# EDGAR Filing Document

**Accession Number:** 0001587551
**File Stem:** 0001752724-25-205575
**Filing Date:** 2025-8
**Character Count:** 107249
**Document Hash:** d29aae2c709ec8fe53b8e465df00c235
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-205575.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-205575

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Capitol Series Trust
- **CENTRAL INDEX KEY:** 0001587551

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22895
- **FILM NUMBER:** 251256619

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 5135873447

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Sterling Capital Enhanced Core Bond ETF (Series ID: S000090923)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000258312 | Sterling Capital Enhanced Core Bond ETF | SCEC            |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Capitol Series Trust

- **b. Investment Company Act file number:** 811-22895

- **c. CIK number of Registrant:** 0001587551

- **d. LEI of Registrant:** 549300MZI5K7U8BD2Q02

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

  - **Street Address 1:** 225 Pictoria Drive

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

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

- **a. Name of Series:** STERLING CAPITAL ENHANCED CORE BOND ETF

- **b. EDGAR series identifier (if any):** S000090923

- **c. LEI of Series:** 529900LGZYTJGXCB7N31

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $419816180.62

**Total Liabilities:** $3799134.77

**Net Assets:** $416017045.85

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 246.07604191 | **1-Year:** 9558.73275658 | **5-Year:** 51276.40402484 | **10-Year:** 63678.62278256 | **30-Year:** 10995.65539517

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

- **3-Month:** 12.21750418 | **1-Year:** 471.15247244 | **5-Year:** 2874.76558788 | **10-Year:** 632.60219748 | **30-Year:** 7.17630012

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000258312 | 0.12%                | -0.62%               | 1.62%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-321286.01              | $1117677.16                                |
| Month 2  | $-145601.11              | $-3660539.19                               |
| Month 3  | $131351.38               | $5000920.08                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| O'Reilly Automotive Inc.                                                             | O'Reilly Automotive, Inc. 4.2%, Due 04/01/2030                                   | CUSIP: 67103HAJ6<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |    604000 | PA      | $598623.96    | 0.14%             | 2030-04-01      | Fixed         | 4.20%                 | No            | 2                  | On Loan: No      |
| OneMain Financial Corporation                                                        | OneMain Finance Corporation 7.875%, Due 03/15/2030                               | CUSIP: 682691AE0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    283000 | PA      | $300909.52    | 0.07%             | 2030-03-15      | Fixed         | 7.88%                 | No            | 2                  | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                                                 | Sumitomo Mitsui Financial Group, Inc. 2.13%, Due 07/08/2030                      | CUSIP: 86562MCB4<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   1083000 | PA      | $968076.68    | 0.23%             | 2030-07-08      | Fixed         | 2.13%                 | No            | 2                  | On Loan: No      |
| BANK5 2024-5YR5                                                                      | BANK5 2024-5YR5 5.702%, Due 02/15/2029                                           | CUSIP: 065931AZ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    866578 | PA      | $896252.79    | 0.22%             | 2029-02-15      | Variable      | 5.70%                 | No            | 2                  | On Loan: No      |
| Phillips Edison Grocery Center Operating Partnership I L P                           | Phillips Edison Grocery Center Operating Partnership I, L.P.                     | CUSIP: 71845JAC2<br>LEI: 549300WUPIVS6ZE0ZI51 | Long             | DBT              | CORP              | US        |    659000 | PA      | $638556.21    | 0.15%             | 2035-01-15      | Fixed         | 4.95%                 | No            | 2                  | On Loan: No      |
| The Boeing Company                                                                   | Boeing Company (The) 5.705%, Due 05/01/2040                                      | CUSIP: 097023CV5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    798000 | PA      | $788920.84    | 0.19%             | 2040-05-01      | Fixed         | 5.71%                 | No            | 2                  | On Loan: No      |
| HCA Inc.                                                                             | HCA, Inc. 5.5%, Due 06/01/2033                                                   | CUSIP: 404119CQ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    733000 | PA      | $750768.79    | 0.18%             | 2033-06-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| N/A                                                                                  | BBH SWEEP VEHICLE                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   5973530 | PA      | $5973529.63   | 1.44%             |  |  |  | No            | N/A                | On Loan: No      |
| Meta Platforms Inc                                                                   | Meta Platforms, Inc. 5.4%, Due 08/15/2054                                        | CUSIP: 30303M8V7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    653000 | PA      | $637291.87    | 0.15%             | 2054-08-15      | Fixed         | 5.40%                 | No            | 2                  | On Loan: No      |
| TOYOTA AUTO LOAN EXTENDED NOTE TRUST 2025-1                                          | Toyota Auto Loan Extended Note Trust 2025-1 4.65%, Due 05/25/2038                | CUSIP: 891950AA5<br>LEI: 254900QVX5SBHB37FT67 | Long             | ABS-O            | CORP              | US        |   3915000 | PA      | $3973661.58   | 0.96%             | 2038-05-25      | Fixed         | 4.65%                 | Yes           | 2                  | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NextEra Energy Capital Holdings, Inc. 2.44%, Due 01/15/2032                      | CUSIP: 65339KBZ2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    967000 | PA      | $840441.90    | 0.20%             | 2032-01-15      | Fixed         | 2.44%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # FS1133                                                    | CUSIP: 3140XGHK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5730293 | PA      | $5401983.46   | 1.30%             | 2051-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| ONEMAIN FINL ISSUA TR 2023-2                                                         | OneMain Financial Issuance Trust 2023-2 5.84%, Due 09/15/2036                    | CUSIP: 68269HAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1385000 | PA      | $1417521.32   | 0.34%             | 2036-09-15      | Fixed         | 5.84%                 | Yes           | 2                  | On Loan: No      |
| Diamondback Energy Inc                                                               | Diamondback Energy, Inc. 5.4%, Due 04/18/2034                                    | CUSIP: 25278XAZ2<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    522000 | PA      | $523789.72    | 0.13%             | 2034-04-18      | Fixed         | 5.40%                 | No            | 2                  | On Loan: No      |
| Ares Management Corporation                                                          | Ares Management Corporation 6.375%, Due 11/10/2028                               | CUSIP: 03990BAA9<br>LEI: 529900JUV61FH7B8VW38 | Long             | DBT              | CORP              | US        |    364000 | PA      | $385985.71    | 0.09%             | 2028-11-10      | Fixed         | 6.38%                 | No            | 2                  | On Loan: No      |
| Meiji Yasuda Life Insurance Co.                                                      | Meiji Yasuda Life Insurance Company 5.2%, Fixed until 10/20/2025                 | CUSIP: 585270AA9<br>LEI: 549300SLU4LP6YMRLK07 | Long             | DBT              | CORP              | JP        |    500000 | PA      | $503112.00    | 0.12%             | 2045-10-20      | Fixed         | 5.20%                 | Yes           | 2                  | On Loan: No      |
| LXP Industrial Trust                                                                 | LXP Industrial Trust 2.7%, Due 09/15/2030                                        | CUSIP: 529043AE1<br>LEI: 549300S4MH2ICXDBFV43 | Long             | DBT              | CORP              | US        |    572000 | PA      | $512976.29    | 0.12%             | 2030-09-15      | Fixed         | 2.70%                 | No            | 2                  | On Loan: No      |
| Southern Company Gas Capital Corp.                                                   | Southern Company Gas Capital Corporation 4.95%, Due 09/15/2034                   | CUSIP: 8426EPAH1<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |    750000 | PA      | $743762.94    | 0.18%             | 2034-09-15      | Fixed         | 4.95%                 | No            | 2                  | On Loan: No      |
| Amgen Inc.                                                                           | Amgen, Inc. 5.25%, Due 03/02/2030                                                | CUSIP: 031162DQ0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    955000 | PA      | $984291.33    | 0.24%             | 2030-03-02      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Intel Corporation                                                                    | Intel Corporation 5.2%, Due 02/10/2033                                           | CUSIP: 458140CG3<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    680000 | PA      | $686033.09    | 0.16%             | 2033-02-10      | Fixed         | 5.20%                 | No            | 2                  | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                             | Avis Budget Rental Car Funding AESOP, LLC 4.77%, Due 02/20/2029                  | CUSIP: 05377RFP4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $3529766.10   | 0.85%             | 2029-02-20      | Fixed         | 4.77%                 | Yes           | 2                  | On Loan: No      |
| Sempra Infrastructure Partners LP                                                    | Sempra Global 3.25%, Due 01/15/2032                                              | CUSIP: 81685VAA1<br>LEI: 549300L0B3MD11PUAA07 | Long             | DBT              | CORP              | US        |    576000 | PA      | $490945.28    | 0.12%             | 2032-01-15      | Fixed         | 3.25%                 | Yes           | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac Pool Pool # SL0769                                                   | CUSIP: 31427M2B6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   1931975 | PA      | $1988724.42   | 0.48%             | 2055-02-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Anglo American Capital PLC                                                           | Anglo American Capital plc 5.5%, Due 05/02/2033                                  | CUSIP: 034863BD1<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    694000 | PA      | $708083.74    | 0.17%             | 2033-05-02      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| Steel Dynamics, Inc.                                                                 | Steel Dynamics, Inc. 5.375%, Due 08/15/2034                                      | CUSIP: 858119BQ2<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |    665000 | PA      | $675680.39    | 0.16%             | 2034-08-15      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | T-Mobile USA, Inc. 6%, Due 06/15/2054                                            | CUSIP: 87264ADD4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    907000 | PA      | $923980.73    | 0.22%             | 2054-06-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # FS8108                                                    | CUSIP: 3140XQAJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    216616 | PA      | $181973.90    | 0.04%             | 2052-01-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Citizens Financial Group Inc                                                         | Citizens Financial Group, Inc. 5.841%, Fixed until 1/23/2029                     | CUSIP: 174610BF1<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    457000 | PA      | $473433.92    | 0.11%             | 2030-01-23      | Fixed         | 5.84%                 | No            | 2                  | On Loan: No      |
| HERTZ VEHICLE FINANCING III LLC                                                      | Hertz Vehicle Financing III, LLC 5.57%, Due 09/25/2029                           | CUSIP: 42806MBW8<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |   3400000 | PA      | $3475436.48   | 0.84%             | 2029-09-25      | Fixed         | 5.57%                 | Yes           | 2                  | On Loan: No      |
| PFS Financing Corp                                                                   | PFS Financing Corporation 4.85%, Due 02/15/2030                                  | CUSIP: 69335PFU4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3740000 | PA      | $3790487.38   | 0.91%             | 2030-02-15      | Fixed         | 4.85%                 | Yes           | 2                  | On Loan: No      |
| Wells Fargo & Co.                                                                    | Wells Fargo & Company Floating Rate, Due 04/22/2028                              | CUSIP: 95000U3M3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    979000 | PA      | $985926.84    | 0.24%             | 2028-04-22      | Floating      | 5.40%                 | No            | 2                  | On Loan: No      |
| Ares Finance Co III LLC                                                              | Ares Finance Company III, LLC 4.125%, Fixed until 06/30/2026                     | CUSIP: 04018VAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    426000 | PA      | $417155.88    | 0.10%             | 2051-06-30      | Fixed         | 4.12%                 | Yes           | 2                  | On Loan: No      |
| U.S. Bancorp.                                                                        | US Bancorp 4.839%, Fixed until 02/01/2033                                        | CUSIP: 91159HJL5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    527000 | PA      | $520562.62    | 0.13%             | 2034-02-01      | Fixed         | 4.84%                 | No            | 2                  | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST                                                | Wells Fargo Commercial Mortgage Trust 2015-P2 3.809%, Due 12/15/2048             | CUSIP: 95000AAU1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    601000 | PA      | $597438.89    | 0.14%             | 2048-12-15      | Fixed         | 3.81%                 | No            | 2                  | On Loan: No      |
| MPLX LP                                                                              | MPLX, L.P. 4.5%, Due 04/15/2038                                                  | CUSIP: 55336VAM2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    635000 | PA      | $562108.47    | 0.14%             | 2038-04-15      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| JPMCC Commercial Mortgage Securities Trust 2015-Jp1                                  | JPMCC Commercial Mortgage Securities Trust 2017-JP5                              | CUSIP: 46647TAS7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    175000 | PA      | $172302.18    | 0.04%             | 2050-03-15      | Fixed         | 3.72%                 | No            | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac Pool Pool # SD3814                                                   | CUSIP: 3132E0GX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    371502 | PA      | $367229.13    | 0.09%             | 2053-08-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| CMS Energy Corporation                                                               | CMS Energy Corporation 4.7%, Due 03/31/2043                                      | CUSIP: 125896BL3<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    657000 | PA      | $571397.74    | 0.14%             | 2043-03-31      | Fixed         | 4.70%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                                                         | United States Treasury Note 4%, Due 02/28/2030                                   | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10988300 | PA      | $11097753.80  | 2.67%             | 2030-02-28      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Duke Energy Progress LLC                                                             | Duke Energy Progress, LLC 3.6%, Due 09/15/2047                                   | CUSIP: 26442UAE4<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |   1090000 | PA      | $801005.77    | 0.19%             | 2047-09-15      | Fixed         | 3.60%                 | No            | 2                  | On Loan: No      |
| STORE Capital Corp.                                                                  | Store Capital, LLC 2.75%, Due 11/18/2030                                         | CUSIP: 862121AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    805000 | PA      | $710770.34    | 0.17%             | 2030-11-18      | Fixed         | 2.75%                 | No            | 2                  | On Loan: No      |
| Morgan Stanley                                                                       | Morgan Stanley Variable Rate, Due 07/22/2028                                     | CUSIP: 61744YAK4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1201000 | PA      | $1180203.03   | 0.28%             | 2028-07-22      | Fixed         | 3.59%                 | No            | 2                  | On Loan: No      |
| Foundry JV Holdco LLC.                                                               | Foundry JV Holdco, LLC 6.15%, Due 01/25/2032                                     | CUSIP: 350930AC7<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |   1039000 | PA      | $1094146.28   | 0.26%             | 2032-01-25      | Fixed         | 6.15%                 | Yes           | 2                  | On Loan: No      |
| Cleveland-Cliffs Inc                                                                 | Cleveland-Cliffs, Inc. 7.5%, Due 09/15/2031                                      | CUSIP: 185899AS0<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    817000 | PA      | $788650.10    | 0.19%             | 2031-09-15      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| Sprint Capital Corporation                                                           | Sprint Capital Corporation 8.75%, Due 03/15/2032                                 | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |    654000 | PA      | $793729.04    | 0.19%             | 2032-03-15      | Fixed         | 8.75%                 | No            | 2                  | On Loan: No      |
| CVS Health Corp                                                                      | CVS Health Corporation 6.05%, Due 06/01/2054                                     | CUSIP: 126650EF3<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    682000 | PA      | $668864.78    | 0.16%             | 2054-06-01      | Fixed         | 6.05%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # FS8708                                                    | CUSIP: 3140XQVA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    398139 | PA      | $375420.19    | 0.09%             | 2051-08-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Cd 2016-Cd2 Mortga                                                                   | CD 2016-CD2 Mortgage Trust Variable Rate, Due 11/10/2049                         | CUSIP: 12515ABE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    285000 | PA      | $270838.55    | 0.07%             | 2049-11-10      | Variable      | 3.53%                 | No            | 2                  | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                             | Avis Budget Rental Car Funding AESOP, LLC 5.23%, Due 12/20/2030                  | CUSIP: 05377RJK1<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $255926.85    | 0.06%             | 2030-12-20      | Fixed         | 5.23%                 | Yes           | 2                  | On Loan: No      |
| Sunoco LP / Sunoco Finance Corp.                                                     | Sunoco, L.P. / Sunoco Finance Corporation 4.5%, Due 05/15/2029                   | CUSIP: 86765LAT4<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    604000 | PA      | $586798.50    | 0.14%             | 2029-05-15      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| BENCHMARK 2024-V9 MORTGAGE TRUST                                                     | Benchmark 2024-V9 Mortgage Trust 5.6019%, Due 08/15/2057                         | CUSIP: 081919AN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $3621854.25   | 0.87%             | 2057-08-15      | Fixed         | 5.60%                 | No            | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac REMICS 3.5%, Due 05/15/2040                                          | CUSIP: 3137H84C2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   9555753 | PA      | $9264266.41   | 2.23%             | 2040-05-15      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Iqvia Inc                                                                            | IQVIA, Inc. 6.25%, Due 02/01/2029                                                | CUSIP: 46266TAF5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    562000 | PA      | $587762.64    | 0.14%             | 2029-02-01      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| ENTERPRISE FLEET FINANCING 2024-2 L                                                  | Enterprise Fleet Financing 2024-3, LLC 5.06%, Due 03/20/2031                     | CUSIP: 29375QAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    155000 | PA      | $158358.51    | 0.04%             | 2031-03-20      | Fixed         | 5.06%                 | Yes           | N/A                | On Loan: No      |
| Truist Insurance Holdings LLC & Panther Co-Issuer Inc.                               | Panther Escrow Issuer, LLC 7.125%, Due 06/01/2031                                | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    971000 | PA      | $1009263.23   | 0.24%             | 2031-06-01      | Fixed         | 7.12%                 | Yes           | 2                  | On Loan: No      |
| Hyundai Capital America                                                              | Hyundai Capital America 5.4%, Due 06/23/2032                                     | CUSIP: 44891ADX2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    195000 | PA      | $197571.05    | 0.05%             | 2032-06-23      | Fixed         | 5.40%                 | Yes           | 2                  | On Loan: No      |
| Philip Morris International Inc.                                                     | Philip Morris International, Inc. 5.125%, Due 02/15/2030                         | CUSIP: 718172DA4<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    611000 | PA      | $628859.22    | 0.15%             | 2030-02-15      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPMorgan Chase & Company 4.912 ,Fixed until 7/25/2032                            | CUSIP: 46647PDH6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1046330.38   | 0.25%             | 2033-07-25      | Fixed         | 4.91%                 | No            | 2                  | On Loan: No      |
| Oracle Corp.                                                                         | Oracle Corporation 6.125%, Due 08/03/2065                                        | CUSIP: 68389XDC6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    827000 | PA      | $828448.16    | 0.20%             | 2065-08-03      | Fixed         | 6.12%                 | No            | 2                  | On Loan: No      |
| Dell International L.L.C. and EMC Corporation                                        | Dell International, LLC / EMC Corporation 5.5%, Due 04/01/2035                   | CUSIP: 24703TAP1<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    694000 | PA      | $701169.05    | 0.17%             | 2035-04-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Huntington Bancshares Incorporated                                                   | Huntington Bancshares, Inc. 6.208%, Fxed until 08/21/2028                        | CUSIP: 446150BC7<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    601000 | PA      | $630744.81    | 0.15%             | 2029-08-21      | Fixed         | 6.21%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bonds                                                         | United States Treasury Note 4.25%, Due 08/15/2054                                | CUSIP: 912810UC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10698600 | PA      | $9773338.21   | 2.35%             | 2054-08-15      | Fixed         | 4.25%                 | No            | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac Pool Pool # SL0448                                                   | CUSIP: 31427MQA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   6070098 | PA      | $5825146.60   | 1.40%             | 2053-04-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac Pool Pool # SD6920                                                   | CUSIP: 3132DUVM6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   6910494 | PA      | $6660008.41   | 1.60%             | 2047-04-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| GE Healthcare Technologies Inc.                                                      | GE HealthCare Technologies, Inc. 5.857%, Due 03/15/2030                          | CUSIP: 36267VAH6<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    816000 | PA      | $862111.61    | 0.21%             | 2030-03-15      | Fixed         | 5.86%                 | No            | 2                  | On Loan: No      |
| Jane Street Group LLC / JSG Finance Inc.                                             | Jane Street Group / JSG Finance, Inc. 7.125%, Due 04/30/2031                     | CUSIP: 47077WAC2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |    736000 | PA      | $774921.15    | 0.19%             | 2031-04-30      | Fixed         | 7.12%                 | Yes           | 2                  | On Loan: No      |
| Targa Resources Corp.                                                                | Targa Resources Corporation 6.5%, Due 03/30/2034                                 | CUSIP: 87612GAF8<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    497000 | PA      | $534333.43    | 0.13%             | 2034-03-30      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| Woodside Finance Ltd.                                                                | Woodside Finance Ltd. 6%, Due 05/19/2035                                         | CUSIP: 980236AV5<br>LEI: 254900AIZKU6TGRRNZ98 | Long             | DBT              | CORP              | AU        |    629000 | PA      | $642360.31    | 0.15%             | 2035-05-19      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Freeport-McMoRan Inc.                                                                | Freeport-McMoRan, Inc. 5.45%, Due 03/15/2043                                     | CUSIP: 35671DBC8<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    757000 | PA      | $715849.93    | 0.17%             | 2043-03-15      | Fixed         | 5.45%                 | No            | 2                  | On Loan: No      |
| New Home Company Inc                                                                 | New Home Company, Inc. (The) 9.25%, Due 10/01/2029                               | CUSIP: 645370AF4<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |    536000 | PA      | $556355.14    | 0.13%             | 2029-10-01      | Fixed         | 9.25%                 | Yes           | 2                  | On Loan: No      |
| Colgate Energy Partners III LLC                                                      | Permian Resources Operating, LLC 5.875%, Due 07/01/2029                          | CUSIP: 19416MAB5<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    791000 | PA      | $794591.14    | 0.19%             | 2029-07-01      | Fixed         | 5.88%                 | Yes           | 2                  | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.                                                  | Mitsubishi UFJ Financial Group, Inc. 2.494%, Fixed Until 10/13/2031              | CUSIP: 606822CB8<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    897000 | PA      | $785275.60    | 0.19%             | 2032-10-13      | Fixed         | 2.49%                 | No            | 2                  | On Loan: No      |
| GA Global Funding Trust                                                              | GA Global Funding Trust 5.5%, Due 01/08/2029                                     | CUSIP: 36143L2L8<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |    675000 | PA      | $692119.97    | 0.17%             | 2029-01-08      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| B.A.T. Capital Corporation                                                           | BAT Capital Corporation 6.421%, Due 08/02/2033                                   | CUSIP: 054989AB4<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    721000 | PA      | $783399.35    | 0.19%             | 2033-08-02      | Fixed         | 6.42%                 | No            | 2                  | On Loan: No      |
| Wells Fargo & Co.                                                                    | Wells Fargo & Company 4.808 ,Fixed until 7/25/2027                               | CUSIP: 95000U3A9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    930000 | PA      | $938004.44    | 0.23%             | 2028-07-25      | Fixed         | 4.81%                 | No            | 2                  | On Loan: No      |
| Athene Holding Ltd                                                                   | Athene Holding Ltd. 6.625%, Fixed Unitl 10/15/2034                               | CUSIP: 04686JAJ0<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |    335000 | PA      | $330611.67    | 0.08%             | 2054-10-15      | Fixed         | 6.62%                 | No            | 2                  | On Loan: No      |
| Iron Mountain Inc.                                                                   | Iron Mountain, Inc. 4.5%, Due 02/15/2031                                         | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1102000 | PA      | $1050801.52   | 0.25%             | 2031-02-15      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| Athene Holding Ltd                                                                   | Athene Holding Ltd. 5.875%, Due 01/15/2034                                       | CUSIP: 04686JAG6<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |    779000 | PA      | $807222.11    | 0.19%             | 2034-01-15      | Fixed         | 5.88%                 | No            | 2                  | On Loan: No      |
| Aker BP ASA                                                                          | Aker BP ASA 3.75%, Due 01/15/2030                                                | CUSIP: 00973RAF0<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    952000 | PA      | $906811.55    | 0.22%             | 2030-01-15      | Fixed         | 3.75%                 | Yes           | 2                  | On Loan: No      |
| Delta Air Lines Inc.                                                                 | Delta Air Lines, Inc. 5.25%, Due 07/10/2030                                      | CUSIP: 247361A32<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |    691000 | PA      | $695895.04    | 0.17%             | 2030-07-10      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Morgan Stanley Capital I Trust 2017-HR2                                              | Morgan Stanley Capital I 2017-HR2 3.587%, Due 12/15/2050                         | CUSIP: 61691NAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $292642.62    | 0.07%             | 2050-12-15      | Fixed         | 3.59%                 | No            | 2                  | On Loan: No      |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp                               | Ascent Resources Utica Holdings, LLC / ARU Finance Corporation                   | CUSIP: 04364VAX1<br>LEI: 549300EGLQ2M2CL7JZ89 | Long             | DBT              | CORP              | US        |    390000 | PA      | $397186.92    | 0.10%             | 2032-10-15      | Fixed         | 6.62%                 | Yes           | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # FM8686                                                    | CUSIP: 3140XCUL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8634914 | PA      | $7281008.94   | 1.75%             | 2051-09-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # CB8755                                                    | CUSIP: 3140QUWR3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9449708 | PA      | $9667502.95   | 2.32%             | 2054-06-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust                            | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                        | CUSIP: 00774MBE4<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    480000 | PA      | $512100.32    | 0.12%             | 2030-09-30      | Fixed         | 6.15%                 | No            | 2                  | On Loan: No      |
| Southern California Edison Company                                                   | Southern California Edison Company 5.75%, Due 04/15/2054                         | CUSIP: 842400JD6<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    358000 | PA      | $321125.11    | 0.08%             | 2054-04-15      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| Energy Transfer LP                                                                   | Energy Transfer Operating, L.P. 3.75%, Due 05/15/2030                            | CUSIP: 29278NAQ6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    485000 | PA      | $465527.29    | 0.11%             | 2030-05-15      | Fixed         | 3.75%                 | No            | 2                  | On Loan: No      |
| Comm 2017-Panw Mortgage Trust                                                        | COMM 2017-COR2 Mortgage Trust 3.51%, Due 09/10/2050                              | CUSIP: 12595EAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1200000 | PA      | $1170676.20   | 0.28%             | 2050-09-10      | Fixed         | 3.51%                 | No            | 2                  | On Loan: No      |
| KKR Group Finance Company III LLC                                                    | KKR Group Finance Company III, LLC 5.125%, Due 06/01/2044                        | CUSIP: 48250AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    458000 | PA      | $417848.01    | 0.10%             | 2044-06-01      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| Starwood Property Trust, Inc.                                                        | Starwood Property Trust, Inc. 6.5%, Due 10/15/2030                               | CUSIP: 85571BBE4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    862000 | PA      | $892118.28    | 0.21%             | 2030-10-15      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| SBL Holdings Inc.                                                                    | SBL Holdings, Inc. 5.125%, Due 11/13/2026                                        | CUSIP: 78432MAA3<br>LEI: 635400MJW3QDSBJRKQ59 | Long             | DBT              | CORP              | US        |    770000 | PA      | $763848.28    | 0.18%             | 2026-11-13      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| CD 2017 Cd3 Mortgage Trust                                                           | CD 2017-CD3 Mortgage Trust 3.631%, Due 02/10/2050                                | CUSIP: 12515GAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    880000 | PA      | $847718.34    | 0.20%             | 2050-02-10      | Fixed         | 3.63%                 | No            | 2                  | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                                  | Citigroup Commercial Mortgage Trust 2018-B2 4.009%, Due 03/10/2051               | CUSIP: 17327FAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1967911.60   | 0.47%             | 2051-03-10      | Fixed         | 4.01%                 | No            | 2                  | On Loan: No      |
| Dryden 53 Clo Ltd                                                                    | Dryden 53 CLO Ltd. Floating Rate, Due 01/15/2031                                 | CUSIP: 26243EAR2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2673000 | PA      | $2673000.00   | 0.64%             | 2031-01-15      | Variable      | 0.00%                 | Yes           | N/A                | On Loan: No      |
| Transatlantic Holdings Inc.                                                          | Transatlantic Holdings, Inc. 8%, Due 11/30/2039                                  | CUSIP: 893521AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    484000 | PA      | $608502.38    | 0.15%             | 2039-11-30      | Fixed         | 8.00%                 | No            | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac Pool Pool # SL0797                                                   | CUSIP: 31427M3F6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   4035318 | PA      | $4127414.04   | 0.99%             | 2055-02-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Invitation Homes Operating Partnership Lp                                            | Invitation Homes Operating Partnership, L.P. 4.15%, Due 04/15/2032               | CUSIP: 46188BAD4<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              | CORP              | US        |    473000 | PA      | $448042.25    | 0.11%             | 2032-04-15      | Fixed         | 4.15%                 | No            | 2                  | On Loan: No      |
| BANK5 2023-5YR1                                                                      | BANK5 2023-5YR1 Floating Rate, Due 04/15/2056                                    | CUSIP: 06644EAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1390000 | PA      | $1445838.11   | 0.35%             | 2056-04-15      | Variable      | 6.26%                 | No            | 2                  | On Loan: No      |
| Glencore Funding LLC                                                                 | Glencore Funding, LLC 5.673%, Due 04/01/2035                                     | CUSIP: 378272CA4<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    778000 | PA      | $794049.28    | 0.19%             | 2035-04-01      | Fixed         | 5.67%                 | Yes           | 2                  | On Loan: No      |
| Gartner Inc.                                                                         | Gartner, Inc. 4.5%, Due 07/01/2028                                               | CUSIP: 366651AC1<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |    632000 | PA      | $625869.79    | 0.15%             | 2028-07-01      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| Constellation Brands, Inc.                                                           | Constellation Brands, Inc. 4.9%, Due 05/01/2033                                  | CUSIP: 21036PBP2<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1164919.82   | 0.28%             | 2033-05-01      | Fixed         | 4.90%                 | No            | 2                  | On Loan: No      |
| Motorola Solutions Inc                                                               | Motorola Solutions, Inc. 4.85%, Due 08/15/2030                                   | CUSIP: 620076CA5<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    679000 | PA      | $686510.44    | 0.17%             | 2030-08-15      | Fixed         | 4.85%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # CA3823                                                    | CUSIP: 3140QBG93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4384553 | PA      | $4164597.79   | 1.00%             | 2049-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| BARINGS EQUIPMENT FINANCE LLC 2025-                                                  | Barings Equipment Finance, LLC 2025-A 4.82%, Due 08/13/2032                      | CUSIP: 06764MAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4463000 | PA      | $4541136.42   | 1.09%             | 2032-08-13      | Fixed         | 4.82%                 | Yes           | 2                  | On Loan: No      |
| Lowes Companies, Inc.                                                                | Lowe's Companies, Inc. 1.7%, Due 10/15/2030                                      | CUSIP: 548661DY0<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    747000 | PA      | $650485.47    | 0.16%             | 2030-10-15      | Fixed         | 1.70%                 | No            | 2                  | On Loan: No      |
| Nevada Power Company                                                                 | Nevada Power Company 6.25%, Fixed until 05/15/2030                               | CUSIP: 641423CH9<br>LEI: MJZFGXRJ52U8U4MKJ519 | Long             | DBT              | CORP              | US        |    409000 | PA      | $408040.12    | 0.10%             | 2055-05-15      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| Southern California Edison Company                                                   | Southern California Edison Company 5.95%, Due 11/01/2032                         | CUSIP: 842400HT3<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    487000 | PA      | $500295.87    | 0.12%             | 2032-11-01      | Fixed         | 5.95%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                                                         | United States Treasury Note 2.625%, Due 02/15/2029                               | CUSIP: 9128286B1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12451900 | PA      | $11994195.43  | 2.88%             | 2029-02-15      | Fixed         | 2.62%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # FS3809                                                    | CUSIP: 3140XKGT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    360962 | PA      | $347373.59    | 0.08%             | 2052-11-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # FS9801                                                    | CUSIP: 3140XR3K9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7666378 | PA      | $7692132.67   | 1.85%             | 2054-11-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| The Toronto-Dominion Bank                                                            | Toronto-Dominion Bank (The) Variable Rate, Due 09/15/2031                        | CUSIP: 891160MJ9<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    801000 | PA      | $792115.86    | 0.19%             | 2031-09-15      | Fixed         | 3.62%                 | No            | 2                  | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | Charter Communications Operating, LLC / Charter Communications Operating Capital | CUSIP: 161175CR3<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    752000 | PA      | $802661.09    | 0.19%             | 2034-06-01      | Fixed         | 6.55%                 | No            | 2                  | On Loan: No      |
| Fifth Third Bancorp                                                                  | Fifth Third Bancorp 4.055%, Fixed Unitl 04/25/2027                               | CUSIP: 316773DE7<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    789000 | PA      | $784212.05    | 0.19%             | 2028-04-25      | Fixed         | 4.05%                 | No            | 2                  | On Loan: No      |
| Cleveland-Cliffs Inc                                                                 | Cleveland-Cliffs, Inc. 6.875%, Due 11/01/2029                                    | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    398000 | PA      | $392202.73    | 0.09%             | 2029-11-01      | Fixed         | 6.88%                 | Yes           | 2                  | On Loan: No      |
| SBL Holdings Inc.                                                                    | SBL Holdings, Inc. 7.2%, Due 10/30/2034                                          | CUSIP: 78397DAD0<br>LEI: 635400MJW3QDSBJRKQ59 | Long             | DBT              | CORP              | US        |    392000 | PA      | $374931.93    | 0.09%             | 2034-10-30      | Fixed         | 7.20%                 | Yes           | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # CB6081                                                    | CUSIP: 3140QRXK4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5701640 | PA      | $5737552.04   | 1.38%             | 2053-04-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| BANK5 2023-5YR3                                                                      | BANK5 2023-5YR3 Floating Rate, Due 09/15/2056                                    | CUSIP: 06211EAP6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3650000 | PA      | $3906015.02   | 0.94%             | 2056-09-15      | Variable      | 7.56%                 | No            | 2                  | On Loan: No      |
| PROGRESS RESIDENTIAL 2025-SFR1 TRUS                                                  | Progress Residential 2025-SFR1 Trust Floating Rate, Due 02/17/2042               | CUSIP: 74334NAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3055000 | PA      | $2897373.00   | 0.70%             | 2042-02-17      | Fixed         | 3.40%                 | Yes           | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # FM9464                                                    | CUSIP: 3140XDQS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    330695 | PA      | $290669.75    | 0.07%             | 2051-11-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| ONEMAIN DIRECT AUTO RECEIVABLES TRUST 2025-1                                         | OneMain Direct Auto Receivables Trust 2025-1 5.36%, Due 04/16/2035               | CUSIP: 682684AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4500000 | PA      | $4647019.95   | 1.12%             | 2035-04-16      | Fixed         | 5.36%                 | Yes           | 2                  | On Loan: No      |
| Organon & Co                                                                         | Organon & Company / Organon Foreign Debt Co-Issuer 5.125%, Due 04/30/2031        | CUSIP: 68622TAB7<br>LEI: 549300AMCKY57OK2CO56 | Long             | DBT              | CORP              | US        |    770000 | PA      | $668887.98    | 0.16%             | 2031-04-30      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| Enstar Group Ltd                                                                     | Enstar Group Ltd. 3.1%, Due 09/01/2031                                           | CUSIP: 29359UAC3<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |    436000 | PA      | $387913.20    | 0.09%             | 2031-09-01      | Fixed         | 3.10%                 | No            | 2                  | On Loan: No      |
| Bank of America Corp.                                                                | Bank of America Corporation Variable Rate, Due 12/20/2028                        | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1717000 | PA      | $1678671.12   | 0.40%             | 2028-12-20      | Fixed         | 3.42%                 | No            | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac Pool Pool # SL0704                                                   | CUSIP: 31427MYA3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   7032242 | PA      | $6767518.32   | 1.63%             | 2053-03-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Burlington Northern Santa Fe LLC                                                     | Burlington Northern Santa Fe, LLC 4.95%, Due 09/15/2041                          | CUSIP: 12189LAG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    636000 | PA      | $599090.65    | 0.14%             | 2041-09-15      | Fixed         | 4.95%                 | No            | 2                  | On Loan: No      |
| Citigroup Inc.                                                                       | Citigroup, Inc. Variable Rate, Due 11/05/2030                                    | CUSIP: 17308CC53<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1868000 | PA      | $1748048.43   | 0.42%             | 2030-11-05      | Fixed         | 2.98%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bonds                                                         | United States Treasury Bond 2.5%, Due 02/15/2045                                 | CUSIP: 912810RK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  23588500 | PA      | $16613306.95  | 3.99%             | 2045-02-15      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Carlyle Us Clo 2018-2 LLC                                                            | CARLYLE US CLO 2017-3 Ltd. Floating Rate, Due 10/21/2037                         | CUSIP: 14314FAY4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2275056 | PA      | $2282954.99   | 0.55%             | 2037-10-21      | Floating      | 5.67%                 | Yes           | 2                  | On Loan: No      |
| Bacardi Ltd / Bacardi Martini BV                                                     | Bacardi Ltd. / Bacardi-Martini BV 5.4%, Due 06/15/2033                           | CUSIP: 05635JAB6<br>LEI: 549300R32WTQNHNN5055 | Long             | DBT              | CORP              | US        |    684000 | PA      | $682198.23    | 0.16%             | 2033-06-15      | Fixed         | 5.40%                 | Yes           | 2                  | On Loan: No      |
| Antero Resources Corporation                                                         | Antero Resources Corporation 5.375%, Due 03/01/2030                              | CUSIP: 03674XAS5<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |    385000 | PA      | $387705.78    | 0.09%             | 2030-03-01      | Fixed         | 5.38%                 | Yes           | 2                  | On Loan: No      |
| Mars Inc.                                                                            | Mars, Inc. 5.2%, Due 03/01/2035                                                  | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    920000 | PA      | $931481.98    | 0.22%             | 2035-03-01      | Fixed         | 5.20%                 | Yes           | 2                  | On Loan: No      |
| Australia & New Zealand Banking Group Ltd.                                           | Australia & New Zealand Banking Group Ltd. 2.95%, Fixed unitl 07/22/2025         | CUSIP: 052528AL0<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    743000 | PA      | $742198.36    | 0.18%             | 2030-07-22      | Fixed         | 2.95%                 | Yes           | 2                  | On Loan: No      |
| Fortitude Group Holdings LLC                                                         | Fortitude Group Holdings, LLC 6.25%, Due 04/01/2030                              | CUSIP: 34966XAA6<br>LEI: 2549006R9ZUL08JFIH12 | Long             | DBT              | CORP              | US        |    445000 | PA      | $458013.74    | 0.11%             | 2030-04-01      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| Pioneer Natural Resources Company                                                    | Pioneer Natural Resources Company 1.9%, Due 08/15/2030                           | CUSIP: 723787AQ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    644000 | PA      | $571094.50    | 0.14%             | 2030-08-15      | Fixed         | 1.90%                 | No            | 2                  | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | Charter Communications Operating, LLC / Charter Communications Operating Capital | CUSIP: 161175CQ5<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    431000 | PA      | $451356.63    | 0.11%             | 2029-06-01      | Fixed         | 6.10%                 | No            | 2                  | On Loan: No      |
| AT&T Inc                                                                             | AT&T, Inc. 3.5%, Due 06/01/2041                                                  | CUSIP: 00206RJZ6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1315000 | PA      | $1032323.01   | 0.25%             | 2041-06-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac Pool Pool # QX0510                                                   | CUSIP: 31425UR80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   7048121 | PA      | $6920390.80   | 1.66%             | 2054-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # FA0543                                                    | CUSIP: 3140W0S97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3316610 | PA      | $2798183.08   | 0.67%             | 2052-06-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| SMB PRIVATE EDU LN TR 2024-A                                                         | SMB Private Education Loan Trust 2024-A 5.24%, Due 03/15/2056                    | CUSIP: 831943AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3404799 | PA      | $3467555.87   | 0.83%             | 2056-03-15      | Fixed         | 5.24%                 | Yes           | 2                  | On Loan: No      |
| The Boeing Company                                                                   | Boeing Company (The) 6.298%, Due 05/01/2029                                      | CUSIP: 097023DQ5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    543000 | PA      | $574209.36    | 0.14%             | 2029-05-01      | Fixed         | 6.30%                 | No            | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac Pool Pool # SL0715                                                   | CUSIP: 31427MYM7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   5949992 | PA      | $5863783.73   | 1.41%             | 2054-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Home Company Inc                                                                 | New Home Company, Inc. (The) 8.5%, Due 11/01/2030                                | CUSIP: 645370AG2<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |    176000 | PA      | $179469.90    | 0.04%             | 2030-11-01      | Fixed         | 8.50%                 | Yes           | 2                  | On Loan: No      |
| Blackrock Inc.                                                                       | BlackRock, Inc. 1.9%, Due 01/28/2031                                             | CUSIP: 09247XAR2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    907000 | PA      | $798355.15    | 0.19%             | 2031-01-28      | Fixed         | 1.90%                 | No            | 2                  | On Loan: No      |
| BANK5 2023-5YR4                                                                      | BANK5 2023-5YR4 6.5%, Due 12/15/2056                                             | CUSIP: 06211FAV0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3462454 | PA      | $3652521.29   | 0.88%             | 2056-12-15      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| RGA Global Funding                                                                   | RGA Global Funding 5.5%, Due 01/11/2031                                          | CUSIP: 76209PAD5<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |    363000 | PA      | $374667.86    | 0.09%             | 2031-01-11      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac Pool Pool # SD0739                                                   | CUSIP: 3132DMZC2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |  10175613 | PA      | $9323284.58   | 2.24%             | 2051-10-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Caterpillar Inc                                                                      | Caterpillar, Inc. 5.2%, Due 05/15/2035                                           | CUSIP: 149123CL3<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | DBT              | CORP              | US        |    555000 | PA      | $566033.43    | 0.14%             | 2035-05-15      | Fixed         | 5.20%                 | No            | 2                  | On Loan: No      |
| Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp.                   | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corporation        | CUSIP: 505742AR7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    504000 | PA      | $527357.88    | 0.13%             | 2031-07-15      | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| VERIZON MASTER TR 2021-1                                                             | Verizon Master Trust 5.67%, Due 11/20/2029                                       | CUSIP: 92348KCD3<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1530847.50   | 0.37%             | 2029-11-20      | Fixed         | 5.67%                 | No            | 2                  | On Loan: No      |
| Centerpoint Energy Houston Electric LLC                                              | CenterPoint Energy Houston Electric, LLC 5.15%, Due 03/01/2034                   | CUSIP: 15189XBE7<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |    589000 | PA      | $594578.45    | 0.14%             | 2034-03-01      | Fixed         | 5.15%                 | No            | 2                  | On Loan: No      |
| Civitas Resources Inc                                                                | Civitas Resources, Inc. 9.625%, Due 06/15/2033                                   | CUSIP: 17888HAD5<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    495000 | PA      | $507830.90    | 0.12%             | 2033-06-15      | Fixed         | 9.62%                 | Yes           | 2                  | On Loan: No      |
| Bath & Body Works Inc                                                                | Bath & Body Works, Inc. 6.875%, Due 11/01/2035                                   | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    571000 | PA      | $592996.06    | 0.14%             | 2035-11-01      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| Global Net Lease Inc / Global Net Lease Operating Partnership LP                     | Necessity Retail REIT Inc (The) / American Finance Operating Partner, L.P.       | CUSIP: 02608AAA7<br>LEI: 549300NUYANCT5SU8Z65 | Long             | DBT              | CORP              | US        |   1078000 | PA      | $1045337.35   | 0.25%             | 2028-09-30      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPMorgan Chase & Company 5.012%, Fixed until 01/23/2029                          | CUSIP: 46647PEB8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1384000 | PA      | $1409795.48   | 0.34%             | 2030-01-23      | Fixed         | 5.01%                 | No            | 2                  | On Loan: No      |
| Prologis Targeted US Logistics Fund LP                                               | Prologis Targeted US Logistics Fund, L.P. 5.5%, Due 04/01/2034                   | CUSIP: 74350LAB0<br>LEI: 5493004DTBWUQ9F2VJ87 | Long             | DBT              | CORP              | US        |    587000 | PA      | $599891.22    | 0.14%             | 2034-04-01      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # FA0642                                                    | CUSIP: 3140W0WC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8717120 | PA      | $7797634.56   | 1.87%             | 2042-03-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # FS4571                                                    | CUSIP: 3140XLCH9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    368319 | PA      | $371260.72    | 0.09%             | 2053-05-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac Pool Pool # RA7191                                                   | CUSIP: 3133KN7C1<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    327938 | PA      | $296980.51    | 0.07%             | 2052-04-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| OneMain Financial Corporation                                                        | OneMain Finance Corporation 7.125%, Due 09/15/2032                               | CUSIP: 682691AK6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    159000 | PA      | $164806.52    | 0.04%             | 2032-09-15      | Fixed         | 7.12%                 | No            | 2                  | On Loan: No      |
| Anheuser-Busch InBev Finance Inc.                                                    | Anheuser-Busch InBev Finance, Inc. 4.9%, Due 02/01/2046                          | CUSIP: 035242AN6<br>LEI: 5493000EYEKDT0FBSQ91 | Long             | DBT              | CORP              | US        |    648000 | PA      | $591835.45    | 0.14%             | 2046-02-01      | Fixed         | 4.90%                 | No            | 2                  | On Loan: No      |
| BENCHMARK 2023-V3 MORTGAGE TRUST                                                     | Benchmark 2023-V3 Mortgage Trust Floating Rate, Due 07/15/2056                   | CUSIP: 08163VAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3222000 | PA      | $3379102.14   | 0.81%             | 2056-07-15      | Variable      | 6.36%                 | No            | 2                  | On Loan: No      |
| Macquarie Group Ltd.                                                                 | Macquarie Group Ltd. 1.34%, Fixed Until 01/12/2026                               | CUSIP: 55608JAR9<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |   1005000 | PA      | $988250.94    | 0.24%             | 2027-01-12      | Fixed         | 1.34%                 | Yes           | 2                  | On Loan: No      |
| MVW 2024-2 LLC                                                                       | MVW 2024-2, LLC 4.43%, Due 03/20/2042                                            | CUSIP: 55389QAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190753 | PA      | $190597.13    | 0.05%             | 2042-03-20      | Fixed         | 4.43%                 | Yes           | 2                  | On Loan: No      |
| DTE Electric Co.                                                                     | DTE Electric Company 5.2%, Due 04/01/2033                                        | CUSIP: 23338VAS5<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |    818000 | PA      | $841033.74    | 0.20%             | 2033-04-01      | Fixed         | 5.20%                 | No            | 2                  | On Loan: No      |
| BENCHMARK 2024-V5 MORTGAGE TRUST                                                     | Benchmark 2024-V5 Mortgage Trust 5.8053%, Due 01/10/2057                         | CUSIP: 08163XAY9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    665000 | PA      | $690785.57    | 0.17%             | 2057-01-10      | Fixed         | 5.81%                 | No            | 2                  | On Loan: No      |
| BANK5 2024-5YR6                                                                      | BANK5 Trust 2024-5YR6 Floating Rate, Due 05/15/2057                              | CUSIP: 066043AG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1062504.80   | 0.26%             | 2057-05-15      | Variable      | 6.79%                 | No            | 2                  | On Loan: No      |
| Stonepeak Nile Parent LLC                                                            | Stonepeak Nile Parent, LLC 7.25%, Due 03/15/2032                                 | CUSIP: 861932AA9<br>LEI: 254900TJV3VAFZD0GU41 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31821.18     | 0.01%             | 2032-03-15      | Fixed         | 7.25%                 | Yes           | 2                  | On Loan: No      |
| BMO 2023-5C1 MORTGAGE TRUST                                                          | BMO 2023-5C1 Mortgage Trust Floating Rate, Due 08/15/2056                        | CUSIP: 055986AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3260000 | PA      | $3427311.68   | 0.82%             | 2056-08-15      | Variable      | 6.53%                 | No            | 2                  | On Loan: No      |
| BENCHMARK 2024-V7 MORTGAGE TRUST                                                     | Benchmark 2024-V7 Mortgage Trust Floating Rate, Due 05/15/2056                   | CUSIP: 08163YAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $210803.52    | 0.05%             | 2056-05-15      | Variable      | 6.23%                 | No            | 2                  | On Loan: No      |
| Howmet Aerospace Inc                                                                 | Howmet Aerospace, Inc. 4.85%, Due 10/15/2031                                     | CUSIP: 443201AC2<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |     66000 | PA      | $66922.02     | 0.02%             | 2031-10-15      | Fixed         | 4.85%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                                                         | United States Treasury Note 4%, Due 02/15/2034                                   | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  23033300 | PA      | $22800267.73  | 5.48%             | 2034-02-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| BENCHMARK 2024-V6 MORTGAGE TRUST                                                     | Benchmark 2024-V6 Mortgage Trust 5.92554%, Due 03/15/2057                        | CUSIP: 081927AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $104410.86    | 0.03%             | 2057-03-15      | Fixed         | 5.93%                 | No            | 2                  | On Loan: No      |
| CSL Finance PLC                                                                      | CSL Finance plc 4.25%, Due 04/27/2032                                            | CUSIP: 12661PAC3<br>LEI: 2549007CCNBNAF4HBC02 | Long             | DBT              | CORP              | GB        |    618000 | PA      | $603719.29    | 0.15%             | 2032-04-27      | Fixed         | 4.25%                 | Yes           | 2                  | On Loan: No      |
| Verisk Analytics, Inc.                                                               | Verisk Analytics, Inc. 5.25%, Due 03/15/2035                                     | CUSIP: 92345YAL0<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |    598000 | PA      | $601635.68    | 0.14%             | 2035-03-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| OHA CREDIT FUNDING 5 LTD                                                             | OHA Credit Funding 5 Ltd. Floating Rate, Due 10/18/2037                          | CUSIP: 67113GAS6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5152000 | PA      | $5172443.14   | 1.24%             | 2037-10-18      | Floating      | 5.62%                 | Yes           | 2                  | On Loan: No      |
| AT&T Inc                                                                             | AT&T, Inc. 4.3%, Due 02/15/2030                                                  | CUSIP: 00206RGQ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    593000 | PA      | $591263.42    | 0.14%             | 2030-02-15      | Fixed         | 4.30%                 | No            | 2                  | On Loan: No      |
| Entergy Louisiana LLC                                                                | Entergy Louisiana, LLC 5.7%, Due 03/15/2054                                      | CUSIP: 29364WBN7<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    660000 | PA      | $652260.56    | 0.16%             | 2054-03-15      | Fixed         | 5.70%                 | No            | 2                  | On Loan: No      |
| Corebridge Financial Inc.                                                            | Corebridge Financial, Inc. 6.375%, Fixed Until 09/15/2034                        | CUSIP: 21871XAT6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    346000 | PA      | $345716.35    | 0.08%             | 2054-09-15      | Fixed         | 6.38%                 | No            | 2                  | On Loan: No      |
| Sempra                                                                               | Sempra 3.8%, Due 02/01/2038                                                      | CUSIP: 816851BH1<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    733000 | PA      | $607167.16    | 0.15%             | 2038-02-01      | Fixed         | 3.80%                 | No            | 2                  | On Loan: No      |
| Howmet Aerospace Inc                                                                 | Howmet Aerospace, Inc. 5.95%, Due 02/01/2037                                     | CUSIP: 013817AK7<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    248000 | PA      | $263513.14    | 0.06%             | 2037-02-01      | Fixed         | 5.95%                 | No            | 2                  | On Loan: No      |
| Morgan Stanley                                                                       | Morgan Stanley 5.25%, Fixed until 04/21/2033                                     | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1283000 | PA      | $1305610.99   | 0.31%             | 2034-04-21      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Crescent Energy Finance LLC                                                          | Crescent Energy Finance, LLC 8.375%, Due 01/15/2034                              | CUSIP: 45344LAG8<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    420000 | PA      | $420549.95    | 0.10%             | 2034-01-15      | Fixed         | 8.38%                 | Yes           | 2                  | On Loan: No      |
| Buckeye Partners LP                                                                  | Buckeye Partners, L.P. 6.75%, Due 02/01/2030                                     | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10387.82     | 0.00%             | 2030-02-01      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| BANK5 2024-5YR6                                                                      | BANK5 Trust 2024-5YR6 6.225%, Due 05/15/2057                                     | CUSIP: 066043AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2633979.50   | 0.63%             | 2057-05-15      | Fixed         | 6.22%                 | No            | 2                  | On Loan: No      |
| BANK 2023-BNK46                                                                      | BANK 2023-BNK46 5.745%, Due 08/15/2056                                           | CUSIP: 06541DBH6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $209746.60    | 0.05%             | 2056-08-15      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| Wells Fargo & Co.                                                                    | Wells Fargo & Company Variable Rate, Due 10/30/2030                              | CUSIP: 95000U2G7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1069000 | PA      | $999043.78    | 0.24%             | 2030-10-30      | Fixed         | 2.88%                 | No            | 2                  | On Loan: No      |
| KeyCorp                                                                              | KeyCorporation 2.55%, Due 10/01/2029                                             | CUSIP: 49326EEJ8<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    427000 | PA      | $394602.06    | 0.09%             | 2029-10-01      | Fixed         | 2.55%                 | No            | 2                  | On Loan: No      |
| Entegris Escrow Corp.                                                                | Entegris Escrow Corporation 4.75%, Due 04/15/2029                                | CUSIP: 29365BAA1<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    833000 | PA      | $824528.81    | 0.20%             | 2029-04-15      | Fixed         | 4.75%                 | Yes           | 2                  | On Loan: No      |
| BENCHMARK 2024-V6 MORTGAGE TRUST                                                     | Benchmark 2024-V6 Mortgage Trust 6.38427%, Due 03/15/2057                        | CUSIP: 081927AE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1830125.15   | 0.44%             | 2057-03-15      | Variable      | 6.38%                 | No            | 2                  | On Loan: No      |
| Kyndryl Holdings Inc                                                                 | Kyndryl Holdings, Inc. 3.15%, Due 10/15/2031                                     | CUSIP: 50155QAL4<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |    814000 | PA      | $735505.30    | 0.18%             | 2031-10-15      | Fixed         | 3.15%                 | No            | 2                  | On Loan: No      |
| APA Corp.                                                                            | APA Corporation 6.75%, Due 02/15/2055                                            | CUSIP: 03743QAS7<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |    431000 | PA      | $407624.57    | 0.10%             | 2055-02-15      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| CIFC Funding 2017-III Ltd./CIFC Funding 2017-III LLC                                 | CIFC Funding 2017-III Ltd. Floating Rate, Due 04/20/2037                         | CUSIP: 12548JAN2<br>LEI: 254900S2BZHNDNVF2L25 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5016570.00   | 1.21%             | 2037-04-20      | Floating      | 5.81%                 | Yes           | 2                  | On Loan: No      |
| RTX Corp.                                                                            | RTX Corporation 6.1%, Due 03/15/2034                                             | CUSIP: 75513ECW9<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    550000 | PA      | $594871.76    | 0.14%             | 2034-03-15      | Fixed         | 6.10%                 | No            | 2                  | On Loan: No      |
| BANK5 2023-5YR4                                                                      | BANK5 2023-5YR4 Floating Rate, Due 12/15/2056                                    | CUSIP: 06211FBA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $214231.52    | 0.05%             | 2056-12-15      | Variable      | 7.27%                 | No            | 2                  | On Loan: No      |
| Duke Energy Florida LLC                                                              | Duke Energy Florida, LLC 6.2%, Due 11/15/2053                                    | CUSIP: 26444HAR2<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1257546.48   | 0.30%             | 2053-11-15      | Fixed         | 6.20%                 | No            | 2                  | On Loan: No      |
| Morgan Stanley Bank Of America Merrill Lynch Trust 2016-C32                          | Morgan Stanley Bank of America Merrill Lynch Trust 2016-C32                      | CUSIP: 61691GAS9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $493818.20    | 0.12%             | 2026-12-15      | Variable      | 3.72%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # FA0202                                                    | CUSIP: 3140W0GL3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3959097 | PA      | $3978159.58   | 0.96%             | 2054-02-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Westpac Banking Corp.                                                                | Westpac Banking Corporation 4.322%, Fixed Unitl 11/23/2026                       | CUSIP: 961214DF7<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    898000 | PA      | $892389.22    | 0.21%             | 2031-11-23      | Fixed         | 4.32%                 | No            | 2                  | On Loan: No      |
| BAE Systems PLC                                                                      | BAE Systems plc 5.125%, Due 03/26/2029                                           | CUSIP: 05523RAJ6<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |    632000 | PA      | $648020.59    | 0.16%             | 2029-03-26      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| Kraft Heinz Foods Company                                                            | Kraft Heinz Foods Company 4.875%, Due 10/1/2049                                  | CUSIP: 50077LAZ9<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    859000 | PA      | $738158.47    | 0.18%             | 2049-10-01      | Fixed         | 4.88%                 | No            | 2                  | On Loan: No      |
| Microchip Technology Incorporated                                                    | Microchip Technology, Inc. 5.05%, Due 02/15/2030                                 | CUSIP: 595017BL7<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |    400000 | PA      | $405925.64    | 0.10%             | 2030-02-15      | Fixed         | 5.05%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bonds                                                         | United States Treasury Bond 1.375%, Due 08/15/2050                               | CUSIP: 912810SP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  22385000 | PA      | $11043849.72  | 2.65%             | 2050-08-15      | Fixed         | 1.38%                 | No            | 2                  | On Loan: No      |
| Meritage Homes Corp                                                                  | Meritage Homes Corporation 3.875%, Due 04/15/2029                                | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |    433000 | PA      | $417536.40    | 0.10%             | 2029-04-15      | Fixed         | 3.88%                 | Yes           | 2                  | On Loan: No      |
| Amazon.com, Inc.                                                                     | Amazon.com, Inc. 2.875%, Due 05/12/2041                                          | CUSIP: 023135CA2<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    894000 | PA      | $667619.96    | 0.16%             | 2041-05-12      | Fixed         | 2.88%                 | No            | 2                  | On Loan: No      |
| Broadcom Inc                                                                         | Broadcom, Inc. 4.926%, Due 05/15/2037                                            | CUSIP: 11135FBV2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    982000 | PA      | $953564.84    | 0.23%             | 2037-05-15      | Fixed         | 4.93%                 | Yes           | 2                  | On Loan: No      |
| Ford Motor Company                                                                   | Ford Motor Company 6.1%, Due 08/19/2032                                          | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    795000 | PA      | $794228.38    | 0.19%             | 2032-08-19      | Fixed         | 6.10%                 | No            | 2                  | On Loan: No      |
| Jefferies Financial Group Inc                                                        | Jefferies Group, LLC / Jefferies Group Capital Finance, Inc.                     | CUSIP: 47233JBH0<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    528000 | PA      | $515867.28    | 0.12%             | 2030-01-23      | Fixed         | 4.15%                 | No            | 2                  | On Loan: No      |
| BENCHMARK 2023-V2 MORTGAGE TRUST                                                     | Benchmark 2023-V2 Mortgage Trust Floating Rate, Due 05/15/2055                   | CUSIP: 08163TAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1141000 | PA      | $1177909.30   | 0.28%             | 2055-05-15      | Variable      | 5.81%                 | No            | 2                  | On Loan: No      |
| Blue Owl Capital Corp.                                                               | Owl Rock Capital Corporation 3.4%, Due 07/15/2026                                | CUSIP: 69121KAE4<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |    603000 | PA      | $593462.10    | 0.14%             | 2026-07-15      | Fixed         | 3.40%                 | No            | 2                  | On Loan: No      |
| Tanger Properties Limited Partnership                                                | Tanger Properties, L.P. 2.75%, Due 09/01/2031                                    | CUSIP: 875484AL1<br>LEI: PQPGJDNFN35EXH363L31 | Long             | DBT              | CORP              | US        |    348000 | PA      | $305363.92    | 0.07%             | 2031-09-01      | Fixed         | 2.75%                 | No            | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac Pool Pool # SD3354                                                   | CUSIP: 3132DQWP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   4039487 | PA      | $3972733.85   | 0.95%             | 2053-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                                                         | United States Treasury Note 4.125%, Due 11/15/2032                               | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  17193300 | PA      | $17315533.70  | 4.16%             | 2032-11-15      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| Comerica Incorporated                                                                | Comerica, Inc. 5.982%, Fixed until 01/30/2029                                    | CUSIP: 200340AW7<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | DBT              | CORP              | US        |    501000 | PA      | $513289.03    | 0.12%             | 2030-01-30      | Fixed         | 5.98%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # CB0737                                                    | CUSIP: 3140QKZB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  10616804 | PA      | $9285330.08   | 2.23%             | 2051-06-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| BBCMS MORTGAGE TRUST 2024-5C25                                                       | BBCMS Mortgage Trust 2024-5C25 5.946%, Due 03/15/2057                            | CUSIP: 05554VAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1535000 | PA      | $1603369.36   | 0.39%             | 2057-03-15      | Fixed         | 5.95%                 | No            | 2                  | On Loan: No      |
| SANTANDER DRIVE AUTO 2025-1                                                          | Santander Drive Auto Receivables Trust 2025-1 4.88%, Due 03/17/2031              | CUSIP: 80288DAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2550000 | PA      | $2573801.19   | 0.62%             | 2031-03-17      | Fixed         | 4.88%                 | No            | 2                  | On Loan: No      |
| American International Group Inc.                                                    | American International Group, Inc. 4.85%, Due 05/07/2030                         | CUSIP: 026874DW4<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |    157000 | PA      | $159576.60    | 0.04%             | 2030-05-07      | Fixed         | 4.85%                 | No            | 2                  | On Loan: No      |
| Bank of America Corp.                                                                | Bank of America Corporation 5.744%, Fixed unitl 02/12/2035                       | CUSIP: 06051GMQ9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    880000 | PA      | $894634.72    | 0.22%             | 2036-02-12      | Fixed         | 5.74%                 | No            | 2                  | On Loan: No      |
| D.R. Horton, Inc.                                                                    | DR Horton, Inc. 4.85%, Due 10/15/2030                                            | CUSIP: 23331ABT5<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |    396000 | PA      | $399650.82    | 0.10%             | 2030-10-15      | Fixed         | 4.85%                 | No            | 2                  | On Loan: No      |
| Morgan Stanley Cap I Tst 2018-H3                                                     | Morgan Stanley Capital I Trust 2018-H3 4.177%, Due 07/15/2051                    | CUSIP: 61767YAZ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    608000 | PA      | $599860.64    | 0.14%             | 2051-07-15      | Fixed         | 4.18%                 | No            | 2                  | On Loan: No      |
| Bank of America Corp.                                                                | Bank of America Corporation 5.288%, Fixed until 04/25/2033                       | CUSIP: 06051GLH0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    592000 | PA      | $604077.08    | 0.15%             | 2034-04-25      | Fixed         | 5.29%                 | No            | 2                  | On Loan: No      |
| Pfizer Investment Enterprises Pte Ltd.                                               | Pfizer Investment Enterprises Pte Ltd. 4.65%, Due 05/19/2030                     | CUSIP: 716973AD4<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    614000 | PA      | $622676.36    | 0.15%             | 2030-05-19      | Fixed         | 4.65%                 | No            | 2                  | On Loan: No      |
| Crescent Energy Finance LLC                                                          | Crescent Energy Finance, LLC 9.25%, Due 02/15/2028                               | CUSIP: 45344LAC7<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    381000 | PA      | $397396.31    | 0.10%             | 2028-02-15      | Fixed         | 9.25%                 | Yes           | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** Capitol Series Trust

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller