# EDGAR Filing Document

**Accession Number:** 0000076721
**File Stem:** 0002071691-25-005479
**Filing Date:** 2025-11
**Character Count:** 204911
**Document Hash:** ec801d9912b3001aa18d23942d4a4d20
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-005479.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0002071691-25-005479

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IMPAX FUNDS SERIES TRUST I
- **CENTRAL INDEX KEY:** 0000076721

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02064
- **FILM NUMBER:** 251507405

**BUSINESS ADDRESS:**
- **STREET 1:** 30 PENHALLOW STREET, SUITE 400
- **CITY:** PORTSMOUTH
- **STATE:** NH
- **ZIP:** 03801-3852
- **BUSINESS PHONE:** 800-767-1729

**MAIL ADDRESS:**
- **STREET 1:** 30 PENHALLOW STREET, SUITE 400
- **CITY:** PORTSMOUTH
- **STATE:** NH
- **ZIP:** 03801-3852

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAX WORLD FUNDS SERIES TRUST I
- **DATE OF NAME CHANGE:** 20070831

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAX WORLD BALANCED FUND
- **DATE OF NAME CHANGE:** 20061113

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAX WORLD BALANCED FUND INC
- **DATE OF NAME CHANGE:** 20040624

## Series and Classes Contracts Data

### Impax Core Bond Fund (Series ID: S000055845)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000175862 | Institutional Class | PXBIX           |
| C000175863 | Investor Class      | PAXBX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** IMPAX FUNDS SERIES TRUST I

- **b. Investment Company Act file number:** 811-02064

- **c. CIK number of Registrant:** 0000076721

- **d. LEI of Registrant:** 549300TD5R23SWU72456

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

  - **Street Address 1:** 30 Penhallow St., Suite 100

  - **City:** Portsmouth

  - **State:** NH

  - **Foreign country:** US

  - **Zip / Postal Code:** 03801

  - **Telephone number:** 603-431-8022

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

- **a. Name of Series:** Impax Core Bond Fund

- **b. EDGAR series identifier (if any):** S000055845

- **c. LEI of Series:** 549300Z901FIZVY05W78

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $849404896.65

**Total Liabilities:** $5070402.87

**Net Assets:** $844334493.78

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1618.17448900 | **1-Year:** 15254.34096600 | **5-Year:** 105104.18181300 | **10-Year:** 163448.03977200 | **30-Year:** 47407.92553500

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

- **3-Month:** 38.81804900 | **1-Year:** 2345.10072800 | **5-Year:** 3210.63593800 | **10-Year:** 2389.69381700 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000175862 | -0.24%               | 1.13%                | 1.11%                |
| Class ID C000175863 | -0.26%               | 1.22%                | 0.98%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1472562.40             | $-3289671.48                               |
| Month 2  | $-853099.20              | $7632249.12                                |
| Month 3  | $1318757.82              | $4531404.40                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Envest Microfinance Cooperative                                                       | Envest Microfinance Cooperative                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    150000 | PA      | $150000.00    | 0.02%             | 2025-10-24      | Fixed         | 4.00%                 | No            |                  3 | On Loan: No      |
| European Investment Bank                                                              | European Investment Bank                                                              | CUSIP: 298785KG0<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | US        |   2000000 | PA      | $2062379.06   | 0.24%             | 2030-03-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                     | Wells Fargo & Co.                                                                     | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2095062.71   | 0.25%             | 2033-03-02      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                   | International Bank for Reconstruction & Development                                   | CUSIP: 459058JN4<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        |   1000000 | PA      | $940398.17    | 0.11%             | 2027-11-24      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                                  | GNMA II, Single-family, 30 Year                                                       | CUSIP: 36179XBQ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1475139 | PA      | $1272933.43   | 0.15%             | 2052-07-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                    | T-Mobile USA, Inc.                                                                    | CUSIP: 87264ADT9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4611344.54   | 0.55%             | 2035-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140KKGH1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1360746 | PA      | $1168787.72   | 0.14%             | 2050-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Vontier Corp.                                                                         | Vontier Corp.                                                                         | CUSIP: 928881AF8<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1371231.72   | 0.16%             | 2031-04-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| nVent Finance SARL                                                                    | nVent Finance SARL                                                                    | CUSIP: 67078AAE3<br>LEI: 549300KO1OQ4MVFB6X02 | Long             | DBT              | CORP              | LU        |   1000000 | PA      | $894177.64    | 0.11%             | 2031-11-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| FNMA Connecticut Avenue Securities Trust                                              | FNMA Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1                  | CUSIP: 20754TAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1068763 | PA      | $1070631.23   | 0.13%             | 2045-02-25      | Floating      | 5.35%                 | Yes           |                  2 | On Loan: No      |
| Concentrix Corp.                                                                      | Concentrix Corp.                                                                      | CUSIP: 20602DAB7<br>LEI: 5493000EAJN1KMPVA737 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2094779.02   | 0.25%             | 2028-08-02      | Fixed         | 6.60%                 | No            |                  2 | On Loan: —       |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140W1MD2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5802687 | PA      | $5138942.98   | 0.61%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| High Street Funding Trust III                                                         | High Street Funding Trust III                                                         | CUSIP: 42981FAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000920.33   | 0.12%             | 2055-02-15      | Fixed         | 5.81%                 | Yes           |                  2 | On Loan: No      |
| FNMA Connecticut Avenue Securities Trust                                              | FNMA Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1                  | CUSIP: 20754EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    672372 | PA      | $674674.60    | 0.08%             | 2043-07-25      | Floating      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| SCE Recovery Funding LLC                                                              | SCE Recovery Funding LLC, Series A-2                                                  | CUSIP: 78433LAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1205686.60   | 0.14%             | 2042-11-15      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loan Trust                                                               | Mosaic Solar Loan Trust, Series 2018-1A, Class A                                      | CUSIP: 61946FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    867684 | PA      | $816277.40    | 0.10%             | 2043-06-22      | Fixed         | 4.01%                 | Yes           |                  2 | On Loan: No      |
| European Investment Bank                                                              | European Investment Bank                                                              | CUSIP: 298785JR8<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | US        |    800000 | PA      | $750255.55    | 0.09%             | 2029-03-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                                                             | OBX Trust, Series 2025-NQM15, Class A1                                                | CUSIP: 67122CAC9<br>LEI: 254900Y3YIZHUWMEGC78 | Long             | ABS-MBS          | CORP              | US        |   1977190 | PA      | $1986411.76   | 0.24%             | 2065-07-27      | Variable      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| Verizon Communications, Inc.                                                          | Verizon Communications, Inc.                                                          | CUSIP: 92343VFT6<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    600000 | PA      | $434217.44    | 0.05%             | 2040-11-20      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| SCE Recovery Funding LLC                                                              | SCE Recovery Funding LLC, Series A-2                                                  | CUSIP: 78433LAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    880000 | PA      | $851874.79    | 0.10%             | 2047-12-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Clean Harbors, Inc.                                                                   | Clean Harbors, Inc.                                                                   | CUSIP: 184496AQ0<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2049798.00   | 0.24%             | 2031-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                                                            | FHLMC Pool, 30 Year                                                                   | CUSIP: 3133BJPG1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2093323 | PA      | $1989085.92   | 0.24%             | 2052-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140XJMM2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2252486 | PA      | $2203741.43   | 0.26%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA Connecticut Avenue Securities Trust                                              | FNMA Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1                  | CUSIP: 207932AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    954619 | PA      | $977251.73    | 0.12%             | 2042-12-25      | Floating      | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Carrier Global Corp.                                                                  | Carrier Global Corp.                                                                  | CUSIP: 14448CAR5<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $807798.34    | 0.10%             | 2040-04-05      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| FNMA Connecticut Avenue Securities Trust                                              | FNMA Connecticut Avenue Securities Trust, Series 2022-R08, Class 1M1                  | CUSIP: 20755DAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1813162 | PA      | $1860327.05   | 0.22%             | 2042-07-25      | Floating      | 6.91%                 | Yes           |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                                                                | Tesla Auto Lease Trust, Series 2024-A, Class B                                        | CUSIP: 88166VAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $758350.80    | 0.09%             | 2028-05-22      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                                                            | FHLMC Pool, 30 Year                                                                   | CUSIP: 3133KRKE3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1555595 | PA      | $1626317.99   | 0.19%             | 2053-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                                  | GNMA I                                                                                | CUSIP: 36194SPD4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1461754 | PA      | $1293990.99   | 0.15%             | 2041-09-15      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| Vivint Solar Financing V LLC                                                          | Vivint Solar Financing V LLC, Series 2018-1A, Class A                                 | CUSIP: 92854VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    823357 | PA      | $789568.37    | 0.09%             | 2048-04-30      | Fixed         | 4.73%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission, Inc.                                                            | Allison Transmission, Inc.                                                            | CUSIP: 019736AF4<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1009077.00   | 0.12%             | 2029-06-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140MTE41<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2403272 | PA      | $2342407.54   | 0.28%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loan Trust                                                               | Mosaic Solar Loan Trust, Series 2017-1A, Class A                                      | CUSIP: 61946EAA6<br>LEI: 549300ZLA8SW2SVJMN33 | Long             | ABS-O            | CORP              | US        |    242484 | PA      | $235168.01    | 0.03%             | 2042-06-20      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| FHLB                                                                                  | FHLB                                                                                  | CUSIP: 3130AKWA0<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | UST               | US        |    500000 | PA      | $493786.87    | 0.06%             | 2026-02-12      | Fixed         | 0.52%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                          | Oracle Corp.                                                                          | CUSIP: 68389XDM4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   3700000 | PA      | $3721782.79   | 0.44%             | 2035-09-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| FARM Mortgage Trust                                                                   | FARM Mortgage Trust, Series 2024-2, Class A                                           | CUSIP: 307910AC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1374888 | PA      | $1365044.79   | 0.16%             | 2054-08-01      | Variable      | 5.19%                 | Yes           |                  2 | On Loan: No      |
| SCE Recovery Funding LLC                                                              | SCE Recovery Funding LLC, Series A-1                                                  | CUSIP: 78433LAG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2027719 | PA      | $2002466.33   | 0.24%             | 2040-06-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| WLB Asset VII Pte. Ltd.                                                               | WLB Asset VII Pte. Ltd.                                                               | CUSIP: N/A<br>LEI: 254900606PGU4UDQPS56       | Long             | DBT              | CORP              | MU        |   1000000 | PA      | $1009772.24   | 0.12%             | 2029-07-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                                                                | Tesla Auto Lease Trust, Series 2023-B, Class B                                        | CUSIP: 88167QAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1400000 | PA      | $1405943.00   | 0.17%             | 2027-08-20      | Fixed         | 6.57%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                                                     | NatWest Group plc                                                                     | CUSIP: 639057AS7<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1018808.11   | 0.12%             | 2030-08-15      | Variable      | 4.96%                 | No            |                  2 | On Loan: No      |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC            | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC            | CUSIP: 013092AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $995125.70    | 0.12%             | 2027-01-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 31418DV66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3681556 | PA      | $2833410.15   | 0.34%             | 2051-01-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                            | FHLMC Pool, 30 Year                                                                   | CUSIP: 3132DSB68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2596953 | PA      | $2319783.87   | 0.27%             | 2053-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                       | Inter-American Development Bank                                                       | CUSIP: 4581X0EB0<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | US        |   2000000 | PA      | $1943250.76   | 0.23%             | 2027-01-13      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Pentair Finance SARL                                                                  | Pentair Finance SARL                                                                  | CUSIP: 709629AS8<br>LEI: 549300H2U8U8TZPV3T89 | Long             | DBT              | CORP              | LU        |   1705000 | PA      | $1812028.95   | 0.21%             | 2032-07-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Nature Conservancy (The)                                                              | Nature Conservancy (The), Series A                                                    | CUSIP: 63902HBF5<br>LEI: 549300GJ1IZME7V1JJ28 | Long             | DBT              | CORP              | US        |    750000 | PA      | $599265.71    | 0.07%             | 2052-03-01      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank NA                                                                | Morgan Stanley Bank NA                                                                | CUSIP: 61690U8E3<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1014977.24   | 0.12%             | 2028-07-14      | Variable      | 4.97%                 | No            |                  2 | On Loan: No      |
| MetLife, Inc.                                                                         | MetLife, Inc.                                                                         | CUSIP: 59156RBG2<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $943912.53    | 0.11%             | 2043-11-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| American Tower Corp.                                                                  | American Tower Corp.                                                                  | CUSIP: 03027XCF5<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   4750000 | PA      | $5094396.42   | 0.60%             | 2033-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                            | FHLMC Pool, 30 Year                                                                   | CUSIP: 3142GQXY3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2700268 | PA      | $2734277.28   | 0.32%             | 2054-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| American Water Capital Corp.                                                          | American Water Capital Corp.                                                          | CUSIP: 03040WBF1<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2565784.83   | 0.30%             | 2035-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                            | Verus Securitization Trust, Series 2025-8, Class A3                                   | CUSIP: 924930AG5<br>LEI: 213800K8E68XJS6Z1D09 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1990198.76   | 0.24%             | 2070-09-25      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Amgen, Inc.                                                                           | Amgen, Inc.                                                                           | CUSIP: 031162BA7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2196973.72   | 0.26%             | 2039-02-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Elevance Health, Inc.                                                                 | Elevance Health, Inc.                                                                 | CUSIP: 036752AN3<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $913014.66    | 0.11%             | 2030-05-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans LLC                                                         | College Ave Student Loans LLC, Series 2024-B, Class A1A                               | CUSIP: 19423UAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2199205 | PA      | $2260185.49   | 0.27%             | 2054-08-25      | Fixed         | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Walt Disney Co. (The)                                                                 | Walt Disney Co. (The)                                                                 | CUSIP: 254687EV4<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1395064.40   | 0.17%             | 2044-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Apple, Inc.                                                                           | Apple, Inc.                                                                           | CUSIP: 037833EF3<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $1915711.59   | 0.23%             | 2051-02-08      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| FHF Issuer Trust                                                                      | FHF Issuer Trust, Series 2025-1A, Class A2                                            | CUSIP: 30340RAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1629928 | PA      | $1627600.28   | 0.19%             | 2031-02-15      | Fixed         | 4.92%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140XCCQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2354767 | PA      | $1999013.36   | 0.24%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States International Development Finance Corp.                                 | United States International Development Finance Corp., Series 1                       | CUSIP: 90376PCZ2<br>LEI: 254900QI8QTIK0FY6E92 | Long             | DBT              | UST               | US        |    500000 | PA      | $478252.93    | 0.06%             | 2028-04-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| SoFi Professional Loan Program LLC                                                    | SoFi Professional Loan Program LLC, Series 2018-B, Class BFX                          | CUSIP: 83404RAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $484979.80    | 0.06%             | 2047-08-25      | Fixed         | 3.83%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, ACES, Series 2019-M9, Class A2                                                  | CUSIP: 3136B4VT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1257287 | PA      | $1216945.91   | 0.14%             | 2029-06-25      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| American University (The)                                                             | American University (The), Series 2019                                                | CUSIP: 030360AD3<br>LEI: 549300ZMGVN6I2E7LS27 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $768927.74    | 0.09%             | 2049-04-01      | Fixed         | 3.67%                 | No            |                  2 | On Loan: No      |
| Welltower OP LLC                                                                      | Welltower OP LLC                                                                      | CUSIP: 42217KAX4<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |   1549000 | PA      | $1727824.94   | 0.20%             | 2041-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Envest Microfinance Cooperative                                                       | Envest Microfinance Cooperative                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    250000 | PA      | $248315.00    | 0.03%             | 2026-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                                 | FHLMC, Multi-family Structured Pass-Through Certificates, Series KG07, Class A2       | CUSIP: 3137H8TZ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1750000 | PA      | $1633440.90   | 0.19%             | 2032-08-25      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| Haleon US Capital LLC                                                                 | Haleon US Capital LLC                                                                 | CUSIP: 36264FAM3<br>LEI: 549300N8C3A3L0UVQB07 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2133100.73   | 0.25%             | 2032-03-24      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CEI Investments LLC                                                                   | CEI Investments LLC                                                                   | CUSIP: N/A<br>LEI: 5493004JDMWZRGS3LP55       | Long             | DBT              | CORP              | US        |    323622 | PA      | $323621.86    | 0.04%             | 2025-10-31      | Fixed         | 4.00%                 | No            |                  3 | On Loan: No      |
| AbbVie, Inc.                                                                          | AbbVie, Inc.                                                                          | CUSIP: 00287YDU0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1029368.41   | 0.12%             | 2034-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                        | Morgan Stanley                                                                        | CUSIP: 61747YFU4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3033713.19   | 0.36%             | 2030-10-18      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                       | Inter-American Development Bank                                                       | CUSIP: 4581X0EW4<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | US        |   2000000 | PA      | $2027326.54   | 0.24%             | 2035-07-16      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loan Trust                                                               | Mosaic Solar Loan Trust, Series 2020-1A, Class A                                      | CUSIP: 61946NAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    291147 | PA      | $256607.19    | 0.03%             | 2046-04-20      | Fixed         | 2.10%                 | Yes           |                  2 | On Loan: No      |
| Chubb INA Holdings LLC                                                                | Chubb INA Holdings LLC                                                                | CUSIP: 00440EAW7<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |    250000 | PA      | $220750.66    | 0.03%             | 2045-11-03      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance                                                     | Mello Mortgage Capital Acceptance, Series 2021-INV1, Class A4                         | CUSIP: 58549KAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    662875 | PA      | $594037.04    | 0.07%             | 2051-06-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                                                            | FHLMC Pool, 30 Year                                                                   | CUSIP: 31427PTS3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2987373 | PA      | $2912393.52   | 0.34%             | 2053-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140XFUU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2401877 | PA      | $2062797.36   | 0.24%             | 2047-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CNH Industrial Capital LLC                                                            | CNH Industrial Capital LLC                                                            | CUSIP: 12592BAU8<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |    800000 | PA      | $809165.08    | 0.10%             | 2028-03-21      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140XPZR3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3571711 | PA      | $3377612.81   | 0.40%             | 2054-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140L56H4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1390460 | PA      | $1181545.91   | 0.14%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140XCGX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1348493 | PA      | $1145319.11   | 0.14%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140XHVN4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3072577 | PA      | $2842294.78   | 0.34%             | 2052-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Assured Guaranty US Holdings, Inc.                                                    | Assured Guaranty US Holdings, Inc.                                                    | CUSIP: 04621WAD2<br>LEI: 5493007YCE0652G9TZ64 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $938480.46    | 0.11%             | 2031-06-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                                                         | Comcast Corp.                                                                         | CUSIP: 20030NCL3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2592561.73   | 0.31%             | 2038-10-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Vulcan Materials Co.                                                                  | Vulcan Materials Co.                                                                  | CUSIP: 929160BC2<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2064297.44   | 0.24%             | 2034-12-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                       | Goldman Sachs Group, Inc. (The)                                                       | CUSIP: 38141GB60<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2026046.66   | 0.24%             | 2030-10-23      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                  | JPMorgan Chase & Co.                                                                  | CUSIP: 46647PEK8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3099712.47   | 0.37%             | 2035-07-22      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| International Finance Corp.                                                           | International Finance Corp.                                                           | CUSIP: 45950KDH0<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | US        |   2000000 | PA      | $2037183.82   | 0.24%             | 2029-07-02      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                                 | FHLMC STACR REMIC Trust, Series 2024-DNA1, Class A1                                   | CUSIP: 35564NAW3<br>LEI: 529900N6M839KA246662 | Long             | ABS-MBS          | CORP              | US        |   1220853 | PA      | $1227600.38   | 0.15%             | 2044-02-25      | Floating      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| American Museum of Natural History (The)                                              | American Museum of Natural History (The), Series 2021                                 | CUSIP: 02766PAJ3<br>LEI: 549300B053XB1DI40R02 | Long             | DBT              | CORP              | US        |    750000 | PA      | $509809.19    | 0.06%             | 2052-07-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Unum Group                                                                            | Unum Group                                                                            | CUSIP: 91529YAT3<br>LEI: 549300E32YFDO6TZ8R31 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1013595.27   | 0.12%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 31418DSJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2375497 | PA      | $2021289.42   | 0.24%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                                | Sequoia Mortgage Trust, Series 2021-4, Class A4                                       | CUSIP: 81748WAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1307944 | PA      | $1162993.25   | 0.14%             | 2051-06-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| M&T Bank Corp.                                                                        | M&T Bank Corp.                                                                        | CUSIP: 55261FAY0<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2048754.92   | 0.24%             | 2031-07-08      | Variable      | 5.18%                 | No            |                  2 | On Loan: No      |
| United States of America                                                              | U.S. Treasury Notes                                                                   | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8000000 | PA      | $8075000.00   | 0.96%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                                                            | J.P. Morgan Mortgage Trust, Series 2022-7, Class B2                                   | CUSIP: 46655NDJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2763564 | PA      | $2414008.60   | 0.29%             | 2052-12-25      | Variable      | 3.69%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                                                            | FHLMC Pool, 30 Year                                                                   | CUSIP: 3132DUJC2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2866518 | PA      | $2864914.36   | 0.34%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loan Trust                                                               | Mosaic Solar Loan Trust, Series 2017-2A, Class A                                      | CUSIP: 61946GAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    323541 | PA      | $304950.90    | 0.04%             | 2043-06-22      | Fixed         | 3.82%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding Ltd.                                                                     | CIFC Funding Ltd., Series 2019-5A, Class A1R2                                         | CUSIP: 12554XAY8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2360000 | PA      | $2366322.44   | 0.28%             | 2038-10-15      | Floating      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| Chubb INA Holdings LLC                                                                | Chubb INA Holdings LLC                                                                | CUSIP: 171239AM8<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1509491.10   | 0.18%             | 2035-08-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| United States of America                                                              | U.S. Treasury Notes                                                                   | CUSIP: 91282CNM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  37000000 | PA      | $37244257.72  | 4.41%             | 2028-07-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140XGA33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2196706 | PA      | $1987103.43   | 0.24%             | 2046-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                       | Inter-American Development Bank                                                       | CUSIP: 4581X0ES3<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | US        |   4000000 | PA      | $4121009.80   | 0.49%             | 2030-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FFCB                                                                                  | FFCB Funding Corp.                                                                    | CUSIP: 3133EMVU3<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2458865.31   | 0.29%             | 2036-04-14      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140XMJN7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2564513 | PA      | $2274924.29   | 0.27%             | 2052-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                                  | GNMA II, Single-family, 30 Year                                                       | CUSIP: 36179YAM6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2351850 | PA      | $2110000.98   | 0.25%             | 2053-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SBA Communications Corp.                                                              | SBA Communications Corp.                                                              | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1971361.30   | 0.23%             | 2027-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FFCB                                                                                  | FFCB Funding Corp.                                                                    | CUSIP: 3133ERY96<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2002040.62   | 0.24%             | 2027-01-28      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| Verizon Communications, Inc.                                                          | Verizon Communications, Inc.                                                          | CUSIP: 92343VGZ1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1017284.08   | 0.12%             | 2035-04-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                            | FHLMC Pool, 30 Year                                                                   | CUSIP: 3133A7T25<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3221449 | PA      | $2745566.51   | 0.33%             | 2050-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140X8QV2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1761933 | PA      | $1512985.55   | 0.18%             | 2050-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AGCO Corp.                                                                            | AGCO Corp.                                                                            | CUSIP: 001084AR3<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2029869.92   | 0.24%             | 2027-03-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                                                            | AT&T, Inc.                                                                            | CUSIP: 00206RMT6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3898821.83   | 0.46%             | 2034-02-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Kommunalbanken A/S                                                                    | Kommunalbanken A/S                                                                    | CUSIP: 50048MDR8<br>LEI: I7ETN0QQO2AHZZGHJ389 | Long             | DBT              | NUSS              | NO        |   1000000 | PA      | $1014044.00   | 0.12%             | 2030-08-29      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| European Investment Bank                                                              | European Investment Bank                                                              | CUSIP: 298785KJ4<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | US        |   1000000 | PA      | $1005921.59   | 0.12%             | 2028-06-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States of America                                                              | U.S. Treasury Bonds                                                                   | CUSIP: 912810SB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $982687.60    | 0.12%             | 2048-02-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt fuer Wiederaufbau                                                       | Kreditanstalt fuer Wiederaufbau                                                       | CUSIP: 500769KK9<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    600000 | PA      | $600068.04    | 0.07%             | 2030-07-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Nordic Investment Bank                                                                | Nordic Investment Bank                                                                | CUSIP: 65562QC29<br>LEI: 213800HYL1S7VAXG6Z48 | Long             | DBT              | NUSS              | US        |   1000000 | PA      | $1000005.32   | 0.12%             | 2030-05-09      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| RFR Trust                                                                             | RFR Trust, Series 2025-SGRM, Class B                                                  | CUSIP: 74984NAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2048663.80   | 0.24%             | 2041-03-11      | Variable      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                  | JPMorgan Chase & Co.                                                                  | CUSIP: 46647PEH5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2664631.53   | 0.32%             | 2035-04-22      | Variable      | 5.77%                 | No            |                  2 | On Loan: No      |
| Nasdaq, Inc.                                                                          | Nasdaq, Inc.                                                                          | CUSIP: 63111XAH4<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |    441000 | PA      | $454818.10    | 0.05%             | 2028-06-28      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140XGAC3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2725258 | PA      | $2580409.33   | 0.31%             | 2043-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                            | FHLMC Pool, 30 Year                                                                   | CUSIP: 3133AJT94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2349188 | PA      | $1985081.53   | 0.24%             | 2051-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHF Issuer Trust                                                                      | FHF Issuer Trust, Series 2024-1A, Class A2                                            | CUSIP: 31568AAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    452172 | PA      | $456230.66    | 0.05%             | 2030-02-15      | Fixed         | 5.69%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                                 | FHLMC, Multi-family Structured Pass-Through Certificates, Series KG04, Class A2       | CUSIP: 3137F84S9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $1765123.20   | 0.21%             | 2030-11-25      | Fixed         | 1.49%                 | No            |                  2 | On Loan: No      |
| Union Electric Co.                                                                    | Union Electric Co.                                                                    | CUSIP: 906548DA7<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1031725.88   | 0.12%             | 2035-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, ACES, Series 2021-M1S, Class A2                                                 | CUSIP: 3136BDXH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2700000 | PA      | $2367548.46   | 0.28%             | 2030-12-25      | Variable      | 1.43%                 | No            |                  2 | On Loan: No      |
| Southwestern Public Service Co.                                                       | Southwestern Public Service Co.                                                       | CUSIP: 845743BX0<br>LEI: OL6FE7QD5EQ3DOYEO258 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1042836.70   | 0.12%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140XRWK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3797831 | PA      | $3796141.97   | 0.45%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SBA Small Business Investment Cos.                                                    | SBA Small Business Investment Cos., Series 2023-10A, Class 1                          | CUSIP: 83162CS79<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    854938 | PA      | $870765.49    | 0.10%             | 2033-03-10      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd.                                                                          | OCP CLO Ltd., Series 2021-21A, Class AR                                               | CUSIP: 671000AL1<br>LEI: 2549000M7NBNQ7XU2038 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000478.00   | 0.12%             | 2038-01-20      | Floating      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| FARM Mortgage Trust                                                                   | FARM Mortgage Trust, Series 2024-1, Class A                                           | CUSIP: 30335JAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1741069 | PA      | $1699366.70   | 0.20%             | 2053-10-01      | Variable      | 4.69%                 | Yes           |                  2 | On Loan: No      |
| Mosaic Solar Loan Trust                                                               | Mosaic Solar Loan Trust, Series 2019-2A, Class A                                      | CUSIP: 61945LAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    290967 | PA      | $258168.69    | 0.03%             | 2040-09-20      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| MidAmerican Energy Co.                                                                | MidAmerican Energy Co.                                                                | CUSIP: 595620AT2<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $985918.89    | 0.12%             | 2029-04-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| FFCB                                                                                  | FFCB Funding Corp.                                                                    | CUSIP: 3133ENAF7<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2920040.43   | 0.35%             | 2026-10-07      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Inter-American Investment Corp.                                                       | Inter-American Investment Corp.                                                       | CUSIP: 45828Q2F3<br>LEI: 5493001X4LH60PFRL744 | Long             | DBT              | NUSS              | US        |   2500000 | PA      | $2538870.58   | 0.30%             | 2030-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VRTX Trust                                                                            | VRTX Trust, Series 2025-HQ, Class C                                                   | CUSIP: 91835XAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2028138.00   | 0.24%             | 2042-08-05      | Variable      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                      | Amazon.com, Inc.                                                                      | CUSIP: 023135CA2<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    800000 | PA      | $614214.37    | 0.07%             | 2041-05-12      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Mill City Solar Loan Ltd.                                                             | Mill City Solar Loan Ltd., Series 2019-2GS, Class A                                   | CUSIP: 59982VAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    376974 | PA      | $340307.25    | 0.04%             | 2043-07-20      | Fixed         | 3.69%                 | Yes           |                  2 | On Loan: No      |
| Burlington Northern Santa Fe LLC                                                      | Burlington Northern Santa Fe LLC                                                      | CUSIP: 12189LBL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1003407.12   | 0.12%             | 2055-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Local Initiatives Support Corp.                                                       | Local Initiatives Support Corp.                                                       | CUSIP: 53961LBZ1<br>LEI: 549300V1ATNB9BHB6146 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501689.89    | 0.06%             | 2026-07-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                                                          | Barclays plc                                                                          | CUSIP: 06738EDC6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   3000000 | PA      | $3182292.00   | 0.38%             | 2035-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                                 | FHLMC STACR REMIC Trust, Series 2024-DNA2, Class M1                                   | CUSIP: 35564NCX9<br>LEI: 529900GRKKKHILZX4347 | Long             | ABS-MBS          | CORP              | US        |   1148357 | PA      | $1149028.57   | 0.14%             | 2044-05-25      | Floating      | 5.56%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                                   | New Residential Mortgage Loan Trust, Series 2019-5A, Class A1B                        | CUSIP: 64830MAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    326919 | PA      | $311925.29    | 0.04%             | 2059-08-25      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| FFCB                                                                                  | FFCB Funding Corp.                                                                    | CUSIP: 3133EMK27<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | UST               | US        |   1220000 | PA      | $1090610.23   | 0.13%             | 2031-06-16      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                                                             | OBX Trust, Series 2025-NQM13, Class A1                                                | CUSIP: 67121UAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2154161 | PA      | $2174065.31   | 0.26%             | 2065-05-25      | Variable      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| Foundation Finance Trust                                                              | Foundation Finance Trust, Series 2025-2A, Class A                                     | CUSIP: 35042NAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1392657 | PA      | $1399860.89   | 0.17%             | 2052-04-15      | Fixed         | 4.67%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140X4TF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3506704 | PA      | $3242899.06   | 0.38%             | 2049-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                         | Commonwealth of Massachusetts, Series 2022 A                                          | CUSIP: 576004HF5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1990677.80   | 0.24%             | 2031-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 15 Year                                                                         | CUSIP: 3140QHPS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1643713 | PA      | $1520931.17   | 0.18%             | 2036-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                            | FHLMC Pool, 30 Year                                                                   | CUSIP: 31346YS46<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1405939 | PA      | $1250964.89   | 0.15%             | 2049-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                                               | Flagstar Mortgage Trust, Series 2021-6INV, Class A6                                   | CUSIP: 33851GAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1213116 | PA      | $1094543.54   | 0.13%             | 2051-08-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                                                            | FHLMC Pool, 30 Year                                                                   | CUSIP: 3132DNDH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2356227 | PA      | $2239303.86   | 0.27%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA Connecticut Avenue Securities Trust                                              | FNMA Connecticut Avenue Securities Trust, Series 2021-R02, Class 2M2                  | CUSIP: 20754KAB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |   1398936 | PA      | $1416269.39   | 0.17%             | 2041-11-25      | Floating      | 6.36%                 | Yes           |                  2 | On Loan: No      |
| CVS Health Corp.                                                                      | CVS Health Corp.                                                                      | CUSIP: 126650CY4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1875335.00   | 0.22%             | 2038-03-25      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                              | Angel Oak Mortgage Trust, Series 2022-5, Class A1                                     | CUSIP: 03464HAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1427776 | PA      | $1420707.52   | 0.17%             | 2067-05-25      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Southern Power Co.                                                                    | Southern Power Co., Series A                                                          | CUSIP: 843646AX8<br>LEI: 5LADC78JBG2BMZD5XF57 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $994466.47    | 0.12%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, ACES, Series 2018-M13, Class A2                                                 | CUSIP: 3136B3DE7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1218934 | PA      | $1204327.22   | 0.14%             | 2030-09-25      | Variable      | 3.87%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                   | International Bank for Reconstruction & Development                                   | CUSIP: 459058JU8<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        |   2000000 | PA      | $1994797.42   | 0.24%             | 2031-02-11      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| FNMA Connecticut Avenue Securities Trust                                              | FNMA Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B1                  | CUSIP: 20754RAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1249000 | PA      | $1273220.86   | 0.15%             | 2041-10-25      | Floating      | 7.46%                 | Yes           |                  2 | On Loan: No      |
| European Investment Bank                                                              | European Investment Bank                                                              | CUSIP: 298785KH8<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | US        |    500000 | PA      | $518566.62    | 0.06%             | 2035-02-12      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FFCB                                                                                  | FFCB Funding Corp.                                                                    | CUSIP: 3133EMM41<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | UST               | US        |   1095000 | PA      | $1006809.46   | 0.12%             | 2030-03-28      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| United States International Development Finance Corp.                                 | United States International Development Finance Corp.                                 | CUSIP: 6903538B6<br>LEI: 254900QI8QTIK0FY6E92 | Long             | DBT              | UST               | US        |    333333 | PA      | $333333.33    | 0.04%             | 2026-09-15      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                       | Inter-American Development Bank                                                       | CUSIP: 4581X0DV7<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | US        |   2000000 | PA      | $1966832.38   | 0.23%             | 2026-04-20      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| MAD Commercial Mortgage Trust                                                         | MAD Commercial Mortgage Trust, Series 2025-11MD, Class B                              | CUSIP: 55616AAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2002019.60   | 0.24%             | 2042-10-15      | Variable      | 5.10%                 | Yes           |                  2 | On Loan: No      |
| BlueHub Loan Fund, Inc.                                                               | BlueHub Loan Fund, Inc., Series 2020                                                  | CUSIP: 095623AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $965438.50    | 0.11%             | 2027-01-01      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| Kimco Realty OP LLC                                                                   | Kimco Realty OP LLC                                                                   | CUSIP: 49446RBA6<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2737193.77   | 0.32%             | 2033-02-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140QV2C7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2931201 | PA      | $2848914.30   | 0.34%             | 2054-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                   | International Bank for Reconstruction & Development                                   | CUSIP: 459058KW2<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        |    550000 | PA      | $564144.71    | 0.07%             | 2028-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140MQBP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3147140 | PA      | $2892847.32   | 0.34%             | 2052-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Sirius XM Radio LLC                                                                   | Sirius XM Radio LLC                                                                   | CUSIP: 82967NBG2<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1877199.14   | 0.22%             | 2030-07-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| NSTAR Electric Co.                                                                    | NSTAR Electric Co.                                                                    | CUSIP: 67021CAW7<br>LEI: 54930080R72Y2Z31UR68 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2039759.50   | 0.24%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Avantor Funding, Inc.                                                                 | Avantor Funding, Inc.                                                                 | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1969145.00   | 0.23%             | 2028-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                   | International Bank for Reconstruction & Development                                   | CUSIP: 459058KR3<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        |   4500000 | PA      | $4459410.00   | 0.53%             | 2028-03-31      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Kyndryl Holdings, Inc.                                                                | Kyndryl Holdings, Inc.                                                                | CUSIP: 50155QAN0<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1603727.03   | 0.19%             | 2034-02-20      | Fixed         | 6.35%                 | No            |                  2 | On Loan: —       |
| JPMorgan Chase & Co.                                                                  | JPMorgan Chase & Co.                                                                  | CUSIP: 46647PEQ5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    500000 | PA      | $505988.91    | 0.06%             | 2030-10-22      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| DTE Electric Co.                                                                      | DTE Electric Co., Series A                                                            | CUSIP: 23338VAN6<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1427504.79   | 0.17%             | 2028-04-01      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                            | FHLMC Pool, 30 Year                                                                   | CUSIP: 3133BMQ32<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3141949 | PA      | $3192485.09   | 0.38%             | 2052-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                   | International Bank for Reconstruction & Development                                   | CUSIP: 459058KJ1<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        |   2000000 | PA      | $1981511.40   | 0.23%             | 2027-06-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                                  | GNMA, Series 2014-164, Class AN                                                       | CUSIP: 38378XZH7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    462765 | PA      | $416837.38    | 0.05%             | 2055-03-16      | Variable      | 3.11%                 | No            |                  2 | On Loan: No      |
| United States International Development Finance Corp.                                 | United States International Development Finance Corp.                                 | CUSIP: 6903534C8<br>LEI: 254900QI8QTIK0FY6E92 | Long             | DBT              | UST               | US        |   1000000 | PA      | $976982.31    | 0.12%             | 2032-09-20      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140LY2H5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2442030 | PA      | $2071315.47   | 0.25%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Essential Utilities, Inc.                                                             | Essential Utilities, Inc.                                                             | CUSIP: 29670GAK8<br>LEI: 549300ILTEOF3E3QY357 | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2765187.56   | 0.33%             | 2035-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FARM Mortgage Trust                                                                   | FARM Mortgage Trust, Series 2025-1, Class A                                           | CUSIP: 30768CAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1021795 | PA      | $1008694.74   | 0.12%             | 2055-08-01      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                                | Sequoia Mortgage Trust, Series 2024-3, Class A19                                      | CUSIP: 81749JAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1308235 | PA      | $1320561.55   | 0.16%             | 2054-04-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                  | JPMorgan Chase & Co.                                                                  | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1037407.00   | 0.12%             | 2036-07-23      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                                                     | Lowe's Cos., Inc.                                                                     | CUSIP: 548661EV5<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2236090.39   | 0.26%             | 2031-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                       | Inter-American Development Bank                                                       | CUSIP: 4581X0DQ8<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | US        |    600000 | PA      | $565819.04    | 0.07%             | 2027-09-16      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                                                     | Lowe's Cos., Inc.                                                                     | CUSIP: 548661ER4<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    750000 | PA      | $757580.19    | 0.09%             | 2053-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NiSource, Inc.                                                                        | NiSource, Inc.                                                                        | CUSIP: 65473PAT2<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1036368.47   | 0.12%             | 2055-03-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                                                          | AbbVie, Inc.                                                                          | CUSIP: 00287YCB3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1264611.72   | 0.15%             | 2049-11-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AOMT                                                                                  | AOMT, Inc., Series 2024-6, Class A3                                                   | CUSIP: 034944AC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1758590 | PA      | $1743313.09   | 0.21%             | 2067-11-25      | Variable      | 4.65%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140XPWH8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2523066 | PA      | $2605814.45   | 0.31%             | 2054-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                              | U.S. Treasury Bonds                                                                   | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  19000000 | PA      | $19065312.50  | 2.26%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Laboratory Corp. of America Holdings                                                  | Laboratory Corp. of America Holdings                                                  | CUSIP: 50540RAZ5<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1500806.69   | 0.18%             | 2030-04-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| PG&E Recovery Funding LLC                                                             | PG&E Recovery Funding LLC, Series A-2                                                 | CUSIP: 71710TAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1024008.66   | 0.12%             | 2038-01-15      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| United States International Development Finance Corp.                                 | United States International Development Finance Corp., Series 2                       | CUSIP: 90376PDF5<br>LEI: 254900QI8QTIK0FY6E92 | Long             | DBT              | UST               | US        |   1000000 | PA      | $952318.80    | 0.11%             | 2028-04-15      | Fixed         | 1.44%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                                 | FHLMC, Multi-family Structured Pass-Through Certificates, Series KG01, Class A10      | CUSIP: 3137FMCZ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3000000 | PA      | $2888179.20   | 0.34%             | 2029-04-25      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| European Bank for Reconstruction & Development                                        | European Bank for Reconstruction & Development                                        | CUSIP: 29874QEL4<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | US        |   1000000 | PA      | $994516.37    | 0.12%             | 2025-11-25      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Herc Holdings, Inc.                                                                   | Herc Holdings, Inc.                                                                   | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998246.40    | 0.12%             | 2027-07-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                                 | FHLMC, Multi-class Certificates, Series 2021-P009, Class A1                           | CUSIP: 3137H13U8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1104356 | PA      | $1032206.82   | 0.12%             | 2031-01-25      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group, Inc.                                                        | Citizens Financial Group, Inc.                                                        | CUSIP: 174610BJ3<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2562918.83   | 0.30%             | 2031-03-05      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140QPZG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2592802 | PA      | $2545123.23   | 0.30%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States International Development Finance Corp.                                 | United States International Development Finance Corp., Series 4                       | CUSIP: 90376PEX5<br>LEI: 254900QI8QTIK0FY6E92 | Long             | DBT              | UST               | US        |   1000000 | PA      | $982055.35    | 0.12%             | 2028-04-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, ACES, Series 2019-M1, Class A2                                                  | CUSIP: 3136B3XY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1442280 | PA      | $1424847.51   | 0.17%             | 2028-09-25      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| Georgia Power Co.                                                                     | Georgia Power Co., Series A                                                           | CUSIP: 373334KP5<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $700973.96    | 0.08%             | 2051-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                                       | Microsoft Corp.                                                                       | CUSIP: 594918CC6<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1267374.38   | 0.15%             | 2050-06-01      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Walden Mutual Bank                                                                    | Walden Mutual Bank                                                                    | CUSIP: 93120MAK7<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    500000 | PA      | $499782.70    | 0.06%             | 2025-11-14      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                 | Bank of America Corp.                                                                 | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3362264.96   | 0.40%             | 2032-10-20      | Variable      | 2.57%                 | No            |                  2 | On Loan: No      |
| Travelers Cos., Inc. (The)                                                            | Travelers Cos., Inc. (The)                                                            | CUSIP: 89417EAU3<br>LEI: 549300Y650407RU8B149 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259174.48    | 0.03%             | 2055-07-24      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Council of Europe Development Bank                                                    | Council of Europe Development Bank                                                    | CUSIP: 222213BH2<br>LEI: 549300UYNXMI821WYG82 | Long             | DBT              | NUSS              | US        |   1000000 | PA      | $998802.23    | 0.12%             | 2028-05-08      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                 | Bank of America Corp.                                                                 | CUSIP: 06051GLU1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2679944.28   | 0.32%             | 2034-09-15      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| Verizon Communications, Inc.                                                          | Verizon Communications, Inc.                                                          | CUSIP: 92343VGJ7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1818875.62   | 0.22%             | 2031-03-21      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Nasdaq, Inc.                                                                          | Nasdaq, Inc.                                                                          | CUSIP: 63111XAJ0<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |    871000 | PA      | $914992.62    | 0.11%             | 2034-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| JPMorgan Prime Money Market Fund                                                      | JPMorgan Prime Money Market Fund                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |  10008432 | NS      | $10008431.51  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Housing Corp.                                                                 | Century Housing Corp.                                                                 | CUSIP: 15654VBL1<br>LEI: 549300VS3H1EH9Z2PW94 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500869.43    | 0.06%             | 2026-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Kommunalbanken A/S                                                                    | Kommunalbanken A/S                                                                    | CUSIP: 50048MDD9<br>LEI: I7ETN0QQO2AHZZGHJ389 | Long             | DBT              | NUSS              | NO        |   1500000 | PA      | $1457160.59   | 0.17%             | 2026-10-26      | Fixed         | 1.12%                 | Yes           |                  2 | On Loan: No      |
| HAT Holdings I LLC / HAT Holdings II LLC                                              | HAT Holdings I LLC / HAT Holdings II LLC                                              | CUSIP: 418751AL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    405000 | PA      | $421821.90    | 0.05%             | 2027-06-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                                                            | FHLMC Pool, 30 Year                                                                   | CUSIP: 31427MTP6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3823668 | PA      | $3912212.79   | 0.46%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Institute of Technology                                                 | Massachusetts Institute of Technology                                                 | CUSIP: 575718AJ0<br>LEI: DLZO3A31IADZ27B62557 | Long             | DBT              | CORP              | US        |    700000 | PA      | $482229.26    | 0.06%             | 2052-04-01      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                            | FHLMC Pool, 30 Year                                                                   | CUSIP: 3142GSFR4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    982947 | PA      | $1009249.95   | 0.12%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Open Text Corp.                                                                       | Open Text Corp.                                                                       | CUSIP: 683715AF3<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2083093.58   | 0.25%             | 2027-12-01      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                                 | FHLMC Gold Pool, 20 Year                                                              | CUSIP: 3128P8AQ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1964024 | PA      | $1874540.61   | 0.22%             | 2035-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Niagara Mohawk Power Corp.                                                            | Niagara Mohawk Power Corp.                                                            | CUSIP: 653522DT6<br>LEI: 3T97Y9RR5EN5Y18QHB56 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2010380.66   | 0.24%             | 2030-10-03      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| United States of America                                                              | U.S. Treasury Notes                                                                   | CUSIP: 91282CNL1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  18000000 | PA      | $18033750.00  | 2.14%             | 2027-06-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                             | Florida Power & Light Co.                                                             | CUSIP: 341081GV3<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1023890.56   | 0.12%             | 2054-06-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group, Inc.                                                        | Citizens Financial Group, Inc.                                                        | CUSIP: 174610BF1<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2085101.06   | 0.25%             | 2030-01-23      | Variable      | 5.84%                 | No            |                  2 | On Loan: No      |
| California Endowment (The)                                                            | California Endowment (The), Series 2021                                               | CUSIP: 1301ETAA0<br>LEI: 54930046FICHFANLFV69 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $584237.19    | 0.07%             | 2051-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PPL Electric Utilities Corp.                                                          | PPL Electric Utilities Corp.                                                          | CUSIP: 69351UBD4<br>LEI: 549300GCZLSGYEYPIR35 | Long             | DBT              | CORP              | US        |    750000 | PA      | $757019.70    | 0.09%             | 2055-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140XFVF5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2983297 | PA      | $2528397.81   | 0.30%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NXP BV / NXP Funding LLC                                                              | NXP BV / NXP Funding LLC                                                              | CUSIP: 62947QBC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2070784.38   | 0.25%             | 2028-12-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140QFNE5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1918360 | PA      | $1485501.48   | 0.18%             | 2050-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                                                         | Netflix, Inc.                                                                         | CUSIP: 64110LAZ9<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2580013.75   | 0.31%             | 2034-08-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140X8EN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1450568 | PA      | $1235844.28   | 0.15%             | 2050-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                   | International Bank for Reconstruction & Development                                   | CUSIP: 459058JL8<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        |    500000 | PA      | $498605.49    | 0.06%             | 2025-10-28      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140KVPQ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1384722 | PA      | $1178403.73   | 0.14%             | 2051-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MetroNet Infrastructure Issuer LLC                                                    | MetroNet Infrastructure Issuer LLC, Series 2025-2A, Class A2                          | CUSIP: 59170JAX6<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |   2250000 | PA      | $2287057.50   | 0.27%             | 2055-08-20      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                                                 | Dominion Energy, Inc., Series A                                                       | CUSIP: 25746UDT3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1047225.10   | 0.12%             | 2055-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| United States of America                                                              | U.S. Treasury Notes                                                                   | CUSIP: 91282CMT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7000000 | PA      | $7094199.21   | 0.84%             | 2032-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Aon North America, Inc.                                                               | Aon North America, Inc.                                                               | CUSIP: 03740MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2084251.22   | 0.25%             | 2034-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                      | Amazon.com, Inc.                                                                      | CUSIP: 023135BT2<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $618329.05    | 0.07%             | 2050-06-03      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Sprint Capital Corp.                                                                  | Sprint Capital Corp.                                                                  | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $3046485.45   | 0.36%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Frontier Issuer LLC                                                                   | Frontier Issuer LLC, Series 2023-1, Class A2                                          | CUSIP: 35910EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1016032.90   | 0.12%             | 2053-08-20      | Fixed         | 6.60%                 | Yes           |                  2 | On Loan: No      |
| United States of America                                                              | U.S. Treasury Bonds                                                                   | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  17000000 | PA      | $9620273.48   | 1.14%             | 2051-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Corebridge Global Funding                                                             | Corebridge Global Funding                                                             | CUSIP: 00138CBG2<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |    399000 | PA      | $399398.78    | 0.05%             | 2028-08-21      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                                 | Bank of America Corp.                                                                 | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2089646.36   | 0.25%             | 2035-01-23      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Century Housing Corp.                                                                 | Century Housing Corp.                                                                 | CUSIP: 15654VA99<br>LEI: 549300VS3H1EH9Z2PW94 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000445.81   | 0.12%             | 2026-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                                                                 | OneMain Finance Corp.                                                                 | CUSIP: 682691AB6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1955925.22   | 0.23%             | 2027-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Twilio, Inc.                                                                          | Twilio, Inc.                                                                          | CUSIP: 90138FAD4<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $940967.40    | 0.11%             | 2031-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Southern Power Co.                                                                    | Southern Power Co.                                                                    | CUSIP: 843646AM2<br>LEI: 5LADC78JBG2BMZD5XF57 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $999762.64    | 0.12%             | 2025-12-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140XGLL1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2368209 | PA      | $2171167.26   | 0.26%             | 2052-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                            | FHLMC Pool, 30 Year                                                                   | CUSIP: 3132DQL61<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2392948 | PA      | $2464828.58   | 0.29%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loan Trust                                                               | Mosaic Solar Loan Trust, Series 2020-2A, Class C                                      | CUSIP: 61946PAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    378649 | PA      | $347055.02    | 0.04%             | 2046-08-20      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Aptiv Swiss Holdings Ltd.                                                             | Aptiv Swiss Holdings Ltd.                                                             | CUSIP: 03837AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |   1300000 | PA      | $1293194.10   | 0.15%             | 2034-09-13      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140XLR42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2681613 | PA      | $2459327.17   | 0.29%             | 2053-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd.                                                                | Palmer Square CLO Ltd., Series 2021-4A, Class A1R                                     | CUSIP: 69702EAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2507922.50   | 0.30%             | 2038-07-15      | Floating      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                   | International Bank for Reconstruction & Development                                   | CUSIP: N/A<br>LEI: ZTMSNXROF84AHWJNKQ93       | Long             | DBT              | NUSS              | US        |   3200000 | PA      | $3276343.68   | 0.39%             | 2033-07-31      | Variable      | 1.74%                 | No            |                  2 | On Loan: No      |
| Alphabet, Inc.                                                                        | Alphabet, Inc.                                                                        | CUSIP: 02079KAM9<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2005848.40   | 0.24%             | 2055-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 20 Year                                                                         | CUSIP: 3140XF3C3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1996420 | PA      | $1841268.81   | 0.22%             | 2042-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                                                            | Prudential Financial, Inc.                                                            | CUSIP: 74432QBU8<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1024488.05   | 0.12%             | 2041-11-16      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| SBA Small Business Investment Cos.                                                    | SBA Small Business Investment Cos., Series 2023-10B, Class 1                          | CUSIP: 831641FW0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    950941 | PA      | $988732.67    | 0.12%             | 2033-09-10      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| Assured Guaranty US Holdings, Inc.                                                    | Assured Guaranty US Holdings, Inc.                                                    | CUSIP: 04621WAF7<br>LEI: 5493007YCE0652G9TZ64 | Long             | DBT              | CORP              | US        |    750000 | PA      | $789206.25    | 0.09%             | 2028-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Caisse d'Amortissement de la Dette Sociale                                            | Caisse d'Amortissement de la Dette Sociale                                            | CUSIP: 12802D2C9<br>LEI: 969500P04DQJS4BPM574 | Long             | DBT              | NUSS              | FR        |   3000000 | PA      | $2621957.13   | 0.31%             | 2031-01-20      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                  | JPMorgan Chase & Co.                                                                  | CUSIP: 46647PCW4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $984527.83    | 0.12%             | 2028-02-24      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| Northern States Power Co.                                                             | Northern States Power Co.                                                             | CUSIP: 665772CY3<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1986265.06   | 0.24%             | 2054-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Issuer Trust                                                             | Aqua Finance Issuer Trust, Series 2025-B, Class A                                     | CUSIP: 03837GAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1876597 | PA      | $1889008.04   | 0.22%             | 2051-05-17      | Fixed         | 4.79%                 | Yes           |                  2 | On Loan: No      |
| Bank of Montreal                                                                      | Bank of Montreal                                                                      | CUSIP: 06368L8L3<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2028438.00   | 0.24%             | 2030-09-10      | Variable      | 4.64%                 | No            |                  2 | On Loan: No      |
| FFCB                                                                                  | FFCB Funding Corp.                                                                    | CUSIP: 3133EMVA7<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | UST               | US        |    780000 | PA      | $702535.98    | 0.08%             | 2031-04-01      | Fixed         | 2.02%                 | No            |                  2 | On Loan: No      |
| Kommuninvest I Sverige AB                                                             | Kommuninvest I Sverige AB                                                             | CUSIP: 50046PDA0<br>LEI: EV2XZWMLLXF2QRX0CD47 | Long             | DBT              | NUSS              | SE        |   1000000 | PA      | $1008671.99   | 0.12%             | 2028-11-29      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| International Development Association                                                 | International Development Association                                                 | CUSIP: 45939FAA5<br>LEI: P41R60HC414IWQA1XW02 | Long             | DBT              | NUSS              | US        |    800000 | PA      | $817297.23    | 0.10%             | 2029-06-11      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| DTE Energy Co.                                                                        | DTE Energy Co.                                                                        | CUSIP: 233331BP1<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    500000 | PA      | $497035.98    | 0.06%             | 2035-10-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Kroger Co. (The)                                                                      | Kroger Co. (The)                                                                      | CUSIP: 501044DW8<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1950998.52   | 0.23%             | 2054-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                                               | Flagstar Mortgage Trust, Series 2021-5INV, Class A5                                   | CUSIP: 33851PAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    588136 | PA      | $529617.69    | 0.06%             | 2051-07-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                                  | GNMA II, Single-family, 30 Year                                                       | CUSIP: 36179XDA1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4465387 | PA      | $3866842.73   | 0.46%             | 2052-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Sunrun Athena Issuer LLC                                                              | Sunrun Athena Issuer LLC, Series 2018-1, Class A                                      | CUSIP: 86772DAA4<br>LEI: 5493001ZI15Y2FZFMI30 | Long             | ABS-O            | CORP              | US        |    778021 | PA      | $755167.37    | 0.09%             | 2049-04-30      | Fixed         | 5.31%                 | Yes           |                  2 | On Loan: No      |
| Travelers Cos., Inc. (The)                                                            | Travelers Cos., Inc. (The)                                                            | CUSIP: 89417EAS8<br>LEI: 549300Y650407RU8B149 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1001958.38   | 0.12%             | 2053-05-25      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140XGST7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3213975 | PA      | $2941309.54   | 0.35%             | 2052-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                                                            | AT&T, Inc.                                                                            | CUSIP: 00206RBK7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   3250000 | PA      | $2747826.97   | 0.33%             | 2045-06-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                                                              | Energizer Holdings, Inc.                                                              | CUSIP: 29272WAG4<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $979274.34    | 0.12%             | 2033-09-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| INVESCO GOVT AND AGCY LEX                                                             | INVESCO GOVERNMENT & AGENCY PORTFOLIO OPEN-END FUND USD                               | CUSIP: 825252885<br>LEI: O37NHJVF7S22I1ONOU83 | Long             | STIV             | RF                | US        |   1972672 | PA      | $1972672.50   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Elmwood CLO IX Ltd.                                                                   | Elmwood CLO IX Ltd., Series 2021-2A, Class AR                                         | CUSIP: 29003UAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1999938.00   | 0.24%             | 2038-04-20      | Floating      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                                                            | FHLMC Pool, 30 Year                                                                   | CUSIP: 3132DPB49<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3072653 | PA      | $3135671.45   | 0.37%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Church & Dwight Co., Inc.                                                             | Church & Dwight Co., Inc.                                                             | CUSIP: 171340AL6<br>LEI: POOXSI30AWAQGYJZC921 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1203164.37   | 0.14%             | 2047-08-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                                                         | Comcast Corp.                                                                         | CUSIP: 20030NEF4<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1126015.36   | 0.13%             | 2053-05-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Seagate Data Storage Technology Pte. Ltd.                                             | Seagate Data Storage Technology Pte. Ltd.                                             | CUSIP: 81180LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |   2000000 | PA      | $2039832.00   | 0.24%             | 2030-07-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                                                            | FHLMC Pool, 30 Year                                                                   | CUSIP: 31427MX97<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1583427 | PA      | $1543684.99   | 0.18%             | 2053-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loan Trust                                                               | Mosaic Solar Loan Trust, Series 2020-2A, Class A                                      | CUSIP: 61946PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    604515 | PA      | $509468.61    | 0.06%             | 2046-08-20      | Fixed         | 1.44%                 | Yes           |                  2 | On Loan: No      |
| FHLB                                                                                  | FHLB                                                                                  | CUSIP: 3130AJFD6<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | UST               | US        |   1666667 | PA      | $1541771.08   | 0.18%             | 2030-03-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                                              | U.S. Treasury Bonds                                                                   | CUSIP: 912810UN6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  32000000 | PA      | $32717500.16  | 3.87%             | 2045-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Union Electric Co.                                                                    | Union Electric Co.                                                                    | CUSIP: 906548CZ3<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1421029.97   | 0.17%             | 2055-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Kommunalbanken A/S                                                                    | Kommunalbanken A/S                                                                    | CUSIP: 50047JAR9<br>LEI: I7ETN0QQO2AHZZGHJ389 | Long             | DBT              | NUSS              | NO        |   1000000 | PA      | $1000448.17   | 0.12%             | 2029-04-09      | Floating      | 4.59%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                        | Morgan Stanley                                                                        | CUSIP: 61747YGA7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    500000 | PA      | $527767.75    | 0.06%             | 2036-04-17      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                                  | GNMA, Series 2013-101, Class AF                                                       | CUSIP: 38378KZF9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    362707 | PA      | $355854.08    | 0.04%             | 2050-09-16      | Variable      | 2.83%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                                  | GNMA II, Single-family, 30 Year                                                       | CUSIP: 36179X5C6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4220269 | PA      | $3776907.82   | 0.45%             | 2053-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Block, Inc.                                                                           | Block, Inc.                                                                           | CUSIP: 852234AT0<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    393000 | PA      | $398465.84    | 0.05%             | 2030-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| AbbVie, Inc.                                                                          | AbbVie, Inc.                                                                          | CUSIP: 00287YDW6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    500000 | PA      | $497525.44    | 0.06%             | 2054-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SBA Small Business Investment Cos.                                                    | SBA Small Business Investment Cos., Series 2025-10A, Class 1                          | CUSIP: 831641FZ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1527118.50   | 0.18%             | 2035-03-10      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| NSTAR Electric Co.                                                                    | NSTAR Electric Co.                                                                    | CUSIP: 67021CAX5<br>LEI: 54930080R72Y2Z31UR68 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1025092.61   | 0.12%             | 2030-03-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| International Finance Corp.                                                           | International Finance Corp.                                                           | CUSIP: 45950KDF4<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | US        |   1000000 | PA      | $1007267.10   | 0.12%             | 2027-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Visa, Inc.                                                                            | Visa, Inc.                                                                            | CUSIP: 92826CAF9<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2208888.83   | 0.26%             | 2045-12-14      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                              | PNC Financial Services Group, Inc. (The)                                              | CUSIP: 693475CC7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2713830.52   | 0.32%             | 2036-01-29      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                              | Angel Oak Mortgage Trust, Series 2022-2, Class A1                                     | CUSIP: 03464PAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1357037 | PA      | $1289400.25   | 0.15%             | 2067-01-25      | Variable      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Esab Corp.                                                                            | Esab Corp.                                                                            | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2057106.00   | 0.24%             | 2029-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                                  | GNMA II, Single-family, 30 Year                                                       | CUSIP: 36179XBP0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2734894 | PA      | $2266208.86   | 0.27%             | 2052-07-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                             | HCA, Inc.                                                                             | CUSIP: 404119AJ8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1147735.11   | 0.14%             | 2033-11-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                  | JPMorgan Chase & Co.                                                                  | CUSIP: 46647PEG7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1044797.42   | 0.12%             | 2030-04-22      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| WK Kellogg Foundation Trust                                                           | WK Kellogg Foundation Trust                                                           | CUSIP: 92942HAA8<br>LEI: 549300COGKZN05K8P881 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $598827.63    | 0.07%             | 2050-10-01      | Fixed         | 2.44%                 | Yes           |                  2 | On Loan: No      |
| MetLife, Inc.                                                                         | MetLife, Inc.                                                                         | CUSIP: 59156RCD8<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $975218.71    | 0.12%             | 2054-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loan Trust                                                               | Mosaic Solar Loan Trust, Series 2019-1A, Class A                                      | CUSIP: 61946CAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    386065 | PA      | $364572.12    | 0.04%             | 2043-12-21      | Fixed         | 4.37%                 | Yes           |                  2 | On Loan: No      |
| International Development Association                                                 | International Development Association                                                 | CUSIP: 45939E2D1<br>LEI: P41R60HC414IWQA1XW02 | Long             | DBT              | NUSS              | US        |   1000000 | PA      | $1021390.09   | 0.12%             | 2035-02-12      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Consolidated Edison Co. of New York, Inc.                                             | Consolidated Edison Co. of New York, Inc.                                             | CUSIP: 209111GM9<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2055008.42   | 0.24%             | 2035-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                            | FHLMC Pool, 30 Year                                                                   | CUSIP: 3133BAFE6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3981224 | PA      | $3531650.70   | 0.42%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial, Inc.                                                            | Corebridge Financial, Inc.                                                            | CUSIP: 21871XAS8<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1578865.26   | 0.19%             | 2034-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                                  | GNMA II, Single-family, 30 Year                                                       | CUSIP: 36179XXY7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3153779 | PA      | $2725082.37   | 0.32%             | 2053-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140QEWM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1708098 | PA      | $1456145.64   | 0.17%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                              | Foundation Finance Trust, Series 2023-2A, Class A                                     | CUSIP: 35042RAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    459206 | PA      | $479754.60    | 0.06%             | 2049-06-15      | Fixed         | 6.53%                 | Yes           |                  2 | On Loan: No      |
| State of California                                                                   | State of California                                                                   | CUSIP: 13063A5G5<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2442873.80   | 0.29%             | 2039-04-01      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| Steel Dynamics, Inc.                                                                  | Steel Dynamics, Inc.                                                                  | CUSIP: 858119BS8<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1533579.39   | 0.18%             | 2035-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                        | Morgan Stanley                                                                        | CUSIP: 61747YFP5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2045200.20   | 0.24%             | 2028-04-13      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt fuer Wiederaufbau                                                       | Kreditanstalt fuer Wiederaufbau                                                       | CUSIP: 500769KH6<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |   3000000 | PA      | $3111247.62   | 0.37%             | 2030-03-18      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Principal Financial Group, Inc.                                                       | Principal Financial Group, Inc.                                                       | CUSIP: 74251VAT9<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1041101.48   | 0.12%             | 2033-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Kommunalbanken A/S                                                                    | Kommunalbanken A/S                                                                    | CUSIP: 50048MDH0<br>LEI: I7ETN0QQO2AHZZGHJ389 | Long             | DBT              | NUSS              | NO        |    500000 | PA      | $500116.93    | 0.06%             | 2025-10-24      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140MRA31<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3223161 | PA      | $3062995.71   | 0.36%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                   | International Bank for Reconstruction & Development                                   | CUSIP: 45905UWL4<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        |   2000000 | PA      | $1663166.50   | 0.20%             | 2036-05-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC / Charter Communications Operating Capital Corp. | Charter Communications Operating LLC / Charter Communications Operating Capital Corp. | CUSIP: 161175AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1467227.22   | 0.17%             | 2035-10-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| United States of America                                                              | U.S. Treasury Notes                                                                   | CUSIP: 91282CNK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  29500000 | PA      | $29683222.73  | 3.52%             | 2030-06-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                                              | Foundation Finance Trust, Series 2023-1A, Class A                                     | CUSIP: 35042AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1337524 | PA      | $1371714.22   | 0.16%             | 2043-12-15      | Fixed         | 5.67%                 | Yes           |                  2 | On Loan: No      |
| Foundation Finance Trust                                                              | Foundation Finance Trust, Series 2023-2A, Class C                                     | CUSIP: 35042RAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1220654 | PA      | $1278050.10   | 0.15%             | 2049-06-15      | Fixed         | 7.31%                 | Yes           |                  2 | On Loan: No      |
| BNG Bank NV                                                                           | BNG Bank NV                                                                           | CUSIP: 05591F2J8<br>LEI: 529900GGYMNGRQTDOO93 | Long             | DBT              | NUSS              | NL        |    250000 | PA      | $248670.45    | 0.03%             | 2025-11-24      | Fixed         | 0.50%                 | Yes           |                  2 | On Loan: No      |
| IQVIA, Inc.                                                                           | IQVIA, Inc.                                                                           | CUSIP: 449934AD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $999674.90    | 0.12%             | 2026-10-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Frontier Issuer LLC                                                                   | Frontier Issuer LLC, Series 2023-1, Class B                                           | CUSIP: 35910EAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1793724.80   | 0.21%             | 2053-08-20      | Fixed         | 8.30%                 | Yes           |                  2 | On Loan: No      |
| Brixmor Operating Partnership LP                                                      | Brixmor Operating Partnership LP                                                      | CUSIP: 11120VAN3<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1540020.78   | 0.18%             | 2032-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                                                          | Dell Equipment Finance Trust, Series 2025-1, Class D                                  | CUSIP: 24703UAL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2100000 | PA      | $2141153.28   | 0.25%             | 2031-08-22      | Fixed         | 5.64%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140X7X61<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2945458 | PA      | $2508810.87   | 0.30%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140XQK63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2822529 | PA      | $2669160.65   | 0.32%             | 2053-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes Trust                                                           | Tricon American Homes Trust, Series 2020-SFR2, Class A                                | CUSIP: 89613JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1180572 | PA      | $1116562.74   | 0.13%             | 2039-11-17      | Fixed         | 1.48%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                                 | FHLMC, Multi-class Certificates, Series 2024-P016, Class A2                           | CUSIP: 3137HDJU5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $2020908.20   | 0.24%             | 2033-09-25      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| Capital Impact Partners                                                               | Capital Impact Partners                                                               | CUSIP: 14020AE59<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $501578.81    | 0.06%             | 2026-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co., Inc.                                                     | American Electric Power Co., Inc., Series C                                           | CUSIP: 02557TAE9<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998996.00    | 0.12%             | 2056-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                                   | Cisco Systems, Inc.                                                                   | CUSIP: 17275RAD4<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3803586.78   | 0.45%             | 2039-02-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Fox Corp.                                                                             | Fox Corp.                                                                             | CUSIP: 35137LAN5<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2753291.50   | 0.33%             | 2033-10-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140X8AZ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2654903 | PA      | $2145865.48   | 0.25%             | 2050-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Ontario Teachers' Finance Trust                                                       | Ontario Teachers' Finance Trust                                                       | CUSIP: 68329AAH1<br>LEI: 635400ZZE5J8OXXBBY26 | Long             | DBT              | NUSS              | CA        |   1000000 | PA      | $880091.20    | 0.10%             | 2030-09-27      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| DTE Electric Co.                                                                      | DTE Electric Co.                                                                      | CUSIP: 23338VAJ5<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |    500000 | PA      | $404162.26    | 0.05%             | 2049-03-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Sunrun Atlas Issuer LLC                                                               | Sunrun Atlas Issuer LLC, Series 2019-2, Class A                                       | CUSIP: 86772FAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1633338 | PA      | $1563702.46   | 0.19%             | 2055-02-01      | Fixed         | 3.61%                 | Yes           |                  2 | On Loan: No      |
| Nature Conservancy (The)                                                              | Nature Conservancy (The), Series A                                                    | CUSIP: 63902HAR0<br>LEI: 549300GJ1IZME7V1JJ28 | Long             | DBT              | CORP              | US        |    266000 | PA      | $211239.38    | 0.03%             | 2033-07-01      | Fixed         | 1.86%                 | No            |                  2 | On Loan: No      |
| Local Initiatives Support Corp.                                                       | Local Initiatives Support Corp.                                                       | CUSIP: 53961LAA7<br>LEI: 549300V1ATNB9BHB6146 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $994101.49    | 0.12%             | 2025-11-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Verizon Communications, Inc.                                                          | Verizon Communications, Inc.                                                          | CUSIP: 92343VGB4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    500000 | PA      | $366874.56    | 0.04%             | 2051-03-22      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| FHF Issuer Trust                                                                      | FHF Issuer Trust, Series 2024-3A, Class A2                                            | CUSIP: 30339EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    766175 | PA      | $765450.27    | 0.09%             | 2030-11-15      | Fixed         | 4.94%                 | Yes           |                  2 | On Loan: No      |
| Mosaic Solar Loan Trust                                                               | Mosaic Solar Loan Trust, Series 2021-1A, Class A                                      | CUSIP: 61947DAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    582109 | PA      | $485974.02    | 0.06%             | 2046-12-20      | Fixed         | 1.51%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                                                            | FHLMC Pool, 30 Year                                                                   | CUSIP: 3133KRD68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2655674 | PA      | $2642656.87   | 0.31%             | 2053-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140XCWP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2412945 | PA      | $1955986.95   | 0.23%             | 2051-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140QR4G5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2423178 | PA      | $2471988.08   | 0.29%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                             | Towd Point Mortgage Trust, Series 2023-1, Class A1                                    | CUSIP: 89181JAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    857508 | PA      | $832911.21    | 0.10%             | 2063-01-25      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                     | Wells Fargo & Co.                                                                     | CUSIP: 95000U3K7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4173752.60   | 0.49%             | 2035-01-23      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                            | FHLMC Pool, 30 Year                                                                   | CUSIP: 3133KLAK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2099016 | PA      | $1721578.34   | 0.20%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PACEWell 5 Trust                                                                      | PACEWell 5 Trust, Series 2021-1, Class A                                              | CUSIP: 69410PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    789563 | PA      | $647803.53    | 0.08%             | 2059-10-10      | Fixed         | 2.63%                 | Yes           |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                                                     | Lowe's Cos., Inc.                                                                     | CUSIP: 548661EE3<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    750000 | PA      | $543381.05    | 0.06%             | 2041-09-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                            | FHLMC Pool, 30 Year                                                                   | CUSIP: 31329QBK6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2303290 | PA      | $2267798.44   | 0.27%             | 2049-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Co.                                                                 | Kraft Heinz Foods Co.                                                                 | CUSIP: 50077LAM8<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1849113.54   | 0.22%             | 2045-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                                        | Hewlett Packard Enterprise Co.                                                        | CUSIP: 42824CCA5<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2485633.28   | 0.29%             | 2030-10-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                      | California Health Facilities Financing Authority, Series 2022                         | CUSIP: 13032UD88<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1654415.35   | 0.20%             | 2037-06-01      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                                  | GNMA II                                                                               | CUSIP: 3622ADFX1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2440222 | PA      | $2297360.64   | 0.27%             | 2074-02-20      | Variable      | 3.61%                 | No            |                  2 | On Loan: No      |
| Frontier Issuer LLC                                                                   | Frontier Issuer LLC, Series 2024-1, Class A2                                          | CUSIP: 35910EAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1890000 | PA      | $1950743.28   | 0.23%             | 2054-06-20      | Fixed         | 6.19%                 | Yes           |                  2 | On Loan: No      |
| Durst Commercial Mortgage Trust                                                       | Durst Commercial Mortgage Trust, Series 2025-151, Class D                             | CUSIP: 266895AG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2750000 | PA      | $2831926.90   | 0.34%             | 2042-08-10      | Variable      | 7.02%                 | Yes           |                  2 | On Loan: No      |
| Toyota Motor Corp.                                                                    | Toyota Motor Corp.                                                                    | CUSIP: 892331AP4<br>LEI: 5493006W3QUS5LMH6R84 | Long             | DBT              | CORP              | JP        |    500000 | PA      | $504442.01    | 0.06%             | 2026-07-13      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| PG&E Energy Recovery Funding LLC                                                      | PG&E Energy Recovery Funding LLC, Series A-3                                          | CUSIP: 71710TAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $538065.31    | 0.06%             | 2046-07-15      | Fixed         | 2.82%                 | No            |                  2 | On Loan: No      |
| Ryan Specialty LLC                                                                    | Ryan Specialty LLC                                                                    | CUSIP: 78351GAA3<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1011941.00   | 0.12%             | 2032-08-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140QLHH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2824954 | PA      | $2405757.75   | 0.28%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                                | Sequoia Mortgage Trust, Series 2024-2, Class A19                                      | CUSIP: 81749HAT5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1216547 | PA      | $1228009.33   | 0.15%             | 2054-03-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                                  | GNMA II, Single-family, 30 Year                                                       | CUSIP: 36179XS72<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3811739 | PA      | $3317378.61   | 0.39%             | 2053-02-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MetroNet Infrastructure Issuer LLC                                                    | MetroNet Infrastructure Issuer LLC, Series 2025-2A, Class B                           | CUSIP: 59170JAZ1<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1008885.80   | 0.12%             | 2055-08-20      | Fixed         | 5.59%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                                 | FHLMC STACR REMIC Trust, Series 2020-HQA2, Class M2                                   | CUSIP: 35565LAH9<br>LEI: 5493000ITBJ4KEFYWF83 | Long             | ABS-MBS          | CORP              | US        |    614332 | PA      | $628759.32    | 0.07%             | 2050-03-25      | Floating      | 7.57%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                                                       | Citigroup, Inc.                                                                       | CUSIP: 172967MS7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1840575.08   | 0.22%             | 2031-06-03      | Variable      | 2.57%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140X5UV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2023799 | PA      | $1885626.74   | 0.22%             | 2050-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140QSAW1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3322460 | PA      | $3363676.27   | 0.40%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                                 | FHLMC, Multi-family Structured Pass-Through Certificates, Series KG02, Class A2       | CUSIP: 3137FPHR9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $1888355.20   | 0.22%             | 2029-08-25      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| NiSource, Inc.                                                                        | NiSource, Inc.                                                                        | CUSIP: 65473PAX3<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2043541.78   | 0.24%             | 2035-07-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Uber Technologies, Inc.                                                               | Uber Technologies, Inc.                                                               | CUSIP: 90353TAP5<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2005134.00   | 0.24%             | 2034-09-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                                                            | AT&T, Inc.                                                                            | CUSIP: 00206RKJ0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $692236.18    | 0.08%             | 2053-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Cogent Communications Group LLC / Cogent Finance, Inc.                                | Cogent Communications Group LLC / Cogent Finance, Inc.                                | CUSIP: 19240CAE3<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499094.24    | 0.06%             | 2027-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 20 Year                                                                         | CUSIP: 3140QFQC6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1704271 | PA      | $1478565.42   | 0.18%             | 2040-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                                 | FHLMC, Multi-family Structured Pass-Through Certificates, Series KSG4, Class A2       | CUSIP: 3137H92X6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $1892229.80   | 0.22%             | 2032-08-25      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                            | FHLMC Pool, 30 Year                                                                   | CUSIP: 3132DWKU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2643714 | PA      | $2627346.11   | 0.31%             | 2054-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Amgen, Inc.                                                                           | Amgen, Inc.                                                                           | CUSIP: 031162DJ6<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    500000 | PA      | $486453.27    | 0.06%             | 2033-03-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140W2RM5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2488546 | PA      | $2545457.86   | 0.30%             | 2055-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SLG Office Trust                                                                      | SLG Office Trust, Series 2021-OVA, Class A                                            | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1335004.80   | 0.16%             | 2041-07-15      | Fixed         | 2.59%                 | Yes           |                  2 | On Loan: No      |
| AGL CLO 23 Ltd.                                                                       | AGL CLO 23 Ltd., Series 2022-23A, Class A1R                                           | CUSIP: 00119EAN7<br>LEI: 54930001FYWQPYWEPQ30 | Long             | ABS-CBDO         | CORP              | JE        |   2600000 | PA      | $2601276.60   | 0.31%             | 2038-04-20      | Floating      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                                   | New Residential Mortgage Loan Trust, Series 2019-2A, Class A1                         | CUSIP: 64830DAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    571937 | PA      | $562845.03    | 0.07%             | 2057-12-25      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| SoFi Professional Loan Program LLC                                                    | SoFi Professional Loan Program LLC, Series 2017-F, Class BFX                          | CUSIP: 83401BAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1800000 | PA      | $1742706.18   | 0.21%             | 2041-01-25      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| WLB Asset VI Pte. Ltd.                                                                | WLB Asset VI Pte. Ltd.                                                                | CUSIP: N/A<br>LEI: 254900M29A8RHZTF4J92       | Long             | DBT              | CORP              | MU        |   1000000 | PA      | $1049445.32   | 0.12%             | 2027-12-21      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Seattle Children's Hospital                                                           | Seattle Children's Hospital, Series 2021                                              | CUSIP: 81257VAA9<br>LEI: 549300WXE9O4DQMMXS47 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $942402.51    | 0.11%             | 2027-10-01      | Fixed         | 1.21%                 | No            |                  2 | On Loan: No      |
| Deere & Co.                                                                           | Deere & Co.                                                                           | CUSIP: 244199BL8<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1053022.27   | 0.12%             | 2035-01-16      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| PG&E Recovery Funding LLC                                                             | PG&E Recovery Funding LLC, Series A-3                                                 | CUSIP: 71710TAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2625000 | PA      | $2660633.64   | 0.32%             | 2047-07-15      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 20 Year                                                                         | CUSIP: 3140QGDM6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1790863 | PA      | $1628112.78   | 0.19%             | 2040-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loan Trust                                                               | Mosaic Solar Loan Trust, Series 2022-3A, Class A                                      | CUSIP: 61946KAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1798089 | PA      | $1770267.73   | 0.21%             | 2053-06-20      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| ACE Capital Trust II                                                                  | ACE Capital Trust II                                                                  | CUSIP: 00440FAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $600733.32    | 0.07%             | 2030-04-01      | Fixed         | 9.70%                 | No            |                  2 | On Loan: No      |
| DTE Energy Co.                                                                        | DTE Energy Co.                                                                        | CUSIP: 233331BJ5<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    750000 | PA      | $763193.66    | 0.09%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                             | HCA, Inc.                                                                             | CUSIP: 404119DA4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1563422.52   | 0.19%             | 2032-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Steel Dynamics, Inc.                                                                  | Steel Dynamics, Inc.                                                                  | CUSIP: 858119BT6<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |    500000 | PA      | $510535.18    | 0.06%             | 2055-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Equinix Europe 2 Financing Corp. LLC                                                  | Equinix Europe 2 Financing Corp. LLC                                                  | CUSIP: 29390XAA2<br>LEI: 254900FSZR46BPMCKI50 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1038604.53   | 0.12%             | 2034-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| William Carter Co. (The)                                                              | William Carter Co. (The)                                                              | CUSIP: 96926JAC1<br>LEI: TGI2A0HXEYNQPU7TYV27 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2003891.46   | 0.24%             | 2027-03-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Asian Development Bank                                                                | Asian Development Bank                                                                | CUSIP: 045167FV0<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | US        |   3000000 | PA      | $2999414.46   | 0.36%             | 2033-01-12      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                   | International Bank for Reconstruction & Development                                   | CUSIP: 459058LQ4<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        |   5600000 | PA      | $5817129.25   | 0.69%             | 2032-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Kommunalbanken A/S                                                                    | Kommunalbanken A/S                                                                    | CUSIP: 50048MCV0<br>LEI: I7ETN0QQO2AHZZGHJ389 | Long             | DBT              | NUSS              | NO        |   1000000 | PA      | $884921.78    | 0.10%             | 2030-06-14      | Fixed         | 1.12%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 20 Year                                                                         | CUSIP: 3140QGG92<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1973267 | PA      | $1715847.48   | 0.20%             | 2040-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Verizon Communications, Inc.                                                          | Verizon Communications, Inc.                                                          | CUSIP: 92343VDR2<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3340007.55   | 0.40%             | 2039-03-15      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| 200 Park Funding Trust                                                                | 200 Park Funding Trust                                                                | CUSIP: 901928AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1013960.85   | 0.12%             | 2055-02-15      | Fixed         | 5.74%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                                  | GNMA, Series 2019-H02, Class JA                                                       | CUSIP: 38380LQA4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2363822 | PA      | $2270922.92   | 0.27%             | 2068-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                                        | University of Massachusetts Building Authority, Series 2010-2                         | CUSIP: 914440LJ9<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1255454.85   | 0.15%             | 2040-11-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, ACES, Series 2023-M1S, Class A2                                                 | CUSIP: 3136BQCX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2500000 | PA      | $2518981.00   | 0.30%             | 2033-04-25      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| CNH Industrial Capital LLC                                                            | CNH Industrial Capital LLC                                                            | CUSIP: 12592BAV6<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499169.70    | 0.06%             | 2030-10-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Republic Services, Inc.                                                               | Republic Services, Inc.                                                               | CUSIP: 760759AK6<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1659971.19   | 0.20%             | 2040-03-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140XJPE7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2216098 | PA      | $2213345.82   | 0.26%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                                                            | AT&T, Inc.                                                                            | CUSIP: 00206RCQ3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    775000 | PA      | $692532.48    | 0.08%             | 2046-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loan Trust                                                               | Mosaic Solar Loan Trust, Series 2021-2A, Class B                                      | CUSIP: 61946RAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    559303 | PA      | $417370.31    | 0.05%             | 2047-04-22      | Fixed         | 2.09%                 | Yes           |                  2 | On Loan: No      |
| Fiserv, Inc.                                                                          | Fiserv, Inc.                                                                          | CUSIP: 337738BG2<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |   4600000 | PA      | $4744600.82   | 0.56%             | 2028-08-21      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140XDCJ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2165900 | PA      | $1773289.24   | 0.21%             | 2051-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Elevance Health, Inc.                                                                 | Elevance Health, Inc.                                                                 | CUSIP: 036752BH5<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $995836.72    | 0.12%             | 2028-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, 30 Year                                                                         | CUSIP: 3140MRA56<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2824312 | PA      | $2670849.84   | 0.32%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                                  | FNMA, ACES, Series 2018-M2, Class A2                                                  | CUSIP: 3136B0YM2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         0 | PA      | $0.01         | 0.00%             | 2028-01-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                                 | FHLMC STACR REMIC Trust, Series 2025-DNA1, Class A1                                   | CUSIP: 35564NFY4<br>LEI: 529900WZAMS87JCAOC53 | Long             | ABS-MBS          | CORP              | US        |    927500 | PA      | $928563.66    | 0.11%             | 2045-01-25      | Floating      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| AES Corp. (The)                                                                       | AES Corp. (The)                                                                       | CUSIP: 00130HCH6<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1024454.61   | 0.12%             | 2028-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Verizon Communications, Inc.                                                          | Verizon Communications, Inc.                                                          | CUSIP: 92343VGK4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    600000 | PA      | $474334.16    | 0.06%             | 2041-03-22      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Agilent Technologies, Inc.                                                            | Agilent Technologies, Inc.                                                            | CUSIP: 00846UAR2<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $997300.07    | 0.12%             | 2034-09-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Kaiser Foundation Hospitals                                                           | Kaiser Foundation Hospitals, Series 2021                                              | CUSIP: 48305QAF0<br>LEI: DW4Z57L3G4IRMHYZYK62 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $741231.39    | 0.09%             | 2041-06-01      | Fixed         | 2.81%                 | No            |                  2 | On Loan: No      |
| Elevance Health, Inc.                                                                 | Elevance Health, Inc.                                                                 | CUSIP: 036752BA0<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $983522.64    | 0.12%             | 2054-06-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                                            | FHLMC Pool, 30 Year                                                                   | CUSIP: 3133KQWV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2344748 | PA      | $2385792.65   | 0.28%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Gates Corp.                                                                           | Gates Corp.                                                                           | CUSIP: 367398AA2<br>LEI: 984500F43C791F4C7894 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2077800.00   | 0.25%             | 2029-07-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** IMPAX FUNDS SERIES TRUST I

**Signature:** Daniel Saltus

**Name of Signer:** Daniel Saltus

**Title:** Treasurer