# EDGAR Filing Document

**Accession Number:** 0002042316
**File Stem:** 0000940400-25-002598
**Filing Date:** 2025-9
**Character Count:** 211116
**Document Hash:** 8c1665b498cbd3ae60f84332428b099e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-002598.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000940400-25-002598

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Victory Portfolios IV
- **CENTRAL INDEX KEY:** 0002042316

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24019
- **FILM NUMBER:** 251346117

**BUSINESS ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256
- **BUSINESS PHONE:** (210) 697-3624

**MAIL ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256

## Series and Classes Contracts Data

### Victory Pioneer Multi-Asset Income Fund (Series ID: S000089756)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256480 | Class C      | PMACX           |
| C000256481 | Class R6     | PMFKX           |
| C000256482 | Class Y      | PMFYX           |
| C000256483 | Class A      | PMAIX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Victory Portfolios IV

- **b. Investment Company Act file number:** 811-24019

- **c. CIK number of Registrant:** 0002042316

- **d. LEI of Registrant:** 25490054DPU07WNNLY79

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

  - **Street Address 1:** 15935 LA CANTERA PARKWAY

  - **City:** SAN ANTONIO

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

  - **Telephone number:** 210-697-3624

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

- **a. Name of Series:** Victory Pioneer Multi-Asset Income Fund

- **b. EDGAR series identifier (if any):** S000089756

- **c. LEI of Series:** G1DK3TBEJYPHTO5ROV98

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

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $5735383503.75

**Total Liabilities:** $120178156.07

**Net Assets:** $5615205347.68

**Delayed Delivery Securities:** $16919707.98

**Stand-by Commitments:** $56608440.87

**Cash Not Reported:** $45874871.86

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -267.00000000 | **1-Year:** -1649.00000000 | **5-Year:** -522886.00000000 | **10-Year:** -18274.00000000 | **30-Year:** -10109.00000000

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

- **3-Month:** -824.00000000 | **1-Year:** -15168.00000000 | **5-Year:** -70363.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256483 | 4.43%                | 3.59%                | 0.16%                |
| Class ID C000256480 | 4.29%                | 3.63%                | 0.09%                |
| Class ID C000256482 | 4.37%                | 3.70%                | 0.17%                |
| Class ID C000256481 | 4.43%                | 3.69%                | 0.19%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1605051.88             | $206608004.78                              |
| Month 2  | $26107038.83             | $165775533.56                              |
| Month 3  | $51657285.02             | $-67824702.02                              |

**Designated Index Information**

- **Index Name:** 30% Bloomberg Barclays US Aggregate, 70% MSCI ACWI

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                        | Title                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |      Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FIRST BRANDS GROUP LLC                      | First Brands Group LLC                                     | CUSIP: 31935HAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       957500 | PA      | $938749.28    | 0.02%             | 2027-03-30      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| MYSTIC RE IV LTD                            | Mystic Re IV Ltd                                           | CUSIP: 62865LAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1750000 | PA      | $1829625.00   | 0.03%             | 2027-01-08      | Floating      | 16.33%                | Yes           |                  2 | On Loan: No      |
| ALAMO RE LTD                                | Alamo Re Ltd                                               | CUSIP: 011395AJ9<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |      1500000 | PA      | $1538250.00   | 0.03%             | 2026-06-07      | Floating      | 13.41%                | Yes           |                  2 | On Loan: No      |
| Worldline SA/France                         | Worldline SA/France                                        | CUSIP: 000000000<br>LEI: 549300CJMQNCA0U4TS33 | Long             | EC               | CORP              | FR        |      1544165 | NS      | $5646092.32   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |        75700 | PA      | $5359560.00   | 0.10%             | 2025-10-06      | Fixed         | 16.92%                | No            |                  2 | On Loan: No      |
| SLG Office Trust                            | SLG Office Trust 2021-OVA                                  | CUSIP: 78449RAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6440000 | PA      | $5470332.42   | 0.10%             | 2041-07-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA2                    | CUSIP: 35564KDY2<br>LEI: 5493007ZK0X40BI7UF30 | Long             | ABS-MBS          | CORP              | US        |       795000 | PA      | $968439.59    | 0.02%             | 2033-08-25      | Floating      | 10.35%                | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Lin              | Santander Bank NA - SBCLN                                  | CUSIP: 80290CAL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2742168 | PA      | $2743529.64   | 0.05%             | 2031-12-15      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| URSA RE LTD                                 | Ursa Re Ltd                                                | CUSIP: 90323WAL4<br>LEI: 549300O8X4DWGDJZ6W59 | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1009500.00   | 0.02%             | 2025-12-06      | Floating      | 9.83%                 | Yes           |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                       | Mizuho Markets Cayman LP                                   | CUSIP: 60700W205<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |        75500 | PA      | $9803410.75   | 0.17%             | 2026-05-08      | Fixed         | 14.10%                | No            |                  2 | On Loan: No      |
| BNP PARIBAS ISSUANCE BV                     | BNP Paribas Issuance BV                                    | CUSIP: 000000000<br>LEI: 7245009UXRIGIRYOBR48 | Long             | DBT              | CORP              | NL        |       118900 | PA      | $10567434.40  | 0.19%             | 2026-03-30      | Fixed         | 21.08%                | No            |                  2 | On Loan: No      |
| Newmont Corp                                | Newmont Corp                                               | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |       653257 | NS      | $40567259.70  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                       | Mizuho Markets Cayman LP                                   | CUSIP: 60700T400<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |        66400 | PA      | $9857212.80   | 0.18%             | 2025-08-15      | Fixed         | 14.55%                | No            |                  2 | On Loan: No      |
| Granite Park Equipment Leasing              | Granite Park Equipment Leasing 2023-1 LLC                  | CUSIP: 387422AH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4198000 | PA      | $3804591.15   | 0.07%             | 2035-06-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2019-FTR3                          | CUSIP: 35565EAE2<br>LEI: 5493009ZFZYH4FRCW638 | Long             | ABS-MBS          | CORP              | US        |      8395000 | PA      | $9103189.61   | 0.16%             | 2047-09-25      | Floating      | 9.22%                 | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                       | Mizuho Markets Cayman LP                                   | CUSIP: 60700U480<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |        65900 | PA      | $9126491.00   | 0.16%             | 2025-12-26      | Fixed         | 16.37%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3132DUKT3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8589446 | PA      | $8569522.61   | 0.15%             | 2053-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REDWOOD TRUST INC                           | Redwood Trust Inc                                          | CUSIP: 758075AF2<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | DBT              | CORP              | US        |     24685100 | PA      | $24621703.73  | 0.44%             | 2027-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BLUE RIDGE RE LTD                           | Blue Ridge Re Ltd                                          | CUSIP: 096003AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1250000 | PA      | $1282375.00   | 0.02%             | 2027-01-08      | Floating      | 12.10%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133CEQK1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1102644 | PA      | $1153067.02   | 0.02%             | 2053-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140B4XF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       543542 | PA      | $542391.38    | 0.01%             | 2055-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                    | JP Morgan Structured Products BV                           | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |       116100 | PA      | $14412073.50  | 0.26%             | 2026-02-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RUSSIA GOVT BOND - OFZ                      | Russian Federal Bond - OFZ                                 | CUSIP: 000000000<br>LEI: 5493004EHVGF71PDBU58 | Long             | DBT              | NUSS              | RU        |     59074000 | PA      | $0.00         | 0.00%             | 2027-02-03      | Fixed         | 8.15%                 | Yes           |                  3 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                    | Citigroup Global Markets Holdings Inc/United States        | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |       350700 | PA      | $13884213.00  | 0.25%             | 2026-06-08      | Fixed         | 15.37%                | No            |                  2 | On Loan: No      |
| Alturas Re 2021-3, 7/31/25                  | Alturas Re 2021-3, 7/31/25                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $44900.00     | 0.00%             | 2026-07-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Subaru Corp                                 | Subaru Corp                                                | CUSIP: 000000000<br>LEI: 549300N244BVAEE6HH86 | Long             | EC               | CORP              | JP        |      1108200 | NS      | $20426007.29  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS PLC                                | Barclays PLC                                               | CUSIP: 06738EBN4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     10000000 | PA      | $10012495.00  | 0.18%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Viper Energy Inc                            | Viper Energy Inc                                           | CUSIP: 927959106<br>LEI: 5299009LINL232255G03 | Long             | EC               | CORP              | US        |        93812 | NS      | $3532959.92   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC BANK PLC                               | HSBC Bank PLC                                              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | Long             | DBT              | CORP              | GB        |       117300 | PA      | $4199320.06   | 0.07%             | 2025-08-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL RE 21 LTD                       | Residential Reinsurance 2021 Ltd                           | CUSIP: 76114NAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |       500000 | PA      | $485700.00    | 0.01%             | 2025-12-06      | Floating      | 10.11%                | Yes           |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                         | Wells Fargo Bank NA                                        | CUSIP: 95003X872<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |       182100 | PA      | $13032897.00  | 0.23%             | 2026-03-05      | Fixed         | 11.86%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3132DQN36<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1978121 | PA      | $1728775.47   | 0.03%             | 2052-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133C1DZ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1788594 | PA      | $1781654.58   | 0.03%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BLUE RIDGE RE LTD                           | Blue Ridge Re Ltd                                          | CUSIP: 096003AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       750000 | PA      | $767775.00    | 0.01%             | 2027-01-08      | Floating      | 9.58%                 | Yes           |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP                     | International Bank for Reconstruction & Development        | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | N/A       |       250000 | PA      | $262750.00    | 0.00%             | 2028-04-24      | Floating      | 16.54%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3132DUNR4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     18909002 | PA      | $19194826.49  | 0.34%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BW LPG Ltd                                  | BW LPG Ltd                                                 | CUSIP: 000000000<br>LEI: 5493006WBEME88YFDW23 | Long             | EC               | CORP              | SG        |      1340309 | NS      | $17906528.24  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Avid Automobile Receivables Tr              | Avid Automobile Receivables Trust 2023-1                   | CUSIP: 05368QAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2500000 | PA      | $2508420.00   | 0.04%             | 2027-12-15      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                            | Societe Generale SA                                        | CUSIP: 83368RBL5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |      6220000 | PA      | $6445104.16   | 0.11%             | 2033-06-15      | Fixed         | 6.22%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS ISSUANCE BV                     | BNP Paribas Issuance BV                                    | CUSIP: 000000000<br>LEI: 7245009UXRIGIRYOBR48 | Long             | DBT              | CORP              | NL        |       113400 | PA      | $3806838.00   | 0.07%             | 2025-10-09      | Fixed         | 12.03%                | No            |                  2 | On Loan: No      |
| PI0050 - BANBURY RE 2024                    | PI0050 - BANBURY RE 2024                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2000000 | PA      | $2096508.11   | 0.04%             | 2030-03-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| SECTOR RE V LTD                             | Sector Re V Ltd                                            | CUSIP: 81369AES7<br>LEI: 549300QS6XPZQHTCEJ97 | Long             | DBT              | CORP              | BM        |      3000000 | PA      | $3282485.57   | 0.06%             | 2029-12-01      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| ACORN RE LTD                                | Acorn Re Ltd                                               | CUSIP: 00485YAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $500450.00    | 0.01%             | 2025-11-07      | Floating      | 7.43%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140ARMA5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3796170 | PA      | $3792148.94   | 0.07%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140AXVW4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1863855 | PA      | $1895427.62   | 0.03%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| THOPAS RE 2024                              | THOPAS RE 2024                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2500000 | PA      | $19000.00     | 0.00%             | 2029-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 31427MLS8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8746613 | PA      | $8868823.84   | 0.16%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3132DP6J2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1605305 | PA      | $1411351.26   | 0.03%             | 2050-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                         | LL ABS Trust 2022-1                                        | CUSIP: 50203YAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2000000 | PA      | $2008842.00   | 0.04%             | 2029-11-15      | Fixed         | 7.83%                 | No            |                  2 | On Loan: No      |
| MERION RE 2025-1                            | MERION RE 2025-1                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $932747.59    | 0.02%             | 2030-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| RESIDENTIAL REIN 2024                       | Residential Reinsurance 2004 Ltd                           | CUSIP: 76112AAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      1000000 | PA      | $1023000.00   | 0.02%             | 2028-12-06      | Floating      | 9.71%                 | Yes           |                  2 | On Loan: No      |
| HSBC BANK PLC                               | HSBC Bank PLC                                              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | Long             | DBT              | CORP              | GB        |        54800 | PA      | $4337694.00   | 0.08%             | 2025-11-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LUCKY BUCKS LLC                             | LUCKY BUCKS LLC                                            | CUSIP: 54951EAK1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |        28803 | PA      | $24626.55     | 0.00%             | 2029-10-02      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                    | Citigroup Global Markets Holdings Inc/United States        | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |        72400 | PA      | $12007178.00  | 0.21%             | 2026-07-30      | Fixed         | 12.20%                | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |       221900 | PA      | $18426576.00  | 0.33%             | 2026-02-24      | Fixed         | 12.77%                | No            |                  2 | On Loan: No      |
| LUCKY BUCKS LLC                             | LUCKY BUCKS LLC                                            | CUSIP: 54951EAH8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |        13996 | PA      | $14135.63     | 0.00%             | 2028-10-02      | Floating      | 11.99%                | No            |                  2 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                    | JP Morgan Structured Products BV                           | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |       155600 | PA      | $25193365.60  | 0.45%             | 2026-03-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140AQY71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1881675 | PA      | $1888845.17   | 0.03%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TORREY PINES RE LTD                         | Torrey Pines Re Ltd                                        | CUSIP: 89141WAH5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       250000 | PA      | $260000.00    | 0.00%             | 2027-06-07      | Floating      | 10.33%                | Yes           |                  2 | On Loan: No      |
| MULTIFAMILY CONNECTICUT AVENUE              | Multifamily Connecticut Avenue Securities Trust 2020-01    | CUSIP: 62548QAD3<br>LEI: 5493002KQF9IH3CTQZ40 | Long             | ABS-MBS          | CORP              | US        |      2301232 | PA      | $2360139.26   | 0.04%             | 2050-03-25      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3132E0XR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7782929 | PA      | $7481244.39   | 0.13%             | 2053-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | 10 YEAR U.S. TREASURY NOTE                                 | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         9934 | NC      | $155218.76    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp                         | Barrick Mining Corp                                        | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |      1853428 | NS      | $39144399.36  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| FLOODSMART RE LTD                           | FloodSmart Re Ltd                                          | CUSIP: 33975CAM7<br>LEI: 549300KK1LNVFW95S875 | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1037000.00   | 0.02%             | 2026-03-11      | Floating      | 21.48%                | Yes           |                  2 | On Loan: No      |
| PepsiCo Inc                                 | PepsiCo Inc                                                | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |        98089 | NS      | $13528434.88  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Fuji Electric Co Ltd                        | Fuji Electric Co Ltd                                       | CUSIP: 000000000<br>LEI: 5299000HVNGZZTYYM906 | Long             | EC               | CORP              | JP        |       400200 | NS      | $20108192.31  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                  | Samsung Electronics Co Ltd                                 | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      1737912 | NS      | $89477153.74  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Viribus Re 2020, 12/31/23                   | Viribus Re 2020, 12/31/23                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $31100.00     | 0.00%             | 2025-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Shell PLC                                   | Shell PLC                                                  | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |      1099285 | NS      | $79379369.85  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 31427MW56<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     24364476 | PA      | $24350588.26  | 0.43%             | 2055-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                            | ABN AMRO Bank NV                                           | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | EC               | CORP              | NL        |      3986473 | NS      | $115371845.37 | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2023-1                  | CUSIP: 89616KAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5000000 | PA      | $5313384.50   | 0.09%             | 2028-06-15      | Fixed         | 13.45%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 31427MW23<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7187177 | PA      | $7151091.36   | 0.13%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133WCW75<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2057535 | PA      | $2052930.57   | 0.04%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                           | CUSIP: 91282CKE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     43930600 | PA      | $44093623.82  | 0.79%             | 2027-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                         | Wells Fargo Bank NA                                        | CUSIP: 95003X120<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |       208600 | PA      | $8223089.18   | 0.15%             | 2026-05-08      | Fixed         | 33.63%                | No            |                  2 | On Loan: No      |
| Johnson & Johnson                           | Johnson & Johnson                                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |       353784 | NS      | $58282376.16  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140XAPD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       302026 | PA      | $264389.29    | 0.00%             | 2051-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 31427NTS8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      9215960 | PA      | $9198485.24   | 0.16%             | 2055-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140A0BA6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2723638 | PA      | $2865600.66   | 0.05%             | 2053-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Cardinal Health Inc                         | Cardinal Health Inc                                        | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |       212823 | NS      | $33034386.06  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp                      | Permian Resources Corp                                     | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |      1269779 | NS      | $17980070.64  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC BANK PLC                               | HSBC Bank PLC                                              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | Long             | DBT              | CORP              | GB        |       129200 | PA      | $7873448.00   | 0.14%             | 2025-08-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3132DP5B0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7620711 | PA      | $7632517.03   | 0.14%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140XMFB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10503473 | PA      | $10016179.72  | 0.18%             | 2053-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC                   | Auxilior Term Funding 2023-1 LLC                           | CUSIP: 05335JAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4250000 | PA      | $4410967.48   | 0.08%             | 2032-12-15      | Fixed         | 10.97%                | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                    | Citigroup Global Markets Holdings Inc/United States        | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |        12000 | PA      | $6917100.00   | 0.12%             | 2026-01-27      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                    | JP Morgan Structured Products BV                           | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |       117000 | PA      | $14575275.00  | 0.26%             | 2026-03-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MERRILL LYNCH BV                            | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |      1247200 | PA      | $13731173.12  | 0.24%             | 2026-06-29      | Fixed         | 19.45%                | No            |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                    | Merna Reinsurance II Ltd                                   | CUSIP: 59013MAH5<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |      1300000 | PA      | $1323010.00   | 0.02%             | 2026-07-07      | Floating      | 12.08%                | Yes           |                  2 | On Loan: No      |
| PANGAEA RE 2025-1                           | PANGAEA RE 2025-1                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2500000 | PA      | $2250469.81   | 0.04%             | 2030-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140XNNQ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6461276 | PA      | $5408839.69   | 0.10%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VITALITY RE XIV LTD                         | Vitality Re XIV Ltd                                        | CUSIP: 92851QAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |       600000 | PA      | $618480.00    | 0.01%             | 2027-01-05      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                      | Standard Chartered PLC                                     | CUSIP: 853254CH1<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |      9300000 | PA      | $8464683.95   | 0.15%             | 2033-01-12      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| PALM RE LTD                                 | Palm RE Ltd                                                | CUSIP: 69664FAA6<br>LEI: 984500D3C66DA10DAP11 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $255150.00    | 0.00%             | 2027-06-07      | Floating      | 13.83%                | Yes           |                  2 | On Loan: No      |
| THOPAS RE 2023                              | THOPAS RE 2023                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2500000 | PA      | $24750.00     | 0.00%             | 2028-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Angel Oak Mortgage REIT Inc                 | Angel Oak Mortgage REIT Inc                                | CUSIP: 03464Y108<br>LEI: 5493008M8D7W7VZZ7V36 | Long             | EC               | CORP              | US        |       297120 | NS      | $2751331.20   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BONANZA RE LTD                              | Bonanza RE Ltd                                             | CUSIP: 09785EAQ4<br>LEI: 5493003F0CXUQ2C83105 | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $994600.00    | 0.02%             | 2027-12-19      | Floating      | 9.62%                 | Yes           |                  2 | On Loan: No      |
| State Street Corp                           | State Street Corp                                          | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |       607439 | NS      | $67881308.25  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3132DVLD5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       528807 | PA      | $462605.52    | 0.01%             | 2050-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Rio Tinto PLC                               | Rio Tinto PLC                                              | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |       455930 | NS      | $27250936.10  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| LETRA TESOURO NACIONAL                      | Brazil Letras do Tesouro Nacional                          | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    186200000 | PA      | $26721124.05  | 0.48%             | 2027-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Regions Financial Corp                      | Regions Financial Corp                                     | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |      3406540 | NS      | $86287658.20  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Hensoldt AG                                 | Hensoldt AG                                                | CUSIP: 000000000<br>LEI: 894500686FYLLZD3M624 | Long             | EC               | CORP              | DE        |       499684 | NS      | $54800004.49  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Gleneagles Re 2021, 12/31/24                | Gleneagles Re 2021, 12/31/24                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $50.00        | 0.00%             | 2025-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| MERRILL LYNCH BV                            | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |        92500 | PA      | $10452944.00  | 0.19%             | 2026-05-19      | Fixed         | 16.06%                | No            |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                           | Four Lakes Re Ltd                                          | CUSIP: 35087TAH1<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $248300.00    | 0.00%             | 2028-01-07      | Floating      | 12.58%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 31425UGU3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     13024137 | PA      | $13206115.03  | 0.24%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133WASU3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5139679 | PA      | $5123986.95   | 0.09%             | 2054-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AQUILA RE LTD 2023-1                        | Aquila Re I Ltd Series 2023-1                              | CUSIP: 03843AAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $509150.00    | 0.01%             | 2026-06-08      | Floating      | 11.59%                | Yes           |                  2 | On Loan: No      |
| Axcelis Technologies Inc                    | Axcelis Technologies Inc                                   | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |       291524 | NS      | $19733259.56  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Toronto-Dominion Bank/The                   | TORONTO DOMINION - Abercrombie Fitch C                     | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |        54500 | PA      | $5961210.00   | 0.11%             | 2026-01-20      | Fixed         | 20.45%                | No            |                  2 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                    | JP Morgan Structured Products BV                           | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |       146100 | PA      | $10453878.69  | 0.19%             | 2026-06-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SANDERS RE III LTD                          | Sanders Re III Ltd                                         | CUSIP: 80000XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       800000 | PA      | $787360.00    | 0.01%             | 2026-04-07      | Floating      | 7.74%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140XMRF5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27881412 | PA      | $27769534.10  | 0.49%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TORREY PINES RE LTD                         | Torrey Pines Re Ltd                                        | CUSIP: 89141WAJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       250000 | PA      | $259225.00    | 0.00%             | 2027-06-07      | Floating      | 11.58%                | Yes           |                  2 | On Loan: No      |
| Sino Land Co Ltd                            | Sino Land Co Ltd                                           | CUSIP: 000000000<br>LEI: 529900G5P51053HJVZ92 | Long             | EC               | CORP              | HK        |      5026000 | NS      | $5794305.73   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| RESIDENTIAL REIN 2024                       | Residential Reinsurance 2004 Ltd                           | CUSIP: 76112AAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      1000000 | PA      | $1010100.00   | 0.02%             | 2028-12-06      | Floating      | 11.27%                | Yes           |                  2 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                    | JP Morgan Structured Products BV                           | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |      2841300 | PA      | $9784300.68   | 0.17%             | 2026-06-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Edenred SE                                  | Edenred SE                                                 | CUSIP: 000000000<br>LEI: 9695006LOD5B2D7Y0N70 | Long             | EC               | CORP              | FR        |       539963 | NS      | $15479089.08  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                    | JP Morgan Structured Products BV                           | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |       382300 | PA      | $12780289.00  | 0.23%             | 2025-10-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GATEWAY RE LTD                              | Gateway Re Ltd                                             | CUSIP: 36779CAG1<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $252650.00    | 0.00%             | 2027-07-08      | Floating      | 10.23%                | Yes           |                  2 | On Loan: No      |
| Walton Health Re 2019, 6/30/22              | Walton Health Re 2019, 6/30/22                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       300000 | PA      | $413.05       | 0.00%             | 2026-06-30      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| ADARE RE 2025                               | ADARE RE 2025                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1250000 | PA      | $1258945.40   | 0.02%             | 2030-09-30      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133CRN66<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2251022 | PA      | $2244303.72   | 0.04%             | 2054-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Lin              | Santander Bank Auto Credit-Linked Notes Series 2022-A      | CUSIP: 80290CAV6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1200000 | PA      | $1226010.84   | 0.02%             | 2032-05-15      | Fixed         | 12.66%                | No            |                  2 | On Loan: No      |
| American Electric Power Co Inc              | American Electric Power Co Inc                             | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |       370571 | NS      | $41926402.94  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                       | Mizuho Markets Cayman LP                                   | CUSIP: 60700W635<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       209900 | PA      | $21687287.80  | 0.39%             | 2026-07-10      | Fixed         | 15.34%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133KNN33<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       443351 | PA      | $371099.11    | 0.01%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MERRILL LYNCH BV                            | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |      1014500 | PA      | $20766815.00  | 0.37%             | 2026-06-24      | Fixed         | 12.12%                | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                           | NatWest Group PLC                                          | CUSIP: 780099CK1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |      8125000 | PA      | $8128688.75   | 0.14%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                       | Kilimanjaro II Re Ltd                                      | CUSIP: 49407QAH1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       750000 | PA      | $791025.00    | 0.01%             | 2028-06-30      | Floating      | 11.58%                | Yes           |                  2 | On Loan: No      |
| Crown Castle Inc                            | Crown Castle Inc                                           | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |       107772 | NS      | $11325759.48  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackbird Capital Aircraft                  | Blackbird Capital Aircraft Lease Securitization Ltd 2016-1 | CUSIP: 09228YAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |       500873 | PA      | $500142.06    | 0.01%             | 2041-12-16      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| VITALITY RE XIII LTD                        | Vitality Re XIII Ltd                                       | CUSIP: 92849MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      1750000 | PA      | $1752275.00   | 0.03%             | 2026-01-06      | Floating      | 6.34%                 | Yes           |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                       | Mizuho Markets Cayman LP                                   | CUSIP: 60700W247<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       138400 | PA      | $9549600.00   | 0.17%             | 2026-05-14      | Fixed         | 12.13%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133WGBZ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      9331304 | PA      | $9497114.51   | 0.17%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA7                    | CUSIP: 35564KNE5<br>LEI: 5493000ISOMSKCX2AW62 | Long             | ABS-MBS          | CORP              | US        |      3480000 | PA      | $3720328.80   | 0.07%             | 2041-11-25      | Floating      | 12.15%                | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card               | Mercury Financial Credit Card Master Trust                 | CUSIP: 58940BBC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10220000 | PA      | $10343688.57  | 0.18%             | 2029-07-20      | Fixed         | 10.42%                | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2019-DNA4                          | CUSIP: 35565ABE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3150000 | PA      | $3532398.66   | 0.06%             | 2049-10-25      | Floating      | 10.71%                | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | EURO FX CURR                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |        -1468 | NC      | $4715743.96   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MCR Mortgage Trust                          | MCR 2024-TWA Mortgage Trust                                | CUSIP: 582923AF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6310000 | PA      | $6422203.16   | 0.11%             | 2039-06-12      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| ATLAS CAPITAL DAC                           | Atlas Capital DAC                                          | CUSIP: 049207AA1<br>LEI: 635400CBPJFGGWD2AH20 | Long             | DBT              | CORP              | IE        |      1250000 | PA      | $1278125.00   | 0.02%             | 2026-06-05      | Floating      | 11.91%                | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140XNMR2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26930988 | PA      | $26820759.38  | 0.48%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Torricelli Re 2021, 7/31/25                 | Torricelli Re 2021, 7/31/25                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1500000 | PA      | $2400.00      | 0.00%             | 2026-07-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Rithm Capital Corp                          | Rithm Capital Corp                                         | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |       906673 | NS      | $10907276.19  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BX Trust                                    | BX Trust 2021-ARIA                                         | CUSIP: 05608RAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8145000 | PA      | $8134818.75   | 0.14%             | 2036-10-15      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| BANTRY RE 2025                              | BANTRY RE 2025                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      4000000 | PA      | $3818800.00   | 0.07%             | 2030-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Advanced Micro Devices Inc                  | Advanced Micro Devices Inc                                 | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |        80293 | NS      | $14156458.83  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                                 | Ovintiv Inc                                                | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |       639263 | NS      | $26324850.34  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140AR5D8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6577365 | PA      | $6548409.49   | 0.12%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                     | BPCE SA                                                    | CUSIP: 05578QAF0<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |      2500000 | PA      | $2181608.33   | 0.04%             | 2032-10-19      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| THOPAS RE 2025                              | THOPAS RE 2025                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2500000 | PA      | $2530500.00   | 0.05%             | 2030-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                    | Lloyds Banking Group PLC                                   | CUSIP: 539439AU3<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |      5857000 | PA      | $5875894.68   | 0.10%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                            | Westgate Resorts 2023-1 LLC                                | CUSIP: 96033EAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1951260 | PA      | $1995218.26   | 0.04%             | 2037-12-20      | Fixed         | 10.14%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140XRKM6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11975363 | PA      | $12210961.93  | 0.22%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |       190000 | PA      | $13314250.00  | 0.24%             | 2026-03-12      | Fixed         | 11.93%                | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2022-1                  | CUSIP: 89616BAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2500000 | PA      | $2511638.50   | 0.04%             | 2029-07-16      | Fixed         | 9.80%                 | No            |                  2 | On Loan: No      |
| thyssenkrupp AG                             | thyssenkrupp AG                                            | CUSIP: 000000000<br>LEI: 549300UDG16DOYUPR330 | Long             | EC               | CORP              | DE        |      2856442 | NS      | $33314865.86  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| GULLANE RE 2025                             | GULLANE RE 2025                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      3000000 | PA      | $2410729.33   | 0.04%             | 2030-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| WELLS FARGO BANK NA                         | Wells Fargo Bank NA                                        | CUSIP: 95003X401<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |       343400 | PA      | $22746822.87  | 0.41%             | 2025-12-31      | Fixed         | 14.22%                | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2019-DNA3                          | CUSIP: 35564TBE9<br>LEI: 549300KB1O80CETXGJ21 | Long             | ABS-MBS          | CORP              | US        |      6608000 | PA      | $7528154.75   | 0.13%             | 2049-07-25      | Floating      | 12.61%                | No            |                  2 | On Loan: No      |
| T Rowe Price Group Inc                      | T Rowe Price Group Inc                                     | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |        57511 | NS      | $5834490.95   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| US RENAL CARE INC                           | US RENAL CARE INC                                          | CUSIP: 90290PAS3<br>LEI: 54930058SS5MF69JGN89 | Long             | LON              | CORP              | US        |       813968 | PA      | $791923.27    | 0.01%             | 2028-06-28      | Floating      | 9.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140NKLH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7471536 | PA      | $7598628.59   | 0.14%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133CQDX0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6200083 | PA      | $6310254.83   | 0.11%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133CYVB1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2011147 | PA      | $2006801.81   | 0.04%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                    | Merna Reinsurance II Ltd                                   | CUSIP: 59013MAM4<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |      1500000 | PA      | $1504500.00   | 0.03%             | 2027-07-07      | Floating      | 12.83%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133C7NG8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5916216 | PA      | $5916021.18   | 0.11%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140XMA55<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18534795 | PA      | $18597897.48  | 0.33%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sanofi SA                                   | Sanofi SA                                                  | CUSIP: 000000000<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |       567512 | NS      | $51060307.71  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| BONANZA RE LTD                              | Bonanza RE Ltd                                             | CUSIP: 09785EAP6<br>LEI: 5493003F0CXUQ2C83105 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $245450.00    | 0.00%             | 2027-12-19      | Floating      | 7.87%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140QM4F8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       290220 | PA      | $242236.32    | 0.00%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VIRIBUS RE 2023                             | VIRIBUS RE 2023                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2000000 | PA      | $45400.00     | 0.00%             | 2028-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| ACORN RE LTD                                | Acorn Re Ltd                                               | CUSIP: 00485YAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $501450.00    | 0.01%             | 2027-11-05      | Floating      | 7.43%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140A1VP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2951247 | PA      | $3005165.29   | 0.05%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                    | Citigroup Global Markets Holdings Inc/United States        | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |       300300 | PA      | $9825785.97   | 0.17%             | 2025-12-01      | Fixed         | 23.58%                | No            |                  2 | On Loan: No      |
| Persimmon PLC                               | Persimmon PLC                                              | CUSIP: 000000000<br>LEI: 213800XI72Y57UWN6F31 | Long             | EC               | CORP              | GB        |      2192812 | NS      | $33158480.57  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| KILIMANJARO III RE LTD                      | Kilimanjaro III Re Ltd                                     | CUSIP: 49407PAH3<br>LEI: 254900T37LD5YQ545V53 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $251000.00    | 0.00%             | 2026-04-20      | Floating      | 16.70%                | Yes           |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                       | Mizuho Markets Cayman LP                                   | CUSIP: 60700W197<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       149900 | PA      | $15689283.50  | 0.28%             | 2026-05-06      | Fixed         | 16.49%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133KM5V3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1472044 | PA      | $1228990.30   | 0.02%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BW LPG Ltd                                  | BW LPG Ltd                                                 | CUSIP: 000000000<br>LEI: 5493006WBEME88YFDW23 | Long             | EC               | CORP              | SG        |       835639 | NS      | $11226774.85  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Mitsui Financial Grou              | Sumitomo Mitsui Financial Group Inc                        | CUSIP: 000000000<br>LEI: 35380028MYWPB6AUO129 | Long             | EC               | CORP              | JP        |       105000 | NS      | $2684184.35   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3132DPPV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1132755 | PA      | $1128530.49   | 0.02%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2020-R02               | CUSIP: 20754WAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8501543 | PA      | $8676929.83   | 0.15%             | 2040-01-25      | Floating      | 7.46%                 | No            |                  2 | On Loan: No      |
| Star Bulk Carriers Corp                     | Star Bulk Carriers Corp                                    | CUSIP: 000000000<br>LEI: 549300SO3FMK7H6DDY54 | Long             | EC               | CORP              | GR        |      1251521 | NS      | $22852773.46  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                       | Mizuho Markets Cayman LP                                   | CUSIP: 606942795<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       119400 | PA      | $6873141.60   | 0.12%             | 2025-10-30      | Fixed         | 16.02%                | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                            | ABN AMRO Bank NV                                           | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |      5300000 | PA      | $6072952.63   | 0.11%             | N/A             | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SECTOR RE V LTD                             | Sector Re V Ltd                                            | CUSIP: 81369AER9<br>LEI: 549300QS6XPZQHTCEJ97 | Long             | DBT              | CORP              | BM        |      3500000 | PA      | $3829566.50   | 0.07%             | 2029-12-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 31425VYR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4542836 | PA      | $4630106.00   | 0.08%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| QUEEN STREET 2023 RE DAC                    | Queen Street 2023 RE DAC                                   | CUSIP: 747977AA4<br>LEI: 635400VHHVVMXL5BJI05 | Long             | DBT              | CORP              | IE        |      1500000 | PA      | $1503000.00   | 0.03%             | 2025-12-08      | Floating      | 11.83%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133D1NF2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6294768 | PA      | $6275980.95   | 0.11%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Nexi SpA                                    | Nexi SpA                                                   | CUSIP: 000000000<br>LEI: 5493000P70CQRQG8SN85 | Long             | EC               | CORP              | IT        |      1724167 | NS      | $9857773.10   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140AVRU7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7864735 | PA      | $7979300.71   | 0.14%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |       602700 | PA      | $11834014.50  | 0.21%             | 2025-08-06      | Fixed         | 11.95%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, NA - CACL              | JPMorgan Chase Bank NA - CACLN                             | CUSIP: 48128U2S7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1135432 | PA      | $1137909.52   | 0.02%             | 2028-12-26      | Fixed         | 8.48%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133CNUM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3167679 | PA      | $3159121.09   | 0.06%             | 2054-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                         | Wells Fargo Bank NA                                        | CUSIP: 95003X344<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |       448800 | PA      | $57869169.60  | 1.03%             | 2026-06-24      | Fixed         | 15.48%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133C5FM8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6344599 | PA      | $6441765.19   | 0.11%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                    | Citigroup Global Markets Holdings Inc/United States        | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |       258400 | PA      | $9810156.00   | 0.17%             | 2025-11-10      | Fixed         | 23.55%                | No            |                  2 | On Loan: No      |
| ALAMO RE LTD                                | Alamo Re Ltd                                               | CUSIP: 011395AN0<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |       500000 | PA      | $518800.00    | 0.01%             | 2027-06-07      | Floating      | 10.87%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133D0FV8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2009145 | PA      | $2003586.91   | 0.04%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140A6SQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1856784 | PA      | $1851505.16   | 0.03%             | 2054-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S              | BBCMS Mortgage Trust 2024-5C27                             | CUSIP: 05555FAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5000000 | PA      | $5214469.00   | 0.09%             | 2057-07-15      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| Gaming and Leisure Properties               | Gaming and Leisure Properties Inc                          | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |       122382 | NS      | $5578171.56   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133WGKN4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2760221 | PA      | $2751982.78   | 0.05%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MERRILL LYNCH BV                            | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |        33300 | PA      | $2320510.50   | 0.04%             | 2025-08-26      | Fixed         | 16.55%                | No            |                  2 | On Loan: No      |
| RUSSELL INVESTMENTS US                      | RUSSELL INVESTMENTS US INSTITUTIONAL HOLDCO INC            | CUSIP: 78249LAE0<br>LEI: 5493008YG7V0FQCJQI74 | Long             | LON              | CORP              | US        |      1529642 | PA      | $1483752.26   | 0.03%             | 2027-05-28      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| TURKIYE GOVERNMENT BOND                     | Turkiye Government Bond                                    | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    176759679 | PA      | $2749695.73   | 0.05%             | 2028-03-08      | Fixed         | 12.40%                | No            |                  2 | On Loan: No      |
| TORRICELLI RE 2024                          | TORRICELLI RE 2024                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      3000000 | PA      | $68250.00     | 0.00%             | 2030-06-30      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140XNNM2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6039341 | PA      | $5058092.62   | 0.09%             | 2050-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FIRST COAST RE IV LTD                       | First Coast Re IV Ltd                                      | CUSIP: 31969UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1007300.00   | 0.02%             | 2026-04-07      | Floating      | 9.94%                 | Yes           |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                       | Mizuho Markets Cayman LP                                   | CUSIP: 60700U167<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |        91300 | PA      | $8841857.20   | 0.16%             | 2025-11-26      | Fixed         | 12.28%                | No            |                  2 | On Loan: No      |
| GATEWAY RE LTD                              | Gateway Re Ltd                                             | CUSIP: 36779CAC0<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |       600000 | PA      | $618720.00    | 0.01%             | 2026-02-24      | Floating      | 18.27%                | Yes           |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                       | Toronto-Dominion Bank/The                                  | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |       127100 | PA      | $9100232.90   | 0.16%             | 2025-12-05      | Fixed         | 9.86%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                    | Clear Channel Outdoor Holdings Inc                         | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |       570000 | PA      | $538247.65    | 0.01%             | 2028-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MERRILL LYNCH BV                            | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |       237800 | PA      | $4399300.00   | 0.08%             | 2025-11-21      | Fixed         | 11.73%                | No            |                  2 | On Loan: No      |
| Humana Inc                                  | Humana Inc                                                 | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |        12205 | NS      | $3049663.35   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BONANZA RE LTD                              | Bonanza RE Ltd                                             | CUSIP: 09785EAK7<br>LEI: 5493003F0CXUQ2C83105 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $249375.00    | 0.00%             | 2026-01-08      | Floating      | 12.78%                | No            |                  2 | On Loan: No      |
| MYSTIC RE IV LTD                            | Mystic Re IV Ltd                                           | CUSIP: 62865LAF4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       250000 | PA      | $248575.00    | 0.00%             | 2028-01-10      | Floating      | 8.33%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133C65N5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     16238138 | PA      | $16162889.06  | 0.29%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140NDR41<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        75348 | PA      | $77787.42     | 0.00%             | 2053-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 31426FY76<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4496474 | PA      | $4483570.29   | 0.08%             | 2055-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |        56300 | PA      | $7956351.47   | 0.14%             | 2025-08-19      | Fixed         | 13.09%                | No            |                  2 | On Loan: No      |
| HIGH POINT RE LTD                           | High Point Re Ltd                                          | CUSIP: 429932AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2000000 | PA      | $2026400.00   | 0.04%             | 2027-01-06      | Floating      | 9.93%                 | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                       | Kilimanjaro II Re Ltd                                      | CUSIP: 49407QAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       250000 | PA      | $260625.00    | 0.00%             | 2028-06-30      | Floating      | 10.58%                | Yes           |                  2 | On Loan: No      |
| HSBC BANK PLC                               | HSBC Bank PLC                                              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | Long             | DBT              | CORP              | GB        |        91400 | PA      | $5207515.00   | 0.09%             | 2025-08-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                         | Wells Fargo Bank NA                                        | CUSIP: 95003X138<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |       389500 | PA      | $14076530.00  | 0.25%             | 2026-07-13      | Fixed         | 12.41%                | No            |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue              | Multifamily Connecticut Avenue Securities Trust 2019-01    | CUSIP: 62547NAD1<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-MBS          | CORP              | US        |      5750000 | PA      | $5879473.90   | 0.10%             | 2049-10-25      | Floating      | 13.21%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140YWTV5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2787993 | PA      | $2778634.47   | 0.05%             | 2054-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TORRICELLI RE 2023                          | TORRICELLI RE 2023                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2500000 | PA      | $26000.00     | 0.00%             | 2029-06-30      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133BGW61<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5714286 | PA      | $5713862.16   | 0.10%             | 2052-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management          | Dreyfus Government Cash Management                         | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |    133850680 | NS      | $133850680.29 | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| AQUILA RE LTD 2023-1                        | Aquila Re I Ltd Series 2023-1                              | CUSIP: 03843AAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       250000 | PA      | $256025.00    | 0.00%             | 2026-06-08      | Floating      | 13.16%                | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140A8KQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2527285 | PA      | $2521524.20   | 0.04%             | 2054-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GAMBOGE RE 2024                             | GAMBOGE RE 2024                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      4000000 | PA      | $2005051.65   | 0.04%             | 2030-03-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| MERRILL LYNCH BV                            | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |        84000 | PA      | $8081640.00   | 0.14%             | 2025-08-29      | Fixed         | 11.81%                | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                         | Wells Fargo Bank NA                                        | CUSIP: 95003X567<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |      3026300 | PA      | $10290721.31  | 0.18%             | 2026-05-06      | Fixed         | 18.36%                | No            |                  2 | On Loan: No      |
| EUROPEAN BK RECON & DEV                     | European Bank for Reconstruction & Development             | CUSIP: 000000000<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | N/A       |    197470000 | PA      | $4373256.95   | 0.08%             | 2027-09-27      | Fixed         | 28.00%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133WFC21<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3805620 | PA      | $3795044.70   | 0.07%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                            | ABN AMRO Bank NV                                           | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |      4700000 | PA      | $5372726.01   | 0.10%             | N/A             | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ALAMO RE LTD                                | Alamo Re Ltd                                               | CUSIP: 011395AP5<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $260475.00    | 0.00%             | 2027-06-07      | Floating      | 12.76%                | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140AGK94<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3404963 | PA      | $3398448.71   | 0.06%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HSBC BANK PLC                               | HSBC Bank PLC                                              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | Long             | DBT              | CORP              | GB        |       123400 | PA      | $28220346.00  | 0.50%             | 2026-07-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Hyundai Motor Co                            | Hyundai Motor Co                                           | CUSIP: 000000000<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EC               | CORP              | KR        |        17513 | NS      | $2689839.20   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| LB NEW HOLDCO                               | LB NEW HOLDCO                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         4081 | NS      | $21425.25     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ladder Capital Corp                         | Ladder Capital Corp                                        | CUSIP: 505743104<br>LEI: 549300Q6LLV2QCV67C06 | Long             | EC               | CORP              | US        |       528740 | NS      | $5773840.80   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3142GQCM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     21127539 | PA      | $21199463.39  | 0.38%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Taisei Corp                                 | Taisei Corp                                                | CUSIP: 000000000<br>LEI: 529900TF7XJKIOWMLQ79 | Long             | EC               | CORP              | JP        |       264300 | NS      | $15889547.75  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140B15F9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16667791 | PA      | $16665286.19  | 0.30%             | 2055-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2022-DNA1                    | CUSIP: 35564KQZ5<br>LEI: 5493000ISBDRXIMCHZ70 | Long             | ABS-MBS          | CORP              | US        |      3450000 | PA      | $3672913.82   | 0.07%             | 2042-01-25      | Floating      | 11.45%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133D1B73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3989573 | PA      | $4019449.64   | 0.07%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                         | Wells Fargo Bank NA                                        | CUSIP: 95003X773<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |       105900 | PA      | $10410198.74  | 0.19%             | 2026-03-26      | Fixed         | 18.88%                | No            |                  2 | On Loan: No      |
| MERRILL LYNCH BV                            | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |        27600 | PA      | $6422796.00   | 0.11%             | 2026-04-07      | Fixed         | 13.63%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3132DT7G9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     19605005 | PA      | $19531822.52  | 0.35%             | 2054-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140NBRJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3062783 | PA      | $3060157.08   | 0.05%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |       757000 | PA      | $26536635.00  | 0.47%             | 2025-10-14      | Fixed         | 12.03%                | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2021-ARIA                                         | CUSIP: 05608RAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4030000 | PA      | $4014887.50   | 0.07%             | 2036-10-15      | Floating      | 7.60%                 | No            |                  2 | On Loan: No      |
| American International Group I              | American International Group Inc                           | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |        65006 | NS      | $5046415.78   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| FUJIFILM Holdings Corp                      | FUJIFILM Holdings Corp                                     | CUSIP: 000000000<br>LEI: 529900UBKMFM0ST6H474 | Long             | EC               | CORP              | JP        |       452600 | NS      | $9472185.68   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140XNNP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7096855 | PA      | $5945818.23   | 0.11%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                           | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    111722800 | PA      | $112023927.58 | 2.00%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hana Financial Group Inc                    | Hana Financial Group Inc                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1443490 | NS      | $88891005.19  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Cascade Funding Mortgage Trust              | CFMT 2023-H12 LLC                                          | CUSIP: 12530QAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1600000 | PA      | $1535337.28   | 0.03%             | 2033-04-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140XNNR1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8679469 | PA      | $7251924.75   | 0.13%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 31427PAS3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11026259 | PA      | $11012034.57  | 0.20%             | 2055-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                  | CUSIP: 01F062689<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6500000 | PA      | $6704179.82   | 0.12%             | 2055-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SCF Equipment Trust Llc                     | SCF Equipment Leasing 2022-1 LLC                           | CUSIP: 784033AN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4500000 | PA      | $4413658.50   | 0.08%             | 2032-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL AIR LEASE CO LTD                     | Global Aircraft Leasing Co Ltd                             | CUSIP: 37960JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      4675000 | PA      | $4827581.34   | 0.09%             | 2027-09-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133CE7G1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6446411 | PA      | $6674268.61   | 0.12%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| RMF Buyout Issuance Trust                   | RMF Buyout Issuance Trust 2022-HB1                         | CUSIP: 76970HAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1800000 | PA      | $109800.00    | 0.00%             | 2032-04-25      | Variable      | 4.50%                 | No            |                  3 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |        54100 | PA      | $3193793.50   | 0.06%             | 2025-10-24      | Fixed         | 15.96%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 31425USC0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5441578 | PA      | $5418294.52   | 0.10%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 31425YPL5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     16255625 | PA      | $16253184.11  | 0.29%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133CEQD7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2044635 | PA      | $2132859.58   | 0.04%             | 2053-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Bakkafrost P/F                              | Bakkafrost P/F                                             | CUSIP: 000000000<br>LEI: 2138007LH7OP4V112978 | Long             | EC               | CORP              | FO        |        69321 | NS      | $2779893.66   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                           | CUSIP: 91282CHR5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    104000000 | PA      | $104154375.52 | 1.85%             | 2030-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2021-R02               | CUSIP: 20754KAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3688000 | PA      | $3857931.24   | 0.07%             | 2041-11-25      | Floating      | 10.55%                | No            |                  2 | On Loan: No      |
| Webuild SpA                                 | Webuild SpA                                                | CUSIP: 000000000<br>LEI: 549300UKR289DF4UXQ47 | Long             | EC               | CORP              | IT        |      2408396 | NS      | $10861919.91  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R05               | CUSIP: 20754DAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6000000 | PA      | $6493140.00   | 0.12%             | 2042-04-25      | Floating      | 11.35%                | No            |                  2 | On Loan: No      |
| Pfizer Inc                                  | Pfizer Inc                                                 | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      5647966 | NS      | $131541128.14 | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2020-DNA6                    | CUSIP: 35566CBE4<br>LEI: 5493000ITBQFEOXM0S98 | Long             | ABS-MBS          | CORP              | US        |      2675000 | PA      | $3046831.69   | 0.05%             | 2050-12-25      | Floating      | 10.00%                | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                    | Citigroup Global Markets Holdings Inc/United States        | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |       196700 | PA      | $12127538.50  | 0.22%             | 2026-03-11      | Fixed         | 16.09%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133C5EC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     15796595 | PA      | $15830423.95  | 0.28%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT                            | Bellemeade Re 2022-1 Ltd                                   | CUSIP: 078774AE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |      2400000 | PA      | $2476715.04   | 0.04%             | 2032-01-26      | Floating      | 9.85%                 | No            |                  2 | On Loan: No      |
| Thopas Re 2020, 12/31/23                    | Thopas Re 2020, 12/31/23                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $0.00         | 0.00%             | 2025-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| FLOODSMART RE LTD                           | FloodSmart Re Ltd                                          | CUSIP: 33975CAP0<br>LEI: 549300KK1LNVFW95S875 | Long             | DBT              | CORP              | BM        |      1500000 | PA      | $1551450.00   | 0.03%             | 2027-03-12      | Floating      | 18.69%                | Yes           |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                       | Mizuho Markets Cayman LP                                   | CUSIP: 60700U886<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       160100 | PA      | $9582705.45   | 0.17%             | 2026-03-12      | Fixed         | 18.28%                | No            |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                    | Merna Reinsurance II Ltd                                   | CUSIP: 59013MAL6<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |       750000 | PA      | $766800.00    | 0.01%             | 2027-07-07      | Floating      | 13.08%                | Yes           |                  2 | On Loan: No      |
| SCF Equipment Trust Llc                     | SCF Equipment Leasing 2022-2 LLC                           | CUSIP: 78397WAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1338000 | PA      | $1339314.85   | 0.02%             | 2035-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CLEARWATER RE 2025                          | CLEARWATER RE 2025                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1018790.68   | 0.02%             | 2030-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140XLC71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13295991 | PA      | $13043900.23  | 0.23%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133KMHE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3617376 | PA      | $3019690.65   | 0.05%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                        | Bank of America Corp                                       | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |      2375481 | NS      | $112288986.87 | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| INTL FINANCE CORP                           | International Finance Corp                                 | CUSIP: 000000000<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | N/A       |     26000000 | PA      | $4465255.24   | 0.08%             | 2028-02-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 31427NSC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12166460 | PA      | $12336454.25  | 0.22%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R01               | CUSIP: 20754LAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5360000 | PA      | $5622961.60   | 0.10%             | 2041-12-25      | Floating      | 10.35%                | No            |                  2 | On Loan: No      |
| ManpowerGroup Inc                           | ManpowerGroup Inc                                          | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |       321918 | NS      | $13279117.50  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNYMAC CORP                               | PennyMac Corp                                              | CUSIP: 70932AAF0<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |      4895000 | PA      | $4814232.50   | 0.09%             | 2026-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Harambee Re 2019, 12/31/22                  | Harambee Re 2019, 12/31/22                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1500000 | PA      | $0.00         | 0.00%             | 2025-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| BOMBARDIER INC                              | Bombardier Inc                                             | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |       309000 | PA      | $310601.86    | 0.01%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                    | Capital One Financial Corp                                 | CUSIP: 14040HCT0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |      3000000 | PA      | $3022998.27   | 0.05%             | 2033-05-10      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133WAHX9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7647931 | PA      | $7628131.42   | 0.14%             | 2054-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Aberdeen Asia-Pacific Income Fund Inc       | Aberdeen Asia-Pacific Income Fund Inc                      | CUSIP: 003009867<br>LEI: 549300J666ZH67203572 | Long             | EC               | RF                | US        |       721794 | NS      | $11628101.34  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SECTOR RE V LTD                             | Sector Re V Ltd                                            | CUSIP: 81369AEM0<br>LEI: 549300QS6XPZQHTCEJ97 | Long             | DBT              | CORP              | BM        |         3871 | PA      | $81261.00     | 0.00%             | 2028-12-01      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133CFU98<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6065920 | PA      | $6339336.63   | 0.11%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ATLAS CAPITAL DAC                           | Atlas Capital DAC                                          | CUSIP: 049207AB9<br>LEI: 635400CBPJFGGWD2AH20 | Long             | DBT              | CORP              | IE        |       750000 | PA      | $822825.00    | 0.01%             | 2027-06-08      | Floating      | 16.56%                | Yes           |                  2 | On Loan: No      |
| HSBC BANK PLC                               | HSBC Bank PLC                                              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | Long             | DBT              | CORP              | GB        |       531500 | PA      | $19147287.50  | 0.34%             | 2026-05-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 31425XLQ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4219669 | PA      | $4207074.76   | 0.07%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GALILEO RE LTD                              | Galileo Re Ltd                                             | CUSIP: 36354TAN2<br>LEI: 549300MXI75DHMS7JH38 | Long             | DBT              | CORP              | BM        |      1250000 | PA      | $1298625.00   | 0.02%             | 2028-01-07      | Floating      | 11.33%                | Yes           |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | S&P500 EMINI                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |        -1960 | NC      | $-26735706.46 | -0.48%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140APAH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       893202 | PA      | $889269.27    | 0.02%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| 2001 CAT RE LTD                             | 2001 Cat RE Ltd                                            | CUSIP: 90215BAB3<br>LEI: 5493007NG10QO60NSO35 | Long             | DBT              | CORP              | BM        |       750000 | PA      | $783525.00    | 0.01%             | 2027-01-08      | Floating      | 17.37%                | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL RE 2023 LTD                     | Residential Reinsurance 2023 Ltd                           | CUSIP: 76090WAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      1250000 | PA      | $1295625.00   | 0.02%             | 2027-12-06      | Floating      | 13.03%                | No            |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                           | Four Lakes Re Ltd                                          | CUSIP: 35087TAD0<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $250150.00    | 0.00%             | 2026-01-07      | Floating      | 11.14%                | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust 2025-2                 | CUSIP: 30168JAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9330000 | PA      | $9654673.74   | 0.17%             | 2032-10-15      | Fixed         | 7.81%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                    | Citigroup Global Markets Holdings Inc/United States        | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |        57500 | PA      | $9685012.50   | 0.17%             | 2026-04-21      | Fixed         | 10.95%                | No            |                  2 | On Loan: No      |
| OLD HEAD RE 2025                            | OLD HEAD RE 2025                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       250000 | PA      | $219981.55    | 0.00%             | 2030-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Cisco Systems Inc                           | Cisco Systems Inc                                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      1204169 | NS      | $81979825.52  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| AG Trust                                    | AG Trust 2024-NLP                                          | CUSIP: 00792MAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9600000 | PA      | $9624146.88   | 0.17%             | 2041-07-15      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140B4XA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6710952 | PA      | $6681147.15   | 0.12%             | 2055-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Tru              | THPT 2023-THL Mortgage Trust                               | CUSIP: 87252LAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3225367 | PA      | $3272327.97   | 0.06%             | 2034-12-10      | Variable      | 6.99%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                | UBS Group AG                                               | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      7425000 | PA      | $7400126.25   | 0.13%             | N/A             | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Honma Golf Ltd                              | Honma Golf Ltd                                             | CUSIP: 000000000<br>LEI: 2138004YAWWM4FWJ3U62 | Long             | EC               | CORP              | JP        |      5134000 | NS      | $2295584.71   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                    | JP Morgan Structured Products BV                           | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |        25500 | PA      | $15616593.47  | 0.28%             | 2026-04-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                    | Citigroup Global Markets Holdings Inc/United States        | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |        85900 | PA      | $10305414.41  | 0.18%             | 2026-04-10      | Fixed         | 17.21%                | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |        99200 | PA      | $8536160.00   | 0.15%             | 2026-03-20      | Fixed         | 18.92%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 31425X4S5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2827445 | PA      | $2817887.06   | 0.05%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA5                    | CUSIP: 35564KJB6<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-MBS          | CORP              | US        |      3530000 | PA      | $4174889.35   | 0.07%             | 2034-01-25      | Floating      | 9.85%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                    | Clear Channel Outdoor Holdings Inc                         | CUSIP: 18453HAD8<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |      1860000 | PA      | $1694499.43   | 0.03%             | 2029-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SANDERS RE III LTD                          | Sanders Re III Ltd                                         | CUSIP: 799927AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       750000 | PA      | $776700.00    | 0.01%             | 2028-04-07      | Floating      | 10.08%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 31425YQX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3949272 | PA      | $4014376.58   | 0.07%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CARNOUSTIE RE 2025                          | CARNOUSTIE RE 2025                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2500000 | PA      | $2296928.57   | 0.04%             | 2030-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| CAL Receivables LLC                         | CAL Receivables 2022-1 LLC                                 | CUSIP: 12804BAB4<br>LEI: 549300GJW1JSYKS6S265 | Long             | ABS-O            | CORP              | US        |      1454586 | PA      | $1452154.30   | 0.03%             | 2026-10-15      | Floating      | 8.69%                 | No            |                  2 | On Loan: No      |
| Eastern Power LLC                           | EASTERN POWER LLC                                          | CUSIP: 87264NAB3<br>LEI: 5493000R3E1L1VM1V279 | Long             | LON              | CORP              | US        |       346635 | PA      | $348832.00    | 0.01%             | 2028-04-03      | Floating      | 9.61%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2019-FTR4                          | CUSIP: 35565GAE7<br>LEI: 549300K0XW5MBR2WNZ55 | Long             | ABS-MBS          | CORP              | US        |      3020000 | PA      | $3295497.08   | 0.06%             | 2047-11-25      | Floating      | 9.46%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                         | Intesa Sanpaolo SpA                                        | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |      5348173 | NS      | $32317158.97  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 31427M3U3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     27977445 | PA      | $27918858.92  | 0.50%             | 2055-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PHILIPPINE GOVERNMENT                       | Philippine Government Bond                                 | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    576400000 | PA      | $10261378.48  | 0.18%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ACC Auto Trust                              | ACC Auto Trust 2022-A                                      | CUSIP: 00085YAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2000000 | PA      | $1996844.40   | 0.04%             | 2029-03-15      | Fixed         | 10.07%                | No            |                  2 | On Loan: No      |
| Kraft Heinz Co/The                          | Kraft Heinz Co/The                                         | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |       492525 | NS      | $13524736.50  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |        25300 | PA      | $3933391.00   | 0.07%             | 2025-08-05      | Fixed         | 17.32%                | No            |                  2 | On Loan: No      |
| LIGHTNING RE SERIES 2023                    | Lightning Re Series 2023-1                                 | CUSIP: 532242AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2000000 | PA      | $2041800.00   | 0.04%             | 2026-03-31      | Floating      | 15.34%                | Yes           |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                    | Citigroup Global Markets Holdings Inc/United States        | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |       368200 | PA      | $13940052.00  | 0.25%             | 2025-10-09      | Fixed         | 21.83%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140QT2P3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12384061 | PA      | $12332415.17  | 0.22%             | 2054-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AQUILA RE LTD 2023-1                        | Aquila Re I Ltd Series 2023-1                              | CUSIP: 037987AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $506650.00    | 0.01%             | 2027-06-07      | Floating      | 9.67%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3132DUEQ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6152362 | PA      | $6244940.32   | 0.11%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Viribus Re 2019, 12/31/22                   | Viribus Re 2019, 12/31/22                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1500000 | PA      | $0.00         | 0.00%             | 2025-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| KB Financial Group Inc                      | KB Financial Group Inc                                     | CUSIP: 000000000<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |      1191856 | NS      | $95310665.13  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Commercial Mortgage S              | BBCMS Mortgage Trust 2024-C28                              | CUSIP: 07336WBA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5000000 | PA      | $5122092.50   | 0.09%             | 2057-09-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                       | Mizuho Markets Cayman LP                                   | CUSIP: 60700W775<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       158800 | PA      | $11015876.60  | 0.20%             | 2026-08-07      | Fixed         | 10.84%                | No            |                  2 | On Loan: No      |
| RUSSIA GOVT BOND - OFZ                      | Russian Federal Bond - OFZ                                 | CUSIP: 000000000<br>LEI: 5493004EHVGF71PDBU58 | Long             | DBT              | NUSS              | RU        |     61885000 | PA      | $0.00         | 0.00%             | 2033-03-23      | Fixed         | 7.70%                 | Yes           |                  3 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                       | Mizuho Markets Cayman LP                                   | CUSIP: 606942308<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       242600 | PA      | $8405847.40   | 0.15%             | 2025-10-17      | Fixed         | 15.67%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140AGLV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12584060 | PA      | $12776827.04  | 0.23%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bank of Ireland Group PLC                   | Bank of Ireland Group PLC                                  | CUSIP: 000000000<br>LEI: 635400C8EK6DRI12LJ39 | Long             | EC               | CORP              | IE        |      5133051 | NS      | $69151775.24  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MERRILL LYNCH BV                            | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |       154800 | PA      | $13245462.00  | 0.24%             | 2026-04-10      | Fixed         | 16.49%                | No            |                  2 | On Loan: No      |
| Rosy Blue Carat S.A.                        | Rosy Blue Carat SCS                                        | CUSIP: 77862UAC2<br>LEI: 222100OTGQJOXUS2K930 | Long             | ABS-O            | CORP              | US        |       500000 | PA      | $507300.00    | 0.01%             | 2030-03-15      | Fixed         | 8.48%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140QP4C8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5366777 | PA      | $5351724.30   | 0.10%             | 2052-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IBM                                         | International Business Machines Corp                       | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |       196860 | NS      | $49835109.00  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| FOUR LAKES RE LTD                           | Four Lakes Re Ltd                                          | CUSIP: 35087TAG3<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $249375.00    | 0.00%             | 2028-01-07      | Floating      | 9.83%                 | Yes           |                  2 | On Loan: No      |
| Eversource Energy                           | Eversource Energy                                          | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |      1704655 | NS      | $112677695.50 | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MARLON LTD                                  | Marlon Ltd                                                 | CUSIP: 571253AA1<br>LEI: 98450044CD0YE4DAFC06 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $261200.00    | 0.00%             | 2027-06-07      | Floating      | 11.33%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133KRKK9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     18660802 | PA      | $18597404.85  | 0.33%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140A0A66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3385405 | PA      | $3554883.38   | 0.06%             | 2053-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Kia Corp                                    | Kia Corp                                                   | CUSIP: 000000000<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |        38054 | NS      | $2807127.34   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MATIV HOLDINGS INC                          | Mativ Holdings Inc                                         | CUSIP: 80854EAH1<br>LEI: 549300Z1FU4IDULG1R21 | Long             | LON              | CORP              | US        |       313078 | PA      | $311904.45    | 0.01%             | 2028-04-20      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| PINE VALLEY RE 2025                         | PINE VALLEY RE 2025                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $463830.00    | 0.01%             | 2029-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140XRKR5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5658559 | PA      | $5746098.56   | 0.10%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                             | Danske Bank A/S                                            | CUSIP: 000000000<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | EC               | CORP              | DK        |       564368 | NS      | $22477218.06  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                     | Hungary Government Bond                                    | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   1441490000 | PA      | $3597274.83   | 0.06%             | 2032-05-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit               | Freddie Mac Mscr Trust Mn1                                 | CUSIP: 35563FAC5<br>LEI: 549300XWC4JMK6CH6K84 | Long             | ABS-MBS          | USGSE             | US        |       899000 | PA      | $993481.03    | 0.02%             | 2051-01-25      | Floating      | 12.10%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140B4W48<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4165729 | PA      | $4153774.62   | 0.07%             | 2055-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |       230700 | PA      | $11848752.00  | 0.21%             | 2025-08-06      | Fixed         | 12.16%                | No            |                  2 | On Loan: No      |
| Benchmark 2024-V8 Mortgage Tru              | Benchmark 2024-V8 Mortgage Trust                           | CUSIP: 08190AAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4311000 | PA      | $4540466.34   | 0.08%             | 2057-07-15      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-HQA1                    | CUSIP: 35564KCP2<br>LEI: 5493000ISMYB8CLVZD05 | Long             | ABS-MBS          | CORP              | US        |      5405000 | PA      | $6213744.20   | 0.11%             | 2033-08-25      | Floating      | 9.35%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT           | EURO STOXX 50                                              | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               | CORP              | DE        |        -1635 | NC      | $106888.60    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TORONTO-DOMINION BANK                       | Toronto-Dominion Bank/The                                  | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |        16000 | PA      | $6178880.00   | 0.11%             | 2025-12-05      | Fixed         | 11.30%                | No            |                  2 | On Loan: No      |
| CRH PLC                                     | CRH PLC                                                    | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | US        |       466614 | NS      | $44538306.30  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| MERRILL LYNCH BV                            | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |       145300 | PA      | $13806406.00  | 0.25%             | 2025-12-31      | Fixed         | 16.44%                | No            |                  2 | On Loan: No      |
| SOLOMON RE LTD                              | Solomon Re Ltd                                             | CUSIP: 83427GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       250000 | PA      | $254875.00    | 0.00%             | 2026-06-08      | Floating      | 9.85%                 | Yes           |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |       907600 | PA      | $8386224.00   | 0.15%             | 2026-03-12      | Fixed         | 17.41%                | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                       | Mizuho Markets Cayman LP                                   | CUSIP: 60700U860<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       471800 | PA      | $9372542.90   | 0.17%             | 2026-03-04      | Fixed         | 11.64%                | No            |                  2 | On Loan: No      |
| Citizens Financial Group Inc                | Citizens Financial Group Inc                               | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |       591627 | NS      | $28232440.44  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140XMBP0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14547696 | PA      | $12127304.13  | 0.22%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                          | BSPRT 2022-FL8 Issuer Ltd                                  | CUSIP: 055983AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      1985082 | PA      | $1980941.21   | 0.04%             | 2037-02-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140NLS34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1421343 | PA      | $1418153.19   | 0.03%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                         | Wells Fargo Bank NA                                        | CUSIP: 95003X328<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |        68400 | PA      | $10556172.00  | 0.19%             | 2026-07-10      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| Brightstar Lottery PLC                      | Brightstar Lottery PLC                                     | CUSIP: 000000000<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | EC               | CORP              | US        |      2953589 | NS      | $43831260.76  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| FUCHSIA 2024-1 LONDON BR                    | Fuchsia 2024-1 - London Bridge 2 PCC Ltd                   | CUSIP: 541917AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1010300.00   | 0.02%             | 2028-04-06      | Floating      | 9.47%                 | Yes           |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                    | Citigroup Global Markets Holdings Inc/United States        | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |        75800 | PA      | $5420079.00   | 0.10%             | 2025-10-03      | Fixed         | 17.42%                | No            |                  2 | On Loan: No      |
| EASTON RE LTD                               | Easton Re Ltd                                              | CUSIP: 27777AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $509300.00    | 0.01%             | 2027-01-08      | Floating      | 11.83%                | Yes           |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                    | Citigroup Global Markets Holdings Inc/United States        | CUSIP: 000000000<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |        44200 | PA      | $11982620.00  | 0.21%             | 2025-12-31      | Fixed         | 11.98%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140XMSF4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     30965922 | PA      | $31044934.57  | 0.55%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133WDQW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2701976 | PA      | $2700482.41   | 0.05%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3132DTPL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4392015 | PA      | $4378003.08   | 0.08%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Global Mortgage Securitization              | Global Mortgage Securitization Ltd                         | CUSIP: 378961AF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |        12452 | PA      | $5218.25      | 0.00%             | 2032-11-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chevron Lubricants Lanka PLC                | Chevron Lubricants Lanka PLC                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LK        |      1490013 | NS      | $839301.60    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |        74500 | PA      | $12420640.00  | 0.22%             | 2025-11-07      | Fixed         | 16.31%                | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                    | Lloyds Banking Group PLC                                   | CUSIP: 53944YBB8<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |     10000000 | PA      | $9937698.20   | 0.18%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Nordea Bank Abp                             | Nordea Bank Abp                                            | CUSIP: 000000000<br>LEI: 529900ODI3047E2LIV03 | Long             | EC               | CORP              | FI        |       863755 | NS      | $12617180.24  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                     | KeyCorp                                                    | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |      2144017 | NS      | $38420784.64  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| X5 Retail Group NV                          | X5 Retail Group NV                                         | CUSIP: 98387E205<br>LEI: 213800J17UJJJDGUVF56 | Long             | EC               | CORP              | RU        |        48325 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ONEOK INC                                   | ONEOK Inc                                                  | CUSIP: 682680CW1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |      3328000 | PA      | $3044891.63   | 0.05%             | 2044-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| SANDERS RE III LTD                          | Sanders Re III Ltd                                         | CUSIP: 80001QAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1600000 | PA      | $1628160.00   | 0.03%             | 2027-04-07      | Floating      | 9.88%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG                                | UBS Group AG                                               | CUSIP: 902613AJ7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     29708000 | PA      | $29143206.36  | 0.52%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| DANAOS CORP                                 | Danaos Corp                                                | CUSIP: 23585WAA2<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | DBT              | CORP              | MH        |      2065000 | PA      | $2105568.99   | 0.04%             | 2028-03-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| HERBIE RE LTD                               | Herbie Re Ltd                                              | CUSIP: 42703VAJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $503850.00    | 0.01%             | 2029-01-08      | Floating      | 11.58%                | Yes           |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                           | Four Lakes Re Ltd                                          | CUSIP: 35087TAF5<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $251550.00    | 0.00%             | 2027-01-07      | Floating      | 13.26%                | Yes           |                  2 | On Loan: No      |
| LOCKE TAVERN RE LTD                         | Locke Tavern Re Ltd                                        | CUSIP: 539694AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1300000 | PA      | $1322100.00   | 0.02%             | 2026-04-09      | Floating      | 9.11%                 | Yes           |                  2 | On Loan: No      |
| MERRILL LYNCH BV                            | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |       384000 | PA      | $22352640.00  | 0.40%             | 2026-06-24      | Fixed         | 12.84%                | No            |                  2 | On Loan: No      |
| RESIDENTIAL RE 2022 LTD                     | Residential Reinsurance 2022 Ltd                           | CUSIP: 76119YAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |       500000 | PA      | $517800.00    | 0.01%             | 2026-12-06      | Floating      | 11.92%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140MW2K1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       774383 | PA      | $770567.12    | 0.01%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2021-R01               | CUSIP: 20754RAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4610000 | PA      | $4811056.39   | 0.09%             | 2041-10-25      | Floating      | 10.35%                | No            |                  2 | On Loan: No      |
| PI0047 2024-1                               | PI0047 2024-1                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      5272146 | PA      | $5715061.32   | 0.10%             | 2029-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| US Bancorp                                  | US Bancorp                                                 | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |      1173327 | NS      | $52752781.92  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO SANTANDER SA                          | Banco Santander SA                                         | CUSIP: 05971KAL3<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |      2600000 | PA      | $2325668.51   | 0.04%             | 2032-11-22      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                       | Mizuho Markets Cayman LP                                   | CUSIP: 60700V108<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       338200 | PA      | $11089408.90  | 0.20%             | 2026-03-12      | Fixed         | 20.39%                | No            |                  2 | On Loan: No      |
| Plains All American Pipeline L              | Plains All American Pipeline LP                            | CUSIP: 726503105<br>LEI: 5521FA2ITF25TVH63740 | Long             | EC               | CORP              | US        |       194305 | NS      | $3546066.25   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| VIRIBUS RE 2024                             | VIRIBUS RE 2024                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       333333 | PA      | $65466.60     | 0.00%             | 2029-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| SANDERS RE III LTD                          | Sanders Re III Ltd                                         | CUSIP: 799925AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       650000 | PA      | $663585.00    | 0.01%             | 2026-06-05      | Floating      | 12.47%                | Yes           |                  2 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                    | JP Morgan Structured Products BV                           | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |       317000 | PA      | $22443168.88  | 0.40%             | 2025-12-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3132DUJJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      9712517 | PA      | $9903604.13   | 0.18%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                           | Four Lakes Re Ltd                                          | CUSIP: 35087TAE8<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $252200.00    | 0.00%             | 2027-01-07      | Floating      | 10.14%                | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140XDKE5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9513277 | PA      | $8277236.46   | 0.15%             | 2051-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Buzzi SpA                                   | Buzzi SpA                                                  | CUSIP: 000000000<br>LEI: 5299003DX5YLKSVJ6K59 | Long             | EC               | CORP              | IT        |       979176 | NS      | $51089157.97  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| VITALITY RE XIV LTD                         | Vitality Re XIV Ltd                                        | CUSIP: 92851QAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      3250000 | PA      | $3322800.00   | 0.06%             | 2027-01-05      | Floating      | 7.83%                 | Yes           |                  2 | On Loan: No      |
| Energy Transfer LP                          | Energy Transfer LP                                         | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |      4435484 | NS      | $80016131.36  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3132DVLP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3036982 | PA      | $2549741.70   | 0.05%             | 2051-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Enact Mortgage Insurance Corpo              | Triangle Re 2023-1 Ltd                                     | CUSIP: 89589AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4988569 | PA      | $5040250.60   | 0.09%             | 2033-11-25      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| Bridgestone Corp                            | Bridgestone Corp                                           | CUSIP: 000000000<br>LEI: 549300DHPOF90OYYD780 | Long             | EC               | CORP              | JP        |       318500 | NS      | $12949094.83  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Thopas Re 2021, 12/31/24                    | Thopas Re 2021, 12/31/24                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1500000 | PA      | $14850.00     | 0.00%             | 2025-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                    | JP Morgan Structured Products BV                           | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |        78300 | PA      | $8732947.77   | 0.16%             | 2026-02-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SUTTER RE LTD                               | Sutter Re Ltd                                              | CUSIP: 86944RAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $512300.00    | 0.01%             | 2026-06-19      | Floating      | 11.09%                | Yes           |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                       | Toronto-Dominion Bank/The                                  | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |       137200 | PA      | $14271544.00  | 0.25%             | 2026-03-13      | Fixed         | 10.68%                | No            |                  2 | On Loan: No      |
| RESIDENTIAL RE 2023 LTD                     | Residential Reinsurance 2023 Ltd                           | CUSIP: 76090WAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |       750000 | PA      | $782850.00    | 0.01%             | 2027-12-06      | Floating      | 10.30%                | No            |                  2 | On Loan: No      |
| MERRILL LYNCH BV                            | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |       112000 | PA      | $8579200.00   | 0.15%             | 2025-11-12      | Fixed         | 16.64%                | No            |                  2 | On Loan: No      |
| Global Mortgage Securitization              | Global Mortgage Securitization Ltd                         | CUSIP: 378961AG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |       176418 | PA      | $1.76         | 0.00%             | 2032-11-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133WCWQ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1752079 | PA      | $1747209.88   | 0.03%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3132DSCM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4351763 | PA      | $4364966.10   | 0.08%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GROUPE SOLMAX INC                           | Groupe Solmax Inc                                          | CUSIP: 000000000<br>LEI: 549300UUEKZ3HF9FNI46 | Long             | LON              | CORP              | CA        |       945843 | PA      | $787217.35    | 0.01%             | 2028-07-24      | Floating      | 9.27%                 | No            |                  2 | On Loan: No      |
| Magnit PJSC                                 | Magnit PJSC                                                | CUSIP: 000000000<br>LEI: 2534009KKPTVL99W2Y12 | Long             | EC               | CORP              | RU        |       195032 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Two Harbors Investment Corp                 | Two Harbors Investment Corp                                | CUSIP: 90187B804<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EC               | CORP              | US        |       511976 | NS      | $4991766.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2020-R01               | CUSIP: 20754CAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4020000 | PA      | $4118007.60   | 0.07%             | 2040-01-25      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |       485100 | PA      | $9566172.00   | 0.17%             | 2026-03-04      | Fixed         | 11.76%                | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                      | Canadian Imperial Bank of Commerce                         | CUSIP: 000000000<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |       172200 | PA      | $9117172.05   | 0.16%             | 2026-03-16      | Fixed         | 18.15%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 31426A2W7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7073560 | PA      | $7115710.68   | 0.13%             | 2055-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Rosneft Oil Co PJSC                         | Rosneft Oil Co PJSC                                        | CUSIP: 000000000<br>LEI: 253400JT3MQWNDKMJE44 | Long             | EC               | CORP              | RU        |      1271403 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AGNC Investment Corp                        | AGNC Investment Corp                                       | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |       730230 | NS      | $6886068.90   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140XNBX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11142303 | PA      | $11011677.70  | 0.20%             | 2053-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                     | MPLX LP                                                    | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |      1445745 | NS      | $75901612.50  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SANDERS RE II LTD                           | Sanders RE II Ltd                                          | CUSIP: 80001RAB7<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |      2500000 | PA      | $2511500.00   | 0.04%             | 2029-04-07      | Floating      | 9.40%                 | Yes           |                  2 | On Loan: No      |
| FirstEnergy Corp                            | FirstEnergy Corp                                           | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |      1027165 | NS      | $43870217.15  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Pear LLC                                    | PEAR 2023-1 LLC                                            | CUSIP: 70473AAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1349824 | PA      | $1326534.97   | 0.02%             | 2035-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Logista Integral SA                         | Logista Integral SA                                        | CUSIP: 000000000<br>LEI: 9598000ANNAL42UJ7X28 | Long             | EC               | CORP              | ES        |       337254 | NS      | $10684109.59  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - STACR                         | STACR Trust 2018-HRP2                                      | CUSIP: 35564ACC3<br>LEI: 549300YG8OJES76WL398 | Long             | ABS-MBS          | CORP              | US        |      5880000 | PA      | $7298796.96   | 0.13%             | 2047-02-25      | Floating      | 14.96%                | No            |                  2 | On Loan: No      |
| SILK ROAD RE LTD                            | Silk Road Re Ltd                                           | CUSIP: 000000000<br>LEI: 984500F112D01CD7CD97 | Long             | DBT              | CORP              | HK        |       500000 | PA      | $498750.00    | 0.01%             | 2028-01-10      | Floating      | 10.33%                | Yes           |                  3 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA3                    | CUSIP: 35564KFH7<br>LEI: 5493000ISUYHCRLRBE46 | Long             | ABS-MBS          | CORP              | US        |      2170000 | PA      | $2681212.72   | 0.05%             | 2033-10-25      | Floating      | 10.60%                | No            |                  2 | On Loan: No      |
| BNP PARIBAS ISSUANCE BV                     | BNP Paribas Issuance BV                                    | CUSIP: 000000000<br>LEI: 7245009UXRIGIRYOBR48 | Long             | DBT              | CORP              | NL        |        96000 | PA      | $10847040.00  | 0.19%             | 2026-06-18      | Fixed         | 17.02%                | No            |                  2 | On Loan: No      |
| MONA LISA RE LTD                            | Mona Lisa Re Ltd                                           | CUSIP: 608800AG3<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1017000.00   | 0.02%             | 2026-01-08      | Floating      | 16.83%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2022-DNA2                    | CUSIP: 35564KSQ3<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-MBS          | CORP              | US        |      2650000 | PA      | $2890169.50   | 0.05%             | 2042-02-25      | Floating      | 12.85%                | No            |                  2 | On Loan: No      |
| ACM Auto Trust                              | ACM Auto Trust 2024-1                                      | CUSIP: 00161CAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4642645 | PA      | $4738933.87   | 0.08%             | 2031-01-21      | Fixed         | 11.40%                | No            |                  2 | On Loan: No      |
| MERRILL LYNCH BV                            | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |       146100 | PA      | $7690704.00   | 0.14%             | 2025-12-31      | Fixed         | 12.57%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 31425W2P5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5597533 | PA      | $5590750.02   | 0.10%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DNB Bank ASA                                | DNB Bank ASA                                               | CUSIP: 000000000<br>LEI: 549300GKFG0RYRRQ1414 | Long             | EC               | CORP              | NO        |       172354 | NS      | $4372740.69   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TURKIYE GOVERNMENT BOND                     | Turkiye Government Bond                                    | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    521808900 | PA      | $12651095.41  | 0.23%             | 2026-08-12      | Fixed         | 36.00%                | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                         | Wells Fargo Bank NA                                        | CUSIP: 95003X336<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |        30800 | PA      | $9243696.00   | 0.16%             | 2026-06-25      | Fixed         | 18.37%                | No            |                  2 | On Loan: No      |
| CAPE LOOKOUT RE LTD                         | Cape Lookout Re Ltd                                        | CUSIP: 13947LAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1750000 | PA      | $1793925.00   | 0.03%             | 2026-04-28      | Floating      | 11.53%                | Yes           |                  2 | On Loan: No      |
| KENDALL RE LTD                              | Kendall Re Ltd                                             | CUSIP: 48878QAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1050000.00   | 0.02%             | 2027-04-30      | Floating      | 10.58%                | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140A32Z5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5984796 | PA      | $6257182.21   | 0.11%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BERWICK RE 2025                             | BERWICK RE 2025                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      2000000 | PA      | $1924842.39   | 0.03%             | 2030-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| BRITISH AIR 20-1 B PTT                      | British Airways 2020-1 Class B Pass Through Trust          | CUSIP: 11042WAA4<br>LEI: 635400FQKDVFBRDDER80 | Long             | DBT              | CORP              | US        |       243614 | PA      | $255438.33    | 0.00%             | 2028-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140M63M3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1231191 | PA      | $1227959.88   | 0.02%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133C2PU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6840941 | PA      | $6704932.45   | 0.12%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140W0Q99<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27637174 | PA      | $27619133.70  | 0.49%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alturas Re 2022-2, 12/31/2027               | Alturas Re 2022-2, 12/31/2027                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |        24956 | PA      | $1217.85      | 0.00%             | 2027-12-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| PANGAEA RE 2024-3                           | PANGAEA RE 2024-3                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      3000000 | PA      | $3258858.22   | 0.06%             | 2028-07-01      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133CTGZ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4112871 | PA      | $4100595.46   | 0.07%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140NP6D7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7825866 | PA      | $7789962.41   | 0.14%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                | UBS Group AG                                               | CUSIP: 902613AG3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     31703000 | PA      | $31173271.40  | 0.56%             | N/A             | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PURPLE RE LTD                               | Purple Re Ltd                                              | CUSIP: 74639NAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       500000 | PA      | $508800.00    | 0.01%             | 2027-06-07      | Floating      | 13.33%                | Yes           |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                           | Trinidad & Tobago Government International Bond            | CUSIP: 896292AJ8<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |      2113000 | PA      | $2081431.78   | 0.04%             | 2026-08-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140NM6Q5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2816577 | PA      | $2939886.13   | 0.05%             | 2053-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140QUVH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9112095 | PA      | $9261445.14   | 0.16%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140ATJJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7745635 | PA      | $7711534.59   | 0.14%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MAYFLOWER RE LTD                            | Mayflower Re Ltd                                           | CUSIP: 57839MAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1018400.00   | 0.02%             | 2027-07-08      | Floating      | 8.83%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIO                    | Goldman Sachs International                                | CUSIP: 38149C410<br>LEI: W22LROWP2IHZNBB6K528 | Long             | DBT              | CORP              | GB        |        89300 | PA      | $8738451.50   | 0.16%             | 2026-03-18      | Fixed         | 10.60%                | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HOLDINGS INC          | CLEAR CHANNEL OUTDOOR HO                                   | CUSIP: 18452RAF2<br>LEI: 254900XBEE6V1ENYS150 | Long             | LON              | CORP              | US        |       498439 | PA      | $498376.59    | 0.01%             | 2028-08-23      | Floating      | 8.47%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit               | Freddie Mac Mscr Trust Mn3                                 | CUSIP: 35563GAA7<br>LEI: 549300FK6HM4FW58SP67 | Long             | ABS-MBS          | USGSE             | US        |      2754672 | PA      | $2760814.71   | 0.05%             | 2051-11-25      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                         | Intesa Sanpaolo SpA                                        | CUSIP: 46115HCB1<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |      4917000 | PA      | $5613967.39   | 0.10%             | 2054-06-20      | Fixed         | 7.78%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-HQA3                    | CUSIP: 35564KKL2<br>LEI: 5493000ISHRHX47NOH65 | Long             | ABS-MBS          | CORP              | US        |      1970000 | PA      | $2053235.65   | 0.04%             | 2041-09-25      | Floating      | 10.60%                | No            |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                    | Merna Reinsurance II Ltd                                   | CUSIP: 59013MAK8<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |       750000 | PA      | $771525.00    | 0.01%             | 2027-07-07      | Floating      | 11.58%                | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                    | Merna Reinsurance II Ltd                                   | CUSIP: 59013MAJ1<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |      1600000 | PA      | $1647840.00   | 0.03%             | 2026-07-07      | Floating      | 14.58%                | Yes           |                  2 | On Loan: No      |
| PayPal Holdings Inc                         | PayPal Holdings Inc                                        | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |       470928 | NS      | $32381009.28  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL BANK OF CANADA                        | Royal Bank of Canada                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |       227900 | PA      | $10805878.50  | 0.19%             | 2025-12-23      | Fixed         | 11.55%                | No            |                  2 | On Loan: No      |
| TOPANGA RE LIMITED                          | Topanga Re Ltd                                             | CUSIP: 89055TAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       250000 | PA      | $239700.00    | 0.00%             | 2026-01-08      | Floating      | 4.77%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140AJUP1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4128467 | PA      | $4123734.38   | 0.07%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LUKOIL PJSC                                 | LUKOIL PJSC                                                | CUSIP: 000000000<br>LEI: 549300LCJ1UJXHYBWI24 | Long             | EC               | CORP              | RU        |        47954 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Huntington Bancshares Inc/OH                | Huntington Bancshares Inc/OH                               | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |      2403237 | NS      | $39485183.91  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Cascade Funding Mortgage Trust              | CFMT 2023-H12 LLC                                          | CUSIP: 12530QAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4350000 | PA      | $4239974.15   | 0.08%             | 2033-04-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3132E0R87<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12206031 | PA      | $12252723.40  | 0.22%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA1                    | CUSIP: 35564KBE8<br>LEI: 5493000IT1PBTE7DAT80 | Long             | ABS-MBS          | CORP              | US        |      2765000 | PA      | $3072552.06   | 0.05%             | 2051-01-25      | Floating      | 9.10%                 | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                       | Mizuho Markets Cayman LP                                   | CUSIP: 60700U183<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       354500 | PA      | $6687642.50   | 0.12%             | 2025-12-01      | Fixed         | 11.58%                | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2020-HQA5                    | CUSIP: 35565TBE8<br>LEI: 5493000IT2BRJ2Q9YQ96 | Long             | ABS-MBS          | CORP              | US        |      1900000 | PA      | $2277845.21   | 0.04%             | 2050-11-25      | Floating      | 11.75%                | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-HQA2                    | CUSIP: 35564KGS2<br>LEI: 5493000ISM9M3KNO6J64 | Long             | ABS-MBS          | CORP              | US        |      1310000 | PA      | $1530745.22   | 0.03%             | 2033-12-25      | Floating      | 9.80%                 | No            |                  2 | On Loan: No      |
| Merchants Fleet Funding LLC                 | Merchants Fleet Funding LLC                                | CUSIP: 588926AE5<br>LEI: 254900Z2OOQUA5IN2X83 | Long             | ABS-O            | CORP              | US        |      2000000 | PA      | $2037234.60   | 0.04%             | 2036-05-20      | Fixed         | 10.80%                | No            |                  2 | On Loan: No      |
| JP MORGAN STRUCTURED PRO                    | JP Morgan Structured Products BV                           | CUSIP: 000000000<br>LEI: XZYUUT6IYN31D9K77X08 | Long             | DBT              | CORP              | NL        |       215300 | PA      | $26318538.97  | 0.47%             | 2026-04-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Home Re Ltd                                 | Home RE 2023-1 Ltd                                         | CUSIP: 43731BAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1237766 | PA      | $1270492.65   | 0.02%             | 2033-10-25      | Floating      | 8.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                            | CUSIP: 3140XMX76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9593209 | PA      | $9582962.76   | 0.17%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                      | Canadian Imperial Bank of Commerce                         | CUSIP: 000000000<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |       242400 | PA      | $8569615.68   | 0.15%             | 2025-10-28      | Fixed         | 25.83%                | No            |                  2 | On Loan: No      |
| Civitas Resources Inc                       | Civitas Resources Inc                                      | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |        91406 | NS      | $2775086.16   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2021-R03               | CUSIP: 20754AAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5895000 | PA      | $6144668.58   | 0.11%             | 2041-12-25      | Floating      | 9.85%                 | No            |                  2 | On Loan: No      |
| CITRUS RE LTD                               | Citrus Re Ltd                                              | CUSIP: 177510AL8<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |      1000000 | PA      | $1020300.00   | 0.02%             | 2026-06-07      | Floating      | 10.92%                | Yes           |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN                       | Mizuho Markets Cayman LP                                   | CUSIP: 60700U175<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |       143600 | PA      | $6681708.00   | 0.12%             | 2025-12-01      | Fixed         | 12.60%                | No            |                  2 | On Loan: No      |
| MERRILL LYNCH BV                            | Merrill Lynch BV                                           | CUSIP: 000000000<br>LEI: 549300RQ1D1WIE085245 | Long             | DBT              | CORP              | NL        |       162600 | PA      | $11543787.00  | 0.21%             | 2025-12-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP                     | International Bank for Reconstruction & Development        | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | N/A       |       250000 | PA      | $255625.00    | 0.00%             | 2028-04-24      | Floating      | 18.04%                | Yes           |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                        | Indonesia Treasury Bond                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 161493000000 | PA      | $10042826.38  | 0.18%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 31427NU98<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8007500 | PA      | $7986342.76   | 0.14%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 3133WGBY0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      9085098 | PA      | $9237833.27   | 0.16%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SANDERS RE II LTD                           | Sanders RE II Ltd                                          | CUSIP: 80001RAA9<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |      2500000 | PA      | $2472250.00   | 0.04%             | 2029-04-07      | Floating      | 8.15%                 | Yes           |                  2 | On Loan: No      |
| Octane Receivables Trust                    | Octane Receivables Trust 2022-1                            | CUSIP: 67571EAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1664000 | PA      | $1690549.29   | 0.03%             | 2029-12-20      | Fixed         | 7.33%                 | No            |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue              | Multifamily Connecticut Avenue Securities Trust 2019-01    | CUSIP: 62547NAB5<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-MBS          | CORP              | US        |      1773011 | PA      | $1799596.53   | 0.03%             | 2049-10-25      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL RE 21 LTD                       | Residential Reinsurance 2021 Ltd                           | CUSIP: 76114NAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |       750000 | PA      | $697500.00    | 0.01%             | 2025-12-06      | Floating      | 16.53%                | Yes           |                  2 | On Loan: No      |
| GALILEO RE LTD                              | Galileo Re Ltd                                             | CUSIP: 36354TAP7<br>LEI: 549300MXI75DHMS7JH38 | Long             | DBT              | CORP              | BM        |       250000 | PA      | $251850.00    | 0.00%             | 2026-01-08      | Floating      | 11.33%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                           | CUSIP: 31426GAL9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5308223 | PA      | $5385040.04   | 0.10%             | 2055-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-24

**Name of Applicant:** Victory Portfolios IV

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer