# EDGAR Filing Document

**Accession Number:** 0001587551
**File Stem:** 0000910472-25-005044
**Filing Date:** 2025-11
**Character Count:** 145146
**Document Hash:** c71d012a70804216e98b30e447755dcd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-005044.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000910472-25-005044

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22895
- **FILM NUMBER:** 251535575

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

Sterling

Capital

Enhanced

Core

Bond

ETF

Schedule

of

Investments

September

30,

2025

(Unaudited)

Principal

Amount

($)

Spread

Coupon

Rate

(%)

Maturity

Fair

Value

ASSET

BACKED

SECURITIES

—

25.8%

AUTO

LOAN

—

1.0%

250,000

Avis

Budget

Rental

Car

Funding

AESOP,

LLC Series

3A

A

(a) 5.2300 12/20/30

$

258,224

155,000

Enterprise

Fleet

Financing

2024-3,

LLC Series

A4

(a) 5.0600 03/20/31

158,540

4,415,000

Toyota

Auto

Loan

Extended

Note

Trust

2025-1 Series

1A

A

(a) 4.6500 05/25/38

4,506,284

4,923,048

COLLATERALIZED

LOAN

OBLIGATIONS

—

3.4%

4,016,000

Ares

XLIV

CLO

Ltd. Series

44A

A1RR

(a)(b) TSFR3M

+

1.130%

5.4240 04/15/34

4,024,108

2,275,056

Carlyle

US

CLO

2017-3

Ltd. Series

3A

A1R2

3A

(a)(b) TSFR3M

+

1.400%

5.7250 10/21/37

2,282,680

2,673,000

Dryden

CLO

Ltd. Series

53A

BR

(a)(b) TSFR3M

+

1.300%

5.6020 01/15/31

2,672,928

4,182,000

LCM

Ltd. Series

33A

AR

(a)(b) TSFR3M

+

1.180%

5.4890 07/20/34

4,193,283

3,031,000

Neuberger

Berman

Loan

Advisers

CLO

Ltd. Series

41A

AR

(a)(b) TSFR3M

+

1.050%

5.3490 04/15/34

3,037,053

16,210,052

COLLATERALIZED

MORTGAGE

OBLIGATIONS

—

19.2%

3,500,000

Avis

Budget

Rental

Car

Funding

AESOP,

LLC Series

4A

A

(a) 4.7700 02/20/29

3,546,034

200,000

BANK

2023-BNK46 Series

BNK46

A4

5.7450 08/15/56

212,681

1,390,000

BANK5

2023-5YR1 Series

5YR1

A3

6.2600 04/15/56

1,445,471

4,150,000

BANK5

2023-5YR3 Series

5YR3

AS

7.5590 09/15/56

4,458,142

3,462,454

BANK5

2023-5YR4 Series

5YR4

A3

6.5000 12/15/56

3,654,414

200,000

BANK5

2023-5YR4 Series

5YR4

AS

7.2740 12/15/56

214,014

1,189,928

BANK5

2024-5YR5 Series

5YR5

A3

5.7020 02/15/29

1,235,117

2,825,000

BANK5

2025-5YR17 Series

5YR17

A3

5.2250 11/15/58

2,916,701

2,500,000

BANK5

Trust

2024-5YR6 Series

5YR6

A3

6.2250 05/15/57

2,642,115

2,000,000

BANK5

Trust

2024-5YR6 Series

5YR6

AS

6.7900 05/15/57

2,126,540

1,535,000

BBCMS

Mortgage

Trust

2024-5C25 Series

5C25

A3

5.9460 03/15/57

1,608,090

485,000

BBCMS

Mortgage

Trust

2024-5C25 Series

5C25

AS

6.3580 03/15/57

506,668

1,665,000

BBCMS

Mortgage

Trust

2025-5C36 Series

5C36

A3

5.5170 08/15/58

1,739,456

1,141,000

Benchmark

2023-V2

Mortgage

Trust Series

V2

A3

5.8120 05/15/55

1,179,932

3,222,000

Benchmark

2023-V3

Mortgage

Trust Series

V3

A3

6.3630 07/15/56

3,379,473

1,865,000

Benchmark

2024-V5

Mortgage

Trust Series

V5

A3

5.8050 01/10/57

1,944,288

Sterling

Capital

Enhanced

Core

Bond

ETF

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Principal

Amount

($)

Spread

Coupon

Rate

(%)

Maturity

Fair

Value

100,000

Benchmark

2024-V6

Mortgage

Trust Series

V6

A3

5.9260 03/15/57

$

104,634

1,750,000

Benchmark

2024-V6

Mortgage

Trust Series

V6

AS

6.3840 03/15/57

1,834,266

200,000

Benchmark

2024-V7

Mortgage

Trust Series

V7

A3

6.2280 05/15/56

211,590

3,500,000

Benchmark

2024-V9

Mortgage

Trust Series

V9

A3

5.6020 08/15/57

3,637,926

900,000

Benchmark

2025-V16

Mortgage

Trust Series

V16

A3

5.4390 08/15/57

936,551

3,260,000

BMO

2023-5C1

Mortgage

Trust Series

5C1

A3

6.5340 08/15/56

3,425,331

2,234,000

BMO

2025-5C12

Mortgage

Trust Series

5C12

A3

5.1800 10/15/58

2,299,263

285,000

CD

2016-CD2

Mortgage

Trust Series

CD2

A4

3.5260 11/10/49

278,466

880,000

CD

2017-CD3

Mortgage

Trust Series

CD3

A4

3.6310 02/10/50

854,836

5,000,000

CIFC

Funding

2017-III

Ltd. Series

3A

AR

(a) (b) TSFR3M

+

1.540%

5.8650 04/20/37

5,015,961

2,000,000

Citigroup

Commercial

Mortgage

Trust

2018-

B2 Series

B2

A4

4.0090 03/10/51

1,980,577

1,300,000

COMM

2017-COR2

Mortgage

Trust Series

COR2

A3

3.5100 09/10/50

1,274,359

9,217,578

Freddie

Mac

REMICS Series

5243

B

3.5000 05/15/40

8,917,976

3,655,000

Hertz

Vehicle

Financing

III,

LLC Series

2A

A

(a) 5.5700 09/25/29

3,769,444

175,000

JPMCC

Commercial

Mortgage

Securities

Trust Series

JP5

A5

3.7230 03/15/50

173,357

500,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust Series

C32

A4

3.7200 12/15/26

496,187

300,000

Morgan

Stanley

Capital

I

2017-HR2 Series

HR2

A4

3.5870 12/15/50

296,289

908,000

Morgan

Stanley

Capital

I

Trust

2018-

H3 Series

H3

A5

4.1770 07/15/51

902,626

4,500,000

OneMain

Direct

Auto

Receivables

Trust

2025-1 Series

1A

A

(a) 5.3600 04/16/35

4,651,944

3,740,000

PFS

Financing

Corporation Series

B

A

(a) 4.8500 02/15/30

3,805,355

3,051,230

Progress

Residential

2025-SFR1

Trust Series

SFR1

A

(a) 3.4000 02/17/42

2,917,266

2,550,000

Santander

Drive

Auto

Receivables

Trust

2025-1 Series

B

4.8800 03/17/31

2,575,238

3,275,557

SMB

Private

Education

Loan

Trust

2024-

A Series

A

A1A

(a) 5.2400 03/15/56

3,350,654

739,000

VDCM

Commercial

Mortgage

Trust

2025-

AZ Series

AZ

C

(a) 6.0330 07/13/44

750,167

Sterling

Capital

Enhanced

Core

Bond

ETF

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Principal

Amount

($)

Spread

Coupon

Rate

(%)

Maturity

Fair

Value

122,311

Wells

Fargo

Commercial

Mortgage

Trust

2015-P2 Series

P2

A4

3.8090 12/15/48

$

121,997

1,334,000

Wells

Fargo

Commercial

Mortgage

Trust

2025-5C5 Series

5C5

A3

5.5900 07/15/58

1,396,009

2,015,000

Wells

Fargo

Commercial

Mortgage

Trust

2025-5C6 Series

5C6

A3

5.1860 10/15/58

2,075,008

90,862,413

OTHER

ASSET

BACKED

SECURITIES

—

2.2%

4,463,000

Barings

Equipment

Finance,

LLC

2025-

A Series

A

A3

(a) 4.8200 08/13/32

4,561,221

176,494

MVW

2024-2,

LLC Series

2A

A

(a) 4.4300 03/20/42

176,722

1,950,000

OneMain

Financial

Issuance

Trust

2023-

1 Series

1A

A

(a) 5.5000 06/14/38

2,019,338

1,385,000

OneMain

Financial

Issuance

Trust

2023-

2 Series

2A

A1

(a) 5.8400 09/15/36

1,417,104

2,270,000

Vantage

Data

Centers,

LLC Series

1A

A2

(a) 5.1320 08/15/55

2,284,720

10,459,105

TOTAL

ASSET

BACKED

SECURITIES

(Cost $121,348,427)

122,454,618

Principal

Amount

($)

Spread

Coupon

Rate

(%)

Maturity

Fair

Value

CORPORATE

BONDS

—

25.2%

AEROSPACE

&

DEFENSE

—

0.7%

632,000

BAE

Systems

plc

(a) 5.1250 03/26/29

651,073

582,000

Boeing

Company

(The)

6.2980 05/01/29

617,811

1,046,000

Boeing

Company

(The)

5.7050 05/01/40

1,067,948

66,000

Howmet

Aerospace,

Inc.

4.8500 10/15/31

67,772

661,000

RTX

Corporation

6.1000 03/15/34

724,045

3,128,649

ASSET

MANAGEMENT

—

0.8%

832,000

Apollo

Debt

Solutions

BDC

6.9000 04/13/29

874,995

510,000

Ares

Finance

Co.

III

LLC

(a)(b) H15T5Y

+

3.237%

4.1250 06/30/51

502,557

426,000

Ares

Management

Corporation

6.3750 11/10/28

450,700

1,027,000

BlackRock,

Inc.

1.9000 01/28/31

915,810

769,000

Fortitude

Group

Holdings,

LLC

(a) 6.2500 04/01/30

798,970

492,000

KKR

Group

Finance

Company

III,

LLC

(a) 5.1250 06/01/44

467,487

4,010,519

AUTOMOTIVE

—

0.3%

969,000

Ford

Motor

Company

6.1000 08/19/32

992,967

212,000

Hyundai

Capital

America

(a) 5.4000 06/23/32

218,453

1,211,420

BANKING

—

4.6%

1,757,000

Bank

of

America

Corporation

(b) SOFRRATE

+

2.160%

5.0150 07/22/33

1,796,048

Sterling

Capital

Enhanced

Core

Bond

ETF

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Principal

Amount

($)

Spread

Coupon

Rate

(%)

Maturity

Fair

Value

812,000

Bank

of

America

Corporation

(b) SOFRRATE

+

1.910%

5.2880 04/25/34

$

840,372

1,087,000

Bank

of

America

Corporation

(b) SOFRRATE

+

1.697%

5.7440 02/12/36

1,129,775

642,000

Barclays

plc

(b) US0003M

+

3.054%

5.0880 06/20/30

650,727

400,000

Citigroup

Inc.

(b) H15T10Y

+

2.757%

7.0000 11/15/72

425,446

1,993,000

Citigroup,

Inc.

(b) SOFRRATE

+

1.422%

2.9760 11/05/30

1,887,064

491,000

Citizens

Financial

Group,

Inc.

(b) SOFRRATE

+

2.010%

5.8410 01/23/30

511,892

538,000

Comerica

Inc.

(b) SOFRRATE

+

2.155%

5.9820 01/30/30

559,977

861,000

Fifth

Third

Bancorp

(b) SOFRRATE

+

1.660%

4.3370 04/25/33

839,493

644,000

Huntington

Bancshares,

Inc.

(b) SOFRRATE

+

2.020%

6.2080 08/21/29

677,885

432,000

JPMorgan

Chase

&

Co

(b) SOFRRATE

+

1.635%

5.5760 07/23/36

448,160

1,709,000

JPMorgan

Chase

&

Company

(b) SOFRRATE

+

1.310%

5.0120 01/23/30

1,751,068

1,111,000

JPMorgan

Chase

&

Company

(b) SOFRRATE

+

2.080%

4.9120 07/25/33

1,133,302

1,289,000

Macquarie

Group

Ltd.

(a)(b) SOFRRATE

+

1.440%

2.6910 06/23/32

1,165,381

897,000

Mitsubishi

UFJ

Financial

Group,

Inc.

(b) H15T1Y

+

0.970%

2.4940 10/13/32

800,031

1,083,000

Sumitomo

Mitsui

Financial

Group,

Inc.

(b) 2.1300 07/08/30

981,174

857,000

Toronto-Dominion

Bank

(The)

(b) USSW5

+

2.205%

3.6250 09/15/31

850,178

589,000

US

Bancorp

(b) SOFRRATE

+

1.600%

4.8390 02/01/34

591,760

984,000

Wells

Fargo

&

Co.

(b) SOFRRATE

+

210.000%

4.8970 07/25/33

1,000,111

1,142,000

Wells

Fargo

&

Company

(b) TSFR3M

+

1.432%

2.8790 10/30/30

1,081,514

1,315,000

Wells

Fargo

&

Company

(b) SOFRRATE

+

1.740%

5.6050 04/23/36

1,380,539

1,001,000

Westpac

Banking

Corporation

(b) USISOA05

+

2.236%

4.3220 11/23/31

998,224

21,500,121

BEVERAGES

—

0.2%

818,000

Bacardi

Ltd.

/

Bacardi-Martini

BV

(a) 5.4000 06/15/33

826,903

BIOTECH

&

PHARMA

—

0.9%

1,085,000

Amgen,

Inc.

5.2500 03/02/30

1,124,944

Sterling

Capital

Enhanced

Core

Bond

ETF

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Principal

Amount

($)

Spread

Coupon

Rate

(%)

Maturity

Fair

Value

697,000

CSL

Finance

plc

(a) 4.2500 04/27/32

$

687,237

157,000

Eli

Lilly

&

Company

5.5500 10/15/55

161,633

1,200,000

Organon

&

Company

/

Organon

Foreign

Debt

Co-Issuer

(a) 5.1250 04/30/31

1,052,213

658,000

Pfizer

Investment

Enterprises

Pte

Ltd.

4.6500 05/19/30

670,554

509,000

Zoetis,

Inc.

5.0000 08/17/35

514,275

4,210,856

CABLE

&

SATELLITE

—

0.3%

1,128,000

CCO

Holdings,

LLC

/

CCO

Holdings

Capital

(a) 4.2500 01/15/34

975,932

518,000

Charter

Communications

Operating,

LLC

/

Charter

6.1000 06/01/29

543,683

1,519,615

COMMERCIAL

SUPPORT

SERVICES

—

0.1%

570,000

ADT

Security

Corporation

(The)

(a) 5.8750 10/15/33

570,000

E-COMMERCE

DISCRETIONARY

—

0.2%

961,000

Amazon.com,

Inc.

2.8750 05/12/41

737,825

ELECTRIC

UTILITIES

—

1.9%

668,000

CenterPoint

Energy

Houston

Electric,

LLC

5.1500 03/01/34

685,738

735,000

CMS

Energy

Corporation

4.7000 03/31/43

651,280

867,000

DTE

Electric

Company

5.2500 05/15/35

892,808

1,180,000

Duke

Energy

Florida,

LLC

6.2000 11/15/53

1,291,858

1,173,000

Duke

Energy

Progress,

LLC

3.6000 09/15/47

892,798

972,000

Entergy

Louisiana,

LLC

5.7000 03/15/54

983,279

1,096,000

FirstEnergy

Transmission,

LLC

(a) 4.7500 01/15/33

1,095,176

409,000

Nevada

Power

Company

(b) H15T5Y

+

1.936%

6.2500 05/15/55

415,219

1,034,000

NextEra

Energy

Capital

Holdings

Inc

2.4400 01/15/32

914,293

610,000

NRG

Energy,

Inc.

(a) 5.4070 10/15/35

612,456

872,000

Sempra

3.8000 02/01/38

746,093

9,180,998

FOOD

—

0.4%

781,000

Kraft

Heinz

Foods

Company

5.0000 06/04/42

721,380

1,077,000

Mars,

Inc.

(a) 5.2000 03/01/35

1,101,401

1,822,781

GAS

&

WATER

UTILITIES

—

0.2%

914,000

Southern

Company

Gas

Capital

Corporation

5.1000 09/15/35

916,754

HEALTH

CARE

FACILITIES

&

SERVICES

—

0.5%

730,000

CVS

Health

Corporation

6.0500 06/01/54

738,921

785,000

HCA,

Inc.

5.5000 06/01/33

815,857

603,000

IQVIA,

Inc.

6.2500 02/01/29

635,285

2,190,063

HOME

CONSTRUCTION

—

0.5%

426,000

DR

Horton,

Inc.

4.8500 10/15/30

434,687

465,000

Meritage

Homes

Corporation

(a) 3.8750 04/15/29

452,846

Sterling

Capital

Enhanced

Core

Bond

ETF

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Principal

Amount

($)

Spread

Coupon

Rate

(%)

Maturity

Fair

Value

626,000

Meritage

Homes

Corporation

5.6500 03/15/35

$

636,133

641,000

New

Home

Company,

Inc.

(The)

(a) 9.2500 10/01/29

673,874

456,000

New

Home

Company,

Inc.

(The)

(a) 8.5000 11/01/30

473,926

2,671,466

INSTITUTIONAL

FINANCIAL

SERVICES

—

0.8%

836,000

Jane

Street

Group

/

JSG

Finance,

Inc.

(a) 7.1250 04/30/31

877,530

1,447,000

Morgan

Stanley

(b) SOFRRATE

+

1.200%

2.5110 10/20/32

1,291,307

1,626,000

Morgan

Stanley

(b) SOFRRATE

+

1.870%

5.2500 04/21/34

1,677,291

3,846,128

INSURANCE

—

1.8%

682,000

American

National

Group,

Inc.

(a) 6.0000 07/15/35

696,765

1,235,000

Athene

Holding

Ltd.

5.8750 01/15/34

1,294,254

665,000

Athene

Holding

Ltd.

(b) H15T5Y

+

2.607%

6.6250 10/15/54

671,986

469,000

Enstar

Group

Ltd.

3.1000 09/01/31

419,261

675,000

GA

Global

Funding

Trust

(a) 5.5000 01/08/29

698,932

306,000

Global

Atlantic

Fin

Company

(a) 6.7500 03/15/54

324,251

750,000

Meiji

Yasuda

Life

Insurance

Company

(a)(b) USSW5

+

4.230%

5.2000 10/20/45

750,069

1,046,000

Panther

Escrow

Issuer,

LLC

(a) 7.1250 06/01/31

1,088,695

441,000

RGA

Global

Funding

(a) 5.5000 01/11/31

460,541

824,000

SBL

Holdings,

Inc.

(a) 5.1250 11/13/26

831,103

422,000

SBL

Holdings,

Inc.

(a) 7.2000 10/30/34

423,451

490,000

SBL

Holdings,

Inc.

(a)(b) H15T5Y

+

5.620%

6.5000 11/13/72

478,873

520,000

Transatlantic

Holdings,

Inc.

8.0000 11/30/39

652,918

8,791,099

INTERNET

MEDIA

&

SERVICES

—

0.2%

778,000

Meta

Platforms,

Inc.

5.4000 08/15/54

769,261

MACHINERY

—

0.1%

618,000

Caterpillar,

Inc.

5.2000 05/15/35

639,632

MEDICAL

EQUIPMENT

&

DEVICES

—

0.3%

783,000

Baxter

International,

Inc.

2.5390 02/01/32

686,661

816,000

GE

HealthCare

Technologies,

Inc.

5.8570 03/15/30

864,798

1,551,459

METALS

&

MINING

—

0.7%

690,000

Anglo

American

Capital

plc

(a) 6.0000 04/05/54

710,129

417,000

Cleveland-Cliffs,

Inc.

(a) 7.5000 09/15/31

430,105

1,256,000

Freeport-McMoRan,

Inc.

5.4500 03/15/43

1,210,495

884,000

Glencore

Funding,

LLC

(a) 5.6730 04/01/35

919,258

3,269,987

OIL

&

GAS

PRODUCERS

—

2.0%

952,000

Aker

BP

ASA

(a) 3.7500 01/15/30

919,718

542,000

APA

Corporation

(a) 6.7500 02/15/55

546,843

Sterling

Capital

Enhanced

Core

Bond

ETF

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Principal

Amount

($)

Spread

Coupon

Rate

(%)

Maturity

Fair

Value

415,000

Ascent

Resources

Utica

Holdings,

LLC

/

ARU

Finance

(a) 6.6250 10/15/32

$

423,815

240,000

Buckeye

Partners,

L.P.

(a) 6.7500 02/01/30

249,459

685,000

Civitas

Resources,

Inc.

(a) 9.6250 06/15/33

724,050

710,000

Crescent

Energy

Finance,

LLC

(a) 8.3750 01/15/34

719,988

676,000

Diamondback

Energy,

Inc.

5.4000 04/18/34

690,366

567,000

Energy

Transfer

LP

3.7500 05/15/30

550,718

411,000

Hess

Midstream

Operations,

L.P.

(a) 6.5000 06/01/29

424,138

771,000

MPLX,

L.P.

4.5000 04/15/38

697,764

836,000

Permian

Resources

Operating

LLC

(a) 5.8750 07/01/29

840,369

644,000

Pioneer

Natural

Resources

Company

1.9000 08/15/30

578,665

644,000

Sunoco,

L.P.

/

Sunoco

Finance

Corporation

4.5000 05/15/29

628,723

623,000

Targa

Resources

Corporation

6.5000 03/30/34

679,236

699,000

Woodside

Finance

Ltd.

6.0000 05/19/35

730,012

9,403,864

REAL

ESTATE

INVESTMENT

TRUSTS

—

1.4%

802,000

Extra

Space

Storage,

L.P.

4.9500 01/15/33

807,150

480,000

Global

Net

Lease,

Inc.

/

Global

Net

Lease

(a) 3.7500 12/15/27

466,310

508,000

Invitation

Homes

Operating

Partnership,

L.P.

4.1500 04/15/32

491,659

1,217,000

Iron

Mountain,

Inc.

(a) 4.5000 02/15/31

1,162,833

656,000

LXP

Industrial

Trust

2.7000 09/15/30

599,663

472,000

Necessity

Retail

REIT

Inc

(The)

/

American

Finance

(a) 4.5000 09/30/28

462,109

706,000

Phillips

Edison

Grocery

Center

Operating

4.9500 01/15/35

696,480

629,000

Prologis

Targeted

US

Logistics

Fund,

L.P.

(a) 5.5000 04/01/34

653,679

861,000

Store

Capital,

LLC

2.7500 11/18/30

783,163

683,000

Tanger

Properties,

L.P.

2.7500 09/01/31

612,381

6,735,427

RETAIL

-

DISCRETIONARY

—

0.5%

876,000

Bath

&

Body

Works,

Inc.

6.8750 11/01/35

912,531

800,000

Lowe's

Companies,

Inc.

1.7000 10/15/30

704,354

820,000

Macy's

Retail

Holdings,

LLC

(a) 5.8750 03/15/30

820,427

2,437,312

SEMICONDUCTORS

—

0.9%

580,000

Broadcom,

Inc.

4.2000 10/15/30

579,158

1,050,000

Broadcom,

Inc.

(a) 4.9260 05/15/37

1,047,643

960,000

Entegris

Escrow

Corporation

(a) 4.7500 04/15/29

952,793

1,039,000

Foundry

JV

Holdco,

LLC

(a) 6.1500 01/25/32

1,111,373

430,000

Microchip

Technology,

Inc.

5.0500 02/15/30

439,848

4,130,815

SOFTWARE

—

0.3%

600,000

Oracle

Corporation

5.8750 09/26/45

601,976

885,000

Oracle

Corporation

6.1250 08/03/65

889,083

1,491,059

SPECIALTY

FINANCE

—

1.5%

480,000

AerCap

Ireland

Capital

DAC

6.1500 09/30/30

514,539

Sterling

Capital

Enhanced

Core

Bond

ETF

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Principal

Amount

($)

Spread

Coupon

Rate

(%)

Maturity

Fair

Value

936,000

Aircastle

Ltd.

/

Aircastle

Ireland

DAC

(a) 5.0000 09/15/30

$

943,488

858,000

Ally

Financial,

Inc.

(b) SOFRRATE

+

1.730%

5.5430 01/17/31

874,499

823,000

American

Express

Company

(b) SOFRINDX

+

1.320%

5.4420 01/30/36

856,294

779,000

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

(a) 7.0000 07/15/31

817,299

413,000

OneMain

Finance

Corporation

7.8750 03/15/30

437,346

437,000

OneMain

Finance

Corporation

6.1250 05/15/30

442,875

474,000

OneMain

Finance

Corporation

7.1250 09/15/32

490,252

788,000

PennyMac

Financial

Services,

Inc.

(a) 6.7500 02/15/34

804,470

912,000

Starwood

Property

Trust,

Inc.

(a) 6.5000 10/15/30

944,347

7,125,409

STEEL

—

0.2%

398,000

Cleveland-Cliffs,

Inc.

(a) 6.8750 11/01/29

405,929

748,000

Steel

Dynamics,

Inc.

5.3750 08/15/34

773,679

1,179,608

TECHNOLOGY

HARDWARE

—

0.6%

565,000

Dell

International,

LLC

/

EMC

Corporation

4.7500 10/06/32

562,640

743,000

Dell

Technologies,

Inc.

5.5000 04/01/35

767,834

851,000

Hewlett

Packard

Enterprise

Company

4.4000 10/15/30

846,110

727,000

Motorola

Solutions,

Inc.

4.8500 08/15/30

741,159

2,917,743

TECHNOLOGY

SERVICES

—

0.6%

714,000

Fiserv,

Inc.

5.1500 08/12/34

722,866

677,000

Gartner,

Inc.

(a) 4.5000 07/01/28

671,581

781,000

Sabre

GLBL,

Inc.

(a) 10.7500 11/15/29

757,686

722,000

Verisk

Analytics,

Inc.

5.2500 03/15/35

736,528

2,888,661

TELECOMMUNICATIONS

—

0.8%

675,000

AT&T,

Inc.

4.3000 02/15/30

676,596

1,399,000

AT&T,

Inc.

3.5000 06/01/41

1,118,966

736,000

Sprint

Capital

Corporation

8.7500 03/15/32

896,885

1,108,000

T-Mobile

USA,

Inc.

6.0000 06/15/54

1,147,980

3,840,427

TOBACCO

&

CANNABIS

—

0.3%

772,000

B.A.T.

Capital

Corp.

6.4210 08/02/33

847,817

655,000

Philip

Morris

International,

Inc.

5.1250 02/15/30

677,188

1,525,005

TRANSPORTATION

&

LOGISTICS

—

0.6%

706,000

Burlington

Northern

Santa

Fe,

LLC

4.9500 09/15/41

680,263

740,000

Delta

Air

Lines,

Inc.

5.2500 07/10/30

755,207

415,000

Stonepeak

Nile

Parent,

LLC

(a) 7.2500 03/15/32

437,351

773,000

United

Airlines,

Inc.

(a) 4.6250 04/15/29

761,748

2,634,569

TOTAL

CORPORATE

BONDS

(Cost $116,788,334)

119,675,435

Sterling

Capital

Enhanced

Core

Bond

ETF

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Principal

Amount

($)

Coupon

Rate

(%)

Maturity

Fair

Value

U.S.

GOVERNMENT

&

AGENCIES

—

29.2%

8,472,149

Fannie

Mae

Pool

FA0642

2.5000 03/01/42

$

7,610,771

4,300,041

Fannie

Mae

Pool

CA3823

4.0000 07/01/49

4,158,645

10,444,503

Fannie

Mae

Pool

CB0737

3.0000 06/01/51

9,270,432

387,611

Fannie

Mae

Pool

FS8708

4.0000 08/01/51

371,265

9,371,201

Fannie

Mae

Pool

FM8686

2.5000 09/01/51

8,066,444

5,565,606

Fannie

Mae

Pool

FS1133

4.0000 10/01/51

5,332,210

1,248,192

Fannie

Mae

Pool

FM9464

3.0000 11/01/51

1,114,895

211,569

Fannie

Mae

Pool

FS8108

2.5000 01/01/52

180,267

3,233,019

Fannie

Mae

Pool

FA0543

2.5000 06/01/52

2,779,653

356,493

Fannie

Mae

Pool

FS3809

4.5000 11/01/52

348,757

5,500,619

Fannie

Mae

Pool

CB6081

5.5000 04/01/53

5,588,397

362,582

Fannie

Mae

Pool

FS4571

5.5000 05/01/53

368,924

3,847,805

Fannie

Mae

Pool

FA0202

5.5000 02/01/54

3,903,502

9,268,477

Fannie

Mae

Pool

CB8755

6.0000 06/01/54

9,518,162

7,475,390

Fannie

Mae

Pool

FS9801

5.5000 11/01/54

7,557,631

6,728,584

Freddie

Mac

Pool

SD6920

4.0000 04/01/47

6,544,214

10,069,258

Freddie

Mac

Pool

SD0739

3.5000 10/01/51

9,372,646

1,494,659

Freddie

Mac

Pool

RA7191

3.5000 04/01/52

1,373,380

6,973,050

Freddie

Mac

Pool

SL0704

4.5000 03/01/53

6,826,808

4,669,190

Freddie

Mac

Pool

SL1072

4.5000 04/01/53

4,573,179

5,814,258

Freddie

Mac

Pool

SL0448

4.5000 04/01/53

5,673,135

3,110,982

Freddie

Mac

Pool

SD2639

4.5000 04/01/53

3,050,076

8,949,955

Freddie

Mac

Pool

SD3354

5.0000 06/01/53

8,923,950

361,948

Freddie

Mac

Pool

SD3814

5.0000 08/01/53

360,685

5,892,930

Freddie

Mac

Pool

SL0715

5.0000 10/01/54

5,876,499

6,979,974

Freddie

Mac

Pool

QX0510

5.0000 12/01/54

6,929,592

3,938,656

Freddie

Mac

Pool

SL0797

6.0000 02/01/55

4,063,809

1,882,425

Freddie

Mac

Pool

SL0769

6.0000 02/01/55

1,950,371

4,842,664

Freddie

Mac

Pool

SL1522

6.0000 02/01/55

5,006,479

2,299,886

Freddie

Mac

Pool

SL1812

5.5000 08/01/55

2,348,673

139,043,451

TOTAL

U.S.

GOVERNMENT

&

AGENCIES

(Cost $137,063,591)

139,043,451

Principal

Amount

($)

Coupon

Rate

(%)

Maturity

Fair

Value

U.S.

TREASURY

BONDS

&

NOTES

—

18.1%

4,941,000

United

States

Treasury

Bond

2.6250 02/15/29

4,781,576

7,479,500

United

States

Treasury

Bond

4.0000 02/28/30

7,567,443

8,537,400

United

States

Treasury

Bond

4.1250 11/15/32

8,637,781

23,521,900

United

States

Treasury

Bond

4.0000 02/15/34

23,465,392

23,705,600

United

States

Treasury

Bond

2.5000 02/15/45

16,987,470

30,192,000

United

States

Treasury

Bond

1.3750 08/15/50

15,189,760

10,121,200

United

States

Treasury

Bond

4.2500 08/15/54

9,346,296

Sterling

Capital

Enhanced

Core

Bond

ETF

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Principal

Amount

($)

Coupon

Rate

(%)

Maturity

Fair

Value

$

85,975,718

TOTAL

U.S.

TREASURY

BONDS

&

NOTES

(Cost $85,273,596)

85,975,718

TOTAL

INVESTMENTS

-

98.3%

(Cost

$460,473,948)

$

467,149,222

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES-

1.7%

8,191,007

NET

ASSETS

-

100.0%

$

475,340,229

(a) Security

exempt

from

registration

under

Rule

144A

or

Section

4(2)

of

the

Securities

Act

of

1933. The

security

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

As

of

September

30,

2025,

the

total

market

value

of

Rule

144A

securities

is

$98,484,063

or

20.72%

of

net

assets.

(b) The

interest

rate

for

this

variable

rate

note,

which

will

change

periodically,

is

based

either

on

the

prime

rate

or

an

index

of

market

rates.

The

reflected

rate

is

in

effect

as

of

September

30,

2025. The

maturity

date

reflected

is

the

final

maturity

date.

Sterling

Capital

Enhanced

Core

Bond

ETF

Schedule

of

Futures

Contracts

September

30,

2025

(Unaudited)

FUTURES

CONTRACTS

Contracts

Expiration

Date

Notional

Value

Aggregate

Market

Value

of

Contracts

Unrealized

Appreciation

(Depreciation)

5-Year

US

Treasury

Note

Future

12/31/2025

$

2,195,312

$

2,183,906

$

(11,406)

CBOT

Year

US

Treasury

Note

Future

12/31/2025

17,749,071

17,713,867

(35,204)

Total

Futures

Contracts

$

19,

944,383

$

19,897,773

$

(46,610)

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $488087610.01

**Total Liabilities:** $12747380.56

**Net Assets:** $475340229.45

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 28.12278171 | **1-Year:** 11616.43716195 | **5-Year:** 76425.22162719 | **10-Year:** 71314.73140066 | **30-Year:** 13392.83797148

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

- **3-Month:** 27.89456618 | **1-Year:** 954.96668798 | **5-Year:** 4618.09901554 | **10-Year:** 1391.67378191 | **30-Year:** 2.62483741

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000258312 | -0.15%               | 1.19%                | 1.05%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-76040.35               | $-2227282.37                               |
| Month 2  | $134376.02               | $3622937.90                                |
| Month 3  | $347153.78               | $2799423.06                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pennymac Financial Services Inc                                                      | PennyMac Financial Services, Inc. 6.75%, Due 02/15/2034                          | CUSIP: 70932MAH0<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    788000 | PA      | $804469.99    | 0.17%             | 2034-02-15      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac Pool Pool # SL1072                                                   | CUSIP: 31427NFN4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   4669190 | PA      | $4573178.98   | 0.96%             | 2053-04-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| OneMain Financial Corporation                                                        | OneMain Finance Corporation 7.875%, Due 03/15/2030                               | CUSIP: 682691AE0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    413000 | PA      | $437346.35    | 0.09%             | 2030-03-15      | Fixed         | 7.88%                 | No            | 2                  | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                                                 | Sumitomo Mitsui Financial Group, Inc. 2.13%, Due 07/08/2030                      | CUSIP: 86562MCB4<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   1083000 | PA      | $981174.42    | 0.21%             | 2030-07-08      | Fixed         | 2.13%                 | No            | 2                  | On Loan: No      |
| BBCMS MORTGAGE TRUST 2025-5C36                                                       | BBCMS Mortgage Trust 2025-5C36 5.517%, Due 08/15/2058                            | CUSIP: 05556CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1665000 | PA      | $1739456.14   | 0.37%             | 2058-08-15      | Variable      | 5.52%                 | No            | 2                  | On Loan: No      |
| BANK5 2024-5YR5                                                                      | BANK5 2024-5YR5 5.702%, Due 02/15/2029                                           | CUSIP: 065931AZ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1189928 | PA      | $1235117.36   | 0.26%             | 2029-02-15      | Variable      | 5.70%                 | No            | 2                  | On Loan: No      |
| Phillips Edison Grocery Center Operating Partnership I L P                           | Phillips Edison Grocery Center Operating Partnership I, L.P.                     | CUSIP: 71845JAC2<br>LEI: 549300WUPIVS6ZE0ZI51 | Long             | DBT              | CORP              | US        |    706000 | PA      | $696480.07    | 0.15%             | 2035-01-15      | Fixed         | 4.95%                 | No            | 2                  | On Loan: No      |
| The Boeing Company                                                                   | Boeing Company (The) 5.705%, Due 05/01/2040                                      | CUSIP: 097023CV5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1046000 | PA      | $1067948.17   | 0.22%             | 2040-05-01      | Fixed         | 5.71%                 | No            | 2                  | On Loan: No      |
| American Express Company                                                             | American Express Company 5.442%, Fixed until 01/30/2035                          | CUSIP: 025816DZ9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    823000 | PA      | $856294.48    | 0.18%             | 2036-01-30      | Fixed         | 5.44%                 | No            | 2                  | On Loan: No      |
| HCA Inc.                                                                             | HCA, Inc. 5.5%, Due 06/01/2033                                                   | CUSIP: 404119CQ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    785000 | PA      | $815857.09    | 0.17%             | 2033-06-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| N/A                                                                                  | BBH SWEEP VEHICLE                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |  16478516 | PA      | $16478515.61  | 3.47%             |  |  |  | No            | N/A                | On Loan: No      |
| Meta Platforms Inc                                                                   | Meta Platforms, Inc. 5.4%, Due 08/15/2054                                        | CUSIP: 30303M8V7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    778000 | PA      | $769261.27    | 0.16%             | 2054-08-15      | Fixed         | 5.40%                 | No            | 2                  | On Loan: No      |
| TOYOTA AUTO LOAN EXTENDED NOTE TRUST 2025-1                                          | Toyota Auto Loan Extended Note Trust 2025-1 4.65%, Due 05/25/2038                | CUSIP: 891950AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4415000 | PA      | $4506284.54   | 0.95%             | 2038-05-25      | Fixed         | 4.65%                 | Yes           | 2                  | On Loan: No      |
| Eli Lilly & Co.                                                                      | Eli Lilly & Company 5.55%, Due 10/15/2055                                        | CUSIP: 532457DF2<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    157000 | PA      | $161633.35    | 0.03%             | 2055-10-15      | Fixed         | 5.55%                 | No            | 2                  | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NextEra Energy Capital Holdings, Inc. 2.44%, Due 01/15/2032                      | CUSIP: 65339KBZ2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1034000 | PA      | $914293.14    | 0.19%             | 2032-01-15      | Fixed         | 2.44%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # FS1133                                                    | CUSIP: 3140XGHK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5565606 | PA      | $5332209.57   | 1.12%             | 2051-10-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| ONEMAIN FINL ISSUA TR 2023-2                                                         | OneMain Financial Issuance Trust 2023-2 5.84%, Due 09/15/2036                    | CUSIP: 68269HAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1385000 | PA      | $1417104.02   | 0.30%             | 2036-09-15      | Fixed         | 5.84%                 | Yes           | 2                  | On Loan: No      |
| Diamondback Energy Inc                                                               | Diamondback Energy, Inc. 5.4%, Due 04/18/2034                                    | CUSIP: 25278XAZ2<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    676000 | PA      | $690366.47    | 0.15%             | 2034-04-18      | Fixed         | 5.40%                 | No            | 2                  | On Loan: No      |
| Ares Management Corporation                                                          | Ares Management Corporation 6.375%, Due 11/10/2028                               | CUSIP: 03990BAA9<br>LEI: 529900JUV61FH7B8VW38 | Long             | DBT              | CORP              | US        |    426000 | PA      | $450699.62    | 0.09%             | 2028-11-10      | Fixed         | 6.38%                 | No            | 2                  | On Loan: No      |
| Meiji Yasuda Life Insurance Co.                                                      | Meiji Yasuda Life Insurance Company 5.2%, Fixed until 10/20/2025                 | CUSIP: 585270AA9<br>LEI: 549300SLU4LP6YMRLK07 | Long             | DBT              | CORP              | JP        |    750000 | PA      | $750068.70    | 0.16%             | 2045-10-20      | Fixed         | 5.20%                 | Yes           | 2                  | On Loan: No      |
| LXP Industrial Trust                                                                 | LXP Industrial Trust 2.7%, Due 09/15/2030                                        | CUSIP: 529043AE1<br>LEI: 549300S4MH2ICXDBFV43 | Long             | DBT              | CORP              | US        |    656000 | PA      | $599663.44    | 0.13%             | 2030-09-15      | Fixed         | 2.70%                 | No            | 2                  | On Loan: No      |
| Aircastle Ltd. / Aircastle Ireland DAC                                               | Aircastle Ltd. / Aircastle Ireland DAC 5%, Due 09/15/2030                        | CUSIP: 00929JAC0<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |    936000 | PA      | $943487.24    | 0.20%             | 2030-09-15      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Anglo American Capital PLC                                                           | Anglo American Capital plc 6%, Due 04/05/2054                                    | CUSIP: 034863BF6<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    690000 | PA      | $710128.82    | 0.15%             | 2054-04-05      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac Pool Pool # SD2639                                                   | CUSIP: 3132DP4Y1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   3110982 | PA      | $3050076.29   | 0.64%             | 2053-04-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Amgen Inc.                                                                           | Amgen, Inc. 5.25%, Due 03/02/2030                                                | CUSIP: 031162DQ0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |   1085000 | PA      | $1124943.75   | 0.24%             | 2030-03-02      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Broadcom Inc                                                                         | Broadcom, Inc. 4.2%, Due 10/15/2030                                              | CUSIP: 11135FCW9<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    580000 | PA      | $579157.88    | 0.12%             | 2030-10-15      | Fixed         | 4.20%                 | No            | 2                  | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                             | Avis Budget Rental Car Funding AESOP, LLC 4.77%, Due 02/20/2029                  | CUSIP: 05377RFP4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $3546034.10   | 0.75%             | 2029-02-20      | Fixed         | 4.77%                 | Yes           | 2                  | On Loan: No      |
| Meritage Homes Corp                                                                  | Meritage Homes Corporation 5.65%, Due 03/15/2035                                 | CUSIP: 59001ABG6<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |    626000 | PA      | $636133.29    | 0.13%             | 2035-03-15      | Fixed         | 5.65%                 | No            | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac Pool Pool # SL0769                                                   | CUSIP: 31427M2B6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   1882425 | PA      | $1950371.09   | 0.41%             | 2055-02-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Southern Company Gas Capital Corp.                                                   | Southern Company Gas Capital Corporation 5.1%, Due 09/15/2035                    | CUSIP: 8426EPAK4<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |    914000 | PA      | $916753.85    | 0.19%             | 2035-09-15      | Fixed         | 5.10%                 | No            | 2                  | On Loan: No      |
| Steel Dynamics, Inc.                                                                 | Steel Dynamics, Inc. 5.375%, Due 08/15/2034                                      | CUSIP: 858119BQ2<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |    748000 | PA      | $773678.95    | 0.16%             | 2034-08-15      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| Macys Retail Holdings LLC                                                            | Macy's Retail Holdings, LLC 5.875%, Due 03/15/2030                               | CUSIP: 55617LAQ5<br>LEI: 549300JMONK27O4SQQ19 | Long             | DBT              | CORP              | US        |    820000 | PA      | $820427.47    | 0.17%             | 2030-03-15      | Fixed         | 5.88%                 | Yes           | 2                  | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | T-Mobile USA, Inc. 6%, Due 06/15/2054                                            | CUSIP: 87264ADD4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1108000 | PA      | $1147980.06   | 0.24%             | 2054-06-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # FS8108                                                    | CUSIP: 3140XQAJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    211569 | PA      | $180267.08    | 0.04%             | 2052-01-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Citizens Financial Group Inc                                                         | Citizens Financial Group, Inc. 5.841%, Fixed until 1/23/2029                     | CUSIP: 174610BF1<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    491000 | PA      | $511892.31    | 0.11%             | 2030-01-23      | Fixed         | 5.84%                 | No            | 2                  | On Loan: No      |
| United Air Lines, Inc.                                                               | United Airlines, Inc. 4.625%, Due 04/15/2029                                     | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    773000 | PA      | $761748.02    | 0.16%             | 2029-04-15      | Fixed         | 4.62%                 | Yes           | 2                  | On Loan: No      |
| Hertz Vehicle Financing LLC                                                          | Hertz Vehicle Financing III, LLC 5.57%, Due 09/25/2029                           | CUSIP: 42806MBW8<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |   3655000 | PA      | $3769444.26   | 0.79%             | 2029-09-25      | Fixed         | 5.57%                 | Yes           | 2                  | On Loan: No      |
| PFS Financing Corp                                                                   | PFS Financing Corporation 4.85%, Due 02/15/2030                                  | CUSIP: 69335PFU4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3740000 | PA      | $3805354.63   | 0.80%             | 2030-02-15      | Fixed         | 4.85%                 | Yes           | 2                  | On Loan: No      |
| Ares Finance Co III LLC                                                              | Ares Finance Company III, LLC 4.125%, Fixed until 06/30/2026                     | CUSIP: 04018VAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    510000 | PA      | $502556.55    | 0.11%             | 2051-06-30      | Fixed         | 4.12%                 | Yes           | 2                  | On Loan: No      |
| U.S. Bancorp.                                                                        | US Bancorp 4.839%, Fixed until 02/01/2033                                        | CUSIP: 91159HJL5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    589000 | PA      | $591760.06    | 0.12%             | 2034-02-01      | Fixed         | 4.84%                 | No            | 2                  | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust 2012-Lc5                                       | Wells Fargo Commercial Mortgage Trust 2015-P2 3.809%, Due 12/15/2048             | CUSIP: 95000AAU1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    122311 | PA      | $121997.27    | 0.03%             | 2048-12-15      | Fixed         | 3.81%                 | No            | 2                  | On Loan: No      |
| MPLX LP                                                                              | MPLX, L.P. 4.5%, Due 04/15/2038                                                  | CUSIP: 55336VAM2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    771000 | PA      | $697763.60    | 0.15%             | 2038-04-15      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| JPMCC Commercial Mortgage Securities Trust 2015-Jp1                                  | JPMCC Commercial Mortgage Securities Trust 2017-JP5                              | CUSIP: 46647TAS7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    175000 | PA      | $173357.31    | 0.04%             | 2050-03-15      | Fixed         | 3.72%                 | No            | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac Pool Pool # SD3814                                                   | CUSIP: 3132E0GX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    361948 | PA      | $360684.69    | 0.08%             | 2053-08-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| CMS Energy Corporation                                                               | CMS Energy Corporation 4.7%, Due 03/31/2043                                      | CUSIP: 125896BL3<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    735000 | PA      | $651279.91    | 0.14%             | 2043-03-31      | Fixed         | 4.70%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                                                         | United States Treasury Note 4%, Due 02/28/2030                                   | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7479500 | PA      | $7567442.54   | 1.59%             | 2030-02-28      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac Pool Pool # SL1522                                                   | CUSIP: 31427NVQ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   4842664 | PA      | $5006479.07   | 1.05%             | 2055-02-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Duke Energy Progress LLC                                                             | Duke Energy Progress, LLC 3.6%, Due 09/15/2047                                   | CUSIP: 26442UAE4<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |   1173000 | PA      | $892798.18    | 0.19%             | 2047-09-15      | Fixed         | 3.60%                 | No            | 2                  | On Loan: No      |
| STORE Capital Corp.                                                                  | Store Capital, LLC 2.75%, Due 11/18/2030                                         | CUSIP: 862121AC4<br>LEI: 5493004EA6C9IHDZ7N66 | Long             | DBT              | CORP              | US        |    861000 | PA      | $783162.66    | 0.16%             | 2030-11-18      | Fixed         | 2.75%                 | No            | 2                  | On Loan: No      |
| Foundry JV Holdco LLC.                                                               | Foundry JV Holdco, LLC 6.15%, Due 01/25/2032                                     | CUSIP: 350930AC7<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |   1039000 | PA      | $1111373.11   | 0.23%             | 2032-01-25      | Fixed         | 6.15%                 | Yes           | 2                  | On Loan: No      |
| Cleveland-Cliffs Inc                                                                 | Cleveland-Cliffs, Inc. 7.5%, Due 09/15/2031                                      | CUSIP: 185899AS0<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    417000 | PA      | $430104.65    | 0.09%             | 2031-09-15      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| Sprint Capital Corporation                                                           | Sprint Capital Corporation 8.75%, Due 03/15/2032                                 | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |    736000 | PA      | $896885.32    | 0.19%             | 2032-03-15      | Fixed         | 8.75%                 | No            | 2                  | On Loan: No      |
| CVS Health Corp                                                                      | CVS Health Corporation 6.05%, Due 06/01/2054                                     | CUSIP: 126650EF3<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    730000 | PA      | $738921.36    | 0.16%             | 2054-06-01      | Fixed         | 6.05%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # FS8708                                                    | CUSIP: 3140XQVA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    387611 | PA      | $371264.55    | 0.08%             | 2051-08-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Ares XLIV CLO Ltd.                                                                   | ARES XLIV CLO Ltd. Floating Rate, Due 04/15/2034                                 | CUSIP: 04016NBH5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4016000 | PA      | $4024108.30   | 0.85%             | 2034-04-15      | Floating      | 5.42%                 | Yes           | N/A                | On Loan: No      |
| Cd 2016-Cd2 Mortga                                                                   | CD 2016-CD2 Mortgage Trust Variable Rate, Due 11/10/2049                         | CUSIP: 12515ABE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    285000 | PA      | $278466.12    | 0.06%             | 2049-11-10      | Variable      | 3.53%                 | No            | 2                  | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                             | Avis Budget Rental Car Funding AESOP, LLC 5.23%, Due 12/20/2030                  | CUSIP: 05377RJK1<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $258223.88    | 0.05%             | 2030-12-20      | Fixed         | 5.23%                 | Yes           | 2                  | On Loan: No      |
| Sunoco LP / Sunoco Finance Corp.                                                     | Sunoco, L.P. / Sunoco Finance Corporation 4.5%, Due 05/15/2029                   | CUSIP: 86765LAT4<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    644000 | PA      | $628722.72    | 0.13%             | 2029-05-15      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| BENCHMARK 2024-V9 MORTGAGE TRUST                                                     | Benchmark 2024-V9 Mortgage Trust 5.6019%, Due 08/15/2057                         | CUSIP: 081919AN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $3637926.25   | 0.77%             | 2057-08-15      | Fixed         | 5.60%                 | No            | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac REMICS 3.5%, Due 05/15/2040                                          | CUSIP: 3137H84C2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   9217578 | PA      | $8917975.09   | 1.88%             | 2040-05-15      | Fixed         | 3.50%                 | No            | N/A                | On Loan: No      |
| Iqvia Inc                                                                            | IQVIA, Inc. 6.25%, Due 02/01/2029                                                | CUSIP: 46266TAF5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    603000 | PA      | $635284.62    | 0.13%             | 2029-02-01      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| ENTERPRISE FLEET FINANCING 2024-2 L                                                  | Enterprise Fleet Financing 2024-3, LLC 5.06%, Due 03/20/2031                     | CUSIP: 29375QAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    155000 | PA      | $158539.81    | 0.03%             | 2031-03-20      | Fixed         | 5.06%                 | Yes           | 2                  | On Loan: No      |
| Oracle Corp.                                                                         | Oracle Corporation 5.875%, Due 09/26/2045                                        | CUSIP: 68389XDP7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    600000 | PA      | $601975.85    | 0.13%             | 2045-09-26      | Fixed         | 5.88%                 | No            | 2                  | On Loan: No      |
| Truist Insurance Holdings LLC & Panther Co-Issuer Inc.                               | Panther Escrow Issuer, LLC 7.125%, Due 06/01/2031                                | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1046000 | PA      | $1088695.63   | 0.23%             | 2031-06-01      | Fixed         | 7.12%                 | Yes           | 2                  | On Loan: No      |
| Hyundai Capital America                                                              | Hyundai Capital America 5.4%, Due 06/23/2032                                     | CUSIP: 44891ADX2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    212000 | PA      | $218452.50    | 0.05%             | 2032-06-23      | Fixed         | 5.40%                 | Yes           | 2                  | On Loan: No      |
| Philip Morris International Inc.                                                     | Philip Morris International, Inc. 5.125%, Due 02/15/2030                         | CUSIP: 718172DA4<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    655000 | PA      | $677188.20    | 0.14%             | 2030-02-15      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPMorgan Chase & Company 4.912 ,Fixed until 7/25/2032                            | CUSIP: 46647PDH6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1111000 | PA      | $1133302.01   | 0.24%             | 2033-07-25      | Fixed         | 4.91%                 | No            | 2                  | On Loan: No      |
| BMO 2025-5C12 MORTGAGE TRUST                                                         | BMO 2025-5C12 Mortgage Trust 5.18%, Due 10/15/2058                               | CUSIP: 09663VAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2234000 | PA      | $2299263.18   | 0.48%             | 2058-10-15      | Fixed         | 5.18%                 | No            | 2                  | On Loan: No      |
| Oracle Corp.                                                                         | Oracle Corporation 6.125%, Due 08/03/2065                                        | CUSIP: 68389XDC6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    885000 | PA      | $889082.92    | 0.19%             | 2065-08-03      | Fixed         | 6.12%                 | No            | 2                  | On Loan: No      |
| Dell International LLC / EMC Corp.                                                   | Dell International, LLC / EMC Corporation 5.5%, Due 04/01/2035                   | CUSIP: 24703TAP1<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    743000 | PA      | $767834.49    | 0.16%             | 2035-04-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Hewlett Packard Enterprise Co.                                                       | Hewlett Packard Enterprise Company 4.4%, Due 10/15/2030                          | CUSIP: 42824CCA5<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    851000 | PA      | $846109.57    | 0.18%             | 2030-10-15      | Fixed         | 4.40%                 | No            | 2                  | On Loan: No      |
| Huntington Bancshares Incorporated                                                   | Huntington Bancshares, Inc. 6.208%, Fxed until 08/21/2028                        | CUSIP: 446150BC7<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    644000 | PA      | $677885.20    | 0.14%             | 2029-08-21      | Fixed         | 6.21%                 | No            | 2                  | On Loan: No      |
| BENCHMARK 2025-V16 MORTGAGE TRUST                                                    | Benchmark 2025-V16 Mortgage Trust 5.439%, Due 08/15/2057                         | CUSIP: 08164RAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    900000 | PA      | $936551.34    | 0.20%             | 2057-08-15      | Variable      | 5.44%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bonds                                                         | United States Treasury Note 4.25%, Due 08/15/2054                                | CUSIP: 912810UC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10121200 | PA      | $9346295.63   | 1.97%             | 2054-08-15      | Fixed         | 4.25%                 | No            | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac Pool Pool # SL0448                                                   | CUSIP: 31427MQA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   5814258 | PA      | $5673135.21   | 1.19%             | 2053-04-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac Pool Pool # SD6920                                                   | CUSIP: 3132DUVM6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   6728584 | PA      | $6544213.65   | 1.38%             | 2047-04-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| GE Healthcare Technologies Inc.                                                      | GE HealthCare Technologies, Inc. 5.857%, Due 03/15/2030                          | CUSIP: 36267VAH6<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    816000 | PA      | $864797.50    | 0.18%             | 2030-03-15      | Fixed         | 5.86%                 | No            | 2                  | On Loan: No      |
| Macquarie Group Ltd.                                                                 | Macquarie Group Ltd. 2.691%, Fixed Until 06/23/2031                              | CUSIP: 55607PAG0<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |   1289000 | PA      | $1165380.75   | 0.25%             | 2032-06-23      | Fixed         | 2.69%                 | Yes           | 2                  | On Loan: No      |
| Jane Street Group LLC / JSG Finance Inc.                                             | Jane Street Group / JSG Finance, Inc. 7.125%, Due 04/30/2031                     | CUSIP: 47077WAC2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |    836000 | PA      | $877530.18    | 0.18%             | 2031-04-30      | Fixed         | 7.12%                 | Yes           | 2                  | On Loan: No      |
| Targa Resources Corp.                                                                | Targa Resources Corporation 6.5%, Due 03/30/2034                                 | CUSIP: 87612GAF8<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    623000 | PA      | $679236.00    | 0.14%             | 2034-03-30      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| Woodside Finance Ltd.                                                                | Woodside Finance Ltd. 6%, Due 05/19/2035                                         | CUSIP: 980236AV5<br>LEI: 254900AIZKU6TGRRNZ98 | Long             | DBT              | CORP              | AU        |    699000 | PA      | $730012.49    | 0.15%             | 2035-05-19      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Freeport-McMoRan Inc.                                                                | Freeport-McMoRan, Inc. 5.45%, Due 03/15/2043                                     | CUSIP: 35671DBC8<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |   1256000 | PA      | $1210495.89   | 0.25%             | 2043-03-15      | Fixed         | 5.45%                 | No            | 2                  | On Loan: No      |
| New Home Company Inc                                                                 | New Home Company, Inc. (The) 9.25%, Due 10/01/2029                               | CUSIP: 645370AF4<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |    641000 | PA      | $673873.04    | 0.14%             | 2029-10-01      | Fixed         | 9.25%                 | Yes           | 2                  | On Loan: No      |
| Permian Resources Operating, LLC                                                     | Permian Resources Operating, LLC 5.875%, Due 07/01/2029                          | CUSIP: 19416MAB5<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    836000 | PA      | $840368.94    | 0.18%             | 2029-07-01      | Fixed         | 5.88%                 | Yes           | 2                  | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.                                                  | Mitsubishi UFJ Financial Group, Inc. 2.494%, Fixed Until 10/13/2031              | CUSIP: 606822CB8<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    897000 | PA      | $800030.93    | 0.17%             | 2032-10-13      | Fixed         | 2.49%                 | No            | 2                  | On Loan: No      |
| Global Net Lease Inc / Global Net Lease Operating Partnership LP                     | Global Net Lease, Inc. / Global Net Lease Operating Partnership, L.P.            | CUSIP: 37892AAA8<br>LEI: 549300NUYANCT5SU8Z65 | Long             | DBT              | CORP              | US        |    480000 | PA      | $466309.58    | 0.10%             | 2027-12-15      | Fixed         | 3.75%                 | Yes           | 2                  | On Loan: No      |
| Fifth Third Bancorp                                                                  | Fifth Third Bancorp 4.337%, Due 04/25/2033                                       | CUSIP: 316773DF4<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    861000 | PA      | $839492.80    | 0.18%             | 2033-04-25      | Fixed         | 4.34%                 | No            | 2                  | On Loan: No      |
| GA Global Funding Trust                                                              | GA Global Funding Trust 5.5%, Due 01/08/2029                                     | CUSIP: 36143L2L8<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |    675000 | PA      | $698931.88    | 0.15%             | 2029-01-08      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| B.A.T. Capital Corporation                                                           | BAT Capital Corporation 6.421%, Due 08/02/2033                                   | CUSIP: 054989AB4<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    772000 | PA      | $847817.19    | 0.18%             | 2033-08-02      | Fixed         | 6.42%                 | No            | 2                  | On Loan: No      |
| Apollo Debt Solutions BDC                                                            | Apollo Debt Solutions BDC 6.9%, Due 04/13/2029                                   | CUSIP: 03770DAB9<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    832000 | PA      | $874995.39    | 0.18%             | 2029-04-13      | Fixed         | 6.90%                 | No            | 2                  | On Loan: No      |
| Athene Holding Ltd                                                                   | Athene Holding Ltd. 6.625%, Fixed Unitl 10/15/2034                               | CUSIP: 04686JAJ0<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |    665000 | PA      | $671985.83    | 0.14%             | 2054-10-15      | Fixed         | 6.62%                 | No            | 2                  | On Loan: No      |
| Iron Mountain Inc.                                                                   | Iron Mountain, Inc. 4.5%, Due 02/15/2031                                         | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1217000 | PA      | $1162832.43   | 0.24%             | 2031-02-15      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| Citigroup Inc.                                                                       | Citigroup, Inc. 7%, Fixed until 8/15/2034                                        | CUSIP: 172967PM7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    400000 | PA      | $425446.00    | 0.09%             | N/A             | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| Athene Holding Ltd                                                                   | Athene Holding Ltd. 5.875%, Due 01/15/2034                                       | CUSIP: 04686JAG6<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |   1235000 | PA      | $1294255.23   | 0.27%             | 2034-01-15      | Fixed         | 5.88%                 | No            | 2                  | On Loan: No      |
| Aker BP ASA                                                                          | Aker BP ASA 3.75%, Due 01/15/2030                                                | CUSIP: 00973RAF0<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    952000 | PA      | $919717.41    | 0.19%             | 2030-01-15      | Fixed         | 3.75%                 | Yes           | 2                  | On Loan: No      |
| Delta Air Lines Inc.                                                                 | Delta Air Lines, Inc. 5.25%, Due 07/10/2030                                      | CUSIP: 247361A32<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |    740000 | PA      | $755207.26    | 0.16%             | 2030-07-10      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Morgan Stanley Capital I Trust 2017-HR2                                              | Morgan Stanley Capital I 2017-HR2 3.587%, Due 12/15/2050                         | CUSIP: 61691NAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $296289.39    | 0.06%             | 2050-12-15      | Fixed         | 3.59%                 | No            | 2                  | On Loan: No      |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp                               | Ascent Resources Utica Holdings, LLC / ARU Finance Corporation                   | CUSIP: 04364VAX1<br>LEI: 549300EGLQ2M2CL7JZ89 | Long             | DBT              | CORP              | US        |    415000 | PA      | $423815.43    | 0.09%             | 2032-10-15      | Fixed         | 6.62%                 | Yes           | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # FM8686                                                    | CUSIP: 3140XCUL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9371201 | PA      | $8066444.06   | 1.70%             | 2051-09-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # CB8755                                                    | CUSIP: 3140QUWR3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9268477 | PA      | $9518163.03   | 2.00%             | 2054-06-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)  | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                        | CUSIP: 00774MBE4<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    480000 | PA      | $514539.07    | 0.11%             | 2030-09-30      | Fixed         | 6.15%                 | No            | 2                  | On Loan: No      |
| BANK5 2025-5YR17                                                                     | BANK5 2025-5YR17 5.225%, Due 11/15/2058                                          | CUSIP: 06211GAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2825000 | PA      | $2916701.48   | 0.61%             | 2058-11-15      | Variable      | 5.22%                 | No            | 2                  | On Loan: No      |
| Energy Transfer LP                                                                   | Energy Transfer Operating, L.P. 3.75%, Due 05/15/2030                            | CUSIP: 29278NAQ6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    567000 | PA      | $550717.85    | 0.12%             | 2030-05-15      | Fixed         | 3.75%                 | No            | 2                  | On Loan: No      |
| Global Atlantic Finance Co.                                                          | Global Atlantic Fin Company 6.75%, Due 03/15/2054                                | CUSIP: 37959GAF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    306000 | PA      | $324250.71    | 0.07%             | 2054-03-15      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| Hess Midstream Operations LP                                                         | Hess Midstream Operations, L.P. 6.5%, Due 06/01/2029                             | CUSIP: 428102AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    411000 | PA      | $424137.62    | 0.09%             | 2029-06-01      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| Comm 2017-Panw Mortgage Trust                                                        | COMM 2017-COR2 Mortgage Trust 3.51%, Due 09/10/2050                              | CUSIP: 12595EAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1300000 | PA      | $1274358.67   | 0.27%             | 2050-09-10      | Fixed         | 3.51%                 | No            | 2                  | On Loan: No      |
| KKR Group Finance Company III LLC                                                    | KKR Group Finance Company III, LLC 5.125%, Due 06/01/2044                        | CUSIP: 48250AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    492000 | PA      | $467486.90    | 0.10%             | 2044-06-01      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| Starwood Property Trust, Inc.                                                        | Starwood Property Trust, Inc. 6.5%, Due 10/15/2030                               | CUSIP: 85571BBE4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    912000 | PA      | $944345.90    | 0.20%             | 2030-10-15      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| SBL Holdings Inc.                                                                    | SBL Holdings, Inc. 5.125%, Due 11/13/2026                                        | CUSIP: 78432MAA3<br>LEI: 635400MJW3QDSBJRKQ59 | Long             | DBT              | CORP              | US        |    824000 | PA      | $831103.19    | 0.17%             | 2026-11-13      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| Firstenergy Transmission  Llc                                                        | FirstEnergy Transmission, LLC 4.75%, Due 01/15/2033                              | CUSIP: 33767BAJ8<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |   1096000 | PA      | $1095175.74   | 0.23%             | 2033-01-15      | Fixed         | 4.75%                 | Yes           | 2                  | On Loan: No      |
| CD 2017 Cd3 Mortgage Trust                                                           | CD 2017-CD3 Mortgage Trust 3.631%, Due 02/10/2050                                | CUSIP: 12515GAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    880000 | PA      | $854835.78    | 0.18%             | 2050-02-10      | Fixed         | 3.63%                 | No            | 2                  | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                                  | Citigroup Commercial Mortgage Trust 2018-B2 4.009%, Due 03/10/2051               | CUSIP: 17327FAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1980577.00   | 0.42%             | 2051-03-10      | Fixed         | 4.01%                 | No            | 2                  | On Loan: No      |
| Dryden 53 Clo Ltd                                                                    | Dryden 53 CLO Ltd. Floating Rate, Due 01/15/2031                                 | CUSIP: 26243EAR2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2673000 | PA      | $2672927.83   | 0.56%             | 2031-01-15      | Variable      | 5.60%                 | Yes           | 2                  | On Loan: No      |
| Transatlantic Holdings Inc.                                                          | Transatlantic Holdings, Inc. 8%, Due 11/30/2039                                  | CUSIP: 893521AB0<br>LEI: RN37QJVS1BV19MNIC295 | Long             | DBT              | CORP              | US        |    520000 | PA      | $652918.17    | 0.14%             | 2039-11-30      | Fixed         | 8.00%                 | No            | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac Pool Pool # SL0797                                                   | CUSIP: 31427M3F6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   3938656 | PA      | $4063809.16   | 0.85%             | 2055-02-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Fiserv Inc.                                                                          | Fiserv, Inc. 5.15%, Due 08/12/2034                                               | CUSIP: 337738BN7<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    714000 | PA      | $722866.01    | 0.15%             | 2034-08-12      | Fixed         | 5.15%                 | No            | 2                  | On Loan: No      |
| Invitation Homes Operating Partnership Lp                                            | Invitation Homes Operating Partnership, L.P. 4.15%, Due 04/15/2032               | CUSIP: 46188BAD4<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              | CORP              | US        |    508000 | PA      | $491659.19    | 0.10%             | 2032-04-15      | Fixed         | 4.15%                 | No            | 2                  | On Loan: No      |
| BANK5 2023-5YR1                                                                      | BANK5 2023-5YR1 Floating Rate, Due 04/15/2056                                    | CUSIP: 06644EAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1390000 | PA      | $1445471.01   | 0.30%             | 2056-04-15      | Variable      | 6.26%                 | No            | 2                  | On Loan: No      |
| Glencore Funding LLC                                                                 | Glencore Funding, LLC 5.673%, Due 04/01/2035                                     | CUSIP: 378272CA4<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    884000 | PA      | $919257.90    | 0.19%             | 2035-04-01      | Fixed         | 5.67%                 | Yes           | 2                  | On Loan: No      |
| Gartner Inc.                                                                         | Gartner, Inc. 4.5%, Due 07/01/2028                                               | CUSIP: 366651AC1<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |    677000 | PA      | $671580.82    | 0.14%             | 2028-07-01      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| Motorola Solutions Inc                                                               | Motorola Solutions, Inc. 4.85%, Due 08/15/2030                                   | CUSIP: 620076CA5<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    727000 | PA      | $741158.70    | 0.16%             | 2030-08-15      | Fixed         | 4.85%                 | No            | 2                  | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 41 Ltd.                                           | Neuberger Berman Loan Advisers CLO 41 Ltd. Floating Rate, Due 04/15/2034         | CUSIP: 64134BAJ9<br>LEI: 549300RYH1PYRU661D66 | Long             | ABS-CBDO         | CORP              | KY        |   3031000 | PA      | $3037052.91   | 0.64%             | 2034-04-15      | Floating      | 5.35%                 | Yes           | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # CA3823                                                    | CUSIP: 3140QBG93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4300041 | PA      | $4158645.00   | 0.87%             | 2049-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| BARINGS EQUIPMENT FINANCE LLC 2025-                                                  | Barings Equipment Finance, LLC 2025-A 4.82%, Due 08/13/2032                      | CUSIP: 06764MAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4463000 | PA      | $4561219.92   | 0.96%             | 2032-08-13      | Fixed         | 4.82%                 | Yes           | 2                  | On Loan: No      |
| Baxter International, Inc.                                                           | Baxter International, Inc. 2.539%, Due 02/01/2032                                | CUSIP: 071813CS6<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |    783000 | PA      | $686661.43    | 0.14%             | 2032-02-01      | Fixed         | 2.54%                 | No            | 2                  | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                                        | CCO Holdings, LLC / CCO Holdings Capital Corporation                             | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1128000 | PA      | $975932.01    | 0.21%             | 2034-01-15      | Fixed         | 4.25%                 | Yes           | 2                  | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRU                                                  | Wells Fargo Commercial Mortgage Trust 2025-5C5 5.59%, Due 07/15/2058             | CUSIP: 95004MAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1334000 | PA      | $1396009.39   | 0.29%             | 2058-07-15      | Fixed         | 5.59%                 | No            | 2                  | On Loan: No      |
| Lowes Companies, Inc.                                                                | Lowe's Companies, Inc. 1.7%, Due 10/15/2030                                      | CUSIP: 548661DY0<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    800000 | PA      | $704354.03    | 0.15%             | 2030-10-15      | Fixed         | 1.70%                 | No            | 2                  | On Loan: No      |
| Nevada Power Company                                                                 | Nevada Power Company 6.25%, Fixed until 05/15/2030                               | CUSIP: 641423CH9<br>LEI: MJZFGXRJ52U8U4MKJ519 | Long             | DBT              | CORP              | US        |    409000 | PA      | $415218.85    | 0.09%             | 2055-05-15      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                                                         | United States Treasury Note 2.625%, Due 02/15/2029                               | CUSIP: 9128286B1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4941000 | PA      | $4781575.57   | 1.01%             | 2029-02-15      | Fixed         | 2.62%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # FS3809                                                    | CUSIP: 3140XKGT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    356493 | PA      | $348756.89    | 0.07%             | 2052-11-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # FS9801                                                    | CUSIP: 3140XR3K9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7475390 | PA      | $7557631.13   | 1.59%             | 2054-11-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| The Toronto-Dominion Bank                                                            | Toronto-Dominion Bank (The) Variable Rate, Due 09/15/2031                        | CUSIP: 891160MJ9<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    857000 | PA      | $850177.68    | 0.18%             | 2031-09-15      | Fixed         | 3.62%                 | No            | 2                  | On Loan: No      |
| Dell International LLC / EMC Corp.                                                   | Dell International, LLC / EMC Corporation 4.75%, Due 10/06/2032                  | CUSIP: 24703DBT7<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    565000 | PA      | $562640.37    | 0.12%             | 2032-10-06      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| Cleveland-Cliffs Inc                                                                 | Cleveland-Cliffs, Inc. 6.875%, Due 11/01/2029                                    | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    398000 | PA      | $405928.56    | 0.09%             | 2029-11-01      | Fixed         | 6.88%                 | Yes           | 2                  | On Loan: No      |
| SBL Holdings Inc.                                                                    | SBL Holdings, Inc. 7.2%, Due 10/30/2034                                          | CUSIP: 78397DAD0<br>LEI: 635400MJW3QDSBJRKQ59 | Long             | DBT              | CORP              | US        |    422000 | PA      | $423450.95    | 0.09%             | 2034-10-30      | Fixed         | 7.20%                 | Yes           | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # CB6081                                                    | CUSIP: 3140QRXK4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5500619 | PA      | $5588396.95   | 1.18%             | 2053-04-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| BANK5 2023-5YR3                                                                      | BANK5 2023-5YR3 Floating Rate, Due 09/15/2056                                    | CUSIP: 06211EAP6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4150000 | PA      | $4458140.82   | 0.94%             | 2056-09-15      | Variable      | 7.56%                 | No            | 2                  | On Loan: No      |
| PROGRESS RESIDENTIAL 2025-SFR1 TRUS                                                  | Progress Residential 2025-SFR1 Trust Floating Rate, Due 02/17/2042               | CUSIP: 74334NAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3051230 | PA      | $2917266.49   | 0.61%             | 2042-02-17      | Fixed         | 3.40%                 | Yes           | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # FM9464                                                    | CUSIP: 3140XDQS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1248192 | PA      | $1114895.00   | 0.23%             | 2051-11-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Barclays PLC                                                                         | Barclays plc 5.088%, Fixed until 06/20/2029                                      | CUSIP: 06738EBK0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    642000 | PA      | $650727.11    | 0.14%             | 2030-06-20      | Fixed         | 5.09%                 | No            | 2                  | On Loan: No      |
| Onemain Direct Auto Receivables Trust 2017-1                                         | OneMain Direct Auto Receivables Trust 2025-1 5.36%, Due 04/16/2035               | CUSIP: 682684AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4500000 | PA      | $4651944.30   | 0.98%             | 2035-04-16      | Fixed         | 5.36%                 | Yes           | 2                  | On Loan: No      |
| Organon & Co                                                                         | Organon & Company / Organon Foreign Debt Co-Issuer 5.125%, Due 04/30/2031        | CUSIP: 68622TAB7<br>LEI: 549300AMCKY57OK2CO56 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1052212.79   | 0.22%             | 2031-04-30      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| Sabre GLBL Inc.                                                                      | Sabre GLBL, Inc. 10.75%, Due 11/15/2029                                          | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    781000 | PA      | $757686.24    | 0.16%             | 2029-11-15      | Fixed         | 10.75%                | Yes           | 2                  | On Loan: No      |
| Enstar Group Ltd                                                                     | Enstar Group Ltd. 3.1%, Due 09/01/2031                                           | CUSIP: 29359UAC3<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |    469000 | PA      | $419261.20    | 0.09%             | 2031-09-01      | Fixed         | 3.10%                 | No            | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac Pool Pool # SL0704                                                   | CUSIP: 31427MYA3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   6973050 | PA      | $6826808.23   | 1.44%             | 2053-03-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Burlington Northern Santa Fe LLC                                                     | Burlington Northern Santa Fe, LLC 4.95%, Due 09/15/2041                          | CUSIP: 12189LAG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    706000 | PA      | $680262.70    | 0.14%             | 2041-09-15      | Fixed         | 4.95%                 | No            | 2                  | On Loan: No      |
| Citigroup Inc.                                                                       | Citigroup, Inc. Variable Rate, Due 11/05/2030                                    | CUSIP: 17308CC53<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1993000 | PA      | $1887064.68   | 0.40%             | 2030-11-05      | Fixed         | 2.98%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bonds                                                         | United States Treasury Bond 2.5%, Due 02/15/2045                                 | CUSIP: 912810RK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  23705600 | PA      | $16987469.94  | 3.57%             | 2045-02-15      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Carlyle Us Clo 2018-2 LLC                                                            | CARLYLE US CLO 2017-3 Ltd. Floating Rate, Due 10/21/2037                         | CUSIP: 14314FAY4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2275056 | PA      | $2282679.71   | 0.48%             | 2037-10-21      | Floating      | 5.73%                 | Yes           | 2                  | On Loan: No      |
| Bacardi Ltd / Bacardi Martini BV                                                     | Bacardi Ltd. / Bacardi-Martini BV 5.4%, Due 06/15/2033                           | CUSIP: 05635JAB6<br>LEI: 549300R32WTQNHNN5055 | Long             | DBT              | CORP              | US        |    818000 | PA      | $826903.47    | 0.17%             | 2033-06-15      | Fixed         | 5.40%                 | Yes           | 2                  | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPMorgan Chase & Company 5.576%, Fixed Unitl 07/23/2025                          | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    432000 | PA      | $448159.82    | 0.09%             | 2036-07-23      | Fixed         | 5.58%                 | No            | 2                  | On Loan: No      |
| Mars Inc.                                                                            | Mars, Inc. 5.2%, Due 03/01/2035                                                  | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   1077000 | PA      | $1101400.01   | 0.23%             | 2035-03-01      | Fixed         | 5.20%                 | Yes           | 2                  | On Loan: No      |
| Fortitude Group Holdings LLC                                                         | Fortitude Group Holdings, LLC 6.25%, Due 04/01/2030                              | CUSIP: 34966XAA6<br>LEI: 2549006R9ZUL08JFIH12 | Long             | DBT              | CORP              | US        |    769000 | PA      | $798970.08    | 0.17%             | 2030-04-01      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| Pioneer Natural Resources Company                                                    | Pioneer Natural Resources Company 1.9%, Due 08/15/2030                           | CUSIP: 723787AQ0<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |    644000 | PA      | $578664.91    | 0.12%             | 2030-08-15      | Fixed         | 1.90%                 | No            | 2                  | On Loan: No      |
| ONEMAIN FINANCIAL ISSUANCE TRUST 20                                                  | OneMain Financial Issuance Trust 2023-1 5.5%, Due 06/14/2038                     | CUSIP: 68269JAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1950000 | PA      | $2019338.10   | 0.42%             | 2038-06-14      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | Charter Communications Operating, LLC / Charter Communications Operating Capital | CUSIP: 161175CQ5<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    518000 | PA      | $543682.52    | 0.11%             | 2029-06-01      | Fixed         | 6.10%                 | No            | 2                  | On Loan: No      |
| AT&T Inc                                                                             | AT&T, Inc. 3.5%, Due 06/01/2041                                                  | CUSIP: 00206RJZ6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1399000 | PA      | $1118965.54   | 0.24%             | 2041-06-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac Pool Pool # QX0510                                                   | CUSIP: 31425UR80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   6979974 | PA      | $6929591.51   | 1.46%             | 2054-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| VDCM COMMERCIAL MORTGAGE TRUST 2025-AZ                                               | VDCM Commercial Mortgage Trust 2025-AZ Floating Rate, Due 07/13/2044             | CUSIP: 91825CAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    739000 | PA      | $750166.73    | 0.16%             | 2044-07-13      | Variable      | 6.03%                 | Yes           | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # FA0543                                                    | CUSIP: 3140W0S97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3233019 | PA      | $2779652.66   | 0.58%             | 2052-06-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| SMB PRIVATE EDU LN TR 2024-A                                                         | SMB Private Education Loan Trust 2024-A 5.24%, Due 03/15/2056                    | CUSIP: 831943AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3275557 | PA      | $3350654.12   | 0.70%             | 2056-03-15      | Fixed         | 5.24%                 | Yes           | 2                  | On Loan: No      |
| The Boeing Company                                                                   | Boeing Company (The) 6.298%, Due 05/01/2029                                      | CUSIP: 097023DQ5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    582000 | PA      | $617811.45    | 0.13%             | 2029-05-01      | Fixed         | 6.30%                 | No            | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac Pool Pool # SL0715                                                   | CUSIP: 31427MYM7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   5892930 | PA      | $5876498.92   | 1.24%             | 2054-10-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| New Home Company Inc                                                                 | New Home Company, Inc. (The) 8.5%, Due 11/01/2030                                | CUSIP: 645370AG2<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |    456000 | PA      | $473925.82    | 0.10%             | 2030-11-01      | Fixed         | 8.50%                 | Yes           | 2                  | On Loan: No      |
| Blackrock Inc.                                                                       | BlackRock, Inc. 1.9%, Due 01/28/2031                                             | CUSIP: 09247XAR2<br>LEI: 529900VBK42Y5HHRMD23 | Long             | DBT              | CORP              | US        |   1027000 | PA      | $915810.15    | 0.19%             | 2031-01-28      | Fixed         | 1.90%                 | No            | 2                  | On Loan: No      |
| BANK5 2023-5YR4                                                                      | BANK5 2023-5YR4 6.5%, Due 12/15/2056                                             | CUSIP: 06211FAV0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3462454 | PA      | $3654414.21   | 0.77%             | 2056-12-15      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| RGA Global Funding                                                                   | RGA Global Funding 5.5%, Due 01/11/2031                                          | CUSIP: 76209PAD5<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |    441000 | PA      | $460540.52    | 0.10%             | 2031-01-11      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac Pool Pool # SD0739                                                   | CUSIP: 3132DMZC2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |  10069258 | PA      | $9372646.76   | 1.97%             | 2051-10-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| BBCMS MORTGAGE TRUST 2024-5C25                                                       | BBCMS Mortgage Trust 2024-5C25 Floating Rate, Due 03/15/2057                     | CUSIP: 05554VAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    485000 | PA      | $506668.35    | 0.11%             | 2057-03-15      | Variable      | 6.36%                 | No            | 2                  | On Loan: No      |
| Caterpillar Inc                                                                      | Caterpillar, Inc. 5.2%, Due 05/15/2035                                           | CUSIP: 149123CL3<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | DBT              | CORP              | US        |    618000 | PA      | $639632.06    | 0.13%             | 2035-05-15      | Fixed         | 5.20%                 | No            | 2                  | On Loan: No      |
| Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp.                   | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corporation        | CUSIP: 505742AR7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    779000 | PA      | $817299.31    | 0.17%             | 2031-07-15      | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| Centerpoint Energy Houston Electric LLC                                              | CenterPoint Energy Houston Electric, LLC 5.15%, Due 03/01/2034                   | CUSIP: 15189XBE7<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |    668000 | PA      | $685737.86    | 0.14%             | 2034-03-01      | Fixed         | 5.15%                 | No            | 2                  | On Loan: No      |
| Civitas Resources Inc                                                                | Civitas Resources, Inc. 9.625%, Due 06/15/2033                                   | CUSIP: 17888HAD5<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    685000 | PA      | $724049.88    | 0.15%             | 2033-06-15      | Fixed         | 9.62%                 | Yes           | 2                  | On Loan: No      |
| NRG Energy, Inc.                                                                     | NRG Energy, Inc. 5.407%, Due 10/15/2035                                          | CUSIP: 629377DB5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    610000 | PA      | $612455.86    | 0.13%             | 2035-10-15      | Fixed         | 5.41%                 | Yes           | 2                  | On Loan: No      |
| Bath & Body Works Inc                                                                | Bath & Body Works, Inc. 6.875%, Due 11/01/2035                                   | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    876000 | PA      | $912530.95    | 0.19%             | 2035-11-01      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| Global Net Lease Inc / Global Net Lease Operating Partnership LP                     | Necessity Retail REIT Inc (The) / American Finance Operating Partner, L.P.       | CUSIP: 02608AAA7<br>LEI: 549300NUYANCT5SU8Z65 | Long             | DBT              | CORP              | US        |    472000 | PA      | $462109.38    | 0.10%             | 2028-09-30      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPMorgan Chase & Company 5.012%, Fixed until 01/23/2029                          | CUSIP: 46647PEB8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1709000 | PA      | $1751067.65   | 0.37%             | 2030-01-23      | Fixed         | 5.01%                 | No            | 2                  | On Loan: No      |
| Prologis Targeted US Logistics Fund LP                                               | Prologis Targeted US Logistics Fund, L.P. 5.5%, Due 04/01/2034                   | CUSIP: 74350LAB0<br>LEI: 5493004DTBWUQ9F2VJ87 | Long             | DBT              | CORP              | US        |    629000 | PA      | $653679.23    | 0.14%             | 2034-04-01      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # FA0642                                                    | CUSIP: 3140W0WC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8472149 | PA      | $7610771.05   | 1.60%             | 2042-03-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # FS4571                                                    | CUSIP: 3140XLCH9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    362582 | PA      | $368924.17    | 0.08%             | 2053-05-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac Pool Pool # RA7191                                                   | CUSIP: 3133KN7C1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   1494659 | PA      | $1373380.48   | 0.29%             | 2052-04-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| OneMain Financial Corporation                                                        | OneMain Finance Corporation 7.125%, Due 09/15/2032                               | CUSIP: 682691AK6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    474000 | PA      | $490252.41    | 0.10%             | 2032-09-15      | Fixed         | 7.12%                 | No            | 2                  | On Loan: No      |
| BENCHMARK 2023-V3 MORTGAGE TRUST                                                     | Benchmark 2023-V3 Mortgage Trust Floating Rate, Due 07/15/2056                   | CUSIP: 08163VAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3222000 | PA      | $3379472.03   | 0.71%             | 2056-07-15      | Variable      | 6.36%                 | No            | 2                  | On Loan: No      |
| Chicago Board of Trade                                                               | CBOT 2 Year US Treasury Note Future 12/31/2025                                   | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DCO              | CORP              | US        |        85 | NS      | $-35203.77    | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| Wells Fargo & Co.                                                                    | Wells Fargo & Company 5.605%, Fixed Until 04/23/2035                             | CUSIP: 95000U3V3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1315000 | PA      | $1380539.23   | 0.29%             | 2036-04-23      | Fixed         | 5.61%                 | No            | 2                  | On Loan: No      |
| DTE Electric Co.                                                                     | DTE Electric Company 5.25%, Due 05/15/2035                                       | CUSIP: 23338VAY2<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |    867000 | PA      | $892807.53    | 0.19%             | 2035-05-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| American National Group Inc.                                                         | American National Group, Inc. 6%, Due 07/15/2035                                 | CUSIP: 025676AQ0<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |    682000 | PA      | $696764.62    | 0.15%             | 2035-07-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| ADT Security Corp.                                                                   | ADT Security Corporation (The) 5.875%, Due 10/15/2033                            | CUSIP: 00109LAB9<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |    570000 | PA      | $570000.00    | 0.12%             | 2033-10-15      | Fixed         | 5.88%                 | Yes           | N/A                | On Loan: No      |
| MVW 2024-2 LLC                                                                       | MVW 2024-2, LLC 4.43%, Due 03/20/2042                                            | CUSIP: 55389QAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    176494 | PA      | $176722.14    | 0.04%             | 2042-03-20      | Fixed         | 4.43%                 | Yes           | 2                  | On Loan: No      |
| BENCHMARK 2024-V5 MORTGAGE TRUST                                                     | Benchmark 2024-V5 Mortgage Trust 5.8053%, Due 01/10/2057                         | CUSIP: 08163XAY9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1865000 | PA      | $1944287.86   | 0.41%             | 2057-01-10      | Fixed         | 5.81%                 | No            | 2                  | On Loan: No      |
| BANK5 2024-5YR6                                                                      | BANK5 Trust 2024-5YR6 Floating Rate, Due 05/15/2057                              | CUSIP: 066043AG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2126540.40   | 0.45%             | 2057-05-15      | Variable      | 6.79%                 | No            | 2                  | On Loan: No      |
| Vantage Data Centers Issuer                                                          | Vantage Data Centers, LLC 5.132%, Due 08/15/2055                                 | CUSIP: 92212KAH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2270000 | PA      | $2284720.27   | 0.48%             | 2055-08-15      | Fixed         | 5.13%                 | Yes           | 2                  | On Loan: No      |
| Stonepeak Nile Parent LLC                                                            | Stonepeak Nile Parent, LLC 7.25%, Due 03/15/2032                                 | CUSIP: 861932AA9<br>LEI: 254900TJV3VAFZD0GU41 | Long             | DBT              | CORP              | US        |    415000 | PA      | $437350.66    | 0.09%             | 2032-03-15      | Fixed         | 7.25%                 | Yes           | 2                  | On Loan: No      |
| BMO 2023-5C1 MORTGAGE TRUST                                                          | BMO 2023-5C1 Mortgage Trust Floating Rate, Due 08/15/2056                        | CUSIP: 055986AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3260000 | PA      | $3425331.23   | 0.72%             | 2056-08-15      | Variable      | 6.53%                 | No            | 2                  | On Loan: No      |
| BENCHMARK 2024-V7 MORTGAGE TRUST                                                     | Benchmark 2024-V7 Mortgage Trust Floating Rate, Due 05/15/2056                   | CUSIP: 08163YAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $211589.56    | 0.04%             | 2056-05-15      | Variable      | 6.23%                 | No            | 2                  | On Loan: No      |
| Howmet Aerospace Inc                                                                 | Howmet Aerospace, Inc. 4.85%, Due 10/15/2031                                     | CUSIP: 443201AC2<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |     66000 | PA      | $67771.61     | 0.01%             | 2031-10-15      | Fixed         | 4.85%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                                                         | United States Treasury Note 4%, Due 02/15/2034                                   | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  23521900 | PA      | $23465392.40  | 4.94%             | 2034-02-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| BENCHMARK 2024-V6 MORTGAGE TRUST                                                     | Benchmark 2024-V6 Mortgage Trust 5.92554%, Due 03/15/2057                        | CUSIP: 081927AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $104633.79    | 0.02%             | 2057-03-15      | Fixed         | 5.93%                 | No            | 2                  | On Loan: No      |
| CSL Finance PLC                                                                      | CSL Finance plc 4.25%, Due 04/27/2032                                            | CUSIP: 12661PAC3<br>LEI: 2549007CCNBNAF4HBC02 | Long             | DBT              | CORP              | GB        |    697000 | PA      | $687236.62    | 0.14%             | 2032-04-27      | Fixed         | 4.25%                 | Yes           | 2                  | On Loan: No      |
| Verisk Analytics, Inc.                                                               | Verisk Analytics, Inc. 5.25%, Due 03/15/2035                                     | CUSIP: 92345YAL0<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |    722000 | PA      | $736528.40    | 0.15%             | 2035-03-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Zoetis Inc.                                                                          | Zoetis, Inc. 5%, Due 08/17/2035                                                  | CUSIP: 98978VAX1<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |    509000 | PA      | $514275.17    | 0.11%             | 2035-08-17      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| LCM 33 Ltd / LCM 33 LLC                                                              | LCM 33 Ltd. Floating Rate, Due 07/20/2034                                        | CUSIP: 50202CAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4182000 | PA      | $4193283.04   | 0.88%             | 2034-07-20      | Floating      | 5.49%                 | Yes           | 2                  | On Loan: No      |
| AT&T Inc                                                                             | AT&T, Inc. 4.3%, Due 02/15/2030                                                  | CUSIP: 00206RGQ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    675000 | PA      | $676596.13    | 0.14%             | 2030-02-15      | Fixed         | 4.30%                 | No            | 2                  | On Loan: No      |
| Entergy Louisiana LLC                                                                | Entergy Louisiana, LLC 5.7%, Due 03/15/2054                                      | CUSIP: 29364WBN7<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    972000 | PA      | $983279.47    | 0.21%             | 2054-03-15      | Fixed         | 5.70%                 | No            | 2                  | On Loan: No      |
| Sempra                                                                               | Sempra 3.8%, Due 02/01/2038                                                      | CUSIP: 816851BH1<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    872000 | PA      | $746092.90    | 0.16%             | 2038-02-01      | Fixed         | 3.80%                 | No            | 2                  | On Loan: No      |
| Extra Space Storage LP                                                               | Extra Space Storage, L.P. 4.95%, Due 01/15/2033                                  | CUSIP: 30225VAV9<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    802000 | PA      | $807150.03    | 0.17%             | 2033-01-15      | Fixed         | 4.95%                 | No            | 2                  | On Loan: No      |
| Morgan Stanley                                                                       | Morgan Stanley 5.25%, Fixed until 04/21/2033                                     | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1626000 | PA      | $1677290.46   | 0.35%             | 2034-04-21      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Crescent Energy Finance LLC                                                          | Crescent Energy Finance, LLC 8.375%, Due 01/15/2034                              | CUSIP: 45344LAG8<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    710000 | PA      | $719987.93    | 0.15%             | 2034-01-15      | Fixed         | 8.38%                 | Yes           | 2                  | On Loan: No      |
| Buckeye Partners LP                                                                  | Buckeye Partners, L.P. 6.75%, Due 02/01/2030                                     | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    240000 | PA      | $249459.36    | 0.05%             | 2030-02-01      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| BANK5 2024-5YR6                                                                      | BANK5 Trust 2024-5YR6 6.225%, Due 05/15/2057                                     | CUSIP: 066043AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2642115.25   | 0.56%             | 2057-05-15      | Fixed         | 6.22%                 | No            | 2                  | On Loan: No      |
| BANK 2023-BNK46                                                                      | BANK 2023-BNK46 5.745%, Due 08/15/2056                                           | CUSIP: 06541DBH6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $212680.96    | 0.04%             | 2056-08-15      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| Wells Fargo & Co.                                                                    | Wells Fargo & Company Variable Rate, Due 10/30/2030                              | CUSIP: 95000U2G7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1142000 | PA      | $1081513.89   | 0.23%             | 2030-10-30      | Fixed         | 2.88%                 | No            | 2                  | On Loan: No      |
| Entegris Inc                                                                         | Entegris Escrow Corporation 4.75%, Due 04/15/2029                                | CUSIP: 29365BAA1<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    960000 | PA      | $952792.99    | 0.20%             | 2029-04-15      | Fixed         | 4.75%                 | Yes           | 2                  | On Loan: No      |
| SBL Holdings Inc.                                                                    | SBL Holdings, Inc. 6.5%, Fixed until 11/13/2026                                  | CUSIP: 78397DAC2<br>LEI: 635400MJW3QDSBJRKQ59 | Long             | DBT              | CORP              | US        |    490000 | PA      | $478873.23    | 0.10%             | N/A             | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| BENCHMARK 2024-V6 MORTGAGE TRUST                                                     | Benchmark 2024-V6 Mortgage Trust 6.38427%, Due 03/15/2057                        | CUSIP: 081927AE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1834266.00   | 0.39%             | 2057-03-15      | Variable      | 6.38%                 | No            | 2                  | On Loan: No      |
| APA Corp.                                                                            | APA Corporation 6.75%, Due 02/15/2055                                            | CUSIP: 03743QAS7<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |    542000 | PA      | $546843.24    | 0.12%             | 2055-02-15      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| Cifc Funding 2019-1 Ltd                                                              | CIFC Funding 2017-III Ltd. Floating Rate, Due 04/20/2037                         | CUSIP: 12548JAN2<br>LEI: 254900RRJV30GDUWIX97 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5015960.00   | 1.06%             | 2037-04-20      | Floating      | 5.87%                 | Yes           | 2                  | On Loan: No      |
| RTX Corp.                                                                            | RTX Corporation 6.1%, Due 03/15/2034                                             | CUSIP: 75513ECW9<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    661000 | PA      | $724045.11    | 0.15%             | 2034-03-15      | Fixed         | 6.10%                 | No            | 2                  | On Loan: No      |
| BANK5 2023-5YR4                                                                      | BANK5 2023-5YR4 Floating Rate, Due 12/15/2056                                    | CUSIP: 06211FBA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $214013.80    | 0.05%             | 2056-12-15      | Variable      | 7.27%                 | No            | 2                  | On Loan: No      |
| Duke Energy Florida LLC                                                              | Duke Energy Florida, LLC 6.2%, Due 11/15/2053                                    | CUSIP: 26444HAR2<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1291858.44   | 0.27%             | 2053-11-15      | Fixed         | 6.20%                 | No            | 2                  | On Loan: No      |
| Morgan Stanley Bank Of America Merrill Lynch Trust 2016-C32                          | Morgan Stanley Bank of America Merrill Lynch Trust 2016-C32                      | CUSIP: 61691GAS9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $496187.40    | 0.10%             | 2026-12-15      | Variable      | 3.72%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # FA0202                                                    | CUSIP: 3140W0GL3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3847805 | PA      | $3903501.76   | 0.82%             | 2054-02-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| OneMain Financial Corporation                                                        | OneMain Finance Corporation 6.125%, Due 05/15/2030                               | CUSIP: 682691AL4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    437000 | PA      | $442875.47    | 0.09%             | 2030-05-15      | Fixed         | 6.12%                 | No            | 2                  | On Loan: No      |
| Westpac Banking Corp.                                                                | Westpac Banking Corporation 4.322%, Fixed Unitl 11/23/2026                       | CUSIP: 961214DF7<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |   1001000 | PA      | $998223.63    | 0.21%             | 2031-11-23      | Fixed         | 4.32%                 | No            | 2                  | On Loan: No      |
| BAE Systems PLC                                                                      | BAE Systems plc 5.125%, Due 03/26/2029                                           | CUSIP: 05523RAJ6<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |    632000 | PA      | $651072.57    | 0.14%             | 2029-03-26      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| Microchip Technology Incorporated                                                    | Microchip Technology, Inc. 5.05%, Due 02/15/2030                                 | CUSIP: 595017BL7<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |    430000 | PA      | $439847.53    | 0.09%             | 2030-02-15      | Fixed         | 5.05%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bonds                                                         | United States Treasury Bond 1.375%, Due 08/15/2050                               | CUSIP: 912810SP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30192000 | PA      | $15189760.35  | 3.20%             | 2050-08-15      | Fixed         | 1.38%                 | No            | 2                  | On Loan: No      |
| Meritage Homes Corp                                                                  | Meritage Homes Corporation 3.875%, Due 04/15/2029                                | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |    465000 | PA      | $452846.33    | 0.10%             | 2029-04-15      | Fixed         | 3.88%                 | Yes           | 2                  | On Loan: No      |
| Bank of America Corp.                                                                | Bank of America Corporation 5.015 ,Fixed until 7/22/2032                         | CUSIP: 06051GKY4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1757000 | PA      | $1796047.85   | 0.38%             | 2033-07-22      | Fixed         | 5.01%                 | No            | 2                  | On Loan: No      |
| Amazon.com, Inc.                                                                     | Amazon.com, Inc. 2.875%, Due 05/12/2041                                          | CUSIP: 023135CA2<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    961000 | PA      | $737825.01    | 0.16%             | 2041-05-12      | Fixed         | 2.88%                 | No            | 2                  | On Loan: No      |
| Wells Fargo & Co.                                                                    | Wells Fargo & Company 4.897%, Fixed until 07/25/2032                             | CUSIP: 95000U3B7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    984000 | PA      | $1000111.01   | 0.21%             | 2033-07-25      | Fixed         | 4.90%                 | No            | 2                  | On Loan: No      |
| Kraft Heinz Foods Company                                                            | Kraft Heinz Foods Company 5%, Due 06/04/2042                                     | CUSIP: 50076QAE6<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    781000 | PA      | $721380.37    | 0.15%             | 2042-06-04      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Broadcom Inc                                                                         | Broadcom, Inc. 4.926%, Due 05/15/2037                                            | CUSIP: 11135FBV2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1047643.13   | 0.22%             | 2037-05-15      | Fixed         | 4.93%                 | Yes           | 2                  | On Loan: No      |
| Ford Motor Company                                                                   | Ford Motor Company 6.1%, Due 08/19/2032                                          | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    969000 | PA      | $992967.47    | 0.21%             | 2032-08-19      | Fixed         | 6.10%                 | No            | 2                  | On Loan: No      |
| Morgan Stanley                                                                       | Morgan Stanley 2.511 ,Fixed until 10/20/2031                                     | CUSIP: 61747YEH4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1447000 | PA      | $1291307.00   | 0.27%             | 2032-10-20      | Fixed         | 2.51%                 | No            | 2                  | On Loan: No      |
| BENCHMARK 2023-V2 MORTGAGE TRUST                                                     | Benchmark 2023-V2 Mortgage Trust Floating Rate, Due 05/15/2055                   | CUSIP: 08163TAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1141000 | PA      | $1179932.40   | 0.25%             | 2055-05-15      | Variable      | 5.81%                 | No            | 2                  | On Loan: No      |
| Tanger Properties Limited Partnership                                                | Tanger Properties, L.P. 2.75%, Due 09/01/2031                                    | CUSIP: 875484AL1<br>LEI: PQPGJDNFN35EXH363L31 | Long             | DBT              | CORP              | US        |    683000 | PA      | $612381.41    | 0.13%             | 2031-09-01      | Fixed         | 2.75%                 | No            | 2                  | On Loan: No      |
| Ally Financial Inc.                                                                  | Ally Financial, Inc. 5.543%, Fixed Until 01/17/2030                              | CUSIP: 02005NBW9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    858000 | PA      | $874498.47    | 0.18%             | 2031-01-17      | Fixed         | 5.54%                 | No            | 2                  | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Freddie Mac Pool Pool # SD3354                                                   | CUSIP: 3132DQWP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   8949955 | PA      | $8923949.72   | 1.88%             | 2053-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                                                         | United States Treasury Note 4.125%, Due 11/15/2032                               | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8537400 | PA      | $8637781.13   | 1.82%             | 2032-11-15      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| Comerica Incorporated                                                                | Comerica, Inc. 5.982%, Fixed until 01/30/2029                                    | CUSIP: 200340AW7<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | DBT              | CORP              | US        |    538000 | PA      | $559977.17    | 0.12%             | 2030-01-30      | Fixed         | 5.98%                 | No            | 2                  | On Loan: No      |
| Federal National Mortgage Association                                                | Fannie Mae Pool Pool # CB0737                                                    | CUSIP: 3140QKZB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  10444503 | PA      | $9270431.99   | 1.95%             | 2051-06-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| BBCMS MORTGAGE TRUST 2024-5C25                                                       | BBCMS Mortgage Trust 2024-5C25 5.946%, Due 03/15/2057                            | CUSIP: 05554VAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1535000 | PA      | $1608090.25   | 0.34%             | 2057-03-15      | Fixed         | 5.95%                 | No            | 2                  | On Loan: No      |
| SANTANDER DRIVE AUTO 2025-1                                                          | Santander Drive Auto Receivables Trust 2025-1 4.88%, Due 03/17/2031              | CUSIP: 80288DAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2550000 | PA      | $2575237.86   | 0.54%             | 2031-03-17      | Fixed         | 4.88%                 | No            | 2                  | On Loan: No      |
| Bank of America Corp.                                                                | Bank of America Corporation 5.744%, Fixed unitl 02/12/2035                       | CUSIP: 06051GMQ9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1087000 | PA      | $1129775.31   | 0.24%             | 2036-02-12      | Fixed         | 5.74%                 | No            | 2                  | On Loan: No      |
| D.R. Horton, Inc.                                                                    | DR Horton, Inc. 4.85%, Due 10/15/2030                                            | CUSIP: 23331ABT5<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |    426000 | PA      | $434687.09    | 0.09%             | 2030-10-15      | Fixed         | 4.85%                 | No            | 2                  | On Loan: No      |
| Morgan Stanley Cap I Tst 2018-H3                                                     | Morgan Stanley Capital I Trust 2018-H3 4.177%, Due 07/15/2051                    | CUSIP: 61767YAZ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    908000 | PA      | $902626.46    | 0.19%             | 2051-07-15      | Fixed         | 4.18%                 | No            | 2                  | On Loan: No      |
| FHLMC Super 30Y Fixed                                                                | Freddie Mac Pool Pool # SL1812                                                   | CUSIP: 31427PAN4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | CORP              | US        |   2299886 | PA      | $2348672.90   | 0.49%             | 2055-08-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Bank of America Corp.                                                                | Bank of America Corporation 5.288%, Fixed until 04/25/2033                       | CUSIP: 06051GLH0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    812000 | PA      | $840372.13    | 0.18%             | 2034-04-25      | Fixed         | 5.29%                 | No            | 2                  | On Loan: No      |
| Pfizer Investment Enterprises Pte Ltd.                                               | Pfizer Investment Enterprises Pte Ltd. 4.65%, Due 05/19/2030                     | CUSIP: 716973AD4<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    658000 | PA      | $670554.16    | 0.14%             | 2030-05-19      | Fixed         | 4.65%                 | No            | 2                  | On Loan: No      |
| Chicago Board of Trade                                                               | CBOT 5 Year US Treasury Note 2025-12-31                                          | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DCO              | CORP              | US        |        20 | NS      | $-11405.74    | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-5C6                                       | Wells Fargo Commercial Mortgage Trust 2025-5C6 5.186%, Due 10/15/2058            | CUSIP: 95004TAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2015000 | PA      | $2075007.51   | 0.44%             | 2058-10-15      | Variable      | 5.19%                 | No            | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** Capitol Series Trust

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller