# EDGAR Filing Document

**Accession Number:** 0000795264
**File Stem:** 0000894189-25-011834
**Filing Date:** 2025-10
**Character Count:** 234602
**Document Hash:** 042456009ba6e78a14bc9b034b09c681
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-011834.hdr.sgml**: 20251024

**ACCESSION NUMBER**: 0000894189-25-011834

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251024

**DATE AS OF CHANGE**: 20251024

**PERIOD START**: 20251130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THOMPSON IM FUNDS INC
- **CENTRAL INDEX KEY:** 0000795264

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04946
- **FILM NUMBER:** 251416071

**BUSINESS ADDRESS:**
- **STREET 1:** 1255 FOURIER DRIVE
- **STREET 2:** SUITE 200
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53717
- **BUSINESS PHONE:** 608-827-5700

**MAIL ADDRESS:**
- **STREET 1:** 1255 FOURIER DRIVE
- **STREET 2:** SUITE 200
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53717

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** THOMPSON PLUMB FUNDS INC
- **DATE OF NAME CHANGE:** 19970401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** THOMPSON UNGER & PLUMB FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MADISON TOTAL RETURN FUND INC
- **DATE OF NAME CHANGE:** 19861222

## Series and Classes Contracts Data

### Thompson Bond Fund (Series ID: S000002452)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000006582 | Thompson Bond Fund | thopx           |

## Nport-Ex

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BOND FUND SCHEDULE OF INVESTMENTS (Unaudited)** |  |  |  |  |
| **August 31, 2025** |  |  |  |  |
|  | Rate (%) | Maturity<br> Date | Principal <br> Amount | Value |
| **BONDS - 85.8%** |  |  |  | **$1527876096** |
| (COST $1,673,887,094) |  |  |  |  |
| **Asset-Backed Securities - 9.2%** |  |  |  | **162814550** |
| AASET Trust, Series 2022-1A A (h) | 6.000 | 05/16/47 | 4036683 | 4116726 |
| AASET Trust, Series 2024-1A A1 (h) | 6.261 | 05/16/49 | 7917644 | 8205419 |
| American Airlines, Series 2015-1 A | 3.375 | 11/01/28 | 949088 | 931078 |
| American Airlines, Series 2017-1 A | 4.000 | 08/15/30 | 185653 | 178803 |
| Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A A (h) | 4.213 | 12/16/41 | 1505896 | 1506378 |
| Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A B (h) | 5.682 | 12/16/41 | 495166 | 494443 |
| Business Jet Securities, LLC, Series 2022-1A A (h) | 4.455 | 06/15/37 | 3777269 | 3730901 |
| Business Jet Securities, LLC, Series 2022-1A B (h) | 5.192 | 06/15/37 | 539610 | 533354 |
| Castle Aircraft Securitization Trust, Series 2019-1A A (h) | 3.967 | 04/15/39 | 1527581 | 1470587 |
| Coinstar Funding, LLC, Series 2017-1A A2 (h) | 5.216 | 04/25/47 | 25960663 | 23948711 |
| CVS Pass-Through Trust | 6.943 | 01/10/30 | 1518167 | 1564849 |
| DCAL Aviation Finance Ltd., Series 2015-1A A1 (f)(h)(k) | 6.213 | 02/15/40 | 595023 | 571234 |
| ECAF I Ltd., Series 2015-1A A2 (h) | 4.947 | 06/15/40 | 3841087 | 3466581 |
| ECAF I Ltd., Series 2015-1A B1 (h) | 5.802 | 06/15/40 | 19177362 | 7814775 |
| GAIA Aviation Ltd. (TAILWIND), Series 2019-1 B (h) | 5.193 | 12/15/44 | 2888439 | 2628306 |
| HOA Funding LLC, Series 2021-1A A2 (e)(f)(h)(i) | 4.723 | 08/20/51 | 12601918 | 6048921 |
| Horizon Aircraft Finance I Ltd., Series 2018-1 B (h) | 5.270 | 12/15/38 | 2702399 | 2258530 |
| Horizon Aircraft Finance II Ltd., Series 2019-1 A (h) | 3.721 | 07/15/39 | 1226455 | 1192679 |
| Icon Brand Holdings LLC, Series 2012-1A A (h) | 4.229 | 01/25/43 | 7009399 | 4109877 |
| JOL Air Limited, Series 2019-1 B (h) | 4.948 | 04/15/44 | 538372 | 533155 |
| KDAC Aviation Finance Ltd., Series 2017-1A A (h) | 4.212 | 12/15/42 | 1102810 | 1089025 |
| KDAC Aviation Finance Ltd., Series 2017-1A B (h) | 5.926 | 12/15/42 | 8447216 | 8130445 |
| Kestrel Aircraft Funding Ltd., Series 2018-1A A (h) | 4.250 | 12/15/38 | 756906 | 749413 |
| Labrador Aviation Finance Ltd., Series 2016-1A B1 (h) | 5.682 | 01/15/42 | 23076691 | 20798560 |
| MACH 1 Cayman Ltd., Series 2019-1 B (h) | 4.335 | 10/15/39 | 551781 | 546263 |
| METAL LLC, Series 2017-1 A (h) | 4.581 | 10/15/42 | 12373249 | 8166839 |
| METAL LLC, Series 2017-1 B (h)(i) | 6.500 | 10/15/42 | 26657035 | 8796822 |
| Pioneer Aircraft Finance Ltd., Series 2019-1 B (h) | 4.948 | 06/15/44 | 1419643 | 1352579 |
| Pk Alift Loan Funding 6 LP, Series 2025-1 A (h) | 5.365 | 11/15/42 | 4047428 | 4070789 |
| Project Silver, Series 2019-1 A (h) | 3.967 | 07/15/44 | 3681621 | 3563699 |
| PROP Limited, Series 2017-1 B (h)(i) | 6.900 | 03/15/42 | 3836109 | 2688729 |
| SMB Private Education Loan Trust, Series 2014-A C (h) | 4.500 | 09/15/45 | 7000000 | 6488348 |
| Sprite Limited, Series 2021-1 A (h) | 3.750 | 11/15/46 | 3802535 | 3678137 |
| Sprite Limited, Series 2021-1 B (h) | 5.100 | 11/15/46 | 1900456 | 1880341 |
| TGIF Funding LLC, Series 2017-1A A2 (h)(i) | 6.202 | 04/30/47 | 10990469 | 9353997 |
| Thunderbolt Aircraft Lease Ltd., Series 2019-1 B (h) | 4.750 | 11/15/39 | 3091193 | 2643032 |
| United Air Lines, Series 2020-1 A | 5.875 | 04/15/29 | 1843885 | 1887280 |
| Willis Engine Structured Trust IV, Series 2018-A A (h) | 4.750 | 09/15/43 | 1631775 | 1624945 |
| **Commercial Mortgage-Backed Securities - 10.7%** |  |  |  | **191078916** |
| BBCMS Mortgage Trust, Series 2015-VFM A2 (h) | 3.375 | 03/12/36 | 3000000 | 2886035 |
| CG-CCRE Commercial Mortgage Trust, Series 2014-FL1 B (1 times (TSFR1M + 1.26448%), floor 1.150%) (d)(h) | 5.628 | 06/15/31 | 5608848 | 5367780 |
| Citigroup Commercial Mortgage Trust, Series 2015-GC35 C (d) | 4.553 | 11/10/48 | 7000000 | 5019772 |
| Citigroup Commercial Mortgage Trust, Series 2016-GC36 C (d) | 4.900 | 02/10/49 | 5000000 | 4150970 |
| COMM Mortgage Trust, Series 2012-CR4 AM (f) | 3.251 | 10/15/45 | 3000000 | 2726539 |
| COMM Mortgage Trust, Series 2014-CR16 C (d) | 4.885 | 04/10/47 | 5000000 | 4725050 |
| COMM Mortgage Trust, Series 2014-UBS4 D (d)(f)(h) | 4.869 | 08/10/47 | 9740000 | 1931150 |
| COMM Mortgage Trust, Series 2014-UBS5 B | 4.514 | 09/10/47 | 3270000 | 3139167 |
| COMM Mortgage Trust, Series 2014-UBS5 C (d)(f) | 4.880 | 09/10/47 | 6500000 | 5979935 |
| COMM Mortgage Trust, Series 2015-DC1 C (d) | 4.432 | 02/10/48 | 540000 | 478175 |
| COMM Mortgage Trust, Series 2015-PC1 D (d) | 4.519 | 07/10/50 | 2500000 | 2143750 |
| Credit Suisse Commercial Mortgage Securities Corp., Series 2016-NXSR C (d) | 4.554 | 12/15/49 | 3000000 | 2733009 |
| CSAIL Commercial Mortgage Trust, Series 2015-C1 C (d) | 3.958 | 04/15/50 | 1780000 | 1616258 |
| CSAIL Commercial Mortgage Trust, Series 2015-C2 B (d) | 4.192 | 06/15/57 | 5000000 | 4800100 |
| CSAIL Commercial Mortgage Trust, Series 2015-C2 C (d) | 4.192 | 06/15/57 | 3579000 | 3243719 |
| CSAIL Commercial Mortgage Trust, Series 2015-C3 B (d) | 3.955 | 08/15/48 | 3905000 | 3646466 |
| CSAIL Commercial Mortgage Trust, Series 2015-C3 D (d)(f) | 3.205 | 08/15/48 | 5795000 | 3770520 |
| DBUBS Mortgage Trust, Series 2011-LC3A PM1 (h) | 4.452 | 05/10/44 | 7476810 | 6746924 |
| DBUBS Mortgage Trust, Series 2011-LC3A PM2 (d)(h) | 5.268 | 05/10/44 | 4197000 | 2853876 |
| GS Mortgage Securities Trust, Series 2014-GC24 B (d) | 4.527 | 09/10/47 | 4340000 | 4135339 |
| HMH Trust, Series 2017-NSS A (h) | 3.062 | 07/05/31 | 5850000 | 4899433 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C3 B (h) | 5.013 | 02/15/46 | 2008042 | 1951043 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C3 C (h) | 5.360 | 02/15/46 | 9250000 | 8709932 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9 C (d)(h) | 3.689 | 12/15/47 | 1095092 | 1062283 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20 D (d)(h) | 4.592 | 07/15/47 | 4962814 | 2729597 |
| JPMBB Commercial Mortgage Securities Trust, Series 2013-C12 C (d) | 4.071 | 07/15/45 | 2221567 | 2132749 |
| JPMBB Commercial Mortgage Securities Trust, Series 2013-C14 C (d) | 4.172 | 08/15/46 | 2539308 | 2343629 |
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C18 C (d) | 4.654 | 02/15/47 | 5060000 | 4864077 |
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C22 D (d)(f)(h) | 4.660 | 09/15/47 | 4966000 | 3327319 |
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C24 B | 4.116 | 11/15/47 | 10400000 | 9520210 |
| JPMBB Commercial Mortgage Securities Trust, Series 2015-C28 C (d) | 4.427 | 10/15/48 | 1083064 | 1066829 |
| JPMBB Commercial Mortgage Securities Trust, Series 2015-C32 B (f) | 4.389 | 11/15/48 | 500000 | 432197 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C10 C (d) | 4.085 | 07/15/46 | 2750000 | 2528005 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11 AS (d) | 4.212 | 08/15/46 | 4266898 | 4064263 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C12 C (d) | 4.859 | 10/15/46 | 469429 | 447146 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C21 C (d) | 3.947 | 03/15/48 | 8000000 | 7112000 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22 D (d)(h) | 4.113 | 04/15/48 | 5000000 | 3175050 |
| Morgan Stanley Capital I Trust, Series 2011-C2 D (d)(h) | 5.385 | 06/15/44 | 332111 | 328889 |
| Morgan Stanley Capital I Trust, Series 2015-UBS8 C (d) | 4.653 | 12/15/48 | 6500000 | 6078017 |
| Morgan Stanley Capital I Trust, Series 2016-UB12 C (d)(f) | 4.246 | 12/15/49 | 5000000 | 3891666 |
| Wells Fargo Commercial Mortgage Trust, Series 2015-C27 C | 3.894 | 02/15/48 | 6921335 | 6094304 |
| Wells Fargo Commercial Mortgage Trust, Series 2015-C31 C (d) | 4.776 | 11/15/48 | 5000000 | 4903154 |
| Wells Fargo Commercial Mortgage Trust, Series 2015-C31 D | 3.852 | 11/15/48 | 5189370 | 4528404 |
| Wells Fargo Commercial Mortgage Trust, Series 2015-LC22 B (d) | 4.842 | 09/15/58 | 800000 | 797258 |
| Wells Fargo Commercial Mortgage Trust, Series 2015-SG1 C (d) | 4.393 | 09/15/48 | 5000000 | 4675050 |
| Wells Fargo Commercial Mortgage Trust, Series 2016-C36 C (d) | 4.248 | 11/15/59 | 3000000 | 2618804 |
| Wells Fargo Commercial Mortgage Trust, Series 2017-SMP A (1 times (TSFR1M + 0.921%), floor 0.875%) (d)(h) | 5.285 | 12/15/34 | 1625000 | 1510336 |
| WFRBS Commercial Mortgage Trust, Series 2012-C10 B | 3.744 | 12/15/45 | 871947 | 810910 |
| WFRBS Commercial Mortgage Trust, Series 2012-C10 C (d) | 4.455 | 12/15/45 | 7000000 | 6076000 |
| WFRBS Commercial Mortgage Trust, Series 2013-C14 B (d) | 3.841 | 06/15/46 | 1500000 | 1395045 |
| WFRBS Commercial Mortgage Trust, Series 2013-C15 B (d) | 4.284 | 08/15/46 | 3684847 | 3463830 |
| WFRBS Commercial Mortgage Trust, Series 2014-C20 C (f) | 4.513 | 05/15/47 | 4500000 | 2477295 |
| WFRBS Commercial Mortgage Trust, Series 2014-C21 C | 4.234 | 08/15/47 | 3000000 | 2842560 |
| WFRBS Commercial Mortgage Trust, Series 2014-C21 D (f)(h) | 3.497 | 08/15/47 | 5000000 | 3962600 |
| WP Glimcher Mall Trust, Series 2015-WPG B (d)(h) | 3.633 | 06/05/35 | 2231464 | 2164498 |
| **Convertible Bonds - 0.0%^** |  |  |  | **100000** |
| FedNat Holding Co. (e)(f)(h)(i)(j) | 5.000 | 04/19/26 | 5000000 | 100000 |
| **Corporate Bonds - 62.1%** |  |  |  | **1104532128** |
| 3M Co. (TSFR3M - 0.08839%) (d) | 4.235 | 12/21/40 | 3863000 | 3848078 |
| A10 Capital, LLC (h) | 5.875 | 08/17/26 | 5000000 | 4964963 |
| A10 Capital, LLC (h) | 5.875 | 08/17/26 | 1500000 | 1489489 |
| AbbVie Inc. | 4.500 | 05/14/35 | 500000 | 484583 |
| ACRES Commercial Realty Corp. | 5.750 | 08/15/26 | 8000000 | 7846012 |
| AEP Texas Inc. | 5.700 | 05/15/34 | 2000000 | 2059014 |
| Affiliated Managers Group, Inc. | 5.500 | 08/20/34 | 3500000 | 3554143 |
| Albemarle Corp. | 5.050 | 06/01/32 | 7250000 | 7094116 |
| Alexandria Real Estate Equities, Inc. | 4.700 | 07/01/30 | 1350000 | 1360669 |
| Alexandria Real Estate Equities, Inc. | 4.750 | 04/15/35 | 3000000 | 2894536 |
| Alexandria Real Estate Equities, Inc. | 5.250 | 05/15/36 | 750000 | 743283 |
| Alliant Energy Finance LLC (h) | 1.400 | 03/15/26 | 1411000 | 1385305 |
| American Assets Trust, L.P. | 6.150 | 10/01/34 | 7000000 | 7028021 |
| American Coastal Insurance Corp. (c) | 7.250 | 12/15/27 | 2250000 | 2236572 |
| American Honda Finance Corp. | 5.200 | 03/05/35 | 750000 | 754441 |
| Americold Realty Operating Partnership, L.P. | 5.409 | 09/12/34 | 7532000 | 7396097 |
| Amgen Inc. | 5.507 | 03/02/26 | 238000 | 238024 |
| Anheuser-Busch InBev Worldwide Inc. | 6.625 | 08/15/33 | 500000 | 560095 |
| Aptiv Swiss Holdings Ltd. | 4.650 | 09/13/29 | 7000000 | 7026721 |
| Aptiv Swiss Holdings Ltd. | 5.150 | 09/13/34 | 2485000 | 2431252 |
| Arrow Electronics, Inc. | 5.875 | 04/10/34 | 5670000 | 5875804 |
| Assured Guaranty US Holdings Inc. (TSFR3M + 2.64161%) (d)(m) | 6.960 | 12/15/66 | 12106000 | 11502865 |
| AT&T Inc. | 7.700 | 05/01/32 | 1000000 | 1148287 |
| AT&T Inc. | 4.500 | 05/15/35 | 1750000 | 1673939 |
| Avnet, Inc. | 6.250 | 03/15/28 | 2000000 | 2082174 |
| Avnet, Inc. | 3.000 | 05/15/31 | 580000 | 524908 |
| Avnet, Inc. | 5.500 | 06/01/32 | 4549000 | 4601728 |
| Axos Financial, Inc. (4.875% to 10/01/25, then TSFR3M + 4.760%) (l) | 4.875 | 10/01/30 | 8000000 | 7875752 |
| BAC Capital Trust XIII (Greater of 4.000% or (TSFR3M + 0.66161%), floor 4.000%) (d)(g)(m) | 4.980 | 09/13/25 | 2200000 | 1727469 |
| Banc of California, Inc. (4.375% to 10/30/25, then TSFR3M + 4.195%) (l) | 4.375 | 10/30/30 | 12500000 | 12376685 |
| Bank of America Corp. (4.0 times (USISDA10 - USISDA02 - 0.250%), floor 0.000%, cap 10.000%) (d) | 0.141 | 11/19/30 | 671000 | 569944 |
| Bank of Montreal (6.709% to 08/25/29, then H15T5Y + 2.979%) (g)(l)(m) | 6.709 | 02/25/26 | 6977000 | 6968431 |
| Bank of Montreal | 5.250 | 02/11/30 | 6539000 | 6546819 |
| Bank of New York Mellon Corp. (3.700% to 03/20/26, then H15T5Y + 3.352%) (g)(l)(m) | 3.700 | 03/20/26 | 1000000 | 983637 |
| Barclays Bank PLC | 5.000 | 08/01/30 | 5000000 | 5014796 |
| Baxter Int'l. Inc. | 2.539 | 02/01/32 | 1000000 | 869426 |
| Bay Banks of Virginia, Inc. (TSFR3M + 4.335%, floor 4.335%) (d)(h) | 8.653 | 10/15/29 | 1773034 | 1732151 |
| BayCom Corp. (5.250% to 09/15/25, then TSFR3M + 5.210%) (l) | 5.250 | 09/15/30 | 8460000 | 8448639 |
| BCB Bancorp, Inc. (9.250% to 09/01/29, then TSFR3M + 5.820%) (l) | 9.250 | 09/01/34 | 5000000 | 5491680 |
| Berry Global, Inc. | 1.570 | 01/15/26 | 1604000 | 1584990 |
| Berry Global, Inc. | 5.500 | 04/15/28 | 3550000 | 3660717 |
| Boeing Co. | 5.150 | 05/01/30 | 2300000 | 2358695 |
| Boeing Co. | 6.125 | 02/15/33 | 1000000 | 1065312 |
| Boeing Co. | 3.300 | 03/01/35 | 2131000 | 1799302 |
| Booz Allen Hamilton Inc. | 5.950 | 08/04/33 | 3500000 | 3652337 |
| Booz Allen Hamilton Inc. | 5.950 | 04/15/35 | 2000000 | 2057640 |
| BorgWarner, Inc. | 5.400 | 08/15/34 | 4401000 | 4478251 |
| Boston Properties LP | 3.650 | 02/01/26 | 1221000 | 1215295 |
| Boston Properties LP | 3.250 | 01/30/31 | 4085000 | 3794545 |
| Boston Properties LP | 5.750 | 01/15/35 | 2755000 | 2790846 |
| Broadmark Realty Capital Inc. (h) | 5.000 | 11/15/26 | 5000000 | 4811456 |
| Brown & Brown, Inc. | 5.650 | 06/11/34 | 2073000 | 2127139 |
| Brunswick Corp. | 2.400 | 08/18/31 | 2781000 | 2402889 |
| Brunswick Corp. | 4.400 | 09/15/32 | 5600000 | 5262447 |
| Byline Bancorp, Inc. (TSFR3M + 5.880%) (d) | 10.172 | 07/01/30 | 12000000 | 12000008 |
| Cabot Corp. | 3.400 | 09/15/26 | 732000 | 724598 |
| Capital Impact Partners | 5.335 | 08/01/30 | 3000000 | 3047160 |
| Capital Impact Partners | 5.999 | 08/01/35 | 3000000 | 3123682 |
| Cardinal Health, Inc. | 5.350 | 11/15/34 | 2477000 | 2514948 |
| Carrington Holding Co., LLC (h) | 9.250 | 05/15/29 | 5000000 | 5002003 |
| Carrington Holding Co., LLC (h) | 9.750 | 05/15/31 | 5000000 | 5087894 |
| CDW LLC / CDW Finance Corp. | 3.569 | 12/01/31 | 2250000 | 2092880 |
| CDW LLC / CDW Finance Corp. | 5.550 | 08/22/34 | 3250000 | 3289780 |
| Change Co. CDFI LLC (4.750% to 09/30/26, then SOFRRATE + 4.080%) (h)(l) | 4.750 | 09/30/31 | 7000000 | 6502773 |
| Cheniere Energy Partners, L.P. | 4.500 | 10/01/29 | 4500000 | 4489491 |
| Choice Hotels Int'l., Inc. | 3.700 | 01/15/31 | 1102000 | 1031668 |
| Choice Hotels Int'l., Inc. | 5.850 | 08/01/34 | 6900000 | 6977975 |
| Cigna Group | 5.250 | 02/15/34 | 750000 | 764980 |
| Cincinnati Financial Corp. | 6.125 | 11/01/34 | 2500000 | 2670725 |
| Citibank, N.A. | 5.570 | 04/30/34 | 750000 | 785306 |
| Citigroup Global Markets Holdings Inc. (SOFRRATE - 0.100%, floor 0.000%) (d) | 4.256 | 12/02/62 | 1000000 | 980012 |
| Citigroup, Inc. | 5.500 | 09/13/25 | 845000 | 844636 |
| Citigroup, Inc. (4.0 times (USISDA30 - USISDA05), floor 0.000%, cap 10.000%) (d) | 1.893 | 07/09/28 | 740000 | 665946 |
| Citigroup, Inc. (4.0 times (USISDA30 - USISDA05), floor 0.000%, cap 10.000%) (d) | 2.392 | 11/15/28 | 245000 | 218714 |
| Citigroup, Inc. (4.0 times (USISDA30 - USISDA02), floor 0.000%, cap 10.000%) (d) | 1.100 | 12/23/29 | 1152000 | 1032640 |
| Citigroup, Inc. (4.0 times (USISDA10 - USISDA02 - 0.250%), floor 0.000%, cap 10.000%) (d) | 0.141 | 11/19/30 | 727000 | 598457 |
| Citigroup, Inc. (4.35 times (USISDA30 - USISDA05), floor 0.000%, cap 10.000%) (d) | 2.058 | 07/09/33 | 1394000 | 1089917 |
| Citigroup, Inc. (5.0 times (USISDA30 - USISDA05), floor 0.000%, cap 10.000%) (d) | 1.912 | 12/20/33 | 2863000 | 2349226 |
| Citigroup, Inc. (TSFR3M + 0.81161%) (d) | 5.007 | 08/25/36 | 868000 | 791566 |
| Colgate-Palmolive Co. (TSFR3M - 0.03839%) (d) | 4.264 | 09/27/41 | 436000 | $432416 |
| Colgate-Palmolive Co. (TSFR3M - 0.03839%) (d) | 4.281 | 12/04/46 | 1375000 | 1361400 |
| Comcast Corp. | 5.300 | 06/01/34 | 1250000 | 1286190 |
| Comerica Bank (5.332% to 08/25/32, then SOFRRATE + 2.610%) (l) | 5.332 | 08/25/33 | 8000000 | 7884286 |
| Comerica Inc. | 4.000 | 02/01/29 | 2000000 | 1971125 |
| Conagra Brands, Inc. | 5.750 | 08/01/35 | 5000000 | 5022960 |
| Concentrix Corp. | 6.850 | 08/02/33 | 7056000 | 7421954 |
| Congressional Bancshares, Inc. (TSFR3M + 4.390%) (d)(h) | 8.714 | 12/01/29 | 5000000 | 4891158 |
| ConnectOne Bancorp, Inc. (TSFR3M + 5.605%) (d) | 9.915 | 06/15/30 | 7780000 | 7778173 |
| Crown Capital Holdings LLC (e)(f)(h)(i) | 12.500 | 01/15/25 | 7000000 | 4200000 |
| Crown Castle Inc. | 3.300 | 07/01/30 | 1217000 | 1148993 |
| CVS Health Corp. | 5.300 | 06/01/33 | 1000000 | 1013215 |
| CVS Health Corp. | 4.875 | 07/20/35 | 4770000 | 4572912 |
| Darden Restaurants, Inc. | 6.300 | 10/10/33 | 3850000 | 4132309 |
| Darden Restaurants, Inc. | 6.000 | 08/15/35 | 968000 | 1003543 |
| Dell International LLC / EMC Corp. | 4.850 | 02/01/35 | 2100000 | 2041883 |
| Dentsply Sirona Inc. | 3.250 | 06/01/30 | 8183000 | 7513733 |
| Digital Realty Trust, L.P. | 5.550 | 01/15/28 | 2000000 | 2059672 |
| Digital Realty Trust, L.P. | 3.600 | 07/01/29 | 489000 | 477087 |
| Discovery Communications, LLC | 3.625 | 05/15/30 | 1200000 | 1082484 |
| Dollar General Corp. | 5.000 | 11/01/32 | 2000000 | 2016867 |
| Dollar General Corp. | 5.450 | 07/05/33 | 3060000 | 3159398 |
| Eagle Bancorp, Inc. | 10.000 | 09/30/29 | 6000000 | 6032661 |
| EIDP, Inc. (TSFR3M - 0.03839%) (d) | 4.285 | 12/21/40 | 515000 | 512171 |
| Enact Holdings, Inc. | 6.250 | 05/28/29 | 3250000 | 3389343 |
| Enstar Group Ltd. | 3.100 | 09/01/31 | 8132000 | 7263702 |
| Enterprise Products Operating LLC (TSFR3M + 3.03911%) (d)(m) | 7.369 | 06/01/67 | 7278000 | 7240622 |
| EPR Properties | 3.600 | 11/15/31 | 6147000 | 5617946 |
| Essent Group Ltd. | 6.250 | 07/01/29 | 5000000 | 5243396 |
| EverBank Financial Corp. (8.375% to 03/01/30, then TSFR3M + 5.020%) (h)(l) | 8.375 | 09/01/34 | 4000000 | 4116767 |
| EverBank Financial Corp. (7.500% to 09/01/30, then TSFR3M + 4.070%) (h)(l) | 7.500 | 09/01/35 | 2000000 | 2027266 |
| Everest Reinsurance Holdings Inc. (TSFR3M + 2.64661%) (d)(m) | 6.858 | 05/01/67 | 9455000 | 9031350 |
| F&G Annuities & Life, Inc. | 6.250 | 10/04/34 | 7298000 | 7345014 |
| F&M Financial Corp. (TSFR3M + 4.840%, floor 4.840%) (d)(h) | 9.150 | 09/17/29 | 9000000 | 8998283 |
| FedNat Holding Co. (e)(f)(i)(j) | 7.750 | 03/15/29 | 17000000 | 340000 |
| Fidelity Federal Bancorp (TSFR3M + 4.05161%, floor 3.790%) (d)(h) | 8.369 | 10/15/28 | 6500000 | 6374837 |
| Fidelity Federal Bancorp (TSFR3M + 4.650%) (d)(h) | 8.971 | 11/01/29 | 7000000 | 6939332 |
| Fifth Third Bancorp (TSFR3M + 3.39061%) (d)(g)(m) | 7.686 | 09/28/25 | 1498000 | 1498706 |
| First Financial Bancorp (TSFR3M + 5.090%) (d) | 9.285 | 05/15/30 | 3000000 | 2999076 |
| Fiserv, Inc. | 5.600 | 03/02/33 | 1000000 | 1038037 |
| Flex Ltd. | 6.000 | 01/15/28 | 1000000 | 1035396 |
| Flex Ltd. | 4.875 | 06/15/29 | 2497000 | 2523242 |
| Flowers Foods, Inc. | 5.750 | 03/15/35 | 1500000 | 1527304 |
| Flowserve Corp. | 3.500 | 10/01/30 | 899000 | 855158 |
| Flowserve Corp. | 2.800 | 01/15/32 | 250000 | 219173 |
| FMC Corp. | 3.200 | 10/01/26 | 3343000 | 3297940 |
| FNB Corp. | 4.875 | 10/02/25 | 2000000 | 1998414 |
| FNB Corp. (TSFR3M + 3.28161%) (d)(h) | 7.597 | 12/06/28 | 3000000 | 2959339 |
| FNB Corp. (5.722% to 12/11/29, then SOFRINDX + 1.930%) (l) | 5.722 | 12/11/30 | 3000000 | 3055285 |
| Ford Motor Credit Co. LLC | 3.375 | 11/13/25 | 10000000 | 9966755 |
| FPL Group, Inc. (TSFR3M + 2.32911%) (d)(m) | 6.620 | 10/01/66 | 1535000 | 1425775 |
| FS KKR Capital Corp. | 3.250 | 07/15/27 | 2500000 | 2406980 |
| Georgia-Pacific LLC | 7.375 | 12/01/25 | 421000 | 423593 |
| Global Payments Inc. | 2.900 | 05/15/30 | 1000000 | 922538 |
| Global Payments Inc. | 2.900 | 11/15/31 | 1154000 | 1031139 |
| Globe Life Inc. | 5.850 | 09/15/34 | 6250000 | 6495572 |
| GLP Capital L.P. / GLP Financing II, Inc. | 5.375 | 04/15/26 | 3000000 | 3006285 |
| Goldman Sachs Group, Inc. (TSFR3M + 1.96161%) (d) | 6.240 | 04/05/26 | 1000000 | 998437 |
| Great Ajax Operating Partnership L.P. (c)(h) | 9.875 | 09/01/27 | 3500000 | 3430085 |
| Hallmark Financial Services, Inc. (i) | 6.250 | 08/15/29 | 13000000 | 2704000 |
| Hasbro, Inc. | 3.550 | 11/19/26 | 250000 | 247428 |
| Hasbro, Inc. | 6.050 | 05/14/34 | 7600000 | 7907387 |
| HCA Inc. | 5.250 | 06/15/26 | 2000000 | 2003419 |
| HCA Inc. | 7.500 | 11/06/33 | 4273000 | 4888225 |
| Healthcare Realty Holdings LP | 2.050 | 03/15/31 | 2205000 | 1890663 |
| HF Sinclair Corp. | 5.750 | 01/15/31 | 2500000 | 2580796 |
| Highwoods Realty L.P. | 3.050 | 02/15/30 | 1834000 | 1692851 |
| Highwoods Realty L.P. | 7.650 | 02/01/34 | 4850000 | 5487649 |
| Horizon Bancorp, Inc. (TSFR3M + 5.490%) (d) | 9.781 | 07/01/30 | 6750000 | 6742535 |
| Host Hotels & Resorts LP | 3.500 | 09/15/30 | 625000 | 587442 |
| Host Hotels & Resorts LP | 5.500 | 04/15/35 | 6910000 | 6876952 |
| HSBC Holdings PLC | 7.625 | 05/17/32 | 1080000 | 1205160 |
| Humana Inc. | 5.375 | 04/15/31 | 2000000 | 2063761 |
| Humana Inc. | 5.950 | 03/15/34 | 4500000 | 4709630 |
| Humana Inc. | 5.550 | 05/01/35 | 500000 | 505433 |
| Huntington Ingalls Industries, Inc. | 2.043 | 08/16/28 | 2000000 | 1872774 |
| Huntsman Int'l. LLC | 2.950 | 06/15/31 | 3307000 | 2826453 |
| Huntsman Int'l. LLC | 5.700 | 10/15/34 | 4550000 | 4211582 |
| Hyatt Hotels Corp. | 5.500 | 06/30/34 | 6566000 | 6627639 |
| IIP Operating Partnership, LP | 5.500 | 05/25/26 | 3619000 | 3551100 |
| Illumina, Inc. | 5.800 | 12/12/25 | 2000000 | 2006274 |
| Independent Bank Corp. (7.2500% to 04/01/30, then TSFR3M + 3.530%) (l) | 7.250 | 04/01/35 | 5000000 | 5124882 |
| Intel Corp. | 4.000 | 12/15/32 | 2000000 | 1879815 |
| Intel Corp. | 5.150 | 02/21/34 | 1000000 | 997909 |
| Jabil Inc. | 3.950 | 01/12/28 | 2250000 | 2230366 |
| Jabil Inc. | 3.600 | 01/15/30 | 500000 | 480245 |
| Jackson Financial, Inc. | 3.125 | 11/23/31 | 500000 | 451722 |
| Jacobs Engineering Group Inc. | 5.900 | 03/01/33 | 1750000 | 1829825 |
| JBS USA Holding Lux. Sarl/ JBS USA Food Co./ JBS Lux. Co. Sarl | 5.750 | 04/01/33 | 5000000 | 5179750 |
| JM Smucker Co. | 6.200 | 11/15/33 | 1250000 | 1343502 |
| JPMorgan Chase & Co. (TSFR3M + 2.745%) (d)(g)(m) | 7.036 | 10/01/25 | 4250000 | 4265823 |
| JPMorgan Chase & Co. | 6.300 | 10/31/33 | 2000000 | 2012234 |
| Juniper Networks, Inc. | 1.200 | 12/10/25 | 2000000 | 1982242 |
| Kemper Corp. | 3.800 | 02/23/32 | 3750000 | 3430543 |
| KeyBank N.A. | 4.900 | 08/08/32 | 7000000 | 6861983 |
| Kilroy Realty, L.P. | 2.650 | 11/15/33 | 9155000 | 7396414 |
| Kinder Morgan Energy Partners, L.P. | 5.800 | 03/15/35 | 4750000 | 4903820 |
| Kinder Morgan Inc. | 5.300 | 12/01/34 | 1250000 | 1257417 |
| Kraft Heinz Foods Co. | 5.000 | 07/15/35 | 1000000 | 979121 |
| Lawrence Bancshares, Inc. (8.500% to 06/30/30, then (TSFR3M + 4.790%) (h)(l) | 8.500 | 06/30/35 | 7000000 | 7040734 |
| Lear Corp. | 2.600 | 01/15/32 | 1000000 | 871367 |
| Leggett & Platt, Inc. | 4.400 | 03/15/29 | 8165000 | 8023310 |
| Leidos, Inc. | 7.125 | 07/01/32 | 2518000 | 2792205 |
| Liberty Property LP | 3.250 | 10/01/26 | 5000000 | 4942422 |
| Lincoln Center for the Performing Arts, Inc. | 3.706 | 12/01/35 | 2000000 | 1693004 |
| Lincoln National Corp. (TSFR3M + 2.61911%) (d)(m) | 6.804 | 05/17/66 | 28628000 | 24623056 |
| Lincoln National Corp. (TSFR3M + 2.30161%) (d)(m) | 6.627 | 04/20/67 | 24884000 | 20922732 |
| LKQ Corp. | 6.250 | 06/15/33 | 6775000 | 7162704 |
| LPL Holdings, Inc. | 5.650 | 03/15/35 | 2750000 | 2779252 |
| Manufacturers & Traders Trust Co. | 5.400 | 11/21/25 | 1000000 | 1001137 |
| Marex Group PLC | 5.829 | 05/08/28 | 5000000 | 5068178 |
| Marvell Technology, Inc. | 4.875 | 06/22/28 | 6000000 | 6080543 |
| MasTec, Inc. | 5.900 | 06/15/29 | 7000000 | 7317625 |
| Mather Foundation | 2.675 | 10/01/31 | 1500000 | 1322702 |
| Medallion Financial Corp. (h) | 9.250 | 09/30/28 | 5000000 | 5075000 |
| Merck Sharp & Dohme Corp. (TSFR3M - 0.18839%) (d) | 4.017 | 11/28/41 | 1000000 | 986302 |
| Meridian Corp. (TSFR3M + 3.950%) (d) | 8.242 | 12/30/29 | 10000000 | 9842650 |
| MetLife, Inc. | 5.300 | 12/15/34 | 1250000 | 1286539 |
| MGIC Investment Corp. | 5.250 | 08/15/28 | 4376000 | 4377734 |
| Midland States Bancorp, Inc. (TSFR3M + 3.610%, floor 0.000%) (d) | 7.901 | 09/30/29 | 5500000 | 5445968 |
| Minnwest Corp. (TSFR3M + 3.24161%) (d)(h) | 7.559 | 07/15/28 | 6000000 | 5859478 |
| Morgan Stanley (5.500% to 05/30/29, then 5.900%) (k) | 5.500 | 05/30/30 | 2890000 | 2890920 |
| MS Transverse Insurance Group, LLC (h) | 6.000 | 12/15/26 | 5000000 | 5005120 |
| National Bank of Canada | 5.000 | 04/09/29 | 3000000 | 2999923 |
| National Health Investors, Inc. | 3.000 | 02/01/31 | 8186000 | 7302429 |
| New York Mortgage Trust, Inc. | 5.750 | 04/30/26 | 5000000 | 4878267 |
| Newport Realty Trust, Inc. (e)(f)(h) | 15.000 | 12/01/25 | 8995177 | 8905225 |
| Newport Realty Trust, Inc. (e)(f) | 15.000 | 12/01/25 | 899518 | 890522 |
| NexBank Capital, Inc. (TSFR3M + 4.84661%, floor 0.000%) (d)(h) | 9.142 | 09/30/27 | 5000000 | 4988107 |
| Nexpoint Real Estate Finance, Inc. | 5.750 | 05/01/26 | 9000000 | 8846584 |
| Northpointe Bancshares, Inc. (9.000% to 09/01/29, then TSFR3M + 5.500%) (h)(l) | 9.000 | 09/01/34 | 3000000 | 3121726 |
| NRG Energy, Inc. (h) | 2.000 | 12/02/25 | 900000 | 892902 |
| OceanFirst Financial Corp. (TSFR3M + 5.095%, floor 0.000%) (d) | 9.306 | 05/15/30 | 6000000 | 6037053 |
| Omega Healthcare Investors, Inc. | 3.625 | 10/01/29 | 1150000 | 1100399 |
| Omega Healthcare Investors, Inc. | 3.375 | 02/01/31 | 3675000 | 3395933 |
| Omega Healthcare Investors, Inc. | 3.250 | 04/15/33 | 3000000 | 2610293 |
| Oracle Corp. | 4.300 | 07/08/34 | 1500000 | 1424312 |
| Orange & Rockland Utilities, Inc. | 6.500 | 12/01/27 | 2300000 | 2373703 |
| Orrstown Financial Services, Inc. (TSFR3M + 3.42161%) (d) | 7.717 | 12/30/28 | 1750000 | 1741249 |
| Parkway Bancorp, Inc. (TSFR3M + 5.65161%) (d)(h) | 9.947 | 03/31/30 | 4250000 | 4250170 |
| Pathfinder Bancorp, Inc. (5.500% to 10/15/25, then TSFR3M + 5.320%) (l) | 5.500 | 10/15/30 | 9650000 | 9559528 |
| PCAP Holdings LP (e)(f)(h)(i) | 6.500 | 07/15/28 | 10000000 | 9352400 |
| Peapack-Gladstone Financial Corp. (3.500% to 12/30/25, then TSFR3M + 3.260%) (l) | 3.500 | 12/30/30 | 3000000 | 2910346 |
| Pedcor Bancorp (TSFR3M + 4.86161%, floor 0.000%) (d)(h) | 9.073 | 02/15/29 | 3000000 | 2890096 |
| Pelorus Fund REIT LLC (h) | 7.000 | 09/30/26 | 5000000 | 5001389 |
| Peoples Financial Services Corp. (7.750% to 06/15/30, then TSFR3M + 4.110%) (h)(l) | 7.750 | 06/15/35 | 4000000 | 4024729 |
| Philips Electronics N.V. | 7.200 | 06/01/26 | 2581000 | 2622509 |
| Physicians Realty Trust | 2.625 | 11/01/31 | 1000000 | 890628 |
| Piedmont Operating Partnership, LP | 2.750 | 04/01/32 | 8854000 | 7484502 |
| Pinnacle Financial Partners, Inc. (TSFR3M + 3.03661%, floor 3.040%) (d) | 7.355 | 09/15/29 | 5000000 | 4961401 |
| Polaris Inc. | 6.950 | 03/15/29 | 7250000 | 7673946 |
| Post Brothers Holdings LLC (h) | 9.000 | 08/18/27 | 5000000 | 4827901 |
| PulteGroup Inc. | 6.375 | 05/15/33 | 1300000 | 1414634 |
| Qorvo, Inc. | 4.375 | 10/15/29 | 7500000 | 7338067 |
| Radian Group Inc. | 6.200 | 05/15/29 | 6749000 | 7065803 |
| Ready Capital Corp. | 5.500 | 12/30/28 | 10000000 | 8456237 |
| ReadyCap Holdings, LLC (h) | 4.500 | 10/20/26 | 10000000 | 9560053 |
| Realty Income Corp. | 5.050 | 01/13/26 | 703000 | 703060 |
| Realty Income Corp. | 1.800 | 03/15/33 | 1000000 | 820159 |
| Regal Rexnord Corp. | 6.050 | 02/15/26 | 3000000 | 3012428 |
| Reinsurance Group of America, Inc. (TSFR3M + 2.92661%) (d)(m) | 7.245 | 12/15/65 | 12898000 | 12658451 |
| Sabra Health Care LP | 3.200 | 12/01/31 | 3050000 | 2754736 |
| Safehold GL Holdings LLC | 5.650 | 01/15/35 | 5000000 | 5050984 |
| SCRE Intermediate Holdco, LLC (6.750% to 02/15/26, 7.000% to 2/15/27, 7.250% to 02/15/28,<br> 7.500% to 02/15/29, 7.750% to 08/15/29, then 8.750%) (h)(k) | 6.750 | 02/15/30 | 8000000 | 7712131 |
| Signature Bank New York (e)(f) | 4.000 | 10/15/30 | 1595000 | 877250 |
| Simon Property Group, L.P. | 4.750 | 09/26/34 | 4187000 | 4114034 |
| SmartFinancial, Inc. (7.250% to 09/30/30, then TSFR3M + 3.850%) (h)(l) | 7.250 | 09/01/35 | 4000000 | 3984586 |
| South State Bank (4.000% to 09/15/25, then TSFR3M + 3.885%) (l) | 4.000 | 09/15/30 | 2000000 | 2003635 |
| South Street Securities Funding LLC (h) | 6.250 | 12/30/26 | 5000000 | 5008410 |
| Southern Co. | 5.150 | 10/06/25 | 171000 | 171078 |
| Southern National Bancorp of Virginia, Inc. (TSFR3M + 4.21161%) (d)(h) | 8.522 | 01/31/27 | 2000000 | 1969648 |
| Southern National Bancorp of Virginia, Inc. (5.400% to 09/01/25, then TSFR3M + 5.310%) (l) | 5.400 | 09/01/30 | 2000000 | 1990532 |
| Southside Bancshares, Inc. (7.000% to 08/15/30, then TSFR3M + 3.570%) (l) | 7.000 | 08/15/35 | 4000000 | 4024564 |
| SouthState Corp. (TSFR3M + 5.617%) (d) | 9.941 | 06/01/30 | 690000 | 690000 |
| Spire Inc. | 5.300 | 03/01/26 | 222000 | 222795 |
| Stanley Black & Decker Inc. | 3.000 | 05/15/32 | 1129000 | 1010317 |
| Store Capital LLC | 4.500 | 03/15/28 | 2500000 | 2485382 |
| Sumitomo Mitsui Financial Group, Inc. | 5.632 | 01/15/35 | 500000 | 524540 |
| Synchrony Financial | 3.950 | 12/01/27 | 1000000 | 986323 |
| Sysco Corp. | 6.000 | 01/17/34 | 500000 | 538440 |
| Take-Two Interactive Software, Inc. | 5.600 | 06/12/34 | 1000000 | 1037440 |
| Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 6.875 | 01/15/29 | 5000000 | 5097367 |
| TD SYNNEX Corp. | 6.100 | 04/12/34 | 2500000 | 2617541 |
| Texas State Bankshares, Inc. (TSFR3M + 3.81161%, floor 3.550%) (d)(h) | 8.130 | 06/15/29 | 4000000 | 3990721 |
| Textron Inc. | 6.100 | 11/15/33 | 2350000 | 2515564 |
| The Bancorp, Inc. | 7.375 | 09/01/30 | 5000000 | 5161227 |
| The Conservation Fund | 3.474 | 12/15/29 | 2282000 | 2151770 |
| Time Warner Inc. | 7.700 | 05/01/32 | 2250000 | 2122087 |
| Toll Brothers Finance Corp. | 4.350 | 02/15/28 | 3000000 | 3006500 |
| Toronto-Dominion Bank | 5.250 | 04/16/30 | 3000000 | 3000660 |
| Toronto-Dominion Bank | 5.000 | 07/11/30 | 4000000 | 4005614 |
| Toyota Motor Credit Corp. | 5.250 | 03/05/29 | 2241000 | 2255149 |
| TransCanada PipeLines Ltd. (TSFR3M + 2.47161%) (d)(m) | 6.683 | 05/15/67 | 18223000 | 16733265 |
| Trinitas Capital Management, LLC (h) | 6.000 | 07/30/26 | 3000000 | 2895000 |
| Truist Bank | 2.250 | 03/11/30 | 1000000 | 910938 |
| Truist Financial Corp. (6.669% to 09/01/29, then H15T5Y + 3.003%) (g)(l)(m) | 6.669 | 03/01/26 | 10552000 | 10550123 |
| Tyson Foods, Inc. | 5.700 | 03/15/34 | 2500000 | 2604352 |
| UDR, Inc. | 3.100 | 11/01/34 | 2192000 | 1868599 |
| UnitedHealth Group Inc. | 4.625 | 07/15/35 | 500000 | 485389 |
| Universal Insurance Holdings, Inc. | 5.625 | 11/30/26 | 7000000 | 6923177 |
| Unum Group | 3.875 | 11/05/25 | 830000 | 828152 |
| UTB Financial Holding Co. (TSFR3M + 3.88161%) (d)(h) | 8.211 | 09/01/28 | 6000000 | 5874013 |
| Ventas Realty, LP | 5.625 | 07/01/34 | 1250000 | 1292985 |
| Ventas Realty, LP | 5.000 | 01/15/35 | 2000000 | 1976642 |
| VeriSign, Inc. | 2.700 | 06/15/31 | 1000000 | 900978 |
| Virginia Electric and Power Co. | 6.000 | 01/15/36 | 3400000 | 3612499 |
| Voya Financial, Inc. | 5.000 | 09/20/34 | 6000000 | 5908585 |
| Wachovia Bank (TSFR3M + 0.06161%) (d) | 4.284 | 11/27/40 | 1214000 | 1212053 |
| Wachovia Corp. | 5.500 | 08/01/35 | 1000000 | 1020532 |
| Walt Disney Co. | 3.150 | 09/17/25 | 1021000 | 1020449 |
| Warnermedia Holdings, Inc. | 4.279 | 03/15/32 | 3458000 | 2984254 |
| Washington Gas Light Co. | 6.400 | 07/22/27 | 850000 | 876025 |
| Waypoint Residential LLC (e) | 0.000 | 12/31/29 | 4496594 | 1843604 |
| Waypoint Residential LLC (e) | 0.000 | 12/31/31 | 5403406 | 1080681 |
| Webster Financial Corp. (TSFR3M + 2.530%) (d) | 6.822 | 12/30/29 | 9700000 | 9603808 |
| Western Midstream Operating, LP | 6.350 | 01/15/29 | 5000000 | 5257819 |
| Wingspire Equipment Finance LLC (h) | 6.000 | 06/30/26 | 6000000 | 5880585 |
| Zimmer Biomet Holdings, Inc. | 5.200 | 09/15/34 | 1250000 | 1266827 |
| Zimmer Biomet Holdings, Inc. | 4.250 | 08/15/35 | 1302000 | 1201476 |
| Zions Bancorp | 3.250 | 10/29/29 | 9092000 | 8435710 |
| **Residential Mortgage-Backed Securities - 0.0%^** |  |  |  | **97664** |
| Hawaii Housing Finance & Development Corp. | 2.600 | 07/01/37 | 102018 | 97664 |
| **Taxable Municipal Bonds - 0.0%^** |  |  |  | **576987** |
| Buffalo State College Foundation Housing Corp. | 2.600 | 11/01/28 | 380000 | 351692 |
| Summit County OH Development Finance Authority | 6.250 | 05/15/26 | 225000 | 225295 |
| **U.S. Government & Agency Securities - 1.9%** |  |  |  | **34121991** |
| Federal Home Loan Banks | 5.000 | 11/12/31 | 4130000 | 4126864 |
| Federal Home Loan Banks | 5.250 | 08/13/35 | 5000000 | 4984326 |
| U.S. Treasury Bonds | 5.000 | 09/30/25 | 5000000 | 5002051 |
| U.S. Treasury Bonds | 4.500 | 11/15/25 | 20000000 | 20008750 |
| **U.S. Government Agency Mortgage-Backed Securities - 1.9%** |  |  |  | **34553860** |
| Fannie Mae Interest Strip, Series 419 C6 (IO) | 3.500 | 05/25/44 | 2151515 | 307459 |
| Fannie Mae REMIC, Series 2020-63 KG | 2.500 | 09/25/50 | 1963892 | 1729732 |
| Fannie Mae REMIC, Series 2020-88 Z | 2.000 | 12/25/50 | 2727262 | 1348271 |
| Fannie Mae REMIC, Series 2021-72 UZ | 2.000 | 10/25/51 | 2357625 | 1043582 |
| Freddie Mac REMIC, Series 4116 US (IO) (-1.0 times (SOFR30A + 4.71448%), floor 0.000%, cap 4.600%) (d) | 0.140 | 10/15/42 | 4310747 | 288011 |
| Freddie Mac REMIC, Series 5041 JH | 1.500 | 11/25/50 | 764851 | 362292 |
| Freddie Mac REMIC, Series 5083 ZJ | 2.000 | 03/25/51 | 3323179 | 1741702 |
| Freddie Mac REMIC, Series 5115 CZ | 3.000 | 04/25/51 | 555532 | 303409 |
| Freddie Mac REMIC, Series 5142 ZH | 2.500 | 09/25/51 | 1449118 | 711450 |
| Freddie Mac REMIC, Series 5146 ZY | 2.000 | 07/25/51 | 3474819 | 1836218 |
| Freddie Mac REMIC, Series 5154 ZQ | 2.500 | 10/25/51 | 4612758 | 2973547 |
| Ginnie Mae REMIC Trust, Series 2019-136 ES (IO) (-1.0 times (TSFR1M + 6.16448%), floor 0.000%, cap 6.050%) (d) | 1.595 | 03/20/48 | 3377011 | 344169 |
| Ginnie Mae REMIC Trust, Series 2020-134 BZ | 1.000 | 09/16/50 | 1027350 | 414315 |
| Ginnie Mae REMIC Trust, Series 2021-27 ZL | 1.000 | 02/20/51 | 1660600 | 693222 |
| Ginnie Mae REMIC Trust, Series 2021-66 PU | 1.000 | 04/20/51 | 389458 | 292513 |
| Ginnie Mae REMIC Trust, Series 2021-130 CZ | 3.000 | 07/20/51 | 2693115 | 1810208 |
| Ginnie Mae REMIC Trust, Series 2021-131 MZ | 2.000 | 07/20/51 | 1249479 | 606098 |
| Ginnie Mae REMIC Trust, Series 2021-136 EZ | 2.500 | 08/20/51 | 4485348 | 2936372 |
| Ginnie Mae REMIC Trust, Series 2021-136 KZ | 2.000 | 08/20/51 | 7126511 | 4170162 |
| Ginnie Mae REMIC Trust, Series 2021-136 QZ | 2.000 | 08/20/51 | 3355846 | 1910420 |
| Ginnie Mae REMIC Trust, Series 2021-139 ZJ | 2.500 | 08/20/51 | 2267871 | 1415940 |
| Ginnie Mae REMIC Trust, Series 2021-142 MZ | 2.000 | 08/20/50 | 742906 | 371471 |
| Ginnie Mae REMIC Trust, Series 2021-154 AZ | 2.500 | 09/20/51 | 3499735 | 2225054 |
| Ginnie Mae REMIC Trust, Series 2021-154 PZ | 2.500 | 09/20/51 | 3196811 | 1942920 |
| Ginnie Mae REMIC Trust, Series 2021-156 NZ | 2.000 | 09/20/51 | 4003391 | 2294711 |
| Ginnie Mae REMIC Trust, Series 2021-158 PU | 1.000 | 09/20/51 | 1233097 | 480612 |
| **SHORT-TERM INVESTMENTS - 11.6%** |  |  |  | **206518068** |
| (COST $206,491,489) |  |  |  |  |
| **Money Market Funds - 0.0%^** |  |  |  | **100000** |
| First American Government Obligations Fund Class X (a) | 4.214 |  | 100000 | 100000 |
| **U.S. Government & Agency Securities - 11.6%** |  |  |  | **206418068** |
| U.S. Treasury Bills (b) | 4.272 | 09/04/25 | 8000000 | 7997203 |
| U.S. Treasury Bills (b) | 4.285 | 09/11/25 | 15000000 | 14982867 |
| U.S. Treasury Bills (b) | 4.239 | 09/30/25 | 10000000 | 9966079 |
| U.S. Treasury Bills (b) | 4.260 | 10/07/25 | 20000000 | 19916070 |
| U.S. Treasury Bills (b) | 4.257 | 10/16/25 | 20000000 | 19895062 |
| U.S. Treasury Bills (b) | 4.263 | 10/21/25 | 20000000 | 19884236 |
| U.S. Treasury Bills (b) | 4.237 | 11/04/25 | 20000000 | 19857550 |
| U.S. Treasury Bills (b) | 4.268 | 11/25/25 | 20000000 | 19812120 |
| U.S. Treasury Bills (b) | 4.266 | 12/02/25 | 20000000 | 19797019 |
| U.S. Treasury Bills (b) | 4.085 | 12/09/25 | 10000000 | 9890635 |
| U.S. Treasury Bills (b) | 4.220 | 12/18/25 | 20000000 | 19761628 |
| U.S. Treasury Bills (b) | 4.193 | 01/02/26 | 20000000 | 19730956 |
| U.S. Treasury Bills (b) | 4.211 | 01/15/26 | 5000000 | 4926643 |
| **TOTAL INVESTMENTS - 97.4% (COST $1,880,378,583)** |  |  |  | **1734394164** |
| **NET OTHER ASSETS AND LIABILITIES - 2.6%** |  |  |  | **46001329** |
| **NET ASSETS - 100.0%** |  |  |  | **$1780395493** |

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| | |
|:---|:---|
| a) | Rate shown represents the 7-day yield at August 31, 2025. |
| b) | Rate shown represents the current yield for U.S. Treasury Bills at August 31, 2025. |
| c) | Rate is subject to adjustment due to credit ratings service downgrades or subsequent upgrades.  |
| d) | Variable rate security. Interest rates reset periodically. Interest rate shown reflects the rate in effect at <br> August 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread <br> are indicated in the description above. Certain variable rate securities are not based on a published reference <br> rate and spread but are determined by the issuer or agent and are based on current market conditions. These <br> securities do not indicate a reference rate and spread in their description above. |
| e) | Non-income producing security. |
| f) | Issuer in default on interest and/or principal repayment. |
| g) | Perpetual maturity. Date shown represents next contractual call date. |
| h) | Security subject to restrictions on resale under federal securities laws and which therefore may only be resold <br> upon registration under the Securities Act of 1933, as amended, or in transactions exempt from registration, including <br> sales to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended. At August 31, 2025,<br> the aggregate value of these securities was $404,982,510, representing 22.75% of net assets. |
| i) | Illiquid security at August 31, 2025. At August 31, 2025, the aggregate value of these securities was $43,584,869, <br> representing 2.45% of net assets. |
| j) | Level 3 security as described in the accompanying notes. Securities valued using unadjusted broker quotes from <br> brokers or pricing services. Such values are based on unobservable inputs. At August 31, 2025, the aggregate value <br> of these securities was $440,000, representing 0.03% of net assets. |
| k) | Security is a "step-up" bond where the coupon increases or steps up at a predetermined date. Securities which<br> do not indicate a future coupon rate in their description above are at their final coupon rate at August 31, 2025. |
| l) | Variable rate security. Interest rates reset periodically. Fixed-to-floating securities reflect their current fixed interest rate, <br> predetermined floating interest rate effective date and the future published reference rate and spread. |
| m) | Hybrid security. Security has characteristics of both a debt and equity security. |
| ^ | Rounds to 0.0%. |
| **Abbreviations** |  |
| H15T5Y | 5-Year Treasury Constant Maturity Rate |
| IO | Interest Only Security |
| SOFR30A | U.S. 30-Day Average Secured Overnight Financing Rate |
| SOFRINDX | U.S. Secured Overnight Financing Rate Compound Index |
| SOFRRATE | U.S. Secured Overnight Financing Rate |
| TSFR1M | CME Term SOFR 1-Month Rate |
| TSFR3M | CME Term SOFR 3-Month Rate |
| USISDA02 | 2-Year Dollar ICE Swap Rate |
| USISDA05 | 5-Year Dollar ICE Swap Rate |
| USISDA10 | 10-Year Dollar ICE Swap Rate |
| USISDA30 | 30-Year Dollar ICE Swap Rate |
| CDFI | Community Development Financial Institution |
| N.V. | Naamloze Vennootschap is the Dutch term for a public limited liability corporation. |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SARL | Société à responsabilité limitée is the Luxembourg term for a private limited liability company. |

---

------

---

| |
|:---|
| **BOND FUND SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| The following is a summary of the inputs used to value the Funds' investments as of August 31, 2025: | The following is a summary of the inputs used to value the Funds' investments as of August 31, 2025: | The following is a summary of the inputs used to value the Funds' investments as of August 31, 2025: | The following is a summary of the inputs used to value the Funds' investments as of August 31, 2025: | The following is a summary of the inputs used to value the Funds' investments as of August 31, 2025: |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Bonds** |  |  |  |  |
| Asset-backed securities | $- | $162814550 | $- | **$162814550** |
| Commercial mortgage-backed securities | – | 191078916 | – | **191078916** |
| Convertible bonds | – | – | 100000 | **100000** |
| Corporate bonds | – | 1104192128 | 340000 | **1104532128** |
| Residential mortgage-backed securities | – | 97664 | – | **97664** |
| Taxable municipal bonds | – | 576987 | – | **576987** |
| U.S. government & agency securities | – | 34121991 | – | **34121991** |
| U.S. government agency mortgage-backed securities | – | 34553860 | – | **34553860** |
| **Total bonds** | **–** | **1527436096** | **440000** | **1527876096** |
| **Short-term investments** |  |  |  |  |
| Money market funds | 100000 | – | – | **100000** |
| U.S. government & agency securities | – | 206418068 | – | **206418068** |
| **Total short-term investments** | **100000** | **206418068** | **–** | **206518068** |
| **Total investments** | **$100000** | **$1733854164** | **$440000** | **$1734394164** |
| For more information on valuation inputs, see the accompanying notes. The accompanying notes are an integral<br> part of the schedule of investments. | For more information on valuation inputs, see the accompanying notes. The accompanying notes are an integral<br> part of the schedule of investments. | For more information on valuation inputs, see the accompanying notes. The accompanying notes are an integral<br> part of the schedule of investments. | For more information on valuation inputs, see the accompanying notes. The accompanying notes are an integral<br> part of the schedule of investments. | For more information on valuation inputs, see the accompanying notes. The accompanying notes are an integral<br> part of the schedule of investments. |
| The following is a reconciliation of investments with unobservable inputs (level 3) that were used in determining<br> fair value. These securities were fair valued as of August 31, 2025 using unadjusted broker quotes from brokers. | The following is a reconciliation of investments with unobservable inputs (level 3) that were used in determining<br> fair value. These securities were fair valued as of August 31, 2025 using unadjusted broker quotes from brokers. | The following is a reconciliation of investments with unobservable inputs (level 3) that were used in determining<br> fair value. These securities were fair valued as of August 31, 2025 using unadjusted broker quotes from brokers. | The following is a reconciliation of investments with unobservable inputs (level 3) that were used in determining<br> fair value. These securities were fair valued as of August 31, 2025 using unadjusted broker quotes from brokers. | The following is a reconciliation of investments with unobservable inputs (level 3) that were used in determining<br> fair value. These securities were fair valued as of August 31, 2025 using unadjusted broker quotes from brokers. |
| **Level 3 Securities Reconciliation** | **Convertible**<br> **bonds** | **&nbsp;&nbsp;&nbsp;&nbsp;Corporate**<br> **bonds** | **Total** |  |
| Balance at November 30, 2024 | $100000 | $340000 | **$440000** |  |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -** |  |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -** |  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -** |  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -** |  |
| Accrued interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -** |  |
| Transfers into level 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -** |  |
| Transfers out of level 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -** |  |
| **Balance as of August 31, 2025** | **$100000** | **$340000** | **$440000** |  |

---

------

### THOMPSON IM FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS

August 31, 2025

VALUATION POLICY AND PROCEDURES - The Funds' Board of Directors (the "Funds' Board") has adopted methods for valuing securities set forth in the Funds' Pricing Policies and Procedures, including circumstances in which market quotes are not readily available or deemed to be unreliable, and has delegated authority to the Advisor, as the Board appointed valuation designee, to apply those methods in making fair value determinations in accordance with the procedures approved by the Board. The valuation designee has established a valuation committee that, along with other Advisor employees, administers, implements, and oversees the fair valuation process and makes fair value decisions. The valuation committee regularly reviews its own fair value decisions, as well as valuations, valuation techniques and services furnished by pricing services; considers circumstances in the markets which may require it to make or adjust valuation determinations; and reviews previous valuation determinations. The valuation committee reports on its activities and any changes to the fair valuation guidelines to the Funds' Board.

Rule 2a-5 adopted by the Securities and Exchange Commission (the "SEC") governing fund valuation practices has established a framework for determining fair value in good faith for purposes of Section 29(a)(41) of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The Funds adopted a valuation policy adhering to the new rule and there was no material impact to the Funds.

VALUATION MEASUREMENTS – In accordance with generally accepted accounting principles in the United States of America ("GAAP"), fair value is defined as the price that each Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. GAAP established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Various inputs are used in determining the value of each Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Inputs may include price information, specific and broad credit data, liquidity statistics, and other factors. The Funds consider observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The determination of what constitutes "observable" requires significant judgment by the Funds. The categorization of a security within the hierarchy is based upon the pricing transparency of the security and does not necessarily correspond to a Fund's perceived risk of that security. The inputs used to measure fair value may fall into different levels of the fair valuation hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level that is significant to the fair value measurement in its entirety.

SECURITY VALUATION - Each Fund's equity securities, including common stocks, ADRs, REITs, and rights are valued at their market prices (generally the last reported sales price on the exchange where the securities are primarily traded or, for Nasdaq-listed securities, at their Nasdaq Official Closing Prices). If no sales are reported on a particular day, the mean between the highest bid and lowest asked quotations at the close of the exchanges will generally be used. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy. When adjustments to observable prices are applied or when the market is considered inactive, securities will be categorized in level 2 of the fair value hierarchy.

Investments in money market mutual funds are generally priced at the ending net asset value provided by the service agent of the funds. These securities will be categorized as level 1 securities.

Fixed-income securities such as corporate bonds, convertible bonds, asset-backed securities, mortgage-backed securities, U.S. government and agency securities, sovereign bonds, municipal bonds and commercial paper are typically valued based on valuations published by an independent pricing service, which uses various valuation methodologies such as matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. Factors considered by pricing services include market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads and fundamental analytical data relating to the issuer. Short-term investments in fixed-income securities (those with remaining maturities of 60 days or less) are generally valued on an amortized cost basis. Fixed-income securities will generally be categorized in level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in level 3.

Where market quotations are not readily available or are unreliable, a value is determined in good faith pursuant to procedures established by the Funds' Board. When determining the value of a security, consideration is given to the facts and circumstances relevant to the particular situation, which includes factors such as fundamental analytical data relating to the investment, which may include consideration of yields or prices of securities of comparable quality, coupon rate, maturity and type of issue, nature and duration of any restrictions on disposition of the security and an evaluation of forces that influence the market in which the securities are purchased or sold. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Thompson IM Funds, Inc.

- **b. Investment Company Act file number:** 811-04946

- **c. CIK number of Registrant:** 0000795264

- **d. LEI of Registrant:** 549300QQSO0I7KNHS575

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

  - **Street Address 1:** 1255 Fourier Drive

  - **City:** Madison

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53717

  - **Telephone number:** 608-827-5700

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

- **a. Name of Series:** Thompson Bond Fund

- **b. EDGAR series identifier (if any):** S000002452

- **c. LEI of Series:** 549300Z2BP7MCEI83F15

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

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1777359580.32

**Total Liabilities:** $1119866.50

**Net Assets:** $1776239713.82

**Cash Not Reported:** $10363851.13

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 89617.694461000000 | **1-Year:** 74802.787944000000 | **5-Year:** 119024.145905000000 | **10-Year:** 145960.615343000000 | **30-Year:** 46267.353875000000

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

- **3-Month:** 43700.959382000000 | **1-Year:** 9722.520257000000 | **5-Year:** 23771.325556000000 | **10-Year:** 7669.269428000000 | **30-Year:** 1434.900029000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006582 | 1.52%                | 0.47%                | 1.13%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-533950.15              | $19203935.88                               |
| Month 2  | $-119844.27              | $675683.81                                 |
| Month 3  | $-100004.84              | $11126225.80                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AEP TEXAS INC                       | AEP Texas Inc                                                       | CUSIP: 00108WAT7<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2059013.88   | 0.12%             | 2034-05-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| AASET 2022-1 LLC                    | AASET 2022-1 LLC                                                    | CUSIP: 00255EAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   4036683 | PA      | $4116726.09   | 0.23%             | 2047-05-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AFFILIATED MANAGERS GROU            | Affiliated Managers Group Inc                                       | CUSIP: 008252AR9<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3554143.08   | 0.20%             | 2034-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E            | Alexandria Real Estate Equities Inc                                 | CUSIP: 015271BA6<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2894535.69   | 0.16%             | 2035-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E            | Alexandria Real Estate Equities Inc                                 | CUSIP: 015271BC2<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |    750000 | PA      | $743282.63    | 0.04%             | 2036-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN ASSETS TRUST LP            | American Assets Trust LP                                            | CUSIP: 02401LAB0<br>LEI: 549300V1TI0SMG9Z6U69 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $7028020.65   | 0.40%             | 2034-10-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| AMERICOLD REALTY OPER PA            | Americold Realty Operating Partnership LP                           | CUSIP: 03063UAA9<br>LEI: 549300FKD9KVWNHSUU79 | Long             | DBT              | CORP              | US        |   7532000 | PA      | $7396097.41   | 0.42%             | 2034-09-12      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LTD            | Aptiv PLC / Aptiv Global Financing DAC                              | CUSIP: 03837AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |   7000000 | PA      | $7026720.89   | 0.40%             | 2029-09-13      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| AVNET INC                           | Avnet Inc                                                           | CUSIP: 053807AU7<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | DBT              | CORP              | US        |    580000 | PA      | $524908.31    | 0.03%             | 2031-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AXOS FINANCIAL INC                  | Axos Financial Inc                                                  | CUSIP: 05465CAA8<br>LEI: 529900D8M56422GK9O25 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7875752.00   | 0.44%             | 2030-10-01      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| BCB BANCORP INC                     | BCB Bancorp Inc                                                     | CUSIP: 055298AE3<br>LEI: 54930024V6Z8FYSN4291 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5491679.70   | 0.31%             | 2034-09-01      | Variable      | 9.25%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S      | BBCMS Trust 2015-VFM                                                | CUSIP: 05546JAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2886035.40   | 0.16%             | 2036-03-12      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BAXTER INTERNATIONAL INC            | Baxter International Inc                                            | CUSIP: 071813CS6<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $869425.56    | 0.05%             | 2032-02-01      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                    | Berry Global Inc                                                    | CUSIP: 08576PAH4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   1604000 | PA      | $1584990.00   | 0.09%             | 2026-01-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                    | Berry Global Inc                                                    | CUSIP: 08576PAL5<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   3550000 | PA      | $3660717.19   | 0.21%             | 2028-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Blackbird Capital Aircraft          | Blackbird Capital Aircraft Lease Securitization Ltd 2016-1          | CUSIP: 09228YAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    495166 | PA      | $494443.10    | 0.03%             | 2041-12-16      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC             | Booz Allen Hamilton Inc                                             | CUSIP: 09951LAC7<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3652337.50   | 0.21%             | 2033-08-04      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BORGWARNER INC                      | BorgWarner Inc                                                      | CUSIP: 099724AQ9<br>LEI: 549300DSFX2IE88NSX47 | Long             | DBT              | CORP              | US        |   4401000 | PA      | $4478251.02   | 0.25%             | 2034-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BROADMARK REALTY CAPITAL            | Broadmark Realty Capital Inc                                        | CUSIP: 11135BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4811456.20   | 0.27%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRUNSWICK CORP                      | Brunswick Corp/DE                                                   | CUSIP: 117043AT6<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | DBT              | CORP              | US        |   2781000 | PA      | $2402888.87   | 0.14%             | 2031-08-18      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| BUFF ST FOUNDATION HC               | Buffalo State College Foundation Housing Corp                       | CUSIP: 119807AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    380000 | PA      | $351692.04    | 0.02%             | 2028-11-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| CG-CCRE Commercial Mortgage Tr      | CG-CCRE Commercial Mortgage Trust 2014-FL1                          | CUSIP: 12528MAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5608848 | PA      | $5367779.86   | 0.30%             | 2031-06-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                 | COMM 2014-UBS5 Mortgage Trust                                       | CUSIP: 12592KBF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3270000 | PA      | $3139167.30   | 0.18%             | 2047-09-10      | Variable      | 4.51%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus      | CSAIL 2015-C1 Commercial Mortgage Trust                             | CUSIP: 126281BF0<br>LEI: 549300UFJ8EKD81Y8R30 | Long             | ABS-MBS          | CORP              | US        |   1780000 | PA      | $1616257.80   | 0.09%             | 2050-04-15      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                 | COMM 2015-DC1 Mortgage Trust                                        | CUSIP: 12629NAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    540000 | PA      | $478175.40    | 0.03%             | 2048-02-10      | Variable      | 4.43%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus      | Csail 2015-C2 Commercial Mortgage Trust                             | CUSIP: 12634NAY4<br>LEI: 549300D5DIOOMKWXVZ20 | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4800100.00   | 0.27%             | 2057-06-15      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus      | CSAIL 2015-C3 Commercial Mortgage Trust                             | CUSIP: 12635FBA1<br>LEI: 549300ZAGI6FKGY8O078 | Long             | ABS-MBS          | CORP              | US        |   5795000 | PA      | $3770519.65   | 0.21%             | 2048-08-15      | Variable      | 3.31%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                     | CVS Health Corp                                                     | CUSIP: 126650DY3<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1013214.64   | 0.06%             | 2033-06-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CABOT CORP                          | Cabot Corp                                                          | CUSIP: 127055AK7<br>LEI: K05C0SER542GQ6VLRO68 | Long             | DBT              | CORP              | US        |    732000 | PA      | $724597.83    | 0.04%             | 2026-09-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                       | Citigroup Inc                                                       | CUSIP: 1730T0A82<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | SN               | CORP              | US        |    245000 | PA      | $218714.44    | 0.01%             | 2028-11-15      | Variable      | 2.39%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                       | Citigroup Inc                                                       | CUSIP: 1730T0UG2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | SN               | CORP              | US        |    740000 | PA      | $665945.98    | 0.04%             | 2028-07-09      | Variable      | 1.89%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                         | Citibank NA                                                         | CUSIP: 17325FBG2<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    750000 | PA      | $785306.12    | 0.04%             | 2034-04-30      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS            | Citigroup Global Markets Holdings Inc/United States                 | CUSIP: 17330YP53<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $980012.50    | 0.06%             | 2062-12-02      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| COLGATE-PALMOLIVE CO                | Colgate-Palmolive Co                                                | CUSIP: 19416QCY4<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | DBT              | CORP              | US        |    436000 | PA      | $432415.89    | 0.02%             | 2041-09-27      | Floating      | 4.26%                 | No            |                  2 | On Loan: No      |
| COLGATE-PALMOLIVE CO                | Colgate-Palmolive Co                                                | CUSIP: 19416QDJ6<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | DBT              | CORP              | US        |   1375000 | PA      | $1361400.22   | 0.08%             | 2046-12-04      | Floating      | 4.28%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                        | Comcast Corp                                                        | CUSIP: 20030NEJ6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1286190.40   | 0.07%             | 2034-06-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                    | Crown Castle Inc                                                    | CUSIP: 22822VAR2<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   1217000 | PA      | $1148993.10   | 0.06%             | 2030-07-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| DBUBS Mortgage Trust                | DBUBS 2011-LC3 Mortgage Trust                                       | CUSIP: 23305YAU3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7476810 | PA      | $6746923.83   | 0.38%             | 2044-05-10      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| DBUBS Mortgage Trust                | DBUBS 2011-LC3 Mortgage Trust                                       | CUSIP: 23305YAW9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4197000 | PA      | $2853876.06   | 0.16%             | 2044-05-10      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| DARDEN RESTAURANTS INC              | Darden Restaurants Inc                                              | CUSIP: 237194AE5<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | DBT              | CORP              | US        |    968000 | PA      | $1003543.35   | 0.06%             | 2035-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DIGITAL REALTY TRUST LP             | Digital Realty Trust LP                                             | CUSIP: 25389JAV8<br>LEI: CD4SPTZ3YBTHY0C1AH38 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2059671.74   | 0.12%             | 2028-01-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS            | Discovery Communications LLC                                        | CUSIP: 25470DCC1<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1082484.00   | 0.06%             | 2030-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| DOLLAR GENERAL CORP                 | Dollar General Corp                                                 | CUSIP: 256677AL9<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2016867.00   | 0.11%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ECAF LTD                            | ECAF I Ltd                                                          | CUSIP: 26827EAE5<br>LEI: 635400SSRNQERTYCWK57 | Long             | ABS-O            | CORP              | KY        |  19177362 | PA      | $7814774.98   | 0.44%             | 2040-06-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| ENACT HOLDINGS INC                  | Enact Holdings Inc                                                  | CUSIP: 29249EAA7<br>LEI: 9845003CA5664B741N19 | Long             | DBT              | CORP              | US        |   3250000 | PA      | $3389343.26   | 0.19%             | 2029-05-28      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| EVERBANK FINANCIAL CORP             | EverBank Financial Corp                                             | CUSIP: 29977GAC6<br>LEI: 549300ZSQX8IP0RAE826 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4116766.96   | 0.23%             | 2034-09-01      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| EVERBANK FINANCIAL CORP             | EverBank Financial Corp                                             | CUSIP: 29977GAE2<br>LEI: 549300ZSQX8IP0RAE826 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2027266.38   | 0.11%             | 2035-09-01      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC            | F&G Annuities & Life Inc                                            | CUSIP: 30190AAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7298000 | PA      | $7345013.86   | 0.41%             | 2034-10-04      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FNB CORP                            | FNB Corp/PA                                                         | CUSIP: 302520AD3<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3055284.60   | 0.17%             | 2030-12-11      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae REMICS                                                   | CUSIP: 3136BBE40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1963892 | PA      | $1729731.79   | 0.10%             | 2050-09-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae REMICS                                                   | CUSIP: 3136BDCY2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2727262 | PA      | $1348270.91   | 0.08%             | 2050-12-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae REMICS                                                   | CUSIP: 3136BG7E5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2357625 | PA      | $1043582.25   | 0.06%             | 2051-10-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac REMICS                                                  | CUSIP: 3137F6XZ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    764851 | PA      | $362291.71    | 0.02%             | 2050-11-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac REMICS                                                  | CUSIP: 3137FFUB1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3323179 | PA      | $1741701.81   | 0.10%             | 2051-03-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac REMICS                                                  | CUSIP: 3137H0VP0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    555532 | PA      | $303409.41    | 0.02%             | 2051-04-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fanniemae Strip                     | Fannie Mae Interest Strip                                           | CUSIP: 31395Q5T3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2151515 | PA      | $307459.11    | 0.02%             | 2044-05-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FEDNAT HOLDING CO                   | FedNat Holding Co                                                   | CUSIP: 31431BAC3<br>LEI: 549300TFR6HALUYTYJ66 | Long             | DBT              | CORP              | US        |  17000000 | PA      | $340000.00    | 0.02%             | 2029-03-15      | None          | 7.75%                 | No            |                  3 | On Loan: No      |
| FIDELITY FEDERAL BANCORP            | Fidelity Federal Bancorp                                            | CUSIP: 315921AG1<br>LEI: 5493004DRUFQ7MQTK142 | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6374837.04   | 0.36%             | 2028-10-15      | Variable      | 8.37%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                 | Fifth Third Bancorp                                                 | CUSIP: 316773CR9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |   1498000 | PA      | $1498705.56   | 0.08%             | 2025-09-28      | Variable      | 7.69%                 | No            |                  2 | On Loan: No      |
| First American Government Obli      | First American Government Obligations Fund                          | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    100000 | NS      | $100000.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST FINANCIAL BANCORP             | First Financial Bancorp                                             | CUSIP: 320209AB5<br>LEI: 549300D3F5B3EZMY7P77 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2999076.03   | 0.17%             | 2030-05-15      | Variable      | 9.28%                 | No            |                  2 | On Loan: No      |
| FISERV INC                          | Fiserv Inc                                                          | CUSIP: 337738BE7<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1038037.03   | 0.06%             | 2033-03-02      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| FLOWERS FOODS INC                   | Flowers Foods Inc                                                   | CUSIP: 343498AD3<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1527304.29   | 0.09%             | 2035-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FLOWSERVE CORPORATION               | Flowserve Corp                                                      | CUSIP: 34354PAF2<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | DBT              | CORP              | US        |    899000 | PA      | $855158.23    | 0.05%             | 2030-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FLOWSERVE CORPORATION               | Flowserve Corp                                                      | CUSIP: 34355JAB4<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | DBT              | CORP              | US        |    250000 | PA      | $219172.97    | 0.01%             | 2032-01-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| GLOBE LIFE INC                      | Globe Life Inc                                                      | CUSIP: 37959EAC6<br>LEI: 5493001JFHKQOPP6XA71 | Long             | DBT              | CORP              | US        |   6250000 | PA      | $6495571.88   | 0.37%             | 2034-09-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Government National Mortgage Association                            | CUSIP: 38382NHR1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1660600 | PA      | $693222.07    | 0.04%             | 2051-02-20      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Government National Mortgage Association                            | CUSIP: 38382T4Y7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1249479 | PA      | $606097.55    | 0.03%             | 2051-07-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Government National Mortgage Association                            | CUSIP: 38382W3P0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4485348 | PA      | $2936372.09   | 0.17%             | 2051-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Government National Mortgage Association                            | CUSIP: 38382WPA9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2693115 | PA      | $1810207.47   | 0.10%             | 2051-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Government National Mortgage Association                            | CUSIP: 38382WW37<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   7126511 | PA      | $4170162.00   | 0.23%             | 2051-08-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Government National Mortgage Association                            | CUSIP: 38382XPV1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    742906 | PA      | $371470.99    | 0.02%             | 2050-08-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Government National Mortgage Association                            | CUSIP: 38383ADK7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3499735 | PA      | $2225054.33   | 0.13%             | 2051-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Government National Mortgage Association                            | CUSIP: 38383ADQ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3196811 | PA      | $1942919.70   | 0.11%             | 2051-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HCA INC                             | HCA Inc                                                             | CUSIP: 404119AJ8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   4273000 | PA      | $4888225.13   | 0.28%             | 2033-11-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| HIGHWOODS REALTY LP                 | Highwoods Realty LP                                                 | CUSIP: 431282AS1<br>LEI: JUJNVZX73BIYHLR58F51 | Long             | DBT              | CORP              | US        |   1834000 | PA      | $1692851.38   | 0.10%             | 2030-02-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| HIGHWOODS REALTY LP                 | Highwoods Realty LP                                                 | CUSIP: 431282AU6<br>LEI: JUJNVZX73BIYHLR58F51 | Long             | DBT              | CORP              | US        |   4850000 | PA      | $5487649.34   | 0.31%             | 2034-02-01      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP            | Host Hotels & Resorts LP                                            | CUSIP: 44107TBC9<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              | CORP              | US        |   6910000 | PA      | $6876951.75   | 0.39%             | 2035-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                          | Humana Inc                                                          | CUSIP: 444859BY7<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4709630.12   | 0.27%             | 2034-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| IIP OPERATING PARTNER               | IIP Operating Partnership LP                                        | CUSIP: 44988FAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3619000 | PA      | $3551100.32   | 0.20%             | 2026-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                          | Intel Corp                                                          | CUSIP: 458140AN0<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1879815.34   | 0.11%             | 2032-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                          | Intel Corp                                                          | CUSIP: 458140CL2<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $997909.24    | 0.06%             | 2034-02-21      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| JABIL INC                           | Jabil Inc                                                           | CUSIP: 466313AJ2<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |    500000 | PA      | $480244.67    | 0.03%             | 2030-01-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor      | JP Morgan Chase Commercial Mortgage Securities Trust 2012-LC9       | CUSIP: 46639EAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1095092 | PA      | $1062283.15   | 0.06%             | 2047-12-15      | Variable      | 3.71%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Secu      | JPMBB Commercial Mortgage Securities Trust 2014-C18                 | CUSIP: 46641JBC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5060000 | PA      | $4864076.80   | 0.27%             | 2047-02-15      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| KDAC Aviation Finance Limited       | KDAC Aviation Finance Ltd                                           | CUSIP: 48244XAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   8447216 | PA      | $8130445.30   | 0.46%             | 2042-12-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| LEGGETT & PLATT INC                 | Leggett & Platt Inc                                                 | CUSIP: 524660AZ0<br>LEI: DKOVQUCDW4ZLYCUD4T55 | Long             | DBT              | CORP              | US        |   8165000 | PA      | $8023309.73   | 0.45%             | 2029-03-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORP               | Lincoln National Corp                                               | CUSIP: 534187BP3<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |  24884000 | PA      | $20922731.97  | 1.18%             | 2067-04-20      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| MANUF & TRADERS TRUST CO            | Manufacturers & Traders Trust Co                                    | CUSIP: 55279HAT7<br>LEI: WWB2V0FCW3A0EE3ZJN75 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1001136.70   | 0.06%             | 2025-11-21      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| MGIC INVESTMENT CORP                | MGIC Investment Corp                                                | CUSIP: 552848AG8<br>LEI: 254900S8483WM4M98R28 | Long             | DBT              | CORP              | US        |   4376000 | PA      | $4377734.03   | 0.25%             | 2028-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MAREX GROUP PLC                     | Marex Group PLC                                                     | CUSIP: 566539AB8<br>LEI: 549300DWX0SVICJAL507 | Long             | DBT              | CORP              | GB        |   5000000 | PA      | $5068177.85   | 0.29%             | 2028-05-08      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| MEDALLION FINANCIAL CORP            | Medallion Financial Corp                                            | CUSIP: 583928AJ5<br>LEI: 549300FJ4FMGJ2C34Y48 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5075000.00   | 0.29%             | 2028-09-30      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| MERCK SHARP & DOHME CORP            | Merck Sharp & Dohme Corp                                            | CUSIP: 58933NAU3<br>LEI: MZK1AT00SJV4XB7WNL71 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $986302.48    | 0.06%             | 2041-11-28      | Floating      | 4.02%                 | No            |                  2 | On Loan: No      |
| MIDLAND STATES BANCORP              | Midland States Bancorp Inc                                          | CUSIP: 597742AL9<br>LEI: 5493006RHXW9TTBWYC94 | Long             | DBT              | CORP              | US        |   5500000 | PA      | $5445968.39   | 0.31%             | 2029-09-30      | Variable      | 7.90%                 | No            |                  2 | On Loan: No      |
| 3M COMPANY                          | 3M Co                                                               | CUSIP: 604059AG0<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | DBT              | CORP              | US        |   3863000 | PA      | $3848077.62   | 0.22%             | 2040-12-21      | Floating      | 4.24%                 | No            |                  2 | On Loan: No      |
| MINNWEST CORP                       | Minnwest Corp                                                       | CUSIP: 60426PAA2<br>LEI: 549300T5O0HCNHK4PS46 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5859477.78   | 0.33%             | 2028-07-15      | Variable      | 7.56%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust      | Morgan Stanley Capital I Trust 2015-UBS8                            | CUSIP: 61691ABQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6500000 | PA      | $6078017.40   | 0.34%             | 2048-12-15      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust           | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12         | CUSIP: 61762XAZ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    469429 | PA      | $447145.60    | 0.03%             | 2046-10-15      | Variable      | 4.86%                 | No            |                  2 | On Loan: No      |
| NATIONAL HEALTH INVESTOR            | National Health Investors Inc                                       | CUSIP: 63633DAF1<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | DBT              | CORP              | US        |   8186000 | PA      | $7302429.44   | 0.41%             | 2031-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEWPORT REALTY TRUST                | Newport Realty Trust Inc                                            | CUSIP: 652315AB8<br>LEI: 549300NQHVIV87HVCR07 | Long             | DBT              | CORP              | US        |    899518 | PA      | $890522.48    | 0.05%             | 2025-12-01      | Fixed         | 15.00%                | No            |                  2 | On Loan: No      |
| NORTHPOINTE BANCSHARES I            | Northpointe Bancshares Inc                                          | CUSIP: 66661NAG5<br>LEI: 549300EYMKMD4WKEKP72 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3121725.99   | 0.18%             | 2034-09-01      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| A10 CAPITAL LLC                     | A10 Capital LLC                                                     | CUSIP: 66982EAA0<br>LEI: 549300RXTK0PSG57BV49 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4964962.95   | 0.28%             | 2026-08-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| A10 CAPITAL LLC                     | A10 Capital LLC                                                     | CUSIP: 66982EAC6<br>LEI: 549300RXTK0PSG57BV49 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1489488.89   | 0.08%             | 2026-08-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PATHFINDER BANCORP INC              | Pathfinder Bancorp Inc                                              | CUSIP: 70319RAC3<br>LEI: 549300OE0R516BNKW235 | Long             | DBT              | CORP              | US        |   9650000 | PA      | $9559527.78   | 0.54%             | 2030-10-15      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| PEDCOR BANCORP                      | Pedcor Bancorp                                                      | CUSIP: 705307AA4<br>LEI: 549300VNEW7JOXBYNY34 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2890095.84   | 0.16%             | 2029-02-15      | Variable      | 9.07%                 | No            |                  2 | On Loan: No      |
| PEOPLES FIN SERVICES                | Peoples Financial Services Corp                                     | CUSIP: 711040AA3<br>LEI: 254900HXI30XMTDCGJ18 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4024728.96   | 0.23%             | 2035-06-15      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| KONINKLIJKE PHILIPS NV              | Koninklijke Philips NV                                              | CUSIP: 718337AE8<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | DBT              | CORP              | NL        |   2581000 | PA      | $2622509.16   | 0.15%             | 2026-06-01      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| POLARIS INC                         | Polaris Inc                                                         | CUSIP: 731068AA0<br>LEI: 549300QJSN8UVWN1EI78 | Long             | DBT              | CORP              | US        |   7250000 | PA      | $7673945.56   | 0.43%             | 2029-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| POST BROTHERS HLDS LLC              | Post Brothers Holdings LLC                                          | CUSIP: 73742PAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4827900.60   | 0.27%             | 2027-08-18      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| QORVO INC                           | Qorvo Inc                                                           | CUSIP: 74736KAH4<br>LEI: 254900YAUJV2EUEVBR11 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7338066.75   | 0.41%             | 2029-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                  | Regal Rexnord Corp                                                  | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3012428.07   | 0.17%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| SABRA HEALTH CARE LP                | Sabra Health Care LP                                                | CUSIP: 78574MAA1<br>LEI: 549300OVKLRFSIQG0H81 | Long             | DBT              | CORP              | US        |   3050000 | PA      | $2754736.15   | 0.16%             | 2031-12-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                         | Southern Co/The                                                     | CUSIP: 842587DM6<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    171000 | PA      | $171077.74    | 0.01%             | 2025-10-06      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Sprite Limited                      | Sprite 2021-1 Ltd                                                   | CUSIP: 85208UAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1900456 | PA      | $1880341.26   | 0.11%             | 2046-11-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| SUMMIT CNTY OH PORT AUTH REVEN      | Summit County Development Finance Authority                         | CUSIP: 86606KAP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225294.71    | 0.01%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                 | Synchrony Financial                                                 | CUSIP: 87165BAM5<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $986323.39    | 0.06%             | 2027-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK               | Toronto-Dominion Bank/The                                           | CUSIP: 89115JAE3<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   3000000 | PA      | $3000659.85   | 0.17%             | 2030-04-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL              | NextEra Energy Capital Holdings Inc                                 | CUSIP: 302570AW6<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1535000 | PA      | $1425774.62   | 0.08%             | 2066-10-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| FEDNAT HOLDING CO                   | FedNat Holding Co                                                   | CUSIP: 31431BAD1<br>LEI: 549300TFR6HALUYTYJ66 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $100000.00    | 0.01%             | 2026-04-19      | None          | 5.00%                 | No            |                  3 | On Loan: No      |
| HUMANA INC                          | Humana Inc                                                          | CUSIP: 444859CA8<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2063760.68   | 0.12%             | 2031-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor      | JP Morgan Chase Commercial Mortgage Securities Trust 2011-C3        | CUSIP: 46635TAX0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9250000 | PA      | $8709932.28   | 0.49%             | 2046-02-15      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Secu      | JPMBB Commercial Mortgage Securities Trust 2015-C28                 | CUSIP: 46644FAK7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1083064 | PA      | $1066828.76   | 0.06%             | 2048-10-15      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| JACKSON FINANCIAL INC               | Jackson Financial Inc                                               | CUSIP: 46817MAL1<br>LEI: 213800WXW2KG1N4CO374 | Long             | DBT              | CORP              | US        |    500000 | PA      | $451722.26    | 0.03%             | 2031-11-23      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| JM SMUCKER CO                       | J M Smucker Co/The                                                  | CUSIP: 832696AX6<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1343501.61   | 0.08%             | 2033-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| UDR INC                             | UDR Inc                                                             | CUSIP: 90265EAS9<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              | CORP              | US        |   2192000 | PA      | $1868599.31   | 0.11%             | 2034-11-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill                                         | CUSIP: 912797RB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20000000 | PA      | $19916069.96  | 1.12%             | 2025-10-07      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill                                         | CUSIP: 912797RR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20000000 | PA      | $19797019.40  | 1.11%             | 2025-12-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| VOYA FINANCIAL INC                  | Voya Financial Inc                                                  | CUSIP: 929089AH3<br>LEI: 549300T065Z4KJ686G75 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5908584.78   | 0.33%             | 2034-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAYPOINT RESIDENTIAL LLC            | Waypoint Residential LLC                                            | CUSIP: 94677MAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5403406 | PA      | $1080681.20   | 0.06%             | 2031-12-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| DCAL AVIATION FINANCE LIMITED       | AIM Aviation Finance Ltd                                            | CUSIP: 001406AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    595023 | PA      | $571233.94    | 0.03%             | 2040-02-15      | Variable      | 6.21%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                 | DENTSPLY SIRONA Inc                                                 | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |   8183000 | PA      | $7513733.05   | 0.42%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ENSTAR GROUP LTD                    | Enstar Group Ltd                                                    | CUSIP: 29359UAC3<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |   8132000 | PA      | $7263701.63   | 0.41%             | 2031-09-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                    | CUSIP: 91282CFW6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20000000 | PA      | $20008750.00  | 1.13%             | 2025-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL INSURANCE HLDS            | Universal Insurance Holdings Inc                                    | CUSIP: 91359VAC1<br>LEI: 529900GGAZ6WVUCWQM46 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6923177.03   | 0.39%             | 2026-11-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WF-RBS COMMERCIAL MORTGAGE TRU      | WFRBS Commercial Mortgage Trust 2012-C10                            | CUSIP: 92890NAY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7000000 | PA      | $6076000.00   | 0.34%             | 2045-12-15      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| WASHINGTON GAS LIGHT CO             | Washington Gas Light Co                                             | CUSIP: 93884PCN8<br>LEI: DL22T1SB4DUBS063O841 | Long             | DBT              | CORP              | US        |    850000 | PA      | $876025.11    | 0.05%             | 2027-07-22      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT            | Western Midstream Operating LP                                      | CUSIP: 958667AF4<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5257818.90   | 0.30%             | 2029-01-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                          | AbbVie Inc                                                          | CUSIP: 00287YAR0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    500000 | PA      | $484583.31    | 0.03%             | 2035-05-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ALBEMARLE CORP                      | Albemarle Corp                                                      | CUSIP: 012653AE1<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | DBT              | CORP              | US        |   7250000 | PA      | $7094115.65   | 0.40%             | 2032-06-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E            | Alexandria Real Estate Equities Inc                                 | CUSIP: 015271AN9<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1360668.63   | 0.08%             | 2030-07-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| AMER AIRLINE 17-1 A PTT             | American Airlines 2017-1 Class A Pass Through Trust                 | CUSIP: 02378AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185652 | PA      | $178802.93    | 0.01%             | 2029-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                           | Amgen Inc                                                           | CUSIP: 031162DN7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    238000 | PA      | $238024.08    | 0.01%             | 2026-03-02      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| AVNET INC                           | Avnet Inc                                                           | CUSIP: 053807AV5<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | DBT              | CORP              | US        |   4549000 | PA      | $4601728.00   | 0.26%             | 2032-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TWDC ENTERPRISES 18 CORP            | TWDC Enterprises 18 Corp                                            | CUSIP: 25468PDF0<br>LEI: 7260JQNI6SCF9FIV2392 | Long             | DBT              | CORP              | US        |   1021000 | PA      | $1020449.00   | 0.06%             | 2025-09-17      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Government National Mortgage Association                            | CUSIP: 38382XJH9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2267871 | PA      | $1415939.66   | 0.08%             | 2051-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GREAT AJAX OPER PSHIP               | Great Ajax Operating Partnership LP                                 | CUSIP: 38982GAA4<br>LEI: 549300IMX0KE8QJMZ613 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3430084.74   | 0.19%             | 2027-09-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| HCA INC                             | HCA Inc                                                             | CUSIP: 404119BT5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2003419.06   | 0.11%             | 2026-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HEALTHCARE RLTY HLDGS LP            | Healthcare Realty Holdings LP                                       | CUSIP: 42225UAM6<br>LEI: 549300IYGAS4GE6VDL07 | Long             | DBT              | CORP              | US        |   2205000 | PA      | $1890663.45   | 0.11%             | 2031-03-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Horizon Aircraft Finance            | Horizon Aircraft Finance I Ltd                                      | CUSIP: 440405AF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2702399 | PA      | $2258530.05   | 0.13%             | 2038-12-15      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP            | Host Hotels & Resorts LP                                            | CUSIP: 44107TAZ9<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              | CORP              | US        |    625000 | PA      | $587441.61    | 0.03%             | 2030-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HUNTSMAN INTERNATIONAL L            | Huntsman International LLC                                          | CUSIP: 44701QBG6<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |   4550000 | PA      | $4211582.38   | 0.24%             | 2034-10-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Secu      | JPMBB Commercial Mortgage Securities Trust 2015-C32                 | CUSIP: 46590JBB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $432197.15    | 0.02%             | 2048-11-15      | Variable      | 4.39%                 | No            |                  2 | On Loan: No      |
| Jol Air                             | JOL Air Ltd                                                         | CUSIP: 46651NAB0<br>LEI: 549300TS4MUGCDXPW498 | Long             | ABS-O            | CORP              | KY        |    538372 | PA      | $533154.94    | 0.03%             | 2044-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                                 | CUSIP: 48128BAH4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   4250000 | PA      | $4265822.54   | 0.24%             | 2025-10-01      | Variable      | 7.04%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                                 | CUSIP: 48130CCN3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2012234.00   | 0.11%             | 2033-10-31      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART             | Kinder Morgan Energy Partners LP                                    | CUSIP: 494550AT3<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |   4750000 | PA      | $4903819.96   | 0.28%             | 2035-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| KRAFT HEINZ FOODS CO                | Kraft Heinz Foods Co                                                | CUSIP: 50077LAL0<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $979120.88    | 0.06%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAWRENCE BANCSHARES INC             | Lawrence Bancshares Inc                                             | CUSIP: 519617AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7000000 | PA      | $7040734.12   | 0.40%             | 2035-06-30      | Variable      | 8.50%                 | No            |                  2 | On Loan: No      |
| LEAR CORP                           | Lear Corp                                                           | CUSIP: 521865BC8<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $871366.77    | 0.05%             | 2032-01-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORP               | Lincoln National Corp                                               | CUSIP: 534187BN8<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |  28628000 | PA      | $24623055.88  | 1.39%             | 2066-05-17      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| METAL Cayman                        | METAL 2017-1 LLC                                                    | CUSIP: 59111RAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  12373249 | PA      | $8166839.03   | 0.46%             | 2042-10-15      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                         | MetLife Inc                                                         | CUSIP: 59156RCN6<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1286538.83   | 0.07%             | 2034-12-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust      | Morgan Stanley Capital I Trust 2011-C2                              | CUSIP: 617459AJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    332111 | PA      | $328889.23    | 0.02%             | 2044-06-15      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| OCEANFIRST FINANCIAL CP             | OceanFirst Financial Corp                                           | CUSIP: 675234AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6037052.70   | 0.34%             | 2030-05-15      | Variable      | 9.31%                 | No            |                  2 | On Loan: No      |
| PELORUS FUND REIT LLC               | Pelorus Fund REIT LLC                                               | CUSIP: 70615PAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5001388.70   | 0.28%             | 2026-09-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LEIDOS INC                          | Leidos Inc                                                          | CUSIP: 808626AE5<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |   2518000 | PA      | $2792205.16   | 0.16%             | 2032-07-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| SOUTH ST SEC FUND LLC               | South Street Securities Funding LLC                                 | CUSIP: 84046SAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5008410.20   | 0.28%             | 2026-12-30      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SYSCO CORPORATION                   | Sysco Corp                                                          | CUSIP: 871829BT3<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |    500000 | PA      | $538440.12    | 0.03%             | 2034-01-17      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TGIF Funding, LLC                   | TGIF Funding LLC 2017-1A                                            | CUSIP: 87244BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10990469 | PA      | $9353996.85   | 0.53%             | 2047-04-30      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS            | Targa Resources Partners LP / Targa Resources Partners Finance Corp | CUSIP: 87612BBN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5097367.45   | 0.29%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MS TRANSVERSE INSURANCE             | Transverse Insurance Group LLC                                      | CUSIP: 89402HAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5005120.15   | 0.28%             | 2026-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill                                         | CUSIP: 912797PW1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15000000 | PA      | $14982867.23  | 0.84%             | 2025-09-11      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| WARNER MEDIA LLC                    | Warner Media LLC                                                    | CUSIP: 00184AAG0<br>LEI: 5493004RSX004WU3UT62 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2122087.50   | 0.12%             | 2032-05-01      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| EAGLE BANCORP INC                   | Eagle Bancorp Inc                                                   | CUSIP: 268948AE6<br>LEI: 549300B47NZODRMG3D47 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6032661.18   | 0.34%             | 2029-09-30      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| F&M FINANCIAL CORP                  | F&M Financial Services Corp                                         | CUSIP: 30311RAA9<br>LEI: 549300TRY3LFAOVSVM27 | Long             | SN               | CORP              | US        |   9000000 | PA      | $8998282.80   | 0.51%             | 2029-09-17      | Variable      | 9.15%                 | No            |                  2 | On Loan: No      |
| FIDELITY FEDERAL BANCORP            | Fidelity Federal Bancorp                                            | CUSIP: 315921AJ5<br>LEI: 5493004DRUFQ7MQTK142 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6939331.91   | 0.39%             | 2029-11-01      | Variable      | 8.97%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust           | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10         | CUSIP: 61762MCB5<br>LEI: 549300P1YQ48837ZOI22 | Long             | ABS-MBS          | CORP              | US        |   2750000 | PA      | $2528004.60   | 0.14%             | 2046-07-15      | Variable      | 4.09%                 | No            |                  2 | On Loan: No      |
| OMEGA HLTHCARE INVESTORS            | Omega Healthcare Investors Inc                                      | CUSIP: 681936BN9<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2610292.83   | 0.15%             | 2033-04-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| PCAP HOLDINGS LP                    | PCAP Holdings LP                                                    | CUSIP: 69320NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9352400.30   | 0.53%             | 2028-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DOC DR LLC                          | DOC DR LLC                                                          | CUSIP: 71951QAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $890628.32    | 0.05%             | 2031-11-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GRP OF AMER             | Reinsurance Group of America Inc                                    | CUSIP: 759351AE9<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |  12898000 | PA      | $12658450.86  | 0.71%             | 2065-12-15      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| SAFEHOLD GL HOLDINGS LLC            | Safehold GL Holdings LLC                                            | CUSIP: 785931AB2<br>LEI: 54930012UY5Z4Q8NL108 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5050984.25   | 0.28%             | 2035-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Project Silver                      | Project Silver                                                      | CUSIP: 827304AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   3681621 | PA      | $3563698.85   | 0.20%             | 2044-07-15      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| PRIMIS FINANCIAL CORP               | Southern National Bancorp of Virginia Inc                           | CUSIP: 843395AA2<br>LEI: 549300JNX3M2EENG1F11 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1969647.76   | 0.11%             | 2027-01-31      | Variable      | 8.52%                 | No            |                  2 | On Loan: No      |
| STORE CAPITAL LLC                   | Store Capital LLC                                                   | CUSIP: 862121AA8<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2485381.95   | 0.14%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WACHOVIA BANK NA                    | Wachovia Bank NA                                                    | CUSIP: 92976QHD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1214000 | PA      | $1212053.12   | 0.07%             | 2040-11-27      | Floating      | 4.28%                 | No            |                  2 | On Loan: No      |
| AT&T INC                            | AT&T Inc                                                            | CUSIP: 00206RCP5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1673939.09   | 0.09%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AT&T INC                            | AT&T Inc                                                            | CUSIP: 00206RJA1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1148286.94   | 0.06%             | 2032-05-01      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| AMER AIRLN 15-1 A PTT               | American Airlines 2015-1 Class A Pass Through Trust                 | CUSIP: 023770AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    949088 | PA      | $931078.26    | 0.05%             | 2027-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR            | Anheuser-Busch InBev Worldwide Inc                                  | CUSIP: 035240AE0<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | BE        |    500000 | PA      | $560095.43    | 0.03%             | 2033-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LTD            | Aptiv Swiss Holdings Ltd                                            | CUSIP: 03837AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |   2485000 | PA      | $2431251.64   | 0.14%             | 2034-09-13      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ARROW ELECTRONICS INC               | Arrow Electronics Inc                                               | CUSIP: 04273WAE1<br>LEI: 549300YNNLBXT8N8R512 | Long             | DBT              | CORP              | US        |   5670000 | PA      | $5875804.05   | 0.33%             | 2034-04-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ASSURED GUARANTY US HLDG            | Assured Guaranty US Holdings Inc                                    | CUSIP: 04622DAA9<br>LEI: 5493007YCE0652G9TZ64 | Long             | DBT              | CORP              | US        |  12106000 | PA      | $11502864.55  | 0.65%             | 2066-12-15      | Variable      | 6.96%                 | No            |                  2 | On Loan: No      |
| AVNET INC                           | Avnet Inc                                                           | CUSIP: 053807AW3<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2082174.32   | 0.12%             | 2028-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BAC CAPITAL TRUST XIII              | BAC Capital Trust XIII                                              | CUSIP: 05518UAA5<br>LEI: 549300I6GXQ4O8PHFJ89 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $1727469.04   | 0.10%             | 2025-09-17      | Variable      | 4.98%                 | No            |                  2 | On Loan: No      |
| THE BANCORP INC                     | Bancorp Inc/The                                                     | CUSIP: 05969AAB1<br>LEI: 894500FP2ICT1B019Y71 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5161227.30   | 0.29%             | 2030-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BANC OF CALIFORNIA INC              | Banc of California NA                                               | CUSIP: 05990KAD8<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | DBT              | CORP              | US        |  12500000 | PA      | $12376685.50  | 0.70%             | 2030-10-30      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                | Bank of America Corp                                                | CUSIP: 06048WEJ5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | SN               | CORP              | US        |    671000 | PA      | $569944.05    | 0.03%             | 2030-11-19      | Variable      | 0.14%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                    | Bank of Montreal                                                    | CUSIP: 06376CHK5<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   6539000 | PA      | $6546819.07   | 0.37%             | 2030-02-11      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                   | Barclays Bank PLC                                                   | CUSIP: 06746CNP0<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | CORP              | GB        |   5000000 | PA      | $5014796.35   | 0.28%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAY BANKS VIRGINIA                  | Bay Banks of Virginia Inc                                           | CUSIP: 072035AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1773034 | PA      | $1732150.67   | 0.10%             | 2029-10-15      | Variable      | 8.65%                 | No            |                  2 | On Loan: No      |
| BAYCOM CORP                         | BayCom Corp                                                         | CUSIP: 07272MAA5<br>LEI: 549300UOLS54Q5ONIG33 | Long             | DBT              | CORP              | US        |   8460000 | PA      | $8448638.98   | 0.48%             | 2030-09-15      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| BOEING CO                           | Boeing Co/The                                                       | CUSIP: 097023AU9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1065312.50   | 0.06%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                   | Brown & Brown Inc                                                   | CUSIP: 115236AG6<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |   2073000 | PA      | $2127139.21   | 0.12%             | 2034-06-11      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| BYLINE BANCORP INC                  | Byline Bancorp Inc                                                  | CUSIP: 124411AA7<br>LEI: 549300W7ODP4YL2H4823 | Long             | DBT              | CORP              | US        |  12000000 | PA      | $12000008.04  | 0.68%             | 2030-07-01      | Variable      | 10.17%                | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                     | Cigna Group/The                                                     | CUSIP: 125523CV0<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    750000 | PA      | $764980.19    | 0.04%             | 2034-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                 | COMM 2014-UBS4 Mortgage Trust                                       | CUSIP: 12591QAD4<br>LEI: 5493004GWEVMOU8S3L34 | Long             | ABS-MBS          | CORP              | US        |   9740000 | PA      | $1931149.80   | 0.11%             | 2047-08-10      | Variable      | 4.87%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust        | CSMC Trust 2016-NXSR                                                | CUSIP: 12594PBB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2733009.00   | 0.15%             | 2049-12-15      | Variable      | 4.56%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus      | CSAIL 2015-C3 Commercial Mortgage Trust                             | CUSIP: 12635FAY0<br>LEI: 549300ZAGI6FKGY8O078 | Long             | ABS-MBS          | CORP              | US        |   3905000 | PA      | $3646465.57   | 0.21%             | 2048-08-15      | Variable      | 4.06%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                     | CVS Health Corp                                                     | CUSIP: 126650CM0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   4770000 | PA      | $4572911.95   | 0.26%             | 2035-07-20      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CARDINAL HEALTH INC                 | Cardinal Health Inc                                                 | CUSIP: 14149YBS6<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |   2477000 | PA      | $2514947.59   | 0.14%             | 2034-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| CARRINGTON HOLDING CO LL            | Carrington Holding Co LLC                                           | CUSIP: 144523AE7<br>LEI: 635400MJJEAT2FUN2F71 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5002002.55   | 0.28%             | 2029-05-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Castlelake Aircraft Securitiza      | Castlelake Aircraft Structured Trust 2019-1                         | CUSIP: 14855MAA6<br>LEI: 549300MHTIBONNXM3R82 | Long             | ABS-O            | CORP              | US        |   1527581 | PA      | $1470587.35   | 0.08%             | 2039-04-15      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| SOUTHSTATE CORP                     | CenterState Bank Corp                                               | CUSIP: 15201PAA7<br>LEI: 549300JZUANXM0YQ4W53 | Long             | DBT              | CORP              | US        |    690000 | PA      | $690000.00    | 0.04%             | 2030-06-01      | Variable      | 9.94%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                       | Citigroup Inc                                                       | CUSIP: 172967HB0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    845000 | PA      | $844635.75    | 0.05%             | 2025-09-13      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage       | Citigroup Commercial Mortgage Trust 2016-GC36                       | CUSIP: 17324TAM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4150970.00   | 0.23%             | 2049-02-10      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| COMERICA INC                        | Comerica Inc                                                        | CUSIP: 200340AT4<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1971124.94   | 0.11%             | 2029-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FORBRIGHT INC                       | Congressional Bancshares Inc                                        | CUSIP: 20727PAE4<br>LEI: 549300F86ZI0BZ1LVN33 | Long             | SN               | CORP              | US        |   5000000 | PA      | $4891158.25   | 0.28%             | 2029-12-01      | Variable      | 8.56%                 | No            |                  2 | On Loan: No      |
| CONNECTONE BANCORP INC              | ConnectOne Bancorp Inc                                              | CUSIP: 20786WAE7<br>LEI: 549300E2M5ZYAZKUK134 | Long             | DBT              | CORP              | US        |   7780000 | PA      | $7778172.63   | 0.44%             | 2030-06-15      | Variable      | 9.91%                 | No            |                  2 | On Loan: No      |
| CONSERVATION FUND                   | Conservation Fund A Nonprofit Corp/The                              | CUSIP: 20848FAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2282000 | PA      | $2151770.05   | 0.12%             | 2029-12-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| DARDEN RESTAURANTS INC              | Darden Restaurants Inc                                              | CUSIP: 237194AN5<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | DBT              | CORP              | US        |   3850000 | PA      | $4132308.60   | 0.23%             | 2033-10-10      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus      | Csail 2015-C2 Commercial Mortgage Trust                             | CUSIP: 12634NAZ1<br>LEI: 549300D5DIOOMKWXVZ20 | Long             | ABS-MBS          | CORP              | US        |   3579000 | PA      | $3243719.28   | 0.18%             | 2057-06-15      | Variable      | 4.26%                 | No            |                  2 | On Loan: No      |
| CARRINGTON HOLDING CO LL            | Carrington Holding Co LLC                                           | CUSIP: 144523AG2<br>LEI: 635400MJJEAT2FUN2F71 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5087893.55   | 0.29%             | 2031-05-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP             | Dell International LLC / EMC Corp                                   | CUSIP: 24703DBQ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2041882.71   | 0.11%             | 2035-02-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| DOLLAR GENERAL CORP                 | Dollar General Corp                                                 | CUSIP: 256677AP0<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | DBT              | CORP              | US        |   3060000 | PA      | $3159398.29   | 0.18%             | 2033-07-05      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| DIGITAL REALTY TRUST LP             | Digital Realty Trust LP                                             | CUSIP: 25389JAU0<br>LEI: CD4SPTZ3YBTHY0C1AH38 | Long             | DBT              | CORP              | US        |    489000 | PA      | $477087.45    | 0.03%             | 2029-07-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| EIDP INC                            | EIDP Inc                                                            | CUSIP: 26353LHW4<br>LEI: GLU7INWNWH88J9XBXD45 | Long             | DBT              | CORP              | US        |    515000 | PA      | $512171.42    | 0.03%             | 2040-12-21      | Floating      | 4.29%                 | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                      | EPR Properties                                                      | CUSIP: 26884UAG4<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |   6147000 | PA      | $5617945.91   | 0.32%             | 2031-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| ESSENT GROUP LTD                    | Essent Group Ltd                                                    | CUSIP: 29669JAA7<br>LEI: 254900QUO860OUT6ZF83 | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $5243395.75   | 0.30%             | 2029-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FNB CORP                            | FNB Corp/PA                                                         | CUSIP: 302520AB7<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1998414.14   | 0.11%             | 2025-10-02      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac REMICS                                                  | CUSIP: 3137H2ET7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1449118 | PA      | $711450.23    | 0.04%             | 2051-09-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ECAF LTD                            | ECAF I Ltd                                                          | CUSIP: 26827EAC9<br>LEI: 635400SSRNQERTYCWK57 | Long             | ABS-O            | CORP              | KY        |   3841087 | PA      | $3466580.80   | 0.20%             | 2040-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER            | Enterprise Products Operating LLC                                   | CUSIP: 29379VAN3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |   7278000 | PA      | $7240621.87   | 0.41%             | 2067-06-01      | Variable      | 7.21%                 | No            |                  2 | On Loan: No      |
| EVEREST REINSURANCE HLDG            | Everest Reinsurance Holdings Inc                                    | CUSIP: 299808AE5<br>LEI: 254900P29PM5UJR3VU91 | Long             | DBT              | CORP              | US        |   9455000 | PA      | $9031349.82   | 0.51%             | 2037-05-15      | Variable      | 6.86%                 | No            |                  2 | On Loan: No      |
| FMC CORP                            | FMC Corp                                                            | CUSIP: 302491AT2<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |   3343000 | PA      | $3297939.60   | 0.19%             | 2026-10-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC            | Ford Motor Credit Co LLC                                            | CUSIP: 345397B28<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9966754.80   | 0.56%             | 2025-11-13      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II             | GLP Capital LP / GLP Financing II Inc                               | CUSIP: 361841AH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3006285.00   | 0.17%             | 2026-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP                 | FS KKR Capital Corp                                                 | CUSIP: 302635AL1<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2406980.45   | 0.14%             | 2027-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK              | Federal Home Loan Banks                                             | CUSIP: 3130B3GM9<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   4130000 | PA      | $4126864.30   | 0.23%             | 2031-11-12      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK              | Federal Home Loan Banks                                             | CUSIP: 3130B7DY7<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   5000000 | PA      | $4984325.35   | 0.28%             | 2035-08-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac REMICS                                                  | CUSIP: 3137AVNU7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4310747 | PA      | $288010.95    | 0.02%             | 2042-10-15      | Floating      | 0.14%                 | No            |                  2 | On Loan: No      |
| GEORGIA-PACIFIC LLC                 | Georgia-Pacific LLC                                                 | CUSIP: 373298BN7<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |    421000 | PA      | $423593.44    | 0.02%             | 2025-12-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Government National Mortgage Association                            | CUSIP: 38382JAQ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1027350 | PA      | $414314.65    | 0.02%             | 2050-09-16      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Government National Mortgage Association                            | CUSIP: 38382WW60<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3355846 | PA      | $1910420.35   | 0.11%             | 2051-08-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HOA Funding LLC                     | HOA Funding LLC - HOA                                               | CUSIP: 40390GAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12601918 | PA      | $6048920.58   | 0.34%             | 2051-08-20      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac REMICS                                                  | CUSIP: 3137H2GV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3474819 | PA      | $1836218.17   | 0.10%             | 2051-07-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FLEX LTD                            | Flex Ltd                                                            | CUSIP: 33938XAA3<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |   2497000 | PA      | $2523242.17   | 0.14%             | 2029-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                    | HF Sinclair Corp                                                    | CUSIP: 403949AR1<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2580795.80   | 0.15%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HALLMARK FINANCIAL SVCS             | Hallmark Financial Services Inc                                     | CUSIP: 40624QAB0<br>LEI: 549300QVZIZ17RUE4C20 | Long             | DBT              | CORP              | US        |  13000000 | PA      | $2704000.00   | 0.15%             | 2029-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HSG FIN & DEV CORP S      | Hawaii Housing Finance and Development Corp                         | CUSIP: 419818HM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    102018 | PA      | $97663.55     | 0.01%             | 2037-07-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Icon Brand Holdings LLC             | Icon Brand Holdings LLC                                             | CUSIP: 45112AAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7009399 | PA      | $4109876.84   | 0.23%             | 2043-01-25      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| FLEX LTD                            | Flex Ltd                                                            | CUSIP: 33938XAE5<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |   1000000 | PA      | $1035396.28   | 0.06%             | 2028-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust        | GS Mortgage Securities Trust 2014-GC24                              | CUSIP: 36253GAK8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4340000 | PA      | $4135338.62   | 0.23%             | 2047-09-10      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                 | Global Payments Inc                                                 | CUSIP: 37940XAD4<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $922537.52    | 0.05%             | 2030-05-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC             | Goldman Sachs Group Inc/The                                         | CUSIP: 38148TMB2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998436.69    | 0.06%             | 2026-04-05      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| SOUTHSTATE BANK NA                  | Independent Bank Group Inc                                          | CUSIP: 45384BAC0<br>LEI: 8I3UVGYULPJQIP7FQV10 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2003634.70   | 0.11%             | 2030-09-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor      | JP Morgan Chase Commercial Mortgage Securities Trust 2011-C3        | CUSIP: 46635TAU6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2008042 | PA      | $1951042.58   | 0.11%             | 2046-02-15      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Government National Mortgage Association                            | CUSIP: 38382XY33<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1233097 | PA      | $480611.73    | 0.03%             | 2051-09-20      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Government National Mortgage Association                            | CUSIP: 38383APL2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4003391 | PA      | $2294711.45   | 0.13%             | 2051-09-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Secu      | JPMBB Commercial Mortgage Securities Trust 2013-C14                 | CUSIP: 46640LAK8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2539308 | PA      | $2343628.78   | 0.13%             | 2046-08-15      | Variable      | 4.17%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor      | JP Morgan Chase Commercial Mortgage Securities Trust 2014-C20       | CUSIP: 46642CAK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4962814 | PA      | $2729597.23   | 0.15%             | 2047-07-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| HMH Trust                           | HMH Trust 2017-NSS                                                  | CUSIP: 40390AAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5850000 | PA      | $4899433.50   | 0.28%             | 2031-07-05      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                   | HSBC Holdings PLC                                                   | CUSIP: 404280DK2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1080000 | PA      | $1205159.79   | 0.07%             | 2032-05-17      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON INGALLS INDUS            | Huntington Ingalls Industries Inc                                   | CUSIP: 446413AZ9<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1872774.12   | 0.11%             | 2028-08-16      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| HUNTSMAN INTERNATIONAL L            | Huntsman International LLC                                          | CUSIP: 44701QBF8<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |   3307000 | PA      | $2826453.05   | 0.16%             | 2031-06-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                   | Kinder Morgan Inc                                                   | CUSIP: 49456BAG6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1257416.65   | 0.07%             | 2034-12-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                    | LPL Holdings Inc                                                    | CUSIP: 50212YAM6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2779251.67   | 0.16%             | 2035-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Secu      | JPMBB Commercial Mortgage Securities Trust 2014-C22                 | CUSIP: 46642NAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4966000 | PA      | $3327319.32   | 0.19%             | 2047-09-15      | Variable      | 4.66%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Secu      | JPMBB Commercial Mortgage Securities Trust 2014-C24                 | CUSIP: 46643GAK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10400000 | PA      | $9520209.92   | 0.54%             | 2047-11-15      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| JUNIPER NETWORKS INC                | Juniper Networks Inc                                                | CUSIP: 48203RAN4<br>LEI: AUHIXNGG7U2U7JEHM527 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1982242.26   | 0.11%             | 2025-12-10      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| KDAC Aviation Finance Limited       | KDAC Aviation Finance Ltd                                           | CUSIP: 48244XAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1102810 | PA      | $1089025.31   | 0.06%             | 2042-12-15      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| WINGSPIRE EQUIPT FIN LLC            | Liberty Commercial Finance LLC                                      | CUSIP: 53036LAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5880585.48   | 0.33%             | 2026-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LIBERTY PROPERTY LP                 | Liberty Property LP                                                 | CUSIP: 53117CAS1<br>LEI: 549300N6GNCW2Y4RH795 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4942422.45   | 0.28%             | 2026-10-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| KEMPER CORP                         | Kemper Corp                                                         | CUSIP: 488401AD2<br>LEI: 549300FNI1JKTRY2PV09 | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3430542.56   | 0.19%             | 2032-02-23      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Kestrel Aircraft Funding Limit      | Kestrel Aircraft Funding Ltd                                        | CUSIP: 49255PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    756906 | PA      | $749412.74    | 0.04%             | 2038-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA                         | KeyBank NA/Cleveland OH                                             | CUSIP: 49327V2C7<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6861983.03   | 0.39%             | 2032-08-08      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| KILROY REALTY LP                    | Kilroy Realty LP                                                    | CUSIP: 49427RAR3<br>LEI: 5493008CT3N3JR7P1552 | Long             | DBT              | CORP              | US        |   9155000 | PA      | $7396413.58   | 0.42%             | 2033-11-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Mach I                              | MACH 1 Cayman 2019-1 Ltd                                            | CUSIP: 55446MAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    551781 | PA      | $546263.48    | 0.03%             | 2039-10-15      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| MARVELL TECHNOLOGY INC              | Marvell Technology Inc                                              | CUSIP: 573874AN4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6080542.62   | 0.34%             | 2028-06-22      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MERIDIAN CORP                       | Meridian Corp                                                       | CUSIP: 58960CAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9842650.00   | 0.55%             | 2029-12-30      | Variable      | 8.24%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                      | Morgan Stanley                                                      | CUSIP: 61760QNZ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | SN               | CORP              | US        |   2890000 | PA      | $2890920.06   | 0.16%             | 2030-05-30      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust           | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11         | CUSIP: 61762TAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4266898 | PA      | $4064262.99   | 0.23%             | 2046-08-15      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                      | NRG Energy Inc                                                      | CUSIP: 629377CN0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    900000 | PA      | $892901.93    | 0.05%             | 2025-12-02      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN CENTER FOR ARTS             | Lincoln Center for the Performing Arts Inc                          | CUSIP: 533097AA9<br>LEI: 5493005I1IFCGZIFFQ41 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1693003.68   | 0.10%             | 2035-12-01      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC            | Warnermedia Holdings Inc                                            | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   3458000 | PA      | $2984254.00   | 0.17%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust           | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22         | CUSIP: 61690FAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $3175050.00   | 0.18%             | 2048-04-15      | Variable      | 4.11%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF CANADA             | National Bank of Canada                                             | CUSIP: 63305MER8<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   3000000 | PA      | $2999922.96   | 0.17%             | 2029-04-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK MORTGAGE TRUST             | New York Mortgage Trust Inc                                         | CUSIP: 649604AG0<br>LEI: 549300JFGR0M7ULHWG48 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4878266.95   | 0.27%             | 2026-04-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEWPORT REALTY TRUST                | Newport Realty Trust Inc                                            | CUSIP: 652315AA0<br>LEI: 549300NQHVIV87HVCR07 | Long             | DBT              | CORP              | US        |   8995177 | PA      | $8905224.81   | 0.50%             | 2025-12-01      | Fixed         | 15.00%                | No            |                  2 | On Loan: No      |
| WF-RBS COMMERCIAL MORTGAGE TRU      | WFRBS Commercial Mortgage Trust 2013-C14                            | CUSIP: 92890PAH7<br>LEI: 549300GADFYEKC4OLM57 | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1395045.00   | 0.08%             | 2046-06-15      | Variable      | 3.84%                 | No            |                  2 | On Loan: No      |
| WF-RBS COMMERCIAL MORTGAGE TRU      | WFRBS Commercial Mortgage Trust 2013-C15                            | CUSIP: 92938CAH0<br>LEI: 5493003CHVRASC16O965 | Long             | ABS-MBS          | CORP              | US        |   3684847 | PA      | $3463830.15   | 0.20%             | 2046-08-15      | Variable      | 4.28%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag      | Wells Fargo Commercial Mortgage Trust 2015-C31                      | CUSIP: 94989WAZ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4903154.00   | 0.28%             | 2048-11-15      | Variable      | 4.78%                 | No            |                  2 | On Loan: No      |
| NEXPOINT REAL ESTATE FIN            | Nexpoint Real Estate Finance Inc                                    | CUSIP: 65342VAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9000000 | PA      | $8846583.93   | 0.50%             | 2026-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| OMEGA HLTHCARE INVESTORS            | Omega Healthcare Investors Inc                                      | CUSIP: 681936BL3<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1100399.42   | 0.06%             | 2029-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                         | Oracle Corp                                                         | CUSIP: 68389XAV7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1424312.43   | 0.08%             | 2034-07-08      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| ORRSTOWN FINANCIAL SERV             | Orrstown Financial Services Inc                                     | CUSIP: 687380AC9<br>LEI: 5493008IR3FINUFGVM95 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1741249.46   | 0.10%             | 2028-12-30      | Variable      | 7.72%                 | No            |                  2 | On Loan: No      |
| PARKWAY BANCORP INC                 | Parkway Bancorp Inc/IL                                              | CUSIP: 70153YAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4250000 | PA      | $4250169.75   | 0.24%             | 2030-03-31      | Variable      | 9.95%                 | No            |                  2 | On Loan: No      |
| PINNACLE FINANCIAL PARTN            | Pinnacle Financial Partners Inc                                     | CUSIP: 72346QAC8<br>LEI: 54930098EZ8JMSAZGS24 | Long             | SN               | CORP              | US        |   5000000 | PA      | $4961401.05   | 0.28%             | 2029-09-15      | Variable      | 7.36%                 | No            |                  2 | On Loan: No      |
| NEXBANK CAPITAL INC                 | NexBank Capital Inc                                                 | CUSIP: 65341TAC1<br>LEI: 549300H29S945S4X7A03 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4988106.95   | 0.28%             | 2027-09-30      | Variable      | 9.14%                 | No            |                  2 | On Loan: No      |
| PK ALIFT LOAN FUNDING               | Pk Alift Loan Funding 6 LP                                          | CUSIP: 69291YAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4047428 | PA      | $4070788.51   | 0.23%             | 2042-11-15      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| PEAPACK GLADSTONE FINANC            | Peapack-Gladstone Financial Corp                                    | CUSIP: 704699AE7<br>LEI: 549300G8DN2UK8K0ET30 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2910346.17   | 0.16%             | 2030-12-30      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Pioneer Aircraft Finance Limit      | Pioneer Aircraft Finance Ltd                                        | CUSIP: 72353PAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1419643 | PA      | $1352578.97   | 0.08%             | 2044-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| READY CAPITAL CORP                  | Ready Capital Corp                                                  | CUSIP: 75574UAB7<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $8456237.30   | 0.48%             | 2028-12-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| READYCAP HOLDINGS LLC               | ReadyCap Holdings LLC                                               | CUSIP: 755763AC3<br>LEI: 549300W908MAGNC9E420 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9560053.40   | 0.54%             | 2026-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                  | Realty Income Corp                                                  | CUSIP: 756109BA1<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $820158.57    | 0.05%             | 2033-03-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| WEBSTER FINANCIAL CORP              | Sterling Bancorp/DE                                                 | CUSIP: 85917AAB6<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | DBT              | CORP              | US        |   9700000 | PA      | $9603808.20   | 0.54%             | 2029-12-30      | Variable      | 6.82%                 | No            |                  2 | On Loan: No      |
| TD SYNNEX CORP                      | TD SYNNEX Corp                                                      | CUSIP: 87162WAL4<br>LEI: 5493004HI6PFLF46NS53 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2617541.15   | 0.15%             | 2034-04-12      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| TAKE-TWO INTERACTIVE SOF            | Take-Two Interactive Software Inc                                   | CUSIP: 874054AN9<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1037440.33   | 0.06%             | 2034-06-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| PULTEGROUP INC                      | PulteGroup Inc                                                      | CUSIP: 745867AP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1414633.65   | 0.08%             | 2033-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RADIAN GROUP INC                    | Radian Group Inc                                                    | CUSIP: 750236AY7<br>LEI: 54930005OUP720S5U385 | Long             | DBT              | CORP              | US        |   6749000 | PA      | $7065803.12   | 0.40%             | 2029-05-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| SIGNATURE BANK NEW YORK             | Signature Bank/New York NY                                          | CUSIP: 82669GCK8<br>LEI: VLP5AP0XK2GM6GKD1007 | Long             | DBT              | CORP              | US        |   1595000 | PA      | $877250.00    | 0.05%             | 2030-10-15      | None          | 4.00%                 | No            |                  2 | On Loan: No      |
| SMARTFINANCIAL INC                  | SmartFinancial Inc                                                  | CUSIP: 83190LAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3984585.76   | 0.22%             | 2035-09-01      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                         | Truist Bank                                                         | CUSIP: 89788KAA4<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $910937.90    | 0.05%             | 2030-03-11      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP               | Truist Financial Corp                                               | CUSIP: 89832QAD1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |  10552000 | PA      | $10550122.80  | 0.59%             | 2026-03-01      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| PRIMIS FINANCIAL CORP               | Southern National Bancorp of Virginia Inc                           | CUSIP: 843395AB0<br>LEI: 549300JNX3M2EENG1F11 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1990531.96   | 0.11%             | 2030-09-01      | Variable      | 9.48%                 | No            |                  2 | On Loan: No      |
| SOUTHSIDE BANCSHARES INC            | Southside Bancshares Inc                                            | CUSIP: 84470PAG4<br>LEI: 549300TC83207VQA2K65 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4024563.92   | 0.23%             | 2035-08-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| TYSON FOODS INC                     | Tyson Foods Inc                                                     | CUSIP: 902494BM4<br>LEI: WD6L6041MNRW1JE49D58 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2604352.28   | 0.15%             | 2034-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| AMERICAN COASTAL INSURAN            | United Insurance Holdings Corp                                      | CUSIP: 910710AA0<br>LEI: 5299002P9105LJQA8G51 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2236572.00   | 0.13%             | 2027-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                    | CUSIP: 91282CJB8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5002051.00   | 0.28%             | 2025-09-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNUM GROUP                          | Unum Group                                                          | CUSIP: 91529YAL0<br>LEI: 549300E32YFDO6TZ8R31 | Long             | DBT              | CORP              | US        |    830000 | PA      | $828151.93    | 0.05%             | 2025-11-05      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VENTAS REALTY LP                    | Ventas Realty LP                                                    | CUSIP: 92277GAX5<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1292984.76   | 0.07%             | 2034-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WF-RBS COMMERCIAL MORTGAGE TRU      | WFRBS Commercial Mortgage Trust 2012-C10                            | CUSIP: 92890NAX7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    871947 | PA      | $810910.29    | 0.05%             | 2045-12-15      | Fixed         | 3.74%                 | No            |                  2 | On Loan: No      |
| WF-RBS COMMERCIAL MORTGAGE TRU      | WFRBS Commercial Mortgage Trust 2014-C21                            | CUSIP: 92939FAE9<br>LEI: 5493000F7E2NMQ4HIO61 | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $3962600.00   | 0.22%             | 2047-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WF-RBS COMMERCIAL MORTGAGE TRU      | WFRBS Commercial Mortgage Trust 2014-C21                            | CUSIP: 92939FAY5<br>LEI: 5493000F7E2NMQ4HIO61 | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2842560.00   | 0.16%             | 2047-08-15      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| ALLIANT ENERGY FINANCE              | Alliant Energy Finance LLC                                          | CUSIP: 01882YAC0<br>LEI: 54930033ER6EOI5DL570 | Long             | DBT              | CORP              | US        |   1411000 | PA      | $1385304.91   | 0.08%             | 2026-03-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag      | Wells Fargo Commercial Mortgage Trust 2015-LC22                     | CUSIP: 94989TBE3<br>LEI: 549300XO83D3BDYP0P62 | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $797258.16    | 0.04%             | 2058-09-15      | Variable      | 4.83%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag      | Wells Fargo Commercial Mortgage Trust 2015-C31                      | CUSIP: 94989WBB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5189370 | PA      | $4528404.09   | 0.25%             | 2048-11-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag      | Wells Fargo Commercial Mortgage Trust 2016-C36                      | CUSIP: 95000MBV2<br>LEI: 549300BSYX29G4VVM177 | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2618804.10   | 0.15%             | 2059-11-15      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Willis Engine Securitization T      | Willis Engine Structured Trust IV                                   | CUSIP: 97064EAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1631775 | PA      | $1624944.50   | 0.09%             | 2043-09-15      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| SPIRE INC                           | Spire Inc                                                           | CUSIP: 84857LAC5<br>LEI: 549300NXSY15DRY2R511 | Long             | DBT              | CORP              | US        |    222000 | PA      | $222795.32    | 0.01%             | 2026-03-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| STANLEY BLACK & DECKER I            | Stanley Black & Decker Inc                                          | CUSIP: 854502AQ4<br>LEI: 549300DJ09SMTO561131 | Long             | DBT              | CORP              | US        |   1129000 | PA      | $1010316.64   | 0.06%             | 2032-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ZIMMER BIOMET HOLDINGS              | Zimmer Biomet Holdings Inc                                          | CUSIP: 98956PAZ5<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1266826.91   | 0.07%             | 2034-09-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ZIONS BANCORP NA                    | Zions Bancorp NA                                                    | CUSIP: 98971DAB6<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | DBT              | CORP              | US        |   9092000 | PA      | $8435710.44   | 0.47%             | 2029-10-29      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP            | Sumitomo Mitsui Financial Group Inc                                 | CUSIP: 86562MDU1<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    500000 | PA      | $524540.08    | 0.03%             | 2035-01-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| TLWND 2019-1                        | GAIA Aviation Ltd                                                   | CUSIP: 87404LAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2888439 | PA      | $2628306.27   | 0.15%             | 2044-12-15      | Variable      | 5.19%                 | No            |                  2 | On Loan: No      |
| PROP 2017-1 B      20420315 6.90000 | PROP 2017-1 B      20420315 6.90000                                 | CUSIP: G7256KAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |   3836109 | PA      | $2688728.79   | 0.15%             | 2042-03-15      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| TOLL BROS FINANCE CORP              | Toll Brothers Finance Corp                                          | CUSIP: 88947EAT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3006500.40   | 0.17%             | 2028-02-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK               | Toronto-Dominion Bank/The                                           | CUSIP: 89115JBD4<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   4000000 | PA      | $4005613.52   | 0.23%             | 2030-07-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRANSCANADA PIPELINES               | TransCanada PipeLines Ltd                                           | CUSIP: 89352HAC3<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | CORP              | CA        |  18223000 | PA      | $16733265.01  | 0.94%             | 2067-05-15      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| TRINITAS CAPITAL MGMT               | Trinitas Capital Management LLC                                     | CUSIP: 89642CAC4<br>LEI: 254900JU042545A6UD08 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2895000.00   | 0.16%             | 2026-07-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE              | American Honda Finance Corp                                         | CUSIP: 02665WFZ9<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    750000 | PA      | $754441.32    | 0.04%             | 2035-03-05      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BOEING CO                           | Boeing Co/The                                                       | CUSIP: 097023BK0<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   2131000 | PA      | $1799301.75   | 0.10%             | 2035-03-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| BOEING CO                           | Boeing Co/The                                                       | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2358695.10   | 0.13%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2020-1 A PTT             | United Airlines 2020-1 Class A Pass Through Trust                   | CUSIP: 90931GAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1843885 | PA      | $1887280.16   | 0.11%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill                                         | CUSIP: 912797MH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8000000 | PA      | $7997202.64   | 0.45%             | 2025-09-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill                                         | CUSIP: 912797QF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20000000 | PA      | $19895062.41  | 1.12%             | 2025-10-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill                                         | CUSIP: 912797QW0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9966078.85   | 0.56%             | 2025-09-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                | Boston Properties LP                                                | CUSIP: 10112RAX2<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |   1221000 | PA      | $1215295.22   | 0.07%             | 2026-02-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                | Boston Properties LP                                                | CUSIP: 10112RBD5<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |   4085000 | PA      | $3794544.53   | 0.21%             | 2031-01-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Sprite Limited                      | Sprite 2021-1 Ltd                                                   | CUSIP: 85208UAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   3802535 | PA      | $3678136.91   | 0.21%             | 2046-11-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| TEXAS STATE BNKSHRS INC             | Texas State Bankshares Inc                                          | CUSIP: 882727AA8<br>LEI: 549300KSLUE7MP08XL09 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3990720.72   | 0.22%             | 2029-06-15      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill                                         | CUSIP: 912797RA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20000000 | PA      | $19730956.20  | 1.11%             | 2026-01-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill                                         | CUSIP: 912797RQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20000000 | PA      | $19812120.00  | 1.12%             | 2025-11-25      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill                                         | CUSIP: 912797RJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4926642.95   | 0.28%             | 2026-01-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill                                         | CUSIP: 912797RM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20000000 | PA      | $19857550.00  | 1.12%             | 2025-11-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill                                         | CUSIP: 912797RW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9890634.70   | 0.56%             | 2025-12-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                    | CUSIP: 9128284Z0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15000000 | PA      | $15000000.00  | 0.84%             | 2025-08-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| UTB FINANCIAL HOLDING CO            | UTB Financial Holding Co                                            | CUSIP: 91758PAA5<br>LEI: 549300BCI1V7V4DLG340 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5874012.96   | 0.33%             | 2028-09-01      | Variable      | 8.05%                 | No            |                  2 | On Loan: No      |
| VENTAS REALTY LP                    | Ventas Realty LP                                                    | CUSIP: 92277GBA4<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1976642.10   | 0.11%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                        | VeriSign Inc                                                        | CUSIP: 92343EAM4<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $900978.27    | 0.05%             | 2031-06-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| JPMDB Commercial Mortgage Secu      | WP Glimcher Mall Trust 2015-WPG                                     | CUSIP: 92939VAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2231464 | PA      | $2164497.93   | 0.12%             | 2035-06-05      | Variable      | 3.63%                 | No            |                  2 | On Loan: No      |
| WAYPOINT RESIDENTIAL LLC            | Waypoint Residential LLC                                            | CUSIP: 94677MAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4496594 | PA      | $1843603.54   | 0.10%             | 2029-12-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                 | CDW LLC / CDW Finance Corp                                          | CUSIP: 12513GBJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2092880.03   | 0.12%             | 2031-12-01      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                 | CDW LLC / CDW Finance Corp                                          | CUSIP: 12513GBL2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3250000 | PA      | $3289780.00   | 0.19%             | 2034-08-22      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                 | COMM 2012-CCRE4 Mortgage Trust                                      | CUSIP: 12624QAT0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2726538.60   | 0.15%             | 2045-10-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CHOICE HOTELS INTL INC              | Choice Hotels International Inc                                     | CUSIP: 169905AG1<br>LEI: 5493003CYRY5RFGTIR97 | Long             | DBT              | CORP              | US        |   1102000 | PA      | $1031668.41   | 0.06%             | 2031-01-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CHOICE HOTELS INTL INC              | Choice Hotels International Inc                                     | CUSIP: 169905AH9<br>LEI: 5493003CYRY5RFGTIR97 | Long             | DBT              | CORP              | US        |   6900000 | PA      | $6977975.45   | 0.39%             | 2034-08-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| CINCINNATI FINL CORP                | Cincinnati Financial Corp                                           | CUSIP: 172062AE1<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2670725.40   | 0.15%             | 2034-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                       | Citigroup Inc                                                       | CUSIP: 1730T0HV4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | SN               | CORP              | US        |   1152000 | PA      | $1032640.13   | 0.06%             | 2029-12-23      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                       | Citigroup Inc                                                       | CUSIP: 1730T0KV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | SN               | CORP              | US        |    727000 | PA      | $598456.95    | 0.03%             | 2030-11-19      | Variable      | 0.14%                 | No            |                  2 | On Loan: No      |
| CROWN CAP HOLD LLC                  | Crown Capital Holdings LLC                                          | CUSIP: 22821CAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7000000 | PA      | $4200000.00   | 0.24%             | 2025-01-15      | None          | 12.50%                | No            |                  2 | On Loan: No      |
| LKQ CORP                            | LKQ Corp                                                            | CUSIP: 501889AF6<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | DBT              | CORP              | US        |   6775000 | PA      | $7162704.05   | 0.40%             | 2033-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Labrador Aviation Finance Limi      | Labrador Aviation Finance Ltd 2016-1A                               | CUSIP: 50543LAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | BM        |  23076691 | PA      | $20798560.21  | 1.17%             | 2042-01-15      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| MASTEC INC                          | MasTec Inc                                                          | CUSIP: 576323AT6<br>LEI: 549300TMDIT8WREDOF45 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $7317625.00   | 0.41%             | 2029-06-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| MATHER FOUNDATION                   | Mather Foundation                                                   | CUSIP: 576722AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1322701.70   | 0.07%             | 2031-10-01      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| METAL Cayman                        | METAL 2017-1 LLC                                                    | CUSIP: 59111RAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  26657035 | PA      | $8796821.50   | 0.50%             | 2042-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust           | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21         | CUSIP: 61764XBP9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8000000 | PA      | $7112000.00   | 0.40%             | 2048-03-15      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru      | SMB Private Education Loan Trust 2014-A                             | CUSIP: 784456AF2<br>LEI: 549300XC4C7GRVLU6076 | Long             | ABS-O            | CORP              | US        |   7000000 | PA      | $6488348.30   | 0.37%             | 2045-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP             | Simon Property Group LP                                             | CUSIP: 828807DY0<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |   4187000 | PA      | $4114034.41   | 0.23%             | 2034-09-26      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill                                         | CUSIP: 912797QZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20000000 | PA      | $19761627.80  | 1.11%             | 2025-12-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill                                         | CUSIP: 912797RD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20000000 | PA      | $19884236.07  | 1.12%             | 2025-10-21      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC              | UnitedHealth Group Inc                                              | CUSIP: 91324PCQ3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    500000 | PA      | $485389.23    | 0.03%             | 2035-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO            | Virginia Electric and Power Co                                      | CUSIP: 927804FA7<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |   3400000 | PA      | $3612499.42   | 0.20%             | 2036-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WACHOVIA CORP                       | Wachovia Corp                                                       | CUSIP: 929903AM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1020532.47   | 0.06%             | 2035-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag      | Wells Fargo Commercial Mortgage Trust 2015-SG1                      | CUSIP: 94989QBB5<br>LEI: 549300ZJL46M82UL2Z22 | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4675050.00   | 0.26%             | 2048-09-15      | Variable      | 4.57%                 | No            |                  2 | On Loan: No      |
| ZIMMER BIOMET HOLDINGS              | Zimmer Biomet Holdings Inc                                          | CUSIP: 98956PAG7<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |   1302000 | PA      | $1201475.72   | 0.07%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Apollo Aviation Securitization      | AASET 2024-1                                                        | CUSIP: 00255JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7917644 | PA      | $8205419.05   | 0.46%             | 2049-05-16      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| ACRES COMMERCIAL REALTY             | ACRES Commercial Realty Corp                                        | CUSIP: 00489QAA0<br>LEI: 549300RUJWPCMY4JFR46 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7846011.60   | 0.44%             | 2026-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                    | Bank of Montreal                                                    | CUSIP: 06368B5P9<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   6977000 | PA      | $6968430.85   | 0.39%             | 2026-02-25      | Variable      | 6.71%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP              | Bank of New York Mellon Corp/The                                    | CUSIP: 064058AJ9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $983636.60    | 0.06%             | 2026-03-20      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                | Boston Properties LP                                                | CUSIP: 10112RBJ2<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |   2755000 | PA      | $2790845.61   | 0.16%             | 2035-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                 | COMM 2014-CCRE16 Mortgage Trust                                     | CUSIP: 12591VAK7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4725050.00   | 0.27%             | 2047-04-10      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                 | COMM 2015-PC1 Mortgage Trust                                        | CUSIP: 12593GAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2143750.00   | 0.12%             | 2050-07-10      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| CAPITAL IMPACT PARTNERS             | Capital Impact Partners                                             | CUSIP: 140192AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3123682.44   | 0.18%             | 2035-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                       | Citigroup Inc                                                       | CUSIP: 172967DS7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    868000 | PA      | $791566.50    | 0.04%             | 2036-08-25      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Coinstar Funding, LLC               | Coinstar Funding LLC Series 2017-1                                  | CUSIP: 19260MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  25960662 | PA      | $23948711.16  | 1.35%             | 2047-04-25      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| COMERICA BANK                       | Comerica Bank                                                       | CUSIP: 200339EX3<br>LEI: 70WY0ID1N53Q4254VH70 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7884285.84   | 0.44%             | 2033-08-25      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| CONAGRA BRANDS INC                  | Conagra Brands Inc                                                  | CUSIP: 205887CL4<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5022960.30   | 0.28%             | 2035-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Government National Mortgage Association                            | CUSIP: 38382A5T8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3377011 | PA      | $344169.45    | 0.02%             | 2048-03-20      | Floating      | 1.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Government National Mortgage Association                            | CUSIP: 38382RXT0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    389458 | PA      | $292513.12    | 0.02%             | 2051-04-20      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| HASBRO INC                          | Hasbro Inc                                                          | CUSIP: 418056AY3<br>LEI: 549300NUB6D2R1ITYR45 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247428.34    | 0.01%             | 2026-11-19      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Horizon Aircraft Finance            | Horizon Aircraft Finance II Ltd                                     | CUSIP: 44040HAA0<br>LEI: 549300KSCDSEIWTVMM32 | Long             | ABS-O            | CORP              | KY        |   1226455 | PA      | $1192678.80   | 0.07%             | 2039-07-15      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| FNB CORP                            | Howard Bancorp Inc                                                  | CUSIP: 442496AA3<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2959339.35   | 0.17%             | 2028-12-06      | Variable      | 7.60%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                          | Humana Inc                                                          | CUSIP: 444859CD2<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    500000 | PA      | $505432.84    | 0.03%             | 2035-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                   | Hyatt Hotels Corp                                                   | CUSIP: 448579AS1<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |   6566000 | PA      | $6627639.11   | 0.37%             | 2034-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                        | Illumina Inc                                                        | CUSIP: 452327AN9<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2006273.56   | 0.11%             | 2025-12-12      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Secu      | JPMBB Commercial Mortgage Securities Trust 2013-C12                 | CUSIP: 46639NAW1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2221567 | PA      | $2132749.21   | 0.12%             | 2045-07-15      | Variable      | 4.07%                 | No            |                  2 | On Loan: No      |
| JACOBS ENGINEERING GROUP            | Jacobs Engineering Group Inc                                        | CUSIP: 469814AA5<br>LEI: 549300CZ8QS1GE53O776 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1829824.99   | 0.10%             | 2033-03-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| OMEGA HLTHCARE INVESTORS            | Omega Healthcare Investors Inc                                      | CUSIP: 681936BM1<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              | CORP              | US        |   3675000 | PA      | $3395933.14   | 0.19%             | 2031-02-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Thunderbolt Aircraft Lease Lim      | Thunderbolt III Aircraft Lease Ltd                                  | CUSIP: 88607AAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   3091193 | PA      | $2643032.16   | 0.15%             | 2039-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP            | Toyota Motor Credit Corp                                            | CUSIP: 89236TLV5<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   2241000 | PA      | $2255148.71   | 0.13%             | 2029-03-05      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Blackbird Capital Aircraft          | Blackbird Capital Aircraft Lease Securitization Ltd 2016-1          | CUSIP: 09228YAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1505896 | PA      | $1506378.01   | 0.08%             | 2041-12-16      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC             | Booz Allen Hamilton Inc                                             | CUSIP: 09951LAD5<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2057640.00   | 0.12%             | 2035-04-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BRUNSWICK CORP                      | Brunswick Corp/DE                                                   | CUSIP: 117043AU3<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | DBT              | CORP              | US        |   5600000 | PA      | $5262446.90   | 0.30%             | 2032-09-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities, LLC        | Business Jet Securities 2022-1 LLC                                  | CUSIP: 12327AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3777269 | PA      | $3730901.43   | 0.21%             | 2037-06-15      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities, LLC        | Business Jet Securities 2022-1 LLC                                  | CUSIP: 12327AAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    539610 | PA      | $533354.10    | 0.03%             | 2037-06-15      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                 | COMM 2014-UBS5 Mortgage Trust                                       | CUSIP: 12592KBH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6500000 | PA      | $5979935.00   | 0.34%             | 2047-09-10      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| CVS PASS-THROUGH TRUST              | CVS Pass-Through Trust                                              | CUSIP: 126650BQ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1518167 | PA      | $1564848.49   | 0.09%             | 2030-01-10      | Fixed         | 6.94%                 | No            |                  2 | On Loan: No      |
| CAPITAL IMPACT PARTNERS             | Capital Impact Partners                                             | CUSIP: 140192AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3047160.03   | 0.17%             | 2030-08-01      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| CHANGE CO CDFI LLC                  | Change Co CDFI LLC/The                                              | CUSIP: 15912AAC6<br>LEI: N/A                  | Long             | SN               | CORP              | US        |   7000000 | PA      | $6502772.92   | 0.37%             | 2031-09-30      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS            | Cheniere Energy Partners LP                                         | CUSIP: 16411QAG6<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4489490.61   | 0.25%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                       | Citigroup Inc                                                       | CUSIP: 1730T0E21<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | SN               | CORP              | US        |   2863000 | PA      | $2349226.06   | 0.13%             | 2033-12-20      | Variable      | 1.91%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                       | Citigroup Inc                                                       | CUSIP: 1730T0UB3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | SN               | CORP              | US        |   1394000 | PA      | $1089917.02   | 0.06%             | 2033-07-09      | Variable      | 2.06%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage       | Citigroup Commercial Mortgage Trust 2015-GC35                       | CUSIP: 17324KAT5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7000000 | PA      | $5019772.10   | 0.28%             | 2048-11-10      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| CONCENTRIX CORP                     | Concentrix Corp                                                     | CUSIP: 20602DAC5<br>LEI: 5493000EAJN1KMPVA737 | Long             | DBT              | CORP              | US        |   7056000 | PA      | $7421954.01   | 0.42%             | 2033-08-02      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac REMICS                                                  | CUSIP: 3137H2YT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4612758 | PA      | $2973546.84   | 0.17%             | 2051-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                 | Global Payments Inc                                                 | CUSIP: 37940XAH5<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   1154000 | PA      | $1031138.77   | 0.06%             | 2031-11-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| HASBRO INC                          | Hasbro Inc                                                          | CUSIP: 418056BA4<br>LEI: 549300NUB6D2R1ITYR45 | Long             | DBT              | CORP              | US        |   7600000 | PA      | $7907387.17   | 0.45%             | 2034-05-14      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| HORIZON BANCORP                     | Horizon Bancorp Inc/IN                                              | CUSIP: 440407AA2<br>LEI: 549300U2OQ2EIT5MXG39 | Long             | DBT              | CORP              | US        |   6750000 | PA      | $6742534.84   | 0.38%             | 2030-07-01      | Variable      | 9.78%                 | No            |                  2 | On Loan: No      |
| INDEPENDENT BANK CORP               | Independent Bank Corp                                               | CUSIP: 453836AJ7<br>LEI: 549300C5K3W8THR3GE10 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5124881.65   | 0.29%             | 2035-04-01      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD/LUX CO            | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl          | CUSIP: 46590XAY2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   5000000 | PA      | $5179750.00   | 0.29%             | 2033-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JABIL INC                           | Jabil Inc                                                           | CUSIP: 466313AH6<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2230366.41   | 0.13%             | 2028-01-12      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust      | Morgan Stanley Capital I Trust 2016-UBS12                           | CUSIP: 61691EBF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $3891665.50   | 0.22%             | 2049-12-15      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| ORANGE & ROCKLAND UTILIT            | Orange & Rockland Utilities Inc                                     | CUSIP: 684065AT2<br>LEI: 26RM8T263FMD21834H79 | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2373702.58   | 0.13%             | 2027-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PIEDMONT OPERATING PARTN            | Piedmont Operating Partnership LP                                   | CUSIP: 720198AF7<br>LEI: 549300WKGDPAS39FBD10 | Long             | DBT              | CORP              | US        |   8854000 | PA      | $7484501.97   | 0.42%             | 2032-04-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                  | Realty Income Corp                                                  | CUSIP: 756109BQ6<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    703000 | PA      | $703060.09    | 0.04%             | 2026-01-13      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| SCRE INTERMEDIATE HOLDCO            | SCRE Intermediate Holdco LLC                                        | CUSIP: 78434LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7712131.12   | 0.43%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TEXTRON INC                         | Textron Inc                                                         | CUSIP: 883203CD1<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | DBT              | CORP              | US        |   2350000 | PA      | $2515564.17   | 0.14%             | 2033-11-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| WF-RBS COMMERCIAL MORTGAGE TRU      | WFRBS Commercial Mortgage Trust 2014-C20                            | CUSIP: 92890FAZ9<br>LEI: 549300UVB571ELWL8972 | Long             | ABS-MBS          | CORP              | US        |   4500000 | PA      | $2477295.00   | 0.14%             | 2047-05-15      | Variable      | 4.51%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag      | Wells Fargo Commercial Mortgage Trust 2015-C27                      | CUSIP: 94989DBC2<br>LEI: 5493001SKB2HKIF64L70 | Long             | ABS-MBS          | CORP              | US        |   6921335 | PA      | $6094304.47   | 0.34%             | 2048-02-15      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag      | Wells Fargo Commercial Mortgage Trust 2017-SMP                      | CUSIP: 95001CAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1625000 | PA      | $1510335.78   | 0.09%             | 2034-12-15      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-29

**Name of Applicant:** Thompson IM Funds, Inc.

**Signature:** /s/ Jason L. Stephens

**Name of Signer:** Jason L. Stephens

**Title:** Chief Executive Officer