998925 |
| &nbsp;&nbsp;&nbsp; 5.702% (SOFR + 1.390%), 03/15/2024 (a) | 1518000 | 1517445 |
| &nbsp;&nbsp;&nbsp; 4.374% (SOFR + 0.490%), 10/21/2024 (a) | 6050000 | 5957263 |
| &nbsp;&nbsp;&nbsp; 5.069% (SOFR + 0.790%), 12/09/2026 (a) | 2000000 | 1926661 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.674% (3 Month LIBOR USD + 1.000%), 05/18/2024 (a) | 6010000 | 5987824 |
| &nbsp;&nbsp;&nbsp; 5.696% (SOFR + 1.430%), 03/10/2026 (a) | 4000000 | 3951443 |
| Loews Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.750%, 04/01/2026 | 400000 | 386602 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.007% (3 Month LIBOR USD + 0.680%), 07/26/2023 (a) | 6000000 | 6001905 |
| Marsh & McLennan Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.500%, 03/10/2025 | 300000 | 291455 |
| MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.368%, 09/15/2023 | 250000 | 249269 |
| &nbsp;&nbsp;&nbsp; 3.000%, 03/01/2025 | 100000 | 96098 |
| &nbsp;&nbsp;&nbsp; 3.600%, 11/13/2025 | 125000 | 121592 |
| Mid-America Apartments LP |  |  |
| &nbsp;&nbsp;&nbsp; 3.750%, 06/15/2024 | 300000 | 293943 |
| &nbsp;&nbsp;&nbsp; 4.000%, 11/15/2025 | 300000 | 291773 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.519% (3 Month LIBOR USD + 0.740%), 03/02/2023 (a) | 8677000 | 8680358 |
| &nbsp;&nbsp;&nbsp; 5.187% (3 Month LIBOR USD + 0.860%), 07/26/2023 (a) | 4751000 | 4759514 |
| Mizuho Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.555% (3 Month LIBOR USD + 0.790%), 03/05/2023 (a) | 7420000 | 7427711 |
| &nbsp;&nbsp;&nbsp; 5.387% (3 Month LIBOR USD + 0.630%), 05/25/2024 (a) | 1800000 | 1790350 |
| &nbsp;&nbsp;&nbsp; 5.118% (SOFR + 0.960%), 05/22/2026 (a) | 4500000 | 4418533 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp; 5.770% (3 Month LIBOR USD + 1.220%), 05/08/2024 (a) | 8529000 | 8544882 |
| &nbsp;&nbsp;&nbsp; 5.127% (SOFR + 0.950%), 02/18/2026 (a) | 1100000 | 1083230 |
| Principal Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.125%, 05/15/2023 | 250000 | 248265 |
| &nbsp;&nbsp;&nbsp; 3.400%, 05/15/2025 | 300000 | 290663 |
| Prologis LP |  |  |
| &nbsp;&nbsp;&nbsp; 3.250%, 06/30/2026 | 300000 | 285042 |
| &nbsp;&nbsp;&nbsp; 2.125%, 04/15/2027 | 300000 | 269050 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.500%, 03/10/2026 | 400000 | 360609 |
| Public Storage |  |  |
| &nbsp;&nbsp;&nbsp; 0.875%, 02/15/2026 | 300000 | 265926 |
| Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.600%, 02/06/2024 | 230000 | 228559 |
| &nbsp;&nbsp;&nbsp; 3.875%, 07/15/2024 | 296000 | 290761 |
| &nbsp;&nbsp;&nbsp; 3.875%, 04/15/2025 | 150000 | 147091 |
| &nbsp;&nbsp;&nbsp; 4.125%, 10/15/2026 | 300000 | 292022 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp; 4.408% (3 Month LIBOR USD + 0.660%), 10/05/2023 (a) | 1360000 | 1360170 |
| &nbsp;&nbsp;&nbsp; 4.032% (SOFR + 0.340%), 10/07/2024 (a) | 4496000 | 4421461 |
| &nbsp;&nbsp;&nbsp; 4.324% (SOFRINDX + 0.440%), 01/21/2025 (a) | 1000000 | 982602 |
| Simon Property Group LP |  |  |
| &nbsp;&nbsp;&nbsp; 3.750%, 02/01/2024 | 250000 | 246223 |
| &nbsp;&nbsp;&nbsp; 2.000%, 09/13/2024 | 350000 | 332652 |
| &nbsp;&nbsp;&nbsp; 3.375%, 10/01/2024 | 250000 | 242735 |
| &nbsp;&nbsp;&nbsp; 3.500%, 09/01/2025 | 100000 | 95874 |
| &nbsp;&nbsp;&nbsp; 3.300%, 01/15/2026 | 400000 | 380013 |
| Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp; 4.934% (SOFR + 1.050%), 01/21/2026 (Acquired 09/23/2022, Cost $1,943,105) (a)(b)(d) | 2000000 | 1931414 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.819% (3 Month LIBOR USD + 0.740%), 01/17/2023 (a) | 1980000 | 1979995 |
| &nbsp;&nbsp;&nbsp; 5.087% (3 Month LIBOR USD + 0.860%), 07/19/2023 (a) | 2200000 | 2201507 |
| Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp; 4.002% (SOFR + 0.200%), 01/17/2024 (a) | 5900000 | 5862106 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.679% (SOFR + 0.400%), 06/09/2025 (a) | 7000000 | 6856119 |
| UBS AG/London |  |  |
| &nbsp;&nbsp;&nbsp; 4.555% (SOFR + 0.320%), 06/01/2023 (Acquired 05/24/2021, Cost $8,000,000) (a)(b)(d) | 8000000 | 7990401 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.241% (SOFR + 1.320%), 04/25/2026 (a) | 3000000 | 2992094 |
|  |  | 200987232 |
| **INDUSTRIALS - 1.1%** |  |  |
| Burlington Northern Santa Fe LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.000%, 04/01/2025 | 100000 | 96259 |
| &nbsp;&nbsp;&nbsp; 7.000%, 12/15/2025 | 215000 | 227826 |
| Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.150%, 11/08/2024 | 300000 | 286430 |
| &nbsp;&nbsp;&nbsp; 0.800%, 11/13/2025 | 300000 | 269397 |
| Caterpillar, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.400%, 05/15/2024 | 60000 | 58870 |
| General Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp; 7.049% (3 Month LIBOR USD + 2.280%), 12/15/2170 (a) | 1234000 | 1021135 |
| John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.800%, 01/27/2023 | 60000 | 59931 |
| &nbsp;&nbsp;&nbsp; 0.400%, 10/10/2023 | 300000 | 289913 |
| &nbsp;&nbsp;&nbsp; 2.650%, 06/24/2024 | 250000 | 242570 |
| &nbsp;&nbsp;&nbsp; 4.050%, 09/08/2025 | 300000 | 295566 |
| The Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.800%, 03/01/2023 | 120000 | 119560 |
| &nbsp;&nbsp;&nbsp; 2.850%, 10/30/2024 | 100000 | 95738 |
| &nbsp;&nbsp;&nbsp; 2.500%, 03/01/2025 | 100000 | 93827 |
|  |  | 3157022 |
| **TECHNOLOGY - 0.8%** |  |  |
| Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.400%, 05/03/2023 | 60000 | 59528 |
| &nbsp;&nbsp;&nbsp; 3.200%, 05/13/2025 | 150000 | 145062 |
| International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.375%, 08/01/2023 | 300000 | 297159 |
| &nbsp;&nbsp;&nbsp; 3.625%, 02/12/2024 | 100000 | 98551 |
| &nbsp;&nbsp;&nbsp; 3.000%, 05/15/2024 | 250000 | 243265 |
| &nbsp;&nbsp;&nbsp; 7.000%, 10/30/2025 | 150000 | 158996 |
| Intuit, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 0.650%, 07/15/2023 | 300000 | 293583 |
| &nbsp;&nbsp;&nbsp; 0.950%, 07/15/2025 | 300000 | 273278 |
| KLA Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.650%, 11/01/2024 | 299000 | 298309 |
| Xilinx, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.950%, 06/01/2024 | 345000 | 335809 |
|  |  | 2203540 |
| **UTILITIES - 2.8%** |  |  |
| Arizona Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.350%, 06/15/2024 | 350000 | 338975 |
| &nbsp;&nbsp;&nbsp; 3.150%, 05/15/2025 | 300000 | 287243 |
| Atmos Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 0.625%, 03/09/2023 | 300000 | 297815 |
| Baltimore Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.350%, 07/01/2023 | 300000 | 297889 |
| Berkshire Hathaway Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.750%, 11/15/2023 | 250000 | 247380 |
| &nbsp;&nbsp;&nbsp; 3.500%, 02/01/2025 | 200000 | 196355 |
| CenterPoint Energy Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 0.700%, 03/02/2023 | 350000 | 347498 |
| Commonwealth Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.100%, 11/01/2024 | 300000 | 289701 |
| Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.250%, 08/15/2025 | 100000 | 96349 |
| Entergy Arkansas LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.050%, 06/01/2023 | 250000 | 248149 |
| &nbsp;&nbsp;&nbsp; 3.700%, 06/01/2024 | 300000 | 294939 |
| Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp; 0.950%, 10/01/2024 | 300000 | 279449 |
| &nbsp;&nbsp;&nbsp; 5.400%, 11/01/2024 | 100000 | 100669 |
| Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.250%, 04/01/2026 | 300000 | 284042 |
| Louisville Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.300%, 10/01/2025 | 150000 | 143482 |
| National Rural Utilities Cooperative Finance Corp |  |  |
| &nbsp;&nbsp;&nbsp; 1.875%, 02/07/2025 | 300000 | 281568 |
| PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp; 3.600%, 04/01/2024 | 210000 | 206414 |
| PECO Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.150%, 10/15/2025 | 428000 | 412111 |
| Potomac Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.600%, 03/15/2024 | 140000 | 137690 |
| Public Service Co of Colorado |  |  |
| &nbsp;&nbsp;&nbsp; 2.500%, 03/15/2023 | 400000 | 398367 |
| Public Service Electric and Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.750%, 03/15/2024 | 350000 | 345690 |
| &nbsp;&nbsp;&nbsp; 3.000%, 05/15/2025 | 175000 | 167701 |
| &nbsp;&nbsp;&nbsp; 0.950%, 03/15/2026 | 300000 | 266676 |
| San Diego Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.600%, 09/01/2023 | 250000 | 247120 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.400%, 06/01/2023 | 300000 | 297644 |
| &nbsp;&nbsp;&nbsp; 3.500%, 10/01/2023 | 300000 | 296402 |
| &nbsp;&nbsp;&nbsp; 1.100%, 04/01/2024 | 300000 | 285073 |
| Virginia Electric and Power Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.750%, 03/15/2023 | 300000 | 298798 |
| Wisconsin Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp; 2.050%, 12/15/2024 | 350000 | 331558 |
|  |  | 7722747 |
| **TOTAL CORPORATE BONDS AND NOTES** (Cost $229,172,689) |  | 227326935 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS** - **1.5%** |  |  |
| **Federal Home Loan Mortgage Corporation REMICS - 0.6%** |  |  |
| Series 2989, Class TG |  |  |
| &nbsp;&nbsp;&nbsp; 5.000%, 06/15/2025 | 3593 | 3581 |
| Series 3002, Class YD |  |  |
| &nbsp;&nbsp;&nbsp; 4.500%, 07/15/2025 | 21172 | 20860 |
| Series 3775, Class EM |  |  |
| &nbsp;&nbsp;&nbsp; 3.500%, 11/15/2025 | 10639 | 10420 |
| Series 4266, Class BG |  |  |
| &nbsp;&nbsp;&nbsp; 2.500%, 04/15/2026 | 21894 | 21059 |
| Series 3917, Class AB |  |  |
| &nbsp;&nbsp;&nbsp; 1.750%, 07/15/2026 | 2351 | 2341 |
| Series 3970, Class HB |  |  |
| &nbsp;&nbsp;&nbsp; 3.000%, 12/15/2026 | 115367 | 111649 |
| Seires 4020, Class PA |  |  |
| &nbsp;&nbsp;&nbsp; 2.750%, 03/15/2027 | 17648 | 17062 |
| Series 2091, Class PG |  |  |
| &nbsp;&nbsp;&nbsp; 6.000%, 11/15/2028 | 138834 | 141128 |
| Series 2097, Class PZ |  |  |
| &nbsp;&nbsp;&nbsp; 6.000%, 11/15/2028 | 90521 | 91838 |
| Series 4311, Class TD |  |  |
| &nbsp;&nbsp;&nbsp; 2.500%, 02/15/2029 | 83219 | 79769 |
| Series 2526, Class FI |  |  |
| &nbsp;&nbsp;&nbsp; 5.318% (1 Month LIBOR USD + 1.000%), 02/15/2032 (a) | 21043 | 21131 |
| Series 4203, Class DM |  |  |
| &nbsp;&nbsp;&nbsp; 3.000%, 04/15/2033 | 58263 | 55898 |
| Series 2363, Class EJ |  |  |
| &nbsp;&nbsp;&nbsp; 4.000%, 05/15/2033 | 29372 | 28833 |
| Series 2682, Class LD |  |  |
| &nbsp;&nbsp;&nbsp; 4.500%, 10/15/2033 | 24361 | 24034 |
| Series 4453, Class DA |  |  |
| &nbsp;&nbsp;&nbsp; 3.500%, 11/15/2033 | 53655 | 52378 |
| Seires 2759, Class TC |  |  |
| &nbsp;&nbsp;&nbsp; 4.500%, 03/15/2034 | 154169 | 152086 |
| Series 2933, Class HD |  |  |
| &nbsp;&nbsp;&nbsp; 5.500%, 02/15/2035 | 3312 | 3341 |
| Series 4417, Class EG |  |  |
| &nbsp;&nbsp;&nbsp; 2.500%, 01/15/2040 | 122072 | 119041 |
| Series 3786, Class NA |  |  |
| &nbsp;&nbsp;&nbsp; 4.500%, 07/15/2040 | 11604 | 11449 |
| Series 4045, Class HC |  |  |
| &nbsp;&nbsp;&nbsp; 2.000%, 07/15/2041 | 2227 | 2188 |
| Series 4002, Class LB |  |  |
| &nbsp;&nbsp;&nbsp; 2.000%, 09/15/2041 | 60934 | 56558 |
| Series 4171, Class NG |  |  |
| &nbsp;&nbsp;&nbsp; 2.000%, 06/15/2042 | 83482 | 73490 |
| Series 4309, Class JD |  |  |
| &nbsp;&nbsp;&nbsp; 2.000%, 10/15/2043 | 14042 | 12722 |
| Series 4716, Class PA |  |  |
| &nbsp;&nbsp;&nbsp; 3.000%, 07/15/2044 | 90800 | 86815 |
| Series 4472, Class MA |  |  |
| &nbsp;&nbsp;&nbsp; 3.000%, 05/15/2045 | 310430 | 286475 |
| Series 4949, Class PM |  |  |
| &nbsp;&nbsp;&nbsp; 2.500%, 02/25/2050 | 166661 | 138829 |
|  |  | 1624975 |
| **Federal National Mortgage Association REMICS - 0.7%** |  |  |
| Series 2005-40, Class YG |  |  |
| &nbsp;&nbsp;&nbsp; 5.000%, 05/25/2025 | 3484 | 3431 |
| Series 2011-110, Class CY |  |  |
| &nbsp;&nbsp;&nbsp; 3.500%, 11/25/2026 | 138523 | 133693 |
| Series 2007-27, Class MQ |  |  |
| &nbsp;&nbsp;&nbsp; 5.500%, 04/25/2027 | 1701 | 1691 |
| Series 2012-66, Class HE |  |  |
| &nbsp;&nbsp;&nbsp; 1.500%, 06/25/2027 | 34546 | 33029 |
| Series 2012-101, Class AB |  |  |
| &nbsp;&nbsp;&nbsp; 1.500%, 06/25/2027 | 13965 | 13272 |
| Series 2012-148, Class BQ |  |  |
| &nbsp;&nbsp;&nbsp; 1.250%, 01/25/2028 | 66395 | 62221 |
| Series 2013-124, Class BD |  |  |
| &nbsp;&nbsp;&nbsp; 2.500%, 12/25/2028 | 32432 | 31451 |
| Series 2014-8, Class DA |  |  |
| &nbsp;&nbsp;&nbsp; 4.000%, 03/25/2029 | 27606 | 26881 |
| Series 2002-56, Class PE |  |  |
| &nbsp;&nbsp;&nbsp; 6.000%, 09/25/2032 | 55547 | 56986 |
| Series 2013-72, Class HG |  |  |
| &nbsp;&nbsp;&nbsp; 3.000%, 04/25/2033 | 119082 | 113321 |
| Series 2003-127, Class EG |  |  |
| &nbsp;&nbsp;&nbsp; 6.000%, 12/25/2033 | 74043 | 76005 |
| Series 2004-60, Class AB |  |  |
| &nbsp;&nbsp;&nbsp; 5.500%, 04/25/2034 | 68154 | 68045 |
| Series 2005-48, Class AU |  |  |
| &nbsp;&nbsp;&nbsp; 5.500%, 06/25/2035 | 36745 | 36983 |
| Series 2005-64, Class PL |  |  |
| &nbsp;&nbsp;&nbsp; 5.500%, 07/25/2035 | 8918 | 8993 |
| Series 2005-68, Class PG |  |  |
| &nbsp;&nbsp;&nbsp; 5.500%, 08/25/2035 | 8515 | 8594 |
| Series 2005-83, Class LA |  |  |
| &nbsp;&nbsp;&nbsp; 5.500%, 10/25/2035 | 4184 | 4253 |
| Series 2006-57, Class AD |  |  |
| &nbsp;&nbsp;&nbsp; 5.750%, 06/25/2036 | 4451 | 4430 |
| Series 2011-9, Class LH |  |  |
| &nbsp;&nbsp;&nbsp; 3.500%, 01/25/2039 | 41518 | 40929 |
| Series 2011-68, Class EP |  |  |
| &nbsp;&nbsp;&nbsp; 4.500%, 12/25/2039 | 4386 | 4334 |
| Series 2014-19, Class HA |  |  |
| &nbsp;&nbsp;&nbsp; 2.000%, 06/25/2040 | 24078 | 22715 |
| Series 2011-146, Class LX |  |  |
| &nbsp;&nbsp;&nbsp; 3.500%, 10/25/2040 | 152632 | 148048 |
| Series 2010-123, Class BP |  |  |
| &nbsp;&nbsp;&nbsp; 4.500%, 11/25/2040 | 68967 | 67713 |
| Series 2012-31, Class NP |  |  |
| &nbsp;&nbsp;&nbsp; 2.000%, 04/25/2041 | 6247 | 6113 |
| Series 2012-38, Class PA |  |  |
| &nbsp;&nbsp;&nbsp; 2.000%, 09/25/2041 | 24631 | 22401 |
| Series 2013-19, Class PA |  |  |
| &nbsp;&nbsp;&nbsp; 2.000%, 11/25/2041 | 78710 | 72415 |
| Series 2012-102, Class HA |  |  |
| &nbsp;&nbsp;&nbsp; 2.000%, 02/25/2042 | 53439 | 48415 |
| Series 2012-90, Class DA |  |  |
| &nbsp;&nbsp;&nbsp; 1.500%, 03/25/2042 | 27777 | 24715 |
| Series 2012-134, Class VP |  |  |
| &nbsp;&nbsp;&nbsp; 3.000%, 10/25/2042 | 79307 | 76784 |
| Series 2012-139, Class JA |  |  |
| &nbsp;&nbsp;&nbsp; 3.500%, 12/25/2042 | 181852 | 169861 |
| Series 2013-16, Class LD |  |  |
| &nbsp;&nbsp;&nbsp; 2.000%, 02/25/2043 | 37292 | 32083 |
| Series 2013-14, Class QD |  |  |
| &nbsp;&nbsp;&nbsp; 1.500%, 03/25/2043 | 28692 | 23818 |
| Series 2016-8, Class PC |  |  |
| &nbsp;&nbsp;&nbsp; 2.500%, 10/25/2044 | 198313 | 182673 |
| Series 2016-105, Class PA |  |  |
| &nbsp;&nbsp;&nbsp; 3.500%, 04/25/2045 | 192860 | 184122 |
| Series 2016-60, Class Q |  |  |
| &nbsp;&nbsp;&nbsp; 1.750%, 09/25/2046 | 81654 | 72929 |
| Series 2017-77, Class BA |  |  |
| &nbsp;&nbsp;&nbsp; 2.000%, 10/25/2047 | 66279 | 59150 |
|  |  | 1942497 |
| **Government National Mortgage Association REMICS - 0.2%** |  |  |
| Series 2013-88, Class WA |  |  |
| &nbsp;&nbsp;&nbsp; 4.820%, 06/20/2030 (a) | 6883 | 6855 |
| Series 2007-11, Class PE |  |  |
| &nbsp;&nbsp;&nbsp; 5.500%, 03/20/2037 | 25341 | 25339 |
| Series 2009-10, Class DE |  |  |
| &nbsp;&nbsp;&nbsp; 5.000%, 04/16/2038 | 94168 | 93889 |
| Series 2010-112, Class NG |  |  |
| &nbsp;&nbsp;&nbsp; 2.250%, 09/16/2040 | 79110 | 73246 |
| Series 2013-64, Class LP |  |  |
| &nbsp;&nbsp;&nbsp; 1.500%, 08/20/2041 | 127991 | 116361 |
| Series 2013-56, Class AP |  |  |
| &nbsp;&nbsp;&nbsp; 2.000%, 11/16/2041 | 70459 | 62093 |
| Series 2012-106, Class MA |  |  |
| &nbsp;&nbsp;&nbsp; 2.000%, 11/20/2041 | 82048 | 74266 |
| Series 2012-48, Class MA |  |  |
| &nbsp;&nbsp;&nbsp; 2.500%, 04/16/2042 | 50750 | 46382 |
|  |  | 498431 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** (Cost $4,329,538) |  | 4065903 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS** - **0.5%** |  |  |
| **Federal Home Loan Mortgage Corp - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp; 5.500%, 04/01/2023, Gold Pool #G13145 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; 4.000%, 02/01/2026, Gold Pool #J14494 | 6183 | 6047 |
| &nbsp;&nbsp;&nbsp; 4.000%, 06/01/2026, Gold Pool #J15974 | 2344 | 2292 |
| &nbsp;&nbsp;&nbsp; 3.000%, 12/01/2026, Gold Pool #J17508 | 24040 | 23311 |
| &nbsp;&nbsp;&nbsp; 4.500%, 06/01/2029, Gold Pool #C91251 | 3513 | 3493 |
| &nbsp;&nbsp;&nbsp; 4.500%, 12/01/2029, Gold Pool #C91281 | 7587 | 7544 |
| &nbsp;&nbsp;&nbsp; 4.500%, 04/01/2030, Gold Pool #C91295 | 4001 | 3978 |
| &nbsp;&nbsp;&nbsp; 3.000%, 05/01/2047, Pool #ZT1361 | 234393 | 210537 |
|  |  | 257244 |
| **Federal National Mortgage Association - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp; 5.000%, 05/01/2023, Pool #254762 | 154 | 153 |
| &nbsp;&nbsp;&nbsp; 5.500%, 01/01/2024, Pool #AD0471 (e) | 0 | 0 |
| &nbsp;&nbsp;&nbsp; 5.000%, 12/01/2025, Pool #256045 | 4378 | 4362 |
| &nbsp;&nbsp;&nbsp; 5.500%, 05/01/2028, Pool #257204 | 5310 | 5329 |
| &nbsp;&nbsp;&nbsp; 4.000%, 08/01/2029, Pool #MA0142 | 5976 | 5820 |
| &nbsp;&nbsp;&nbsp; 3.500%, 12/01/2031, Pool #MA0919 | 229172 | 222139 |
| &nbsp;&nbsp;&nbsp; 2.000%, 03/01/2036, Pool #BP3785 | 350769 | 313279 |
| &nbsp;&nbsp;&nbsp; 5.500%, 04/01/2037, Pool #AD0249 | 9510 | 9797 |
| &nbsp;&nbsp;&nbsp; 5.000%, 10/01/2039, Pool #AC3237 | 19834 | 20114 |
| &nbsp;&nbsp;&nbsp; 3.000%, 08/01/2040, Pool #BP6567 | 150220 | 136465 |
| &nbsp;&nbsp;&nbsp; 3.000%, 06/01/2046, Pool #FM5719 | 346955 | 316091 |
| &nbsp;&nbsp;&nbsp; 3.000%, 11/01/2049, Pool #FM2014 | 226301 | 202316 |
|  |  | 1235865 |
| **Freddie Mac Strips - 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp; 1.500%, 11/15/2027 | 38150 | 36008 |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS** (Cost $1,727,768) |  | 1529117 |
| **U.S. TREASURY OBLIGATIONS** - **6.5%** |  |  |
| **U.S. Treasury Notes** - **6.5%** |  |  |
| &nbsp;&nbsp;&nbsp; 1.500%, 01/15/2023 | 300000 | 299780 |
| &nbsp;&nbsp;&nbsp; 0.125%, 03/31/2023 | 200000 | 197954 |
| &nbsp;&nbsp;&nbsp; 0.125%, 04/30/2023 | 1600000 | 1578025 |
| &nbsp;&nbsp;&nbsp; 1.250%, 07/31/2023 | 2809000 | 2753775 |
| &nbsp;&nbsp;&nbsp; 0.375%, 10/31/2023 | 200000 | 192875 |
| &nbsp;&nbsp;&nbsp; 2.250%, 12/31/2023 | 400000 | 390164 |
| &nbsp;&nbsp;&nbsp; 2.125%, 02/29/2024 | 600000 | 582680 |
| &nbsp;&nbsp;&nbsp; 2.125%, 03/31/2024 | 400000 | 387602 |
| &nbsp;&nbsp;&nbsp; 2.000%, 04/30/2024 | 720000 | 694912 |
| &nbsp;&nbsp;&nbsp; 2.500%, 05/15/2024 | 500000 | 485430 |
| &nbsp;&nbsp;&nbsp; 0.375%, 07/15/2024 | 500000 | 468457 |
| &nbsp;&nbsp;&nbsp; 1.250%, 08/31/2024 | 200000 | 189367 |
| &nbsp;&nbsp;&nbsp; 0.375%, 09/15/2024 | 600000 | 559289 |
| &nbsp;&nbsp;&nbsp; 1.500%, 10/31/2024 | 300000 | 284291 |
| &nbsp;&nbsp;&nbsp; 1.500%, 11/30/2024 | 200000 | 189289 |
| &nbsp;&nbsp;&nbsp; 1.750%, 12/31/2024 | 400000 | 379750 |
| &nbsp;&nbsp;&nbsp; 2.250%, 12/31/2024 | 500000 | 479297 |
| &nbsp;&nbsp;&nbsp; 1.375%, 01/31/2025 | 575000 | 540500 |
| &nbsp;&nbsp;&nbsp; 2.000%, 02/15/2025 | 500000 | 475859 |
| &nbsp;&nbsp;&nbsp; 0.500%, 03/31/2025 | 600000 | 551180 |
| &nbsp;&nbsp;&nbsp; 0.375%, 04/30/2025 | 400000 | 365125 |
| &nbsp;&nbsp;&nbsp; 2.125%, 05/15/2025 | 800000 | 760469 |
| &nbsp;&nbsp;&nbsp; 0.250%, 05/31/2025 | 600000 | 544781 |
| &nbsp;&nbsp;&nbsp; 0.250%, 06/30/2025 | 1000000 | 906055 |
| &nbsp;&nbsp;&nbsp; 2.750%, 06/30/2025 | 500000 | 481797 |
| &nbsp;&nbsp;&nbsp; 2.875%, 07/31/2025 | 500000 | 483145 |
| &nbsp;&nbsp;&nbsp; 2.000%, 08/15/2025 | 800000 | 755594 |
| &nbsp;&nbsp;&nbsp; 2.750%, 08/31/2025 | 500000 | 480723 |
| &nbsp;&nbsp;&nbsp; 2.250%, 11/15/2025 | 820000 | 776309 |
| &nbsp;&nbsp;&nbsp; 4.500%, 11/15/2025 | 400000 | 402469 |
| &nbsp;&nbsp;&nbsp; 2.625%, 01/31/2026 | 200000 | 191144 |
| **TOTAL U.S. TREASURY OBLIGATIONS** (Cost $18,648,439) |  | 17828087 |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 8.1%** |  |  |
| **TREASURY BILLS - 5.6%** |  |  |
| United States Treasury Bill | 15338000 | 15338000 |
| **MONEY MARKET FUNDS - 2.5%** |  |  |
| First American Government Obligations Fund Class X - 4.11% (c) | 6866872 | 6866872 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $22,201,592) |  | 22204872 |
| **Total INVESTMENTS (Cost $276,080,026) - 99.2%** |  | **272954914** |
| **Other Assets in Excess of Liabilities - 0.8%** |  | **2196489** |
| **TOTAL NET ASSETS - 100.0%** |  | $**275151403** |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| PLC - Public Limited Company | PLC - Public Limited Company |
| REMICS - Real Estate Mortgage Investment Conduits | REMICS - Real Estate Mortgage Investment Conduits |
| LIBOR - London Inter-bank Offered Rate | LIBOR - London Inter-bank Offered Rate |
| SOFR - Secured Overnight Financing Rate | SOFR - Secured Overnight Financing Rate |
| SOFRINDX - Secured Overnight Financing Rate Index | SOFRINDX - Secured Overnight Financing Rate Index |
| BSBY3M - Bloomberg Short-Term Bank Yield Index (3-month) | BSBY3M - Bloomberg Short-Term Bank Yield Index (3-month) |
| (a) <br>| Variable or Floating Rate Security. The rate shown represents the rate at December 31, 2022. |
| (b) <br>| Security is a perpetual bond and has no definite maturity date. |
| (c) <br>| The rate shown represents the fund's 7-day yield as of December 31, 2022. |
| (d) <br>| Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as |
|  | amended. These securities may be resold in transactions exempt from registration to qualified |
|  | \institutional buyers. At December 31, 2022, the market value of these securities total $9,921,815 |
|  | which represents 3.6% of total net assets. |
| (e) <br>| Rounds to zero. |

---

------

---

| | |
|:---|:---|
| **Summary of Fair Value Measurements at December 31, 2022 (Unaudited)** | **Summary of Fair Value Measurements at December 31, 2022 (Unaudited)** |
| &nbsp;&nbsp;&nbsp;&nbsp;The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out | &nbsp;&nbsp;&nbsp;&nbsp;The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out |
| a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to | a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to |
| develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period, and expanded | develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period, and expanded |
| disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below: | disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below: |
| &nbsp;&nbsp;&nbsp;&nbsp;Level 1 - | Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. |
| &nbsp;&nbsp;&nbsp;&nbsp;Level 2 - | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or |
|  | indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar |
|  | instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
| &nbsp;&nbsp;&nbsp;&nbsp;Level 3 - | Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the |
|  | Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be |
|  | based on the best information available. |
| &nbsp;&nbsp;&nbsp;&nbsp;Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value | &nbsp;&nbsp;&nbsp;&nbsp;Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value |
| on a recurring basis. | on a recurring basis. |
| &nbsp;&nbsp;&nbsp;&nbsp;*Debt Securities* – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, | &nbsp;&nbsp;&nbsp;&nbsp;*Debt Securities* – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, |
| and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes | and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes |
| both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer | both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer |
| or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may | or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may |
| incorporate market observable data, such as reported sales or similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities | incorporate market observable data, such as reported sales or similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities |
| are valued primarily using dealer quotations. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized | are valued primarily using dealer quotations. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized |
| in Level 2 of the fair value hierarchy. | in Level 2 of the fair value hierarchy. |
| *&nbsp;&nbsp;&nbsp;&nbsp;Registered Investment Companies –* Investments in registered investment companies (e.g., mutual funds) are generally priced at the ending NAV | *&nbsp;&nbsp;&nbsp;&nbsp;Registered Investment Companies –* Investments in registered investment companies (e.g., mutual funds) are generally priced at the ending NAV |
| provided by the applicable registered investment company's service agent and will be classified in Level 1 of the fair value hierarchy. | provided by the applicable registered investment company's service agent and will be classified in Level 1 of the fair value hierarchy. |
| *&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Debt Securities –* Short-term debt instruments having a maturity of less than 60 days are valued at the evaluated mean price supplied by an | *&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Debt Securities –* Short-term debt instruments having a maturity of less than 60 days are valued at the evaluated mean price supplied by an |
| approved pricing service. Pricing services may use various valuation methodologies including matrix pricing and other analytical pricing models as well as | approved pricing service. Pricing services may use various valuation methodologies including matrix pricing and other analytical pricing models as well as |
| market transactions and dealer quotations. In the absence of prices from a pricing service, the securities will be priced in accordance with the procedures | market transactions and dealer quotations. In the absence of prices from a pricing service, the securities will be priced in accordance with the procedures |
| adopted by the Board of Trustees ("Board"). Short-term debt securities are generally classified in level 1 or level 2 of the fair market heirarchy depending | adopted by the Board of Trustees ("Board"). Short-term debt securities are generally classified in level 1 or level 2 of the fair market heirarchy depending |
| on the inputs used and market activity levels for specific securities. | on the inputs used and market activity levels for specific securities. |
| &nbsp;&nbsp;&nbsp;&nbsp;The Board has delegated day-to-day valuation issues to a Valuation Committee of Manager Directed Portfolios (the "Trust") | &nbsp;&nbsp;&nbsp;&nbsp;The Board has delegated day-to-day valuation issues to a Valuation Committee of Manager Directed Portfolios (the "Trust") |
| which, as of June 30, 2022, is comprised of officers of the Trust. The function of the Valuation Committee is to value securities | which, as of June 30, 2022, is comprised of officers of the Trust. The function of the Valuation Committee is to value securities |
| where current and reliable market quotations are not readily available, or the closing price does not represent fair value, by following | where current and reliable market quotations are not readily available, or the closing price does not represent fair value, by following |
| procedures approved by the Board. These procedures consider many factors, including the type of security, size of holding, trading volume, | procedures approved by the Board. These procedures consider many factors, including the type of security, size of holding, trading volume, |
| and news events. All actions taken by the Valuation Committee are subsequently reviewed and ratified by the Board. | and news events. All actions taken by the Valuation Committee are subsequently reviewed and ratified by the Board. |
| &nbsp;&nbsp;&nbsp;&nbsp;Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either Level 2 or Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either Level 2 or Level 3 |
| of the fair value hierarchy. | of the fair value hierarchy. |
| &nbsp;&nbsp;&nbsp;&nbsp;The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The | &nbsp;&nbsp;&nbsp;&nbsp;The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The |
| following is a summary of the fair valuation hierarchy of the Fund's securities as of December 31, 2022: | following is a summary of the fair valuation hierarchy of the Fund's securities as of December 31, 2022: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Corporate Bonds and Notes** | $- | $227326935 | $- | $227326935 |
| **Collateralized Mortgage Obligations** | - | 4065903 | - | 4065903 |
| **U.S. Government Agency Obligations** | - | 1529117 | - | 1529117 |
| **U.S. Treasury Obligations** | - | 17828087 | - | 17828087 |
| **Short-Term Investments** | 6866872 | 15338000 | - | 22204872 |
| **Total Investments in Securities** | $6866872 | $266088042 | $- | $272954914 |
| Refer to the Fund's Schedule of Investments for a more detailed break-out of securities. | Refer to the Fund's Schedule of Investments for a more detailed break-out of securities. | Refer to the Fund's Schedule of Investments for a more detailed break-out of securities. | Refer to the Fund's Schedule of Investments for a more detailed break-out of securities. | Refer to the Fund's Schedule of Investments for a more detailed break-out of securities. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Manager Directed Portfolios

- **b. Investment Company Act file number:** 811-21897

- **c. CIK number of Registrant:** 0001359057

- **d. LEI of Registrant:** 549300WAC9XE08QLVP90

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

  - **Street Address 1:** 615 E. Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 4145163123

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

- **a. Name of Series:** Pemberwick Fund

- **b. EDGAR series identifier (if any):** S000055882

- **c. LEI of Series:** 5493009II7H4BJZX1I59

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

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $274992433.36

**Total Liabilities:** $296855.33

**Net Assets:** $274695578.03

**Cash Not Reported:** $21203.18

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 5464.530000000000 | **1-Year:** 18725.220000000000 | **5-Year:** 5850.970000000000 | **10-Year:** 909.710000000000 | **30-Year:** 420.870000000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000176027 | -0.06%               | 0.62%                | 0.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-740791.64                                |
| Month 2  | $-1086978.35             | $1847975.66                                |
| Month 3  | $-171971.36              | $540633.25                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CAPITAL ONE FINANCIAL CO       | Capital One Financial Corp                              | CUSIP: 14040HCR4<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $988258.51    | 0.36%             | 2025-05-09      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR INC                | Caterpillar Inc                                         | CUSIP: 149123CC3<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58869.64     | 0.02%             | 2024-05-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 3136A6A20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13965 | PA      | $13272.51     | 0.00%             | 2027-06-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 3136A75W8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     34546 | PA      | $33029.23     | 0.01%             | 2027-06-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 3136A7RE4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27777 | PA      | $24715.13     | 0.01%             | 2042-03-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 3136A8RL6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     53439 | PA      | $48414.62     | 0.02%             | 2042-02-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 3136AALT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    181852 | PA      | $169860.74    | 0.06%             | 2042-12-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 3136AAWS0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     79307 | PA      | $76783.55     | 0.03%             | 2042-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 3136ABLC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     66395 | PA      | $62221.09     | 0.02%             | 2028-01-25      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 3136ABZ22<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     37292 | PA      | $32082.73     | 0.01%             | 2043-02-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 3136AC2Z3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28692 | PA      | $23817.72     | 0.01%             | 2043-03-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 3136ACA50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     78710 | PA      | $72415.27     | 0.03%             | 2041-11-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 3136AFDT8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    119082 | PA      | $113321.42    | 0.04%             | 2033-04-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 3136AHHB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     32432 | PA      | $31450.74     | 0.01%             | 2028-12-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 3136AJEC6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27606 | PA      | $26880.79     | 0.01%             | 2029-03-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 3136AJPG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     24078 | PA      | $22715.52     | 0.01%             | 2040-06-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 3136ARSJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    198313 | PA      | $182673.14    | 0.07%             | 2044-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 3136ATND2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     81654 | PA      | $72929.11     | 0.03%             | 2046-09-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 3136AUE80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    192860 | PA      | $184121.95    | 0.07%             | 2045-04-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 3136AYGR8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     66279 | PA      | $59149.65     | 0.02%             | 2047-10-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                         | CUSIP: 31371K5X5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       154 | PA      | $152.93       | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                         | CUSIP: 31371ML21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4378 | PA      | $4361.54      | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                         | CUSIP: 31371NU52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5310 | PA      | $5328.95      | 0.00%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL REALTY INVS TRST       | Federal Realty Investment Trust                         | CUSIP: 313747AT4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $148353.89    | 0.05%             | 2023-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| FEDERAL REALTY INVS TRST       | Federal Realty Investment Trust                         | CUSIP: 313747AU1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    217000 | PA      | $214264.68    | 0.08%             | 2024-01-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 3137A4XR3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10639 | PA      | $10419.61     | 0.00%             | 2025-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 3137A5UQ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11604 | PA      | $11448.97     | 0.00%             | 2040-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 3137AEGP4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2351 | PA      | $2340.60      | 0.00%             | 2026-07-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 3137AK6F3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    115367 | PA      | $111648.78    | 0.04%             | 2026-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 3137AM2T3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     60934 | PA      | $56557.87     | 0.02%             | 2041-09-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 3137AMLM7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     17648 | PA      | $17061.90     | 0.01%             | 2027-03-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 3137APUF5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2227 | PA      | $2187.85      | 0.00%             | 2041-07-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 3137AYEW7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     83482 | PA      | $73490.37     | 0.03%             | 2042-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 3137B2CM0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     58263 | PA      | $55897.75     | 0.02%             | 2033-04-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 3137B5N90<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     21894 | PA      | $21058.80     | 0.01%             | 2026-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 3137B7US6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     14042 | PA      | $12722.41     | 0.00%             | 2043-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 3137B7YG8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     83219 | PA      | $79768.77     | 0.03%             | 2029-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 3137BCMT2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     29372 | PA      | $28833.34     | 0.01%             | 2033-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 3137BFVE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    122072 | PA      | $119040.72    | 0.04%             | 2040-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 3137BGV97<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     53655 | PA      | $52377.67     | 0.02%             | 2033-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 3137BJ2M4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    310430 | PA      | $286475.33    | 0.10%             | 2045-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 3137FAYD4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     90800 | PA      | $86815.39     | 0.03%             | 2044-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 3137FRAX9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    166661 | PA      | $138828.63    | 0.05%             | 2050-02-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 31392ERB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     55547 | PA      | $56986.03     | 0.02%             | 2032-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 31393FGD2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     21043 | PA      | $21130.92     | 0.01%             | 2032-02-15      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 31393UJE4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     74043 | PA      | $76004.56     | 0.03%             | 2033-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 31394AWJ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     68154 | PA      | $68044.64     | 0.02%             | 2034-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 31394DA59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36745 | PA      | $36983.41     | 0.01%             | 2035-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 31394DRL6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3484 | PA      | $3431.15      | 0.00%             | 2025-05-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 31394E7B8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8515 | PA      | $8594.20      | 0.00%             | 2035-08-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 31394EFT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8918 | PA      | $8993.06      | 0.00%             | 2035-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 31394FH65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4184 | PA      | $4253.54      | 0.00%             | 2035-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 31394KK78<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     24361 | PA      | $24033.89     | 0.01%             | 2033-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 31394TFV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    154169 | PA      | $152086.34    | 0.06%             | 2034-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 31395DC23<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4451 | PA      | $4430.42      | 0.00%             | 2036-06-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 31395MSH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3312 | PA      | $3341.01      | 0.00%             | 2035-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 31395VG60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3593 | PA      | $3581.30      | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 31395WNJ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     21172 | PA      | $20860.31     | 0.01%             | 2025-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 31396VCN6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1701 | PA      | $1691.11      | 0.00%             | 2027-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 31397QNV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     41518 | PA      | $40929.31     | 0.01%             | 2039-01-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 31398NU85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     68967 | PA      | $67712.54     | 0.02%             | 2040-11-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 31398TGH8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4386 | PA      | $4333.60      | 0.00%             | 2039-12-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                         | CUSIP: 3140KBF33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    350769 | PA      | $313279.35    | 0.11%             | 2036-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                         | CUSIP: 3140KEJM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    150220 | PA      | $136465.19    | 0.05%             | 2040-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                         | CUSIP: 3140X5GY3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    226301 | PA      | $202316.50    | 0.07%             | 2049-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                         | CUSIP: 3140X9K95<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    346955 | PA      | $316091.10    | 0.12%             | 2046-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                         | CUSIP: 31417MS38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     19834 | PA      | $20113.91     | 0.01%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                         | CUSIP: 31417YEQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5976 | PA      | $5819.54      | 0.00%             | 2029-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                         | CUSIP: 31418AAV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    229172 | PA      | $222138.91    | 0.08%             | 2031-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                         | CUSIP: 31418MH39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9510 | PA      | $9796.71      | 0.00%             | 2037-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                         | CUSIP: 31418MQZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         0 | PA      | $0.03         | 0.00%             | 2024-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund              | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   6837825 | NS      | $6837825.21   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL ELECTRIC CO            | General Electric Co                                     | CUSIP: 369604BM4<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EP               | CORP              | US        |   1234000 | PA      | $1021135.00   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO               | Georgia Power Co                                        | CUSIP: 373334KE0<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    300000 | PA      | $284042.12    | 0.10%             | 2026-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC            | Gilead Sciences Inc                                     | CUSIP: 375558AZ6<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    300000 | PA      | $290714.18    | 0.11%             | 2025-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC            | Gilead Sciences Inc                                     | CUSIP: 375558BW2<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    300000 | PA      | $290728.35    | 0.11%             | 2023-09-29      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                             | CUSIP: 38141EB81<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   4800000 | PA      | $4837322.83   | 1.76%             | 2023-11-29      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                             | CUSIP: 38141GWU4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300160.55    | 0.11%             | 2023-02-23      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                             | CUSIP: 38141GXN9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1926660.90   | 0.70%             | 2026-12-09      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                             | CUSIP: 38141GXW9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1005000 | PA      | $998924.87    | 0.36%             | 2024-03-08      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                             | CUSIP: 38141GYQ1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   6050000 | PA      | $5957262.58   | 2.17%             | 2024-10-21      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                             | CUSIP: 38141GZQ0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1518000 | PA      | $1517445.19   | 0.55%             | 2024-03-15      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                | CUSIP: 38374TAZ7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     94168 | PA      | $93888.81     | 0.03%             | 2038-04-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                | CUSIP: 38375CTS9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     50750 | PA      | $46381.88     | 0.02%             | 2042-04-16      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                | CUSIP: 38375JNM3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     25341 | PA      | $25339.20     | 0.01%             | 2037-03-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                | CUSIP: 38377KB58<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     79110 | PA      | $73246.04     | 0.03%             | 2040-09-16      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                | CUSIP: 38378HJG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     82048 | PA      | $74266.61     | 0.03%             | 2041-11-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                | CUSIP: 38378MN76<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    127991 | PA      | $116361.12    | 0.04%             | 2041-08-20      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                | CUSIP: 38378MZW8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     70459 | PA      | $62092.80     | 0.02%             | 2041-11-16      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                | CUSIP: 38378TK90<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      6883 | PA      | $6854.82      | 0.00%             | 2030-06-20      | Variable      | 4.82%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC              | HSBC Holdings PLC                                       | CUSIP: 404280BR9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   6010000 | PA      | $5987823.88   | 2.18%             | 2024-05-18      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC              | HSBC Holdings PLC                                       | CUSIP: 404280DB2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   4000000 | PA      | $3951443.24   | 1.44%             | 2026-03-10      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| IBM CORP                       | International Business Machines Corp                    | CUSIP: 459200AM3<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    150000 | PA      | $158995.76    | 0.06%             | 2025-10-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| IBM CORP                       | International Business Machines Corp                    | CUSIP: 459200HP9<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297159.28    | 0.11%             | 2023-08-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| IBM CORP                       | International Business Machines Corp                    | CUSIP: 459200HU8<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98550.48     | 0.04%             | 2024-02-12      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| IBM CORP                       | International Business Machines Corp                    | CUSIP: 459200JY8<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    250000 | PA      | $243265.41    | 0.09%             | 2024-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| INTUIT INC                     | Intuit Inc                                              | CUSIP: 46124HAA4<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |    300000 | PA      | $293583.33    | 0.11%             | 2023-07-15      | Fixed         | 0.65%                 | No            |                  2 | On Loan: No      |
| INTUIT INC                     | Intuit Inc                                              | CUSIP: 46124HAB2<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |    300000 | PA      | $273278.05    | 0.10%             | 2025-07-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| KLA CORP                       | KLA Corp                                                | CUSIP: 482480AE0<br>LEI: 549300H0BF5JCG96TJ81 | Long             | DBT              | CORP              | US        |    299000 | PA      | $298308.49    | 0.11%             | 2024-11-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| LOEWS CORP                     | Loews Corp                                              | CUSIP: 540424AS7<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | DBT              | CORP              | US        |    400000 | PA      | $386601.43    | 0.14%             | 2026-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE GAS & ELEC          | Louisville Gas and Electric Co                          | CUSIP: 546676AW7<br>LEI: KO3GRIB3RPH1XDX50U72 | Long             | DBT              | CORP              | US        |    150000 | PA      | $143481.98    | 0.05%             | 2025-10-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION           | M&T Bank Corp                                           | CUSIP: 55261FAK0<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6001905.36   | 2.18%             | 2023-07-26      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC       | Marsh & McLennan Cos Inc                                | CUSIP: 571748AX0<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    300000 | PA      | $291455.14    | 0.11%             | 2025-03-10      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                    | MetLife Inc                                             | CUSIP: 59156RBB3<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249269.18    | 0.09%             | 2023-09-15      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                    | MetLife Inc                                             | CUSIP: 59156RBM9<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96097.79     | 0.03%             | 2025-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                    | MetLife Inc                                             | CUSIP: 59156RBQ0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    125000 | PA      | $121591.49    | 0.04%             | 2025-11-13      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APARTMENTS         | Mid-America Apartments LP                               | CUSIP: 59523UAL1<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | DBT              | CORP              | US        |    300000 | PA      | $293942.55    | 0.11%             | 2024-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APARTMENTS         | Mid-America Apartments LP                               | CUSIP: 59523UAM9<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | DBT              | CORP              | US        |    300000 | PA      | $291773.34    | 0.11%             | 2025-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG       | Berkshire Hathaway Energy Co                            | CUSIP: 59562VAY3<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247380.02    | 0.09%             | 2023-11-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP         | Mitsubishi UFJ Financial Group Inc                      | CUSIP: 606822AS3<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |   8677000 | PA      | $8680357.83   | 3.16%             | 2023-03-02      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP         | Mitsubishi UFJ Financial Group Inc                      | CUSIP: 606822AZ7<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |   4751000 | PA      | $4759513.93   | 1.73%             | 2023-07-26      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| MIZUHO FINANCIAL GROUP         | Mizuho Financial Group Inc                              | CUSIP: 60687YAQ2<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |   7420000 | PA      | $7427710.72   | 2.70%             | 2023-03-05      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| MIZUHO FINANCIAL GROUP         | Mizuho Financial Group Inc                              | CUSIP: 60687YBC2<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |   1800000 | PA      | $1790349.93   | 0.65%             | 2024-05-25      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| MIZUHO FINANCIAL GROUP         | Mizuho Financial Group Inc                              | CUSIP: 60687YBY4<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |   4500000 | PA      | $4418533.53   | 1.61%             | 2026-05-22      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                          | CUSIP: 61744YAG3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   8529000 | PA      | $8544881.60   | 3.11%             | 2024-05-08      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                          | CUSIP: 61747YEN1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1083230.31   | 0.39%             | 2026-02-18      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP       | National Rural Utilities Cooperative Finance Corp       | CUSIP: 63743HFC1<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    300000 | PA      | $281568.50    | 0.10%             | 2025-02-07      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| NOVARTIS CAPITAL CORP          | Novartis Capital Corp                                   | CUSIP: 66989HAG3<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49010.67     | 0.02%             | 2024-05-06      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| PECO ENERGY CO                 | PECO Energy Co                                          | CUSIP: 693304AT4<br>LEI: YH65D4JBECK76IFEJ279 | Long             | DBT              | CORP              | US        |    428000 | PA      | $412111.07    | 0.15%             | 2025-10-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| PACCAR FINANCIAL CORP          | PACCAR Financial Corp                                   | CUSIP: 69371RP59<br>LEI: PH3S12DWZBHHQKVYZ297 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59460.28     | 0.02%             | 2023-08-09      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| PACCAR FINANCIAL CORP          | PACCAR Financial Corp                                   | CUSIP: 69371RQ25<br>LEI: PH3S12DWZBHHQKVYZ297 | Long             | DBT              | CORP              | US        |    300000 | PA      | $286500.21    | 0.10%             | 2024-08-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                     | PacifiCorp                                              | CUSIP: 695114CR7<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    210000 | PA      | $206413.97    | 0.08%             | 2024-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| PEPSICO INC                    | PepsiCo Inc                                             | CUSIP: 713448CM8<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98815.85     | 0.04%             | 2024-03-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| PHILLIPS 66                    | Phillips 66                                             | CUSIP: 718546AV6<br>LEI: 5493005JBO5YSIGK1814 | Long             | DBT              | CORP              | US        |    300000 | PA      | $292887.75    | 0.11%             | 2025-04-09      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| POTOMAC ELECTRIC POWER         | Potomac Electric Power Co                               | CUSIP: 737679DG2<br>LEI: 549300BXF2DWUNN57U06 | Long             | DBT              | CORP              | US        |    140000 | PA      | $137689.93    | 0.05%             | 2024-03-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL FINANCIAL GRP        | Principal Financial Group Inc                           | CUSIP: 74251VAH5<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248264.65    | 0.09%             | 2023-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL FINANCIAL GRP        | Principal Financial Group Inc                           | CUSIP: 74251VAK8<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |    300000 | PA      | $290663.43    | 0.11%             | 2025-05-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                    | Prologis LP                                             | CUSIP: 74340XBN0<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    300000 | PA      | $269050.32    | 0.10%             | 2027-04-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                    | Prologis LP                                             | CUSIP: 74340XBU4<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    300000 | PA      | $285041.74    | 0.10%             | 2026-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC       | Prudential Financial Inc                                | CUSIP: 74432QCH6<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    400000 | PA      | $360609.19    | 0.13%             | 2026-03-10      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE COLORADO        | Public Service Co of Colorado                           | CUSIP: 744448CH2<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |    400000 | PA      | $398367.20    | 0.15%             | 2023-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC        | Public Service Electric and Gas Co                      | CUSIP: 74456QBD7<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |    350000 | PA      | $345689.62    | 0.13%             | 2024-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC        | Public Service Electric and Gas Co                      | CUSIP: 74456QBL9<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |    175000 | PA      | $167701.25    | 0.06%             | 2025-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC        | Public Service Electric and Gas Co                      | CUSIP: 74456QCF1<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |    300000 | PA      | $266675.79    | 0.10%             | 2026-03-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                 | Public Storage                                          | CUSIP: 74460WAA5<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |    300000 | PA      | $265926.28    | 0.10%             | 2026-02-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP             | Realty Income Corp                                      | CUSIP: 756109AQ7<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    296000 | PA      | $290761.11    | 0.11%             | 2024-07-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP             | Realty Income Corp                                      | CUSIP: 756109AR5<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    300000 | PA      | $292021.71    | 0.11%             | 2026-10-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP             | Realty Income Corp                                      | CUSIP: 756109AV6<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147091.29    | 0.05%             | 2025-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP             | Realty Income Corp                                      | CUSIP: 756109BD5<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    230000 | PA      | $228558.44    | 0.08%             | 2024-02-06      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA           | Royal Bank of Canada                                    | CUSIP: 78013XW61<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   1360000 | PA      | $1360170.16   | 0.50%             | 2023-10-05      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 912828X70<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    720000 | PA      | $694912.50    | 0.25%             | 2024-04-30      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 912828XB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    800000 | PA      | $760468.75    | 0.28%             | 2025-05-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 912828XZ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $481796.88    | 0.18%             | 2025-06-30      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 912828Y79<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $483144.53    | 0.18%             | 2025-07-31      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 912828YE4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $189367.19    | 0.07%             | 2024-08-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 912828YM6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $284291.02    | 0.10%             | 2024-10-31      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| ABBOTT LABORATORIES            | Abbott Laboratories                                     | CUSIP: 002824BM1<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245325.39    | 0.09%             | 2025-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE         | American Honda Finance Corp                             | CUSIP: 02665WCQ2<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198657.33    | 0.07%             | 2023-10-10      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE         | American Honda Finance Corp                             | CUSIP: 02665WCT6<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246670.49    | 0.09%             | 2024-01-12      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE         | American Honda Finance Corp                             | CUSIP: 02665WDD0<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    250000 | PA      | $238682.64    | 0.09%             | 2024-09-10      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE         | American Honda Finance Corp                             | CUSIP: 02665WDK4<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    300000 | PA      | $293955.49    | 0.11%             | 2023-07-07      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| AMERISOURCEBERGEN CORP         | AmerisourceBergen Corp                                  | CUSIP: 03073EAS4<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |    134000 | PA      | $132881.72    | 0.05%             | 2023-03-15      | Fixed         | 0.74%                 | No            |                  2 | On Loan: No      |
| APPLE INC                      | Apple Inc                                               | CUSIP: 037833AK6<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59528.21     | 0.02%             | 2023-05-03      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| APPLE INC                      | Apple Inc                                               | CUSIP: 037833BG4<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145061.79    | 0.05%             | 2025-05-13      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| ARIZONA PUBLIC SERVICE         | Arizona Public Service Co                               | CUSIP: 040555CQ5<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |    350000 | PA      | $338974.81    | 0.12%             | 2024-06-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| ARIZONA PUBLIC SERVICE         | Arizona Public Service Co                               | CUSIP: 040555CS1<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |    300000 | PA      | $287243.51    | 0.10%             | 2025-05-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| ASTRAZENECA FINANCE LLC        | Astrazeneca Finance LLC                                 | CUSIP: 04636NAC7<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |    350000 | PA      | $330062.40    | 0.12%             | 2024-05-28      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| ATMOS ENERGY CORP              | Atmos Energy Corp                                       | CUSIP: 049560AU9<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297815.10    | 0.11%             | 2023-03-09      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUNITIES          | AvalonBay Communities Inc                               | CUSIP: 05348EAT6<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247919.21    | 0.09%             | 2023-12-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUNITIES          | AvalonBay Communities Inc                               | CUSIP: 05348EAU3<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |    300000 | PA      | $292168.88    | 0.11%             | 2024-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUNITIES          | AvalonBay Communities Inc                               | CUSIP: 05348EAW9<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |    300000 | PA      | $287074.68    | 0.10%             | 2025-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BAKER HUGHES LLC/CO-OBL        | Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc | CUSIP: 05724BAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $289863.67    | 0.11%             | 2023-12-15      | Fixed         | 1.23%                 | No            |                  2 | On Loan: No      |
| BALTIMORE GAS & ELECTRIC       | Baltimore Gas and Electric Co                           | CUSIP: 059165EF3<br>LEI: 88V8C2WYSOD1SPSSLH72 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297888.97    | 0.11%             | 2023-07-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA             | Banco Santander SA                                      | CUSIP: 05964HAD7<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |  10750000 | PA      | $10758072.50  | 3.92%             | 2023-02-23      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA             | Banco Santander SA                                      | CUSIP: 05964HAH8<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   2900000 | PA      | $2900427.92   | 1.06%             | 2023-04-12      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                                    | CUSIP: 06051GHE2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3206000 | PA      | $3204499.66   | 1.17%             | 2024-03-05      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                                    | CUSIP: 06051GJX8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   6200000 | PA      | $6143208.00   | 2.24%             | 2024-05-28      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                                    | CUSIP: 06051GKF5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    900000 | PA      | $887994.89    | 0.32%             | 2025-02-04      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                                    | CUSIP: 06051GKN8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2900000 | PA      | $2877373.97   | 1.05%             | 2026-04-02      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL               | Bank of Montreal                                        | CUSIP: 06367WYH0<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   1200000 | PA      | $1200499.93   | 0.44%             | 2023-03-10      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL               | Bank of Montreal                                        | CUSIP: 06368EA44<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   1100000 | PA      | $1096326.91   | 0.40%             | 2023-12-08      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL               | Bank of Montreal                                        | CUSIP: 06368EJS2<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   5000000 | PA      | $4993865.85   | 1.82%             | 2023-04-14      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL               | Bank of Montreal                                        | CUSIP: 06368FAF6<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   1971000 | PA      | $1939788.13   | 0.71%             | 2025-01-10      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL               | Bank of Montreal                                        | CUSIP: 06368FAH2<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   1930000 | PA      | $1921255.34   | 0.70%             | 2024-03-08      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA            | Bank of Nova Scotia/The                                 | CUSIP: 064159YN0<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $1997786.00   | 0.73%             | 2023-09-15      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA            | Bank of Nova Scotia/The                                 | CUSIP: 06418BAD0<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $998585.85    | 0.36%             | 2024-03-11      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG       | Berkshire Hathaway Energy Co                            | CUSIP: 084659AD3<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196354.66    | 0.07%             | 2025-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BOEING CO                      | Boeing Co/The                                           | CUSIP: 097023BH7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95737.61     | 0.03%             | 2024-10-30      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| BOEING CO                      | Boeing Co/The                                           | CUSIP: 097023BJ3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93827.55     | 0.03%             | 2025-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BOEING CO                      | Boeing Co/The                                           | CUSIP: 097023BW4<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    120000 | PA      | $119560.30    | 0.04%             | 2023-03-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA         | BP Capital Markets America Inc                          | CUSIP: 10373QAB6<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245727.34    | 0.09%             | 2025-09-21      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO        | Bristol-Myers Squibb Co                                 | CUSIP: 110122AW8<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    125000 | PA      | $123272.72    | 0.04%             | 2023-11-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO        | Bristol-Myers Squibb Co                                 | CUSIP: 110122DN5<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    300000 | PA      | $269885.13    | 0.10%             | 2025-11-13      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE       | Burlington Northern Santa Fe LLC                        | CUSIP: 12189LAV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $96258.56     | 0.04%             | 2025-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE       | Burlington Northern Santa Fe LLC                        | CUSIP: 12189TAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    215000 | PA      | $227826.42    | 0.08%             | 2025-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CIGNA CORP                     | Cigna Corp                                              | CUSIP: 125523AC4<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2003603.94   | 0.73%             | 2023-07-15      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK         | Canadian Imperial Bank of Commerce                      | CUSIP: 13607GKW3<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   1075000 | PA      | $1076263.20   | 0.39%             | 2023-03-17      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK         | Canadian Imperial Bank of Commerce                      | CUSIP: 13607GRT3<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   7730000 | PA      | $7704578.74   | 2.80%             | 2023-12-14      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK         | Canadian Imperial Bank of Commerce                      | CUSIP: 13607HYE6<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   5000000 | PA      | $4925304.35   | 1.79%             | 2024-10-18      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK         | Canadian Imperial Bank of Commerce                      | CUSIP: 13607RAE0<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2004360.88   | 0.73%             | 2023-09-13      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO       | Capital One Financial Corp                              | CUSIP: 14040HBV6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   6663000 | PA      | $6663000.00   | 2.43%             | 2023-01-30      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO       | Capital One Financial Corp                              | CUSIP: 14040HCL7<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   8700000 | PA      | $8536318.55   | 3.11%             | 2024-12-06      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINL SERVICE       | Caterpillar Financial Services Corp                     | CUSIP: 14913Q3B3<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    300000 | PA      | $286429.66    | 0.10%             | 2024-11-08      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINL SERVICE       | Caterpillar Financial Services Corp                     | CUSIP: 14913R2H9<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    300000 | PA      | $269396.93    | 0.10%             | 2025-11-13      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY RES         | CenterPoint Energy Resources Corp                       | CUSIP: 15189WAM2<br>LEI: 2JADVB0458J06WCD4N56 | Long             | DBT              | CORP              | US        |    350000 | PA      | $347498.06    | 0.13%             | 2023-03-02      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| CHEVRON USA INC                | Chevron USA Inc                                         | CUSIP: 166756AP1<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245917.20    | 0.09%             | 2024-11-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                  | Citigroup Inc                                           | CUSIP: 172967LL3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $2153510.67   | 0.78%             | 2024-05-17      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                  | Citigroup Inc                                           | CUSIP: 172967NM9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   9300000 | PA      | $9326999.20   | 3.40%             | 2026-03-17      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                  | Citigroup Inc                                           | CUSIP: 172967NR8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2220000 | PA      | $2215186.15   | 0.81%             | 2025-05-24      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                  | Citigroup Inc                                           | CUSIP: 17327CAP8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2585000 | PA      | $2527889.31   | 0.92%             | 2026-01-25      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE GROUP        | Columbia Pipeline Group Inc                             | CUSIP: 198280AF6<br>LEI: 549300SRP1TQM9JJBG80 | Long             | DBT              | CORP              | US        |    300000 | PA      | $295700.75    | 0.11%             | 2025-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                   | Comcast Corp                                            | CUSIP: 20030NBL4<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    200000 | PA      | $194044.41    | 0.07%             | 2025-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                   | Comcast Corp                                            | CUSIP: 20030NBN0<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96553.85     | 0.04%             | 2025-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                   | Comcast Corp                                            | CUSIP: 20030NCR0<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246316.27    | 0.09%             | 2024-04-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                   | Comcast Corp                                            | CUSIP: 20030NCS8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122547.07    | 0.04%             | 2025-10-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                   | Comcast Corp                                            | CUSIP: 20030NCX7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2006239.62   | 0.73%             | 2024-04-15      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH EDISON CO         | Commonwealth Edison Co                                  | CUSIP: 202795JE1<br>LEI: D8YOXB8L2ZDC8P7Q0771 | Long             | DBT              | CORP              | US        |    300000 | PA      | $289700.56    | 0.11%             | 2024-11-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP        | John Deere Capital Corp                                 | CUSIP: 24422ERT8<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59931.43     | 0.02%             | 2023-01-27      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP        | John Deere Capital Corp                                 | CUSIP: 24422ETT6<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242569.89    | 0.09%             | 2024-06-24      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP        | John Deere Capital Corp                                 | CUSIP: 24422EVJ5<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    300000 | PA      | $289912.53    | 0.11%             | 2023-10-10      | Fixed         | 0.40%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP        | John Deere Capital Corp                                 | CUSIP: 24422EWJ4<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    300000 | PA      | $295565.87    | 0.11%             | 2025-09-08      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| WALT DISNEY COMPANY/THE        | Walt Disney Co/The                                      | CUSIP: 254687DD5<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    250000 | PA      | $243182.48    | 0.09%             | 2025-10-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| WALT DISNEY COMPANY/THE        | Walt Disney Co/The                                      | CUSIP: 254687FV3<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    300000 | PA      | $274913.29    | 0.10%             | 2026-01-13      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| TWDC ENTERPRISES 18 CORP       | TWDC Enterprises 18 Corp                                | CUSIP: 25468PDF0<br>LEI: 7260JQNI6SCF9FIV2392 | Long             | DBT              | CORP              | US        |    300000 | PA      | $287749.10    | 0.10%             | 2025-09-17      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC       | Duke Energy Progress LLC                                | CUSIP: 26442UAA2<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96349.46     | 0.04%             | 2025-08-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| EOG RESOURCES INC              | EOG Resources Inc                                       | CUSIP: 26875PAK7<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99615.07     | 0.04%             | 2023-03-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| ERP OPERATING LP               | ERP Operating LP                                        | CUSIP: 26884ABD4<br>LEI: DX5HQV5MLU50FEWZ5072 | Long             | DBT              | CORP              | US        |    300000 | PA      | $288483.35    | 0.11%             | 2025-06-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ENTERGY ARKANSAS LLC           | Entergy Arkansas LLC                                    | CUSIP: 29364DAR1<br>LEI: 549300A0I5ONUIFMLP35 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248148.89    | 0.09%             | 2023-06-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| ENTERGY ARKANSAS LLC           | Entergy Arkansas LLC                                    | CUSIP: 29364DAS9<br>LEI: 549300A0I5ONUIFMLP35 | Long             | DBT              | CORP              | US        |    300000 | PA      | $294939.55    | 0.11%             | 2024-06-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| ENTERGY LOUISIANA LLC          | Entergy Louisiana LLC                                   | CUSIP: 29364WAK4<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100668.48    | 0.04%             | 2024-11-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ENTERGY LOUISIANA LLC          | Entergy Louisiana LLC                                   | CUSIP: 29364WBK3<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    300000 | PA      | $279449.15    | 0.10%             | 2024-10-01      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION        | Exxon Mobil Corp                                        | CUSIP: 30231GBH4<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |    300000 | PA      | $289215.56    | 0.11%             | 2025-03-19      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip               | Freddie Mac Strips                                      | CUSIP: 31283ALF5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     38150 | PA      | $36008.41     | 0.01%             | 2027-11-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                   | CUSIP: 3128MBWE3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        42 | PA      | $41.75        | 0.00%             | 2023-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                   | CUSIP: 3128P7L84<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3513 | PA      | $3492.96      | 0.00%             | 2029-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                   | CUSIP: 3128P7M67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7587 | PA      | $7543.90      | 0.00%             | 2029-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                   | CUSIP: 3128P7NL3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4001 | PA      | $3978.52      | 0.00%             | 2030-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                   | CUSIP: 3128PT7F6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6183 | PA      | $6046.56      | 0.00%             | 2026-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                   | CUSIP: 3128PVT75<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2344 | PA      | $2292.44      | 0.00%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                   | CUSIP: 3128PXKV7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     24040 | PA      | $23311.28     | 0.01%             | 2026-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                        | CUSIP: 3132ADQN1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    234393 | PA      | $210536.48    | 0.08%             | 2047-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 3133TGQU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     90521 | PA      | $91837.96     | 0.03%             | 2028-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                      | CUSIP: 3133TGT74<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    138834 | PA      | $141128.37    | 0.05%             | 2028-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 3136A2AQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    138523 | PA      | $133692.66    | 0.05%             | 2026-11-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 3136A3KN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    152632 | PA      | $148047.67    | 0.05%             | 2040-10-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 3136A42X6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     24631 | PA      | $22401.23     | 0.01%             | 2041-09-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                       | CUSIP: 3136A5JK3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6247 | PA      | $6113.13      | 0.00%             | 2041-04-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA           | Royal Bank of Canada                                    | CUSIP: 78016EYR2<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $982602.57    | 0.36%             | 2025-01-21      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA           | Royal Bank of Canada                                    | CUSIP: 78016EZY6<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   4496000 | PA      | $4421460.68   | 1.61%             | 2024-10-07      | Floating      | 4.03%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO G & E                | San Diego Gas & Electric Co                             | CUSIP: 797440BR4<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247120.00    | 0.09%             | 2023-09-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP        | Simon Property Group LP                                 | CUSIP: 828807CR6<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246223.17    | 0.09%             | 2024-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP        | Simon Property Group LP                                 | CUSIP: 828807CS4<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242734.48    | 0.09%             | 2024-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP        | Simon Property Group LP                                 | CUSIP: 828807CV7<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95873.44     | 0.03%             | 2025-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP        | Simon Property Group LP                                 | CUSIP: 828807CW5<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |    400000 | PA      | $380013.18    | 0.14%             | 2026-01-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP        | Simon Property Group LP                                 | CUSIP: 828807DG9<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |    350000 | PA      | $332652.43    | 0.12%             | 2024-09-13      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE               | Societe Generale SA                                     | CUSIP: 83368RBF8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   2000000 | PA      | $1931414.06   | 0.70%             | 2026-01-21      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON            | Southern California Edison Co                           | CUSIP: 842400FY4<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    300000 | PA      | $296402.32    | 0.11%             | 2023-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON            | Southern California Edison Co                           | CUSIP: 842400GL1<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297643.85    | 0.11%             | 2023-06-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON            | Southern California Edison Co                           | CUSIP: 842400HB2<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    300000 | PA      | $285072.39    | 0.10%             | 2024-04-01      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP       | Sumitomo Mitsui Financial Group Inc                     | CUSIP: 86562MAW0<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   1980000 | PA      | $1979994.71   | 0.72%             | 2023-01-17      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP       | Sumitomo Mitsui Financial Group Inc                     | CUSIP: 86562MBA7<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   2200000 | PA      | $2201507.07   | 0.80%             | 2023-07-19      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| TARGET CORP                    | Target Corp                                             | CUSIP: 87612EBD7<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245009.00    | 0.09%             | 2024-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| THERMO FISHER SCIENTIFIC       | Thermo Fisher Scientific Inc                            | CUSIP: 883556CS9<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |    300000 | PA      | $281756.85    | 0.10%             | 2024-10-18      | Fixed         | 1.22%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP       | Toyota Motor Credit Corp                                | CUSIP: 89236TDW2<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    250000 | PA      | $243384.27    | 0.09%             | 2024-04-17      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP       | Toyota Motor Credit Corp                                | CUSIP: 89236THP3<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    300000 | PA      | $268876.46    | 0.10%             | 2025-10-16      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP       | Toyota Motor Credit Corp                                | CUSIP: 89236THU2<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    300000 | PA      | $287101.53    | 0.10%             | 2024-01-11      | Fixed         | 0.45%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP       | Toyota Motor Credit Corp                                | CUSIP: 89236TKF1<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    300000 | PA      | $291787.13    | 0.11%             | 2025-08-18      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                    | Truist Bank                                             | CUSIP: 89788JAD1<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |   5900000 | PA      | $5862106.42   | 2.13%             | 2024-01-17      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP          | Truist Financial Corp                                   | CUSIP: 89788MAF9<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6856118.85   | 2.50%             | 2025-06-09      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| UBS AG LONDON                  | UBS AG/London                                           | CUSIP: 902674YG9<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | DBT              | CORP              | CH        |   8000000 | PA      | $7990401.04   | 2.91%             | 2023-06-01      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| UNILEVER CAPITAL CORP          | Unilever Capital Corp                                   | CUSIP: 904764BA4<br>LEI: MYF1DAS6G5WY7PRWCU78 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299975.94    | 0.11%             | 2023-03-22      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                             | CUSIP: 912796ZH5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15338000 | PA      | $15338000.00  | 5.58%             | 2023-01-03      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 9128283P3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $479296.88    | 0.17%             | 2024-12-31      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 9128284Z0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $480722.66    | 0.18%             | 2025-08-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 9128286A3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $191144.53    | 0.07%             | 2026-01-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 912828J27<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $475859.38    | 0.17%             | 2025-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 912828K74<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    800000 | PA      | $755593.75    | 0.28%             | 2025-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 912828M56<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    820000 | PA      | $776309.38    | 0.28%             | 2025-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 912828N30<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $500000.00    | 0.18%             | 2022-12-31      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 912828S92<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2809000 | PA      | $2753775.28   | 1.00%             | 2023-07-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 912828V23<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $390164.04    | 0.14%             | 2023-12-31      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 912828W48<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $582679.69    | 0.21%             | 2024-02-29      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 912828W71<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $387601.56    | 0.14%             | 2024-03-31      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 912828WJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $485429.69    | 0.18%             | 2024-05-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 912828YV6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $189289.06    | 0.07%             | 2024-11-30      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 912828YY0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $379750.00    | 0.14%             | 2024-12-31      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 912828Z29<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $299779.95    | 0.11%             | 2023-01-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 912828Z52<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    575000 | PA      | $540500.00    | 0.20%             | 2025-01-31      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 912828ZF0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $551179.69    | 0.20%             | 2025-03-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 912828ZL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $365125.00    | 0.13%             | 2025-04-30      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 912828ZT0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $544781.25    | 0.20%             | 2025-05-31      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 912828ZW3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $906054.69    | 0.33%             | 2025-06-30      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 91282CBU4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $197954.09    | 0.07%             | 2023-03-31      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 91282CBX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1600000 | PA      | $1578025.15   | 0.57%             | 2023-04-30      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 91282CCL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $468457.03    | 0.17%             | 2024-07-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 91282CCX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $559289.06    | 0.20%             | 2024-09-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 91282CDD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $192874.93    | 0.07%             | 2023-10-31      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                        | CUSIP: 91282CFW6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $402468.75    | 0.15%             | 2025-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC         | UnitedHealth Group Inc                                  | CUSIP: 91324PDM1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    260000 | PA      | $255919.71    | 0.09%             | 2024-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC         | UnitedHealth Group Inc                                  | CUSIP: 91324PDN9<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    400000 | PA      | $390136.15    | 0.14%             | 2025-12-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC         | UnitedHealth Group Inc                                  | CUSIP: 91324PEN8<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    300000 | PA      | $303747.06    | 0.11%             | 2025-10-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO       | Virginia Electric and Power Co                          | CUSIP: 927804FN9<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298797.94    | 0.11%             | 2023-03-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY          | Wells Fargo & Co                                        | CUSIP: 95000U2Y8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2992093.77   | 1.09%             | 2026-04-25      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ELECTRIC POWER       | Wisconsin Electric Power Co                             | CUSIP: 976656CL0<br>LEI: AENKIFMULUAWOUU8Q584 | Long             | DBT              | CORP              | US        |    350000 | PA      | $331558.21    | 0.12%             | 2024-12-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| XILINX INC                     | Xilinx Inc                                              | CUSIP: 983919AJ0<br>LEI: 6EY4K7ZMF9UX1CU6KC79 | Long             | DBT              | CORP              | US        |    345000 | PA      | $335809.30    | 0.12%             | 2024-06-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-24

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Scott Ostrowski

**Name of Signer:** Manager Directed Portfolios

**Title:** President