# EDGAR Filing Document

**Accession Number:** 0001005942
**File Stem:** 0002071691-25-009335
**Filing Date:** 2025-12
**Character Count:** 122337
**Document Hash:** ed3fbace39241947e1e54c404f6d495e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-009335.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0002071691-25-009335

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20260731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001005942

**ORGANIZATION NAME:**
- **EIN:** 043299786
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07513
- **FILM NUMBER:** 251595235

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6177601000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

## Series and Classes Contracts Data

### Putnam Ultra Short MAC Series (Series ID: S000080127)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241800 | -            |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-07513

- **c. CIK number of Registrant:** 0001005942

- **d. LEI of Registrant:** 549300S9JYWEMKQCLW53

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

  - **Street Address 1:** 100 Federal Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 617-292-1000

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

- **a. Name of Series:** Putnam Ultra Short MAC Series

- **b. EDGAR series identifier (if any):** S000080127

- **c. LEI of Series:** 5493000EKV1S0SOBPZ21

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

- **a. Date of fiscal year-end:** 2026-07-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $38920122.41

**Total Liabilities:** $606628.61

**Net Assets:** $38313493.80

**Delayed Delivery Securities:** $373962.60

**Cash Not Reported:** $1188.46

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -238.90000000 | **1-Year:** -2634.44000000 | **5-Year:** -1002.53000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** -5.28000000 | **1-Year:** -14.52000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000241800 | 0.54%                | 0.40%                | 0.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1604.57                 | $27097.29                                  |
| Month 2  | $2143.74                 | $1215.27                                   |
| Month 3  | $46.55                   | $-13843.65                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Cooperatieve Rabobank UA                                  | Cooperatieve Rabobank UA                                                    | CUSIP: 21688AAZ5<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $251337.22    | 0.66%             | 2026-10-05      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                              | Royal Caribbean Cruises Ltd.                                                | CUSIP: 780153BJ0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     28000 | PA      | $28084.33     | 0.07%             | 2026-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Boston Properties LP                                      | Boston Properties LP                                                        | CUSIP: 10112RAX2<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    153000 | PA      | $152694.52    | 0.40%             | 2026-02-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                        | Canadian Imperial Bank of Commerce                                          | CUSIP: 13607L8D8<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |     95000 | PA      | $95723.77     | 0.25%             | 2027-06-28      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                        | Banco Santander SA                                                          | CUSIP: 05964HBA2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $203239.99    | 0.53%             | 2028-03-14      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Walmart, Inc.                                             | Walmart, Inc.                                                               | CUSIP: 931142FM0<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80299.64     | 0.21%             | 2027-04-28      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group, Inc.                           | Jefferies Financial Group, Inc.                                             | CUSIP: 47233WKM0<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    115000 | PA      | $115111.50    | 0.30%             | 2026-08-11      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                          | Deutsche Bank AG                                                            | CUSIP: 25160PAP2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    150000 | PA      | $150599.86    | 0.39%             | 2029-01-10      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                       | Intesa Sanpaolo SpA                                                         | CUSIP: 46115K5Z9<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | STIV             | CORP              | IT        |    250000 | PA      | $250416.33    | 0.65%             | 2026-08-19      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                              | Royal Caribbean Cruises Ltd.                                                | CUSIP: 780153BH4<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     68000 | PA      | $67936.34     | 0.18%             | 2026-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Mizuho Markets Cayman LP                                  | Mizuho Markets Cayman LP                                                    | CUSIP: 60700JFT7<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |     80000 | PA      | $80055.38     | 0.21%             | 2026-10-09      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group, Inc.                                  | UnitedHealth Group, Inc.                                                    | CUSIP: 91324PFE7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     54000 | PA      | $54054.64     | 0.14%             | 2026-07-15      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                          | Bank of Montreal                                                            | CUSIP: 06368MJH8<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $75233.24     | 0.20%             | 2029-01-27      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Loan Enhanced Trust                       | Volkswagen Auto Loan Enhanced Trust, Series 2024-1, Class A2A               | CUSIP: 92868RAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     34411 | PA      | $34491.89     | 0.09%             | 2027-11-22      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| ONEOK, Inc.                                               | ONEOK, Inc.                                                                 | CUSIP: 682680BH5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    400000 | PA      | $404895.44    | 1.06%             | 2026-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Loan Enhanced Trust                       | Volkswagen Auto Loan Enhanced Trust, Series 2025-1, Class A2B               | CUSIP: 92868MAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     33345 | PA      | $33360.51     | 0.09%             | 2028-01-20      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                       | Societe Generale SA                                                         | CUSIP: 83368RAK8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $199119.56    | 0.52%             | 2027-01-12      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Principal Life Global Funding II                          | Principal Life Global Funding II                                            | CUSIP: 74256LFA2<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27252.88     | 0.07%             | 2027-08-19      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage LP                                    | Extra Space Storage LP                                                      | CUSIP: 30227PYD4<br>LEI: 549300YNKSKNZFR8UC42 | Long             | STIV             | CORP              | US        |    250000 | PA      | $249625.80    | 0.65%             | 2025-11-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Essex Portfolio LP                                        | Essex Portfolio LP                                                          | CUSIP: 29717EY55<br>LEI: 5493003GN3O58H286O74 | Long             | STIV             | CORP              | US        |    250000 | PA      | $249858.03    | 0.65%             | 2025-11-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                      | JPMorgan Chase & Co.                                                        | CUSIP: 46647PET9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    106000 | PA      | $106210.55    | 0.28%             | 2029-01-24      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Truist Bank                                               | Truist Bank                                                                 | CUSIP: 89788JAF6<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |    350000 | PA      | $351420.02    | 0.92%             | 2028-07-24      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                            | Morgan Stanley                                                              | CUSIP: 61747YFW0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101443.52    | 0.26%             | 2029-04-12      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                   | Hyundai Capital America                                                     | CUSIP: 44891ADE4<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    107000 | PA      | $107381.45    | 0.28%             | 2027-06-24      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust                       | Toyota Auto Receivables Owner Trust, Series 2023-B, Class A3                | CUSIP: 891941AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25205 | PA      | $25292.62     | 0.07%             | 2028-02-15      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                  | John Deere Capital Corp.                                                    | CUSIP: 24422EYG8<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65271.89     | 0.17%             | 2028-09-11      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                         | Wells Fargo & Co.                                                           | CUSIP: 95000U3U5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    105000 | PA      | $106482.01    | 0.28%             | 2029-04-23      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust        | GM Financial Consumer Automobile Receivables Trust, Series 2024-1, Class A3 | CUSIP: 36268GAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     24484 | PA      | $24619.17     | 0.06%             | 2028-12-18      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| BMW US Capital LLC                                        | BMW US Capital LLC                                                          | CUSIP: 05565ECT0<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    106000 | PA      | $106586.26    | 0.28%             | 2027-08-13      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                           | Citigroup, Inc.                                                             | CUSIP: 17327CAX1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120068.64    | 0.31%             | 2029-03-04      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| PPG Industries, Inc.                                      | PPG Industries, Inc.                                                        | CUSIP: 69350AY77<br>LEI: 549300BKPEP01R3V6C59 | Long             | STIV             | CORP              | US        |    250000 | PA      | $249800.20    | 0.65%             | 2025-11-07      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Philip Morris International, Inc.                         | Philip Morris International, Inc.                                           | CUSIP: 718172EB1<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70090.59     | 0.18%             | 2028-10-27      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Chevron USA, Inc.                                         | Chevron USA, Inc.                                                           | CUSIP: 166756BC9<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50159.02     | 0.13%             | 2028-02-26      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| AES Corp. (The)                                           | AES Corp. (The)                                                             | CUSIP: 00809GY35<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | STIV             | CORP              | US        |    270000 | PA      | $269904.56    | 0.70%             | 2025-11-03      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Realty Income Corp.                                       | Realty Income Corp.                                                         | CUSIP: 756109BQ6<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    460000 | PA      | $460080.05    | 1.20%             | 2026-01-13      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                     | NextEra Energy Capital Holdings, Inc.                                       | CUSIP: 65339KDG2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20367.34     | 0.05%             | 2028-02-04      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                       | Bank of New York Mellon Corp. (The)                                         | CUSIP: 06406RCD7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55034.03     | 0.14%             | 2028-06-09      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                       | Societe Generale SA                                                         | CUSIP: 83368RBZ4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $202054.77    | 0.53%             | 2027-02-19      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                              | Marriott International, Inc.                                                | CUSIP: 57163TY52<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    300000 | PA      | $299826.30    | 0.78%             | 2025-11-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                       | Macquarie Bank Ltd.                                                         | CUSIP: 55608PBQ6<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |    226000 | PA      | $229487.92    | 0.60%             | 2026-12-07      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| BMW US Capital LLC                                        | BMW US Capital LLC                                                          | CUSIP: 05565ECX1<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100551.11    | 0.26%             | 2028-03-21      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Bell Canada Holdings, Inc.                                | Bell Canada Holdings, Inc.                                                  | CUSIP: 07787PYK8<br>LEI: N/A                  | Long             | STIV             | CORP              | CA        |    250000 | PA      | $249469.85    | 0.65%             | 2025-11-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Protective Life Global Funding                            | Protective Life Global Funding                                              | CUSIP: 743672AE7<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150179.02    | 0.39%             | 2026-04-10      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                   | BPCE SA                                                                     | CUSIP: 05583JAN2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    270000 | PA      | $270726.90    | 0.71%             | 2027-01-18      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                              | American Honda Finance Corp.                                                | CUSIP: 02665WFW6<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100144.46    | 0.26%             | 2028-03-03      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| DTE Energy Co.                                            | DTE Energy Co.                                                              | CUSIP: 233331BM8<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55680.65     | 0.15%             | 2027-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                             | Netflix, Inc.                                                               | CUSIP: 64110LAN6<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15067.79     | 0.04%             | 2026-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Mondelez International, Inc.                              | Mondelez International, Inc.                                                | CUSIP: 609207BF1<br>LEI: 549300DV9GIB88LZ5P30 | Long             | DBT              | CORP              | US        |     95000 | PA      | $95395.41     | 0.25%             | 2028-05-06      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos., Inc.                               | Marsh & McLennan Cos., Inc.                                                 | CUSIP: 571748BZ4<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40197.62     | 0.10%             | 2027-11-08      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Ovintiv, Inc.                                             | Ovintiv, Inc.                                                               | CUSIP: 69047JY44<br>LEI: 2549003MEX7YMKLGI239 | Long             | STIV             | CORP              | US        |    250000 | PA      | $249872.30    | 0.65%             | 2025-11-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust        | GM Financial Consumer Automobile Receivables Trust, Series 2022-2, Class A3 | CUSIP: 362585AC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     11888 | PA      | $11877.89     | 0.03%             | 2027-02-16      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                      | JPMorgan Chase & Co.                                                        | CUSIP: 46647PEF9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55303.70     | 0.14%             | 2028-04-22      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                     | NextEra Energy Capital Holdings, Inc.                                       | CUSIP: 65339KCL2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15166.08     | 0.04%             | 2027-09-01      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                          | Boeing Co. (The)                                                            | CUSIP: 097023CU7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60602.62     | 0.16%             | 2027-05-01      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                      | Meta Platforms, Inc.                                                        | CUSIP: 30303M8G0<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17908.49     | 0.05%             | 2027-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Carmax Auto Owner Trust                                   | Carmax Auto Owner Trust, Series 2022-2, Class A3                            | CUSIP: 14317HAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2480 | PA      | $2478.67      | 0.01%             | 2027-02-16      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| Georgia-Pacific LLC                                       | Georgia-Pacific LLC                                                         | CUSIP: 37331NAN1<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17712.46     | 0.05%             | 2026-05-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                          | Bank of Montreal                                                            | CUSIP: 06368L8M1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    122000 | PA      | $122480.37    | 0.32%             | 2027-09-10      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                      | American Express Co.                                                        | CUSIP: 025816EJ4<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55343.40     | 0.14%             | 2029-07-20      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| American Express Credit Account Master Trust              | American Express Credit Account Master Trust, Series 2023-3, Class A        | CUSIP: 02582JKD1<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |    110000 | PA      | $111206.50    | 0.29%             | 2028-09-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                                     | Athene Global Funding                                                       | CUSIP: 04685A3X7<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101670.23    | 0.27%             | 2027-07-09      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                     | NextEra Energy Capital Holdings, Inc.                                       | CUSIP: 65339KAT7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19853.01     | 0.05%             | 2027-05-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Nationwide Building Society                               | Nationwide Building Society                                                 | CUSIP: 63861VAJ6<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $204099.63    | 0.53%             | 2027-10-18      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                            | Morgan Stanley                                                              | CUSIP: 61747YFN0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50272.90     | 0.13%             | 2028-04-13      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                     | Bank of America Corp.                                                       | CUSIP: 06051GKH1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    500000 | PA      | $503346.32    | 1.31%             | 2028-02-04      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                            | Broadcom, Inc.                                                              | CUSIP: 11135FCE9<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     38000 | PA      | $38698.78     | 0.10%             | 2028-04-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Honeywell International, Inc.                             | Honeywell International, Inc.                                               | CUSIP: 43851TZG4<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | STIV             | CORP              | US        |    250000 | PA      | $248741.60    | 0.65%             | 2025-12-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage LP                                    | Extra Space Storage LP                                                      | CUSIP: 30227PYR3<br>LEI: 549300YNKSKNZFR8UC42 | Long             | STIV             | CORP              | US        |    250000 | PA      | $249280.10    | 0.65%             | 2025-11-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BMW US Capital LLC                                        | BMW US Capital LLC                                                          | CUSIP: 05565ECN3<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |     41000 | PA      | $41145.90     | 0.11%             | 2026-08-13      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.                     | Alexandria Real Estate Equities, Inc.                                       | CUSIP: 01527LY33<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | STIV             | CORP              | US        |    300000 | PA      | $299895.96    | 0.78%             | 2025-11-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| USB Auto Owner Trust                                      | USB Auto Owner Trust, Series 2025-1A, Class A2                              | CUSIP: 90367VAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     35000 | PA      | $35079.90     | 0.09%             | 2028-06-15      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| New York Life Global Funding                              | New York Life Global Funding                                                | CUSIP: 64953BBL1<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |    106000 | PA      | $106482.42    | 0.28%             | 2027-04-02      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                                    | Home Depot, Inc. (The)                                                      | CUSIP: 437076CY6<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     46000 | PA      | $46019.97     | 0.12%             | 2025-12-24      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                 | Toyota Motor Credit Corp.                                                   | CUSIP: 89236TMR3<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |     49000 | PA      | $49057.72     | 0.13%             | 2026-04-10      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                                     | Athene Global Funding                                                       | CUSIP: 04685A4M0<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    102000 | PA      | $102166.73    | 0.27%             | 2028-03-06      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| CaixaBank SA                                              | CaixaBank SA                                                                | CUSIP: 12803RAK0<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    250000 | PA      | $251844.26    | 0.66%             | 2029-07-03      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Nutrien Ltd.                                              | Nutrien Ltd.                                                                | CUSIP: 67077UYQ7<br>LEI: 5493002QQ7GD21OWF963 | Long             | STIV             | CORP              | CA        |    250000 | PA      | $249312.25    | 0.65%             | 2025-11-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Illumina, Inc.                                            | Illumina, Inc.                                                              | CUSIP: 452327AQ2<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |     54000 | PA      | $54154.64     | 0.14%             | 2026-09-09      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                               | Toronto-Dominion Bank (The)                                                 | CUSIP: 89115A2U5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |     40000 | PA      | $41438.85     | 0.11%             | 2028-07-17      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                        | Energy Transfer LP                                                          | CUSIP: 29273RBG3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35003.73     | 0.09%             | 2026-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                          | Deutsche Bank AG                                                            | CUSIP: 25160PAH0<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    150000 | PA      | $146875.58    | 0.38%             | 2028-01-07      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Mid-America Apartments LP                                 | Mid-America Apartments LP                                                   | CUSIP: 59524NYA4<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | STIV             | CORP              | US        |    250000 | PA      | $249716.10    | 0.65%             | 2025-11-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                                 | Bank of Nova Scotia (The)                                                   | CUSIP: 06418GAM9<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    109000 | PA      | $109567.90    | 0.29%             | 2028-09-08      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                        | Banco Bilbao Vizcaya Argentaria SA                                          | CUSIP: 05946KAL5<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $413672.24    | 1.08%             | 2028-09-14      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner Trust                        | Honda Auto Receivables Owner Trust, Series 2024-1, Class A3                 | CUSIP: 437918AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     28842 | PA      | $29096.44     | 0.08%             | 2028-08-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                           | Citigroup, Inc.                                                             | CUSIP: 172967MZ1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     59000 | PA      | $59075.81     | 0.15%             | 2027-06-09      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard, Inc.                            | Alimentation Couche-Tard, Inc.                                              | CUSIP: 01626UYD1<br>LEI: 549300OSW32RVX8CCZ87 | Long             | STIV             | CORP              | CA        |    300000 | PA      | $299551.95    | 0.78%             | 2025-11-13      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                        | Credit Agricole SA                                                          | CUSIP: 22535WAM9<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $251539.57    | 0.66%             | 2028-09-11      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                     | Westpac Banking Corp.                                                       | CUSIP: 961214FX6<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    133000 | PA      | $133243.29    | 0.35%             | 2026-10-20      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                        | Canadian Imperial Bank of Commerce                                          | CUSIP: 13607LWU3<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |     45000 | PA      | $45364.56     | 0.12%             | 2026-10-02      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Protective Life Global Funding                            | Protective Life Global Funding                                              | CUSIP: 74368CBZ6<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150910.10    | 0.39%             | 2027-09-13      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                           | Citigroup, Inc.                                                             | CUSIP: 172967PY1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    260000 | PA      | $261746.44    | 0.68%             | 2028-05-07      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                               | Capital One Financial Corp.                                                 | CUSIP: 14040HBN4<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99500.39     | 0.26%             | 2027-03-09      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Australia & New Zealand Banking Group Ltd.                | Australia & New Zealand Banking Group Ltd.                                  | CUSIP: 05252ADL2<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    200000 | PA      | $201005.21    | 0.52%             | 2027-07-16      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                           | Intercontinental Exchange, Inc.                                             | CUSIP: 45856WY60<br>LEI: 5493000F4ZO33MV32P92 | Long             | STIV             | CORP              | US        |    380000 | PA      | $379737.99    | 0.99%             | 2025-11-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                   | CUSIP: 00774MAS4<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    150000 | PA      | $149064.43    | 0.39%             | 2026-01-30      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                       | Bank of New York Mellon Corp. (The)                                         | CUSIP: 06406RCH8<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35231.10     | 0.09%             | 2028-06-09      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                              | Oracle Corp.                                                                | CUSIP: 68389XCC7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64370.81     | 0.17%             | 2026-03-25      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| PNC Bank NA                                               | PNC Bank NA                                                                 | CUSIP: 69353RFZ6<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251287.83    | 0.66%             | 2028-07-21      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| Phillips 66                                               | Phillips 66                                                                 | CUSIP: 71855AYK4<br>LEI: 5493005JBO5YSIGK1814 | Long             | STIV             | CORP              | US        |    380000 | PA      | $379178.33    | 0.99%             | 2025-11-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                                 | Bank of Nova Scotia (The)                                                   | CUSIP: 06418GAG2<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    111000 | PA      | $111562.54    | 0.29%             | 2027-06-04      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                      | American Express Co.                                                        | CUSIP: 025816DX4<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     61000 | PA      | $61495.94     | 0.16%             | 2028-07-26      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                              | Barclays plc                                                                | CUSIP: 06738ECF0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $201585.70    | 0.53%             | 2027-05-09      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                              | Oracle Corp.                                                                | CUSIP: 68389XCX1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70369.10     | 0.18%             | 2028-08-03      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| CNO Global Funding                                        | CNO Global Funding                                                          | CUSIP: 18977W2G4<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |     32000 | PA      | $32419.96     | 0.08%             | 2027-12-10      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BAT International Finance plc                             | BAT International Finance plc                                               | CUSIP: 05530QAN0<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |     25000 | PA      | $24743.51     | 0.06%             | 2026-03-25      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| National Bank of Canada                                   | National Bank of Canada                                                     | CUSIP: 63307A3A1<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |    350000 | PA      | $353086.23    | 0.92%             | 2027-07-02      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC                   | Volkswagen Group of America Finance LLC                                     | CUSIP: 928668CK6<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    400000 | PA      | $401285.08    | 1.05%             | 2026-08-14      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Cargill, Inc.                                             | Cargill, Inc.                                                               | CUSIP: 141781CC6<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90227.35     | 0.24%             | 2028-02-11      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Owens Corning                                             | Owens Corning                                                               | CUSIP: 690742AF8<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | DBT              | CORP              | US        |     67000 | PA      | $66560.02     | 0.17%             | 2026-08-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                      | Mitsubishi UFJ Financial Group, Inc.                                        | CUSIP: 606822CL6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $202965.18    | 0.53%             | 2028-07-20      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Bell Canada Holdings, Inc.                                | Bell Canada Holdings, Inc.                                                  | CUSIP: 07787PYQ5<br>LEI: N/A                  | Long             | STIV             | CORP              | CA        |    250000 | PA      | $249328.68    | 0.65%             | 2025-11-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                          | Bank of Montreal                                                            | CUSIP: 06368MXW9<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    120000 | PA      | $120092.27    | 0.31%             | 2028-09-22      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                        | General Motors Financial Co., Inc.                                          | CUSIP: 37045XEW2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55116.92     | 0.14%             | 2027-07-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                          | CVS Health Corp.                                                            | CUSIP: 12665JY37<br>LEI: 549300EJG376EN5NQE29 | Long             | STIV             | CORP              | US        |    250000 | PA      | $249909.95    | 0.65%             | 2025-11-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                            | Hyundai Auto Receivables Trust, Series 2023-B, Class A3                     | CUSIP: 44933XAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     86307 | PA      | $86932.89     | 0.23%             | 2028-04-17      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                               | Capital One Financial Corp.                                                 | CUSIP: 14040HCZ6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    260000 | PA      | $272549.99    | 0.71%             | 2029-06-08      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner Trust                        | Honda Auto Receivables Owner Trust, Series 2023-4, Class A3                 | CUSIP: 438123AC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     46549 | PA      | $47052.21     | 0.12%             | 2028-06-21      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                              | American Honda Finance Corp.                                                | CUSIP: 02665WGH8<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65147.34     | 0.17%             | 2027-08-13      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Bunge Ltd. Finance Corp.                                  | Bunge Ltd. Finance Corp.                                                    | CUSIP: 12057AZ15<br>LEI: 549300QHC068L40NNM71 | Long             | STIV             | CORP              | US        |    250000 | PA      | $249112.85    | 0.65%             | 2025-12-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.                     | Sumitomo Mitsui Financial Group, Inc.                                       | CUSIP: 86562MCR9<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $206363.02    | 0.54%             | 2028-01-13      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Arthur J Gallagher & Co.                                  | Arthur J Gallagher & Co.                                                    | CUSIP: 04316JAK5<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |     69000 | PA      | $69670.59     | 0.18%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                           | Eli Lilly & Co.                                                             | CUSIP: 532457DA3<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    105000 | PA      | $105425.18    | 0.28%             | 2028-10-15      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust                       | Toyota Auto Receivables Owner Trust, Series 2025-D, Class A2B               | CUSIP: 89231GAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    112000 | PA      | $112034.42    | 0.29%             | 2028-08-15      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                        | State Street Corp.                                                          | CUSIP: 857477CE1<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    164000 | PA      | $164578.47    | 0.43%             | 2026-08-03      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel SA                     | Banque Federative du Credit Mutuel SA                                       | CUSIP: 06675FBA4<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $506115.40    | 1.32%             | 2026-07-13      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| US Bank NA                                                | US Bank NA                                                                  | CUSIP: 90331HPQ0<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300852.11    | 0.79%             | 2027-10-22      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Essex Portfolio LP                                        | Essex Portfolio LP                                                          | CUSIP: 29717PAQ0<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |     21000 | PA      | $20901.40     | 0.05%             | 2026-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Capital One Multi-Asset Execution Trust                   | Capital One Multi-Asset Execution Trust, Series 2019-A3, Class A3           | CUSIP: 14041NFV8<br>LEI: R42WS16M9R97TJJKGU15 | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $147762.18    | 0.39%             | 2028-08-15      | Fixed         | 2.06%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                    | Goldman Sachs Bank USA                                                      | CUSIP: 38151LAG5<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |    300000 | PA      | $301940.07    | 0.79%             | 2027-05-21      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                              | Barclays plc                                                                | CUSIP: 06738ECJ2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $203700.39    | 0.53%             | 2027-09-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BMW US Capital LLC                                        | BMW US Capital LLC                                                          | CUSIP: 05565ECU7<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |     64000 | PA      | $64539.34     | 0.17%             | 2027-03-19      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                                     | Athene Global Funding                                                       | CUSIP: 04685A4T5<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50047.02     | 0.13%             | 2028-09-18      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| Mutual of Omaha Cos. Global Funding                       | Mutual of Omaha Cos. Global Funding                                         | CUSIP: 62829D2A7<br>LEI: 635400AL5J3F1ZPTAN95 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60750.50     | 0.16%             | 2026-07-27      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                      | Royal Bank of Canada                                                        | CUSIP: 78016HZY9<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    135000 | PA      | $135295.06    | 0.35%             | 2027-07-23      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| Mizuho Markets Cayman LP                                  | Mizuho Markets Cayman LP                                                    | CUSIP: 60700JDE2<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |     70000 | PA      | $70030.29     | 0.18%             | 2026-05-01      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                            | Broadcom, Inc.                                                              | CUSIP: 11135FBZ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     59000 | PA      | $59993.67     | 0.16%             | 2027-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                   | Hyundai Capital America                                                     | CUSIP: 44891ADJ3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     68000 | PA      | $68366.22     | 0.18%             | 2027-09-24      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard, Inc.                            | Alimentation Couche-Tard, Inc.                                              | CUSIP: 01626PAW6<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | CORP              | CA        |     60000 | PA      | $60030.31     | 0.16%             | 2028-09-29      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                        | General Motors Financial Co., Inc.                                          | CUSIP: 37045XEF9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     57000 | PA      | $57257.54     | 0.15%             | 2026-04-06      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                        | State Street Corp.                                                          | CUSIP: 857477CQ4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45136.15     | 0.12%             | 2027-10-22      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| Bunge Ltd. Finance Corp.                                  | Bunge Ltd. Finance Corp.                                                    | CUSIP: 12057AYA6<br>LEI: 549300QHC068L40NNM71 | Long             | STIV             | CORP              | US        |    300000 | PA      | $299654.37    | 0.78%             | 2025-11-10      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                                 | Bank of Nova Scotia (The)                                                   | CUSIP: 06418JAA9<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    232000 | PA      | $235240.24    | 0.61%             | 2026-12-07      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                          | ABN AMRO Bank NV                                                            | CUSIP: 00084DBD1<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $202840.82    | 0.53%             | 2028-12-03      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Philip Morris International, Inc.                         | Philip Morris International, Inc.                                           | CUSIP: 718172DS5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120866.61    | 0.32%             | 2028-04-28      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Protective Life Corp.                                     | Protective Life Corp.                                                       | CUSIP: 74367WY62<br>LEI: 549300ZWIT8J8Y2EXL07 | Long             | STIV             | CORP              | US        |    250000 | PA      | $249824.53    | 0.65%             | 2025-11-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Georgia Power Co.                                         | Georgia Power Co.                                                           | CUSIP: 373334KZ3<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35016.85     | 0.09%             | 2026-09-15      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Camden Property Trust                                     | Camden Property Trust                                                       | CUSIP: 133131BA9<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101691.90    | 0.27%             | 2026-11-03      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group, Inc.                           | Jefferies Financial Group, Inc.                                             | CUSIP: 47233WKS7<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    110000 | PA      | $110516.12    | 0.29%             | 2026-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                                    | Home Depot, Inc. (The)                                                      | CUSIP: 437076DH2<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4988.03      | 0.01%             | 2028-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                  | John Deere Capital Corp.                                                    | CUSIP: 24422EXS3<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    114000 | PA      | $114482.27    | 0.30%             | 2027-06-11      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                           | Goldman Sachs Group, Inc. (The)                                             | CUSIP: 38141GC85<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60510.10     | 0.16%             | 2028-04-23      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Corebridge Global Funding                                 | Corebridge Global Funding                                                   | CUSIP: 00138CAY4<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65490.48     | 0.17%             | 2026-06-24      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Principal Life Global Funding II                          | Principal Life Global Funding II                                            | CUSIP: 7425APAC9<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50033.69     | 0.13%             | 2028-08-18      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                     | Dominion Energy, Inc.                                                       | CUSIP: 25746UDY2<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30331.61     | 0.08%             | 2028-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                      | Royal Bank of Canada, Series 1                                              | CUSIP: 78017DAP3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    112000 | PA      | $112096.14    | 0.29%             | 2028-11-03      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                            | Commonwealth Bank of Australia                                              | CUSIP: 2027A0KV0<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    104000 | PA      | $103976.78    | 0.27%             | 2026-11-27      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                    | Goldman Sachs Bank USA                                                      | CUSIP: 38151LAH3<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20040.22     | 0.05%             | 2027-05-21      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| Rogers Communications, Inc.                               | Rogers Communications, Inc.                                                 | CUSIP: 775109BE0<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     29000 | PA      | $28973.14     | 0.08%             | 2025-12-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| AutoNation, Inc.                                          | AutoNation, Inc.                                                            | CUSIP: 05330LY31<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    375000 | PA      | $374859.38    | 0.98%             | 2025-11-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. LP                               | Penske Truck Leasing Co. LP                                                 | CUSIP: 70962AYC4<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | STIV             | CORP              | US        |    300000 | PA      | $299582.16    | 0.78%             | 2025-11-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                        | General Motors Financial Co., Inc.                                          | CUSIP: 37046UE56<br>LEI: 5493008B6JBRUJ90QL97 | Long             | STIV             | CORP              | US        |    250000 | PA      | $244670.58    | 0.64%             | 2026-05-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                               | Capital One Financial Corp.                                                 | CUSIP: 14040HDB8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102735.95    | 0.27%             | 2027-10-29      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC                   | Mercedes-Benz Finance North America LLC                                     | CUSIP: 58769JAP2<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    538000 | PA      | $538716.96    | 1.41%             | 2026-01-09      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Daimler Truck Finance North America LLC                   | Daimler Truck Finance North America LLC                                     | CUSIP: 233853BB5<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150177.75    | 0.39%             | 2028-01-13      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| Veralto Corp.                                             | Veralto Corp.                                                               | CUSIP: 92338CAB9<br>LEI: 635400FJE6GSOJUSNY27 | Long             | DBT              | CORP              | US        |     86000 | PA      | $86953.65     | 0.23%             | 2026-09-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                          | CVS Health Corp.                                                            | CUSIP: 126650CU2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29761.84     | 0.08%             | 2026-06-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Philip Morris International, Inc.                         | Philip Morris International, Inc.                                           | CUSIP: 718172DM8<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70495.88     | 0.18%             | 2027-11-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd.                              | National Australia Bank Ltd.                                                | CUSIP: 632525BQ3<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |    250000 | PA      | $250629.51    | 0.65%             | 2027-06-11      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                              | American Honda Finance Corp.                                                | CUSIP: 02665WGA3<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50072.37     | 0.13%             | 2026-12-11      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                                  | Lloyds Banking Group plc                                                    | CUSIP: 53944YBC6<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $203363.32    | 0.53%             | 2028-11-26      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| American Tower Corp.                                      | American Tower Corp.                                                        | CUSIP: 03027XAK6<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19873.05     | 0.05%             | 2026-10-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Crown Castle, Inc.                                        | Crown Castle, Inc.                                                          | CUSIP: 22823PYD9<br>LEI: 54930012H97VSM0I2R19 | Long             | STIV             | CORP              | US        |    250000 | PA      | $249597.35    | 0.65%             | 2025-11-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                 | Toyota Motor Credit Corp.                                                   | CUSIP: 89236TML6<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27111.03     | 0.07%             | 2026-08-07      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                              | UBS Group AG                                                                | CUSIP: 225401AC2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    295000 | PA      | $295279.99    | 0.77%             | 2028-01-09      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                           | Santander UK Group Holdings plc                                             | CUSIP: 80281LAT2<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $209078.74    | 0.55%             | 2029-01-10      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                            | Commonwealth Bank of Australia                                              | CUSIP: 2027A0HR3<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    215000 | PA      | $214985.00    | 0.56%             | 2025-12-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Air Lease Corp.                                           | Air Lease Corp.                                                             | CUSIP: 00914AAJ1<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |     76000 | PA      | $75735.68     | 0.20%             | 2026-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Amphenol Corp.                                            | Amphenol Corp.                                                              | CUSIP: 032095AW1<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54844.40     | 0.14%             | 2027-11-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Boston Properties LP                                      | Boston Properties LP                                                        | CUSIP: 10112RAY0<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24667.58     | 0.06%             | 2026-10-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                            | Morgan Stanley, Series I                                                    | CUSIP: 61748UAJ1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    115000 | PA      | $115171.84    | 0.30%             | 2029-10-18      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Capital One Prime Auto Receivables Trust                  | Capital One Prime Auto Receivables Trust, Series 2025-1, Class A2B          | CUSIP: 14043YAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    187000 | PA      | $187061.07    | 0.49%             | 2029-01-16      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Chase Auto Owner Trust                                    | Chase Auto Owner Trust, Series 2024-3A, Class A2                            | CUSIP: 16144LAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     21882 | PA      | $21918.88     | 0.06%             | 2027-09-27      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                           | Eli Lilly & Co.                                                             | CUSIP: 532457DB1<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40150.63     | 0.10%             | 2028-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                  | PNC Financial Services Group, Inc. (The)                                    | CUSIP: 693475BL8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    174000 | PA      | $174149.13    | 0.45%             | 2027-01-26      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                      | Royal Bank of Canada                                                        | CUSIP: 78017DAB4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    102000 | PA      | $102179.62    | 0.27%             | 2029-01-24      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                          | Boeing Co. (The)                                                            | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    130000 | PA      | $129310.75    | 0.34%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Putnam Funds Trust                                        | Putnam Short Term Investment Fund, Class P                                  | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |    133462 | NS      | $133462.44    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co. (The)                                          | Kroger Co. (The)                                                            | CUSIP: 501044DE8<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9867.50      | 0.03%             | 2026-10-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                | Aviation Capital Group LLC                                                  | CUSIP: 05369BY37<br>LEI: 549300ODEK8HY3445C77 | Long             | STIV             | CORP              | US        |    340000 | PA      | $339885.42    | 0.89%             | 2025-11-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                              | UBS Group AG                                                                | CUSIP: 225401BC1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $204614.37    | 0.53%             | 2027-12-22      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                     | NextEra Energy Capital Holdings, Inc.                                       | CUSIP: 65339KDH0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50371.60     | 0.13%             | 2028-02-04      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| New York Life Global Funding                              | New York Life Global Funding                                                | CUSIP: 64953BCA4<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60378.52     | 0.16%             | 2028-07-25      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Owens Corning                                             | Owens Corning                                                               | CUSIP: 690742AN1<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | DBT              | CORP              | US        |     31000 | PA      | $31637.09     | 0.08%             | 2027-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                           | Danske Bank A/S                                                             | CUSIP: 23636ABC4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    200000 | PA      | $200202.61    | 0.52%             | 2028-04-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                         | NatWest Group plc                                                           | CUSIP: 639057AG3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $200113.75    | 0.52%             | 2026-11-10      | Fixed         | 7.47%                 | No            |                  2 | On Loan: No      |
| AEGON Funding Co. LLC                                     | AEGON Funding Co. LLC                                                       | CUSIP: 00775VAA2<br>LEI: KEIOKM01PSK5VZ5CCI74 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203292.36    | 0.53%             | 2027-04-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citizens Auto Receivables Trust                           | Citizens Auto Receivables Trust, Series 2024-1, Class A3                    | CUSIP: 17331QAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     79859 | PA      | $80269.53     | 0.21%             | 2028-04-17      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                                  | Cooperatieve Rabobank UA                                                    | CUSIP: 74977RDN1<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $248254.36    | 0.65%             | 2028-04-06      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. LP                               | Penske Truck Leasing Co. LP                                                 | CUSIP: 70962AY75<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | STIV             | CORP              | US        |    250000 | PA      | $249796.33    | 0.65%             | 2025-11-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Life Global Funding I                        | Metropolitan Life Global Funding I                                          | CUSIP: 592179KM6<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150847.49    | 0.39%             | 2027-06-11      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                      | Caterpillar Financial Services Corp.                                        | CUSIP: 14913UAT7<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    106000 | PA      | $106340.44    | 0.28%             | 2027-11-15      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Georgia-Pacific LLC                                       | Georgia-Pacific LLC                                                         | CUSIP: 37331NAR2<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20149.15     | 0.05%             | 2028-06-30      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Northwestern Mutual Global Funding                        | Northwestern Mutual Global Funding                                          | CUSIP: 66815L2Y4<br>LEI: 635400LZXFVELZDVP257 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60230.17     | 0.16%             | 2028-08-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| NiSource, Inc.                                            | NiSource, Inc.                                                              | CUSIP: 65478JY57<br>LEI: 549300D8GOWWH0SJB189 | Long             | STIV             | CORP              | US        |    380000 | PA      | $379784.20    | 0.99%             | 2025-11-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Mid-America Apartments LP                                 | Mid-America Apartments LP                                                   | CUSIP: 59524NYC0<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | STIV             | CORP              | US        |    250000 | PA      | $249660.55    | 0.65%             | 2025-11-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Capital One Prime Auto Receivables Trust                  | Capital One Prime Auto Receivables Trust, Series 2022-1, Class A3           | CUSIP: 14043QAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     28596 | PA      | $28549.42     | 0.07%             | 2027-04-15      | Fixed         | 3.17%                 | No            |                  2 | On Loan: No      |
| Chevron USA, Inc.                                         | Chevron USA, Inc.                                                           | CUSIP: 166756BM7<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55228.81     | 0.14%             | 2028-08-13      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Nutrien Ltd.                                              | Nutrien Ltd.                                                                | CUSIP: 67077UYM6<br>LEI: 5493002QQ7GD21OWF963 | Long             | STIV             | CORP              | CA        |    250000 | PA      | $249399.93    | 0.65%             | 2025-11-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PayPal Holdings, Inc.                                     | PayPal Holdings, Inc.                                                       | CUSIP: 70450YAR4<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60207.83     | 0.16%             | 2028-03-06      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                           | Goldman Sachs Group, Inc. (The)                                             | CUSIP: 38141GD50<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     95000 | PA      | $95093.10     | 0.25%             | 2029-10-21      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Target Corp.                                              | Target Corp.                                                                | CUSIP: 87612EBU9<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |     48000 | PA      | $48457.37     | 0.13%             | 2028-06-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank NA                                    | Morgan Stanley Bank NA                                                      | CUSIP: 61690U8D5<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251583.44    | 0.66%             | 2028-07-14      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Daimler Truck Finance North America LLC                   | Daimler Truck Finance North America LLC                                     | CUSIP: 233853AV2<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151428.93    | 0.40%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                              | Marriott International, Inc.                                                | CUSIP: 571903BV4<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40133.54     | 0.10%             | 2027-07-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Northwestern Mutual Global Funding                        | Northwestern Mutual Global Funding                                          | CUSIP: 66815L2R9<br>LEI: 635400LZXFVELZDVP257 | Long             | DBT              | CORP              | US        |     85000 | PA      | $86369.50     | 0.23%             | 2027-03-25      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                          | CVS Health Corp.                                                            | CUSIP: 126650DF4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    130000 | PA      | $128750.70    | 0.34%             | 2026-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                         | Lowe's Cos., Inc.                                                           | CUSIP: 548661ET0<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49928.72     | 0.13%             | 2027-10-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                            | BNP Paribas SA                                                              | CUSIP: 09659W2C7<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    221000 | PA      | $217782.48    | 0.57%             | 2027-11-16      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                              | Ford Credit Auto Owner Trust, Series 2022-C, Class A4                       | CUSIP: 34535AAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    189000 | PA      | $189351.69    | 0.49%             | 2027-12-15      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                        | Credit Agricole SA                                                          | CUSIP: 22535WAL1<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $251424.01    | 0.66%             | 2028-09-11      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                          | Deutsche Bank AG                                                            | CUSIP: 251526CE7<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    175000 | PA      | $174764.38    | 0.46%             | 2026-11-24      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                      | American Express Co.                                                        | CUSIP: 025816DD8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    332000 | PA      | $332243.07    | 0.87%             | 2026-02-13      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| CaixaBank SA                                              | CaixaBank SA                                                                | CUSIP: 12803RAB0<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    250000 | PA      | $255093.60    | 0.67%             | 2027-09-13      | Fixed         | 6.68%                 | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                          | ABN AMRO Bank NV                                                            | CUSIP: 00084DBA7<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    300000 | PA      | $305357.81    | 0.80%             | 2027-09-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Bank Ltd.                           | Sumitomo Mitsui Trust Bank Ltd.                                             | CUSIP: 86563VBL2<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    300000 | PA      | $302013.01    | 0.79%             | 2026-09-14      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                        | Canadian Imperial Bank of Commerce                                          | CUSIP: 13607PHU1<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    109000 | PA      | $109357.13    | 0.29%             | 2027-09-11      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace, Inc.                                    | Howmet Aerospace, Inc.                                                      | CUSIP: 013817AJ0<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |     64000 | PA      | $65403.75     | 0.17%             | 2027-02-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                            | BNP Paribas SA                                                              | CUSIP: 09659W3B8<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $201761.36    | 0.53%             | 2029-05-09      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Amphenol Corp.                                            | Amphenol Corp.                                                              | CUSIP: 032095AV3<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20043.91     | 0.05%             | 2027-11-15      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                      | Caterpillar Financial Services Corp.                                        | CUSIP: 14913UAP5<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40194.41     | 0.10%             | 2026-10-16      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Sempra, Inc.                                              | Sempra, Inc.                                                                | CUSIP: 81686MYE6<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | STIV             | CORP              | US        |    500000 | PA      | $499203.50    | 1.30%             | 2025-11-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pfizer Investment Enterprises Pte. Ltd.                   | Pfizer Investment Enterprises Pte. Ltd.                                     | CUSIP: 716973AB8<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    466000 | PA      | $466758.58    | 1.22%             | 2026-05-19      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Aon Global Ltd.                                           | Aon Global Ltd.                                                             | CUSIP: 00185AAK0<br>LEI: VVT2B79I2Z4U3R6BY589 | Long             | DBT              | CORP              | GB        |     10000 | PA      | $9995.29      | 0.03%             | 2025-12-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bank NA                                       | Fifth Third Bank NA                                                         | CUSIP: 31677QBV0<br>LEI: QFROUN1UWUYU0DVIWD51 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250287.28    | 0.65%             | 2028-01-28      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Synopsys, Inc.                                            | Synopsys, Inc.                                                              | CUSIP: 871607AA5<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20140.73     | 0.05%             | 2027-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner Trust                        | Honda Auto Receivables Owner Trust, Series 2023-1, Class A3                 | CUSIP: 43815JAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3959 | PA      | $3969.23      | 0.01%             | 2027-04-21      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Siemens Funding BV                                        | Siemens Funding BV                                                          | CUSIP: 82622RAB2<br>LEI: 213800CCRGH2TO338X64 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $200392.60    | 0.52%             | 2028-05-26      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                      | JPMorgan Chase & Co.                                                        | CUSIP: 46647PEP7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251996.30    | 0.66%             | 2028-10-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                      | JPMorgan Chase & Co.                                                        | CUSIP: 46647PEN2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40199.56     | 0.10%             | 2028-10-22      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                         | Lowe's Cos., Inc.                                                           | CUSIP: 548661EU7<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49900.91     | 0.13%             | 2028-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                         | Wells Fargo & Co.                                                           | CUSIP: 95000U3S0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    186000 | PA      | $186524.49    | 0.49%             | 2028-01-24      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                          | CVS Health Corp.                                                            | CUSIP: 126650DS6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     22000 | PA      | $22034.04     | 0.06%             | 2026-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                   | CUSIP: 00774MBN4<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    150000 | PA      | $152334.27    | 0.40%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Southern Co. Gas Capital Corp.                            | Southern Co. Gas Capital Corp., Series A                                    | CUSIP: 8426EPAJ7<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14978.45     | 0.04%             | 2028-09-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                              | Ford Credit Auto Owner Trust, Series 2025-B, Class A2B                      | CUSIP: 34532BAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     52000 | PA      | $51993.61     | 0.14%             | 2028-06-15      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                          | Boeing Co. (The)                                                            | CUSIP: 097023CH6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79547.04     | 0.21%             | 2026-05-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group, Inc.                                    | WEC Energy Group, Inc.                                                      | CUSIP: 92939UAM8<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |     28000 | PA      | $28325.97     | 0.07%             | 2026-09-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                        | Canadian Imperial Bank of Commerce                                          | CUSIP: 13607PJ21<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $100608.41    | 0.26%             | 2029-03-30      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                          | Boeing Co. (The)                                                            | CUSIP: 097023BR5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34546.53     | 0.09%             | 2026-06-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                         | Wells Fargo & Co.                                                           | CUSIP: 95000U3M3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23159.89     | 0.06%             | 2028-04-22      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                               | Toronto-Dominion Bank (The)                                                 | CUSIP: 89115KAF7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |     77000 | PA      | $77119.24     | 0.20%             | 2028-10-13      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                                     | Athene Global Funding                                                       | CUSIP: 04685A4A6<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    108000 | PA      | $108538.74    | 0.28%             | 2026-08-27      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                              | ING Groep NV                                                                | CUSIP: 45685NAA4<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    564000 | PA      | $564257.17    | 1.47%             | 2026-01-06      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Kenvue, Inc.                                              | Kenvue, Inc.                                                                | CUSIP: 49177JAD4<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50166.29     | 0.13%             | 2026-03-22      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                   | Hyundai Capital America                                                     | CUSIP: 44891ACZ8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    238000 | PA      | $238658.02    | 0.62%             | 2027-03-19      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust        | GM Financial Consumer Automobile Receivables Trust, Series 2022-3, Class A4 | CUSIP: 36265WAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    192000 | PA      | $191544.02    | 0.50%             | 2027-12-16      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| DTE Energy Co.                                            | DTE Energy Co.                                                              | CUSIP: 233331BJ5<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25428.25     | 0.07%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                      | American Express Co.                                                        | CUSIP: 025816EE5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35443.98     | 0.09%             | 2029-04-25      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                                  | Lloyds Banking Group plc                                                    | CUSIP: 539439BD0<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $253578.70    | 0.66%             | 2029-06-13      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                        | State Street Corp.                                                          | CUSIP: 857477CZ4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35167.72     | 0.09%             | 2028-04-24      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                             | Netflix, Inc.                                                               | CUSIP: 64110LAT3<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |     40000 | PA      | $42089.34     | 0.11%             | 2028-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| New York Life Global Funding                              | New York Life Global Funding                                                | CUSIP: 64953BBV9<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60472.85     | 0.16%             | 2028-04-25      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance USA plc                                 | Rio Tinto Finance USA plc                                                   | CUSIP: 76720AAY2<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |     35000 | PA      | $35360.42     | 0.09%             | 2028-03-14      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Mars, Inc.                                                | Mars, Inc.                                                                  | CUSIP: 571676AW5<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     76000 | PA      | $76508.85     | 0.20%             | 2027-03-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Nationwide Building Society                               | Nationwide Building Society                                                 | CUSIP: 63861VAG2<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $201462.45    | 0.53%             | 2028-02-16      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Huntington National Bank (The)                            | Huntington National Bank (The)                                              | CUSIP: 44644MAK7<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252250.33    | 0.66%             | 2028-04-12      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                    | Truist Financial Corp.                                                      | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101030.61    | 0.26%             | 2027-06-08      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Mizuho Markets Cayman LP                                  | Mizuho Markets Cayman LP                                                    | CUSIP: 60700JFW0<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |    115000 | PA      | $115051.65    | 0.30%             | 2026-11-16      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| Brown & Brown, Inc.                                       | Brown & Brown, Inc.                                                         | CUSIP: 115236AH4<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35151.35     | 0.09%             | 2026-12-23      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                      | Glencore Funding LLC                                                        | CUSIP: 378272BX5<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50084.48     | 0.13%             | 2026-10-01      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                               | Toronto-Dominion Bank (The)                                                 | CUSIP: 89115A3F7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |     90000 | PA      | $90380.27     | 0.24%             | 2028-01-31      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| Swedbank AB                                               | Swedbank AB                                                                 | CUSIP: 87020PAX5<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |    200000 | PA      | $203443.38    | 0.53%             | 2026-09-12      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                               | Toronto-Dominion Bank (The)                                                 | CUSIP: 89115A2K7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    198000 | PA      | $198298.70    | 0.52%             | 2026-01-09      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                         | NatWest Group plc                                                           | CUSIP: 639057AM0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $201330.73    | 0.53%             | 2028-03-01      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-01

**Name of Applicant:** Putnam Funds Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer