# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0000940400-26-022044
**Filing Date:** 2026-5
**Character Count:** 229261
**Document Hash:** c8b019486dec390cf664e74d723379e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-022044.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000940400-26-022044

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IVY FUNDS
- **CENTRAL INDEX KEY:** 0000883622

**ORGANIZATION NAME:**
- **EIN:** 481112076
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06569
- **FILM NUMBER:** 261036736

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354
- **BUSINESS PHONE:** 18005231918

**MAIL ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IVY FUNDS INC
- **DATE OF NAME CHANGE:** 20030630

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** W&R FUNDS INC
- **DATE OF NAME CHANGE:** 20000829

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WADDELL & REED FUNDS INC
- **DATE OF NAME CHANGE:** 19920717

## Series and Classes Contracts Data

### Nomura Balanced Fund (Series ID: S000024823)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000073854 | Class A             | IBNAX           |
| C000073856 | Class C             | IBNCX           |
| C000073858 | Institutional Class | IYBIX           |
| C000073859 | Class Y             | IBNYX           |
| C000122153 | Class R             | IYBFX           |
| C000146686 | Class R6            | IBARX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** IVY FUNDS

- **b. Investment Company Act file number:** 811-06569

- **c. CIK number of Registrant:** 0000883622

- **d. LEI of Registrant:** UJ5MWG3K37CY01MVRY13

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

  - **Street Address 1:** 100 Independence

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

  - **Telephone number:** 215-255-1200

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

- **a. Name of Series:** Nomura Balanced Fund

- **b. EDGAR series identifier (if any):** S000024823

- **c. LEI of Series:** XKQZP5DNWJPMCB1VP702

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1840972150.24

**Total Liabilities:** $4876595.94

**Net Assets:** $1836095554.30

**Amount of Assets Invested in Other Investment Companies:** $118350.05

**Delayed Delivery Securities:** $1358081.87

**Cash Not Reported:** $15939675.52

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 539.20043000 | **1-Year:** 16197.86628000 | **5-Year:** 134635.70554000 | **10-Year:** 59957.11648000 | **30-Year:** 3257.33055000

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

- **3-Month:** 0.98278000 | **1-Year:** 2923.17126000 | **5-Year:** 7775.71540000 | **10-Year:** 736.59106000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000073856 | 1.08%                | -0.28%               | -4.30%               |
| Class ID C000146686 | 1.17%                | -0.19%               | -4.19%               |
| Class ID C000122153 | 1.14%                | -0.23%               | -4.25%               |
| Class ID C000073854 | 1.17%                | -0.23%               | -4.21%               |
| Class ID C000073859 | 1.17%                | -0.23%               | -4.23%               |
| Class ID C000073858 | 1.17%                | -0.19%               | -4.18%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $14653450.07             | $6233033.34                                |
| Month 2  | $28190099.93             | $-34982514.93                              |
| Month 3  | $-2017194.04             | $-81166723.37                              |

**Designated Index Information**

- **Index Name:** 60% SNP500 / 40% LEH_AGG

- **Index Identifier:** SNPIBBBAG

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JBS USA HOLDING LUX SARL                                                             | JBS 6.25 03/01/56                                           | CUSIP: 472140AH5<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |    375000 | PA      | $368081.55    | 0.02%             | 2056-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN CB3298                                                   | CUSIP: 3140QNUY6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1714397 | PA      | $1461228.78   | 0.08%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Autozone, Inc.                                                                       | Autozone, Inc. COM                                          | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |      6323 | NS      | $21357702.94  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BENCHMARK 2022-B33 MORTGAGE TRUST                                                    | BMARK 2022-B33 A5                                           | CUSIP: 08163PBG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8325000 | PA      | $7702775.35   | 0.42%             | 2055-03-17      | Variable      | 3.46%                 | No            |                  2 | On Loan: No      |
| Cboe Global Markets Inc                                                              | Cboe Global Markets Inc COM                                 | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |     63029 | NS      | $17715561.03  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                                                                   | NextEra Energy Inc COM                                      | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    203294 | NS      | $18881946.72  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V4.456 02/06/32                                         | CUSIP: 060505GQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    820000 | PA      | $809911.79    | 0.04%             | 2032-02-06      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V4.493 01/16/32                                          | CUSIP: 61748UAS1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    755000 | PA      | $742523.70    | 0.04%             | 2032-01-16      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                     | NRG 4.734 10/15/30 144A                                     | CUSIP: 629377DA7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    720000 | PA      | $713719.08    | 0.04%             | 2030-10-15      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SB1226                                                   | CUSIP: 3132CXLF7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    270949 | PA      | $249962.24    | 0.01%             | 2037-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FedEx Corporation                                                                    | FDX 3.25 05/15/41 *                                         | CUSIP: 31428XDL7<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |    700000 | PA      | $527918.72    | 0.03%             | 2041-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                     | DB V7.146 07/13/27                                          | CUSIP: 25160PAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    420000 | PA      | $422858.65    | 0.02%             | 2027-07-13      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V6.204 11/10/28                                         | CUSIP: 06051GLC1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2921000 | PA      | $3001595.06   | 0.16%             | 2028-11-10      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| BANK 2020-BNK29                                                                      | BANK 2020-BN29 A4                                           | CUSIP: 06541TBF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    145000 | PA      | $127598.58    | 0.01%             | 2053-11-18      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Apollo Debt Solutions BDC                                                            | APODS 6.7 07/29/31                                          | CUSIP: 03770DAD5<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    597000 | PA      | $604321.13    | 0.03%             | 2031-07-29      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| AngloGold Ashanti Holdings PLC                                                       | ANGSJ 6.5 04/15/40                                          | CUSIP: 03512TAB7<br>LEI: 213800745ZIXC4L6A131 | Long             | DBT              | CORP              | IM        |     20000 | PA      | $21244.60     | 0.00%             | 2040-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                 | CCL 4 08/01/28 144A                                         | CUSIP: 143658BQ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    502000 | PA      | $490397.68    | 0.03%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                  | WI PUBTRN 6.5 12/31/2065                                    | CUSIP: 74448UAC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1097439.90   | 0.06%             | 2065-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Cummins Inc.                                                                         | Cummins Inc. COM                                            | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |     49667 | NS      | $26721839.34  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Fedex Freight Holding Co. Inc.                                                       | FDX 4.95 03/15/33 144A                                      | CUSIP: 314352AE5<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |    595000 | PA      | $580521.09    | 0.03%             | 2033-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| NEW COTAI EQUITY                                                                     | NEW COTAI EQUITY                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    413389 | PA      | $375269.34    | 0.02%             | 2027-02-02      | Fixed         | 5.00%                 | Yes           |                  3 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V5.518 10/25/35                                         | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1813000 | PA      | $1813595.39   | 0.10%             | 2035-10-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                         | NOVNVX 5.7 03/18/56                                         | CUSIP: 66989HBL1<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |    365000 | PA      | $367865.98    | 0.02%             | 2056-03-18      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | Broadcom Inc COM                                            | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     87668 | NS      | $27134122.68  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| OHA CREDIT PARTNERS VII LTD                                                          | OAKC 2012-7A D1R4                                           | CUSIP: 67102QBT4<br>LEI: 549300LXLBAFTIMXZT54 | Long             | ABS-CBDO         | CORP              | KY        |    350000 | PA      | $343795.55    | 0.02%             | 2038-02-22      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| TSMC Global Ltd.                                                                     | TAISEM 1.75 04/23/28 144A                                   | CUSIP: 872882AJ4<br>LEI: 549300N2ZLI21P85T117 | Long             | DBT              | CORP              | VG        |   4400000 | PA      | $4192776.28   | 0.23%             | 2028-04-23      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| American Tower Trust I                                                               | AMETOW 3.652 03/23/28 144A                                  | CUSIP: 03027WAK8<br>LEI: 5493004YGM0MQZJOEJ36 | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1978312.40   | 0.11%             | 2028-03-23      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                     | PCG 3.3 08/01/40                                            | CUSIP: 694308JH1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      5000 | PA      | $3742.45      | 0.00%             | 2040-08-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                        | ENBCN 5.55 06/20/35                                         | CUSIP: 29250NCK9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    573000 | PA      | $585995.24    | 0.03%             | 2035-06-20      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Bunge Ltd Finance Corp.                                                              | BG 4.2 09/17/29                                             | CUSIP: 120568BE9<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |    793000 | PA      | $785666.18    | 0.04%             | 2029-09-17      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ AUTO RECEIVABLES TRUST 2010-1                                          | MBALT 2026-A A2A                                            | CUSIP: 58770YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99791.62     | 0.01%             | 2028-07-17      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| Global Medical Response Incorporated                                                 | AIMEGR 7.375 10/01/32 144A                                  | CUSIP: 37960BAD7<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |    815000 | PA      | $847025.43    | 0.05%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2022-B33 MORTGAGE TRUST                                                    | BMARK 2022-B33 B                                            | CUSIP: 08163PBM1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $432561.40    | 0.02%             | 2055-03-17      | Variable      | 3.61%                 | No            |                  2 | On Loan: No      |
| Sprint Capital Corporation                                                           | S 6.875 11/15/28                                            | CUSIP: 852060AD4<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |    936000 | PA      | $989833.20    | 0.05%             | 2028-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Resideo Funding Inc.                                                                 | REZI 6.5 07/15/32 144A                                      | CUSIP: 76119LAD3<br>LEI: 5493000IFJ6XJKH66598 | Long             | DBT              | CORP              | US        |   1162000 | PA      | $1146343.91   | 0.06%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                        | ENBCN 5.25 04/05/27                                         | CUSIP: 29250NCA1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    356000 | PA      | $359074.06    | 0.02%             | 2027-04-05      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V6.625 PERP                                             | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    438000 | PA      | $449346.39    | 0.02%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FM9491                                                   | CUSIP: 3140XDRM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    515910 | PA      | $442786.14    | 0.02%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V6.484 10/24/29                                          | CUSIP: 38141GA46<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2437000 | PA      | $2549817.75   | 0.14%             | 2029-10-24      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| Sysco Corporation                                                                    | SYY 5.1 09/23/30                                            | CUSIP: 871829BU0<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |    406000 | PA      | $409336.39    | 0.02%             | 2030-09-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.192 04/17/31                                          | CUSIP: 61747YFZ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     94000 | PA      | $95422.73     | 0.01%             | 2031-04-17      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN BU9885                                                   | CUSIP: 3140MB6X5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    142735 | PA      | $120790.78    | 0.01%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN PLC                                                                   | AALLN 5.25 03/19/36 144A                                    | CUSIP: 034863BJ8<br>LEI: 549300S9XF92D1X8ME43 | Long             | DBT              | CORP              | GB        |   1640000 | PA      | $1604278.18   | 0.09%             | 2036-03-19      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                    | HRI 7 06/15/30 144A                                         | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256521.00    | 0.01%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MAGNETITE LI LIMITED                                                                 | MAGNE 2025-51A A1                                           | CUSIP: 559932AA6<br>LEI: 529900KAYH281VVPRN31 | Long             | ABS-CBDO         | CORP              | KY        |   4750000 | PA      | $4738015.75   | 0.26%             | 2038-10-25      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 5.6 06/18/31                                             | CUSIP: 37045XEY8<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    226000 | PA      | $231375.88    | 0.01%             | 2031-06-18      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                           | RCICN 5.3 02/15/34                                          | CUSIP: 775109DF5<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |   1421000 | PA      | $1415324.67   | 0.08%             | 2034-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Sirius Xm Radio LLC                                                                  | SIRI 4.125 07/01/30 144A                                    | CUSIP: 82967NBG2<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    756000 | PA      | $708358.54    | 0.04%             | 2030-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST 2020-HR8                                              | MSC 2020-HR8 A4                                             | CUSIP: 61692BBP4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    180000 | PA      | $162266.15    | 0.01%             | 2053-07-17      | Variable      | 2.04%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 3.75 04/15/27                                          | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    157000 | PA      | $156057.84    | 0.01%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                           | AMGN 4.85 02/19/36                                          | CUSIP: 031162DW7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    665000 | PA      | $653636.21    | 0.04%             | 2036-02-19      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN BT0024                                                   | CUSIP: 3140LNA23<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    210142 | PA      | $181083.40    | 0.01%             | 2051-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings Llc                                                             | CE 6.75 04/15/33                                            | CUSIP: 15089QBA1<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    606000 | PA      | $622115.30    | 0.03%             | 2033-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                       | BCRED 5.6 11/22/29                                          | CUSIP: 09261HBU0<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |   1134000 | PA      | $1103664.93   | 0.06%             | 2029-11-22      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES TRUST 2015-GS1                                                | GSMS 2019-GC39 A4                                           | CUSIP: 36260JAD9<br>LEI: 549300WZ62L3Y22NOZ64 | Long             | ABS-O            | CORP              | US        |    195000 | PA      | $187752.96    | 0.01%             | 2052-05-10      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                               | FHMS K753 A2                                                | CUSIP: 3137HB2L7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    650000 | PA      | $653176.68    | 0.04%             | 2030-10-25      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS6112                                                   | CUSIP: 3140XMYJ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1935756 | PA      | $1721612.69   | 0.09%             | 2052-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 3.5 09/15/53                                              | CUSIP: 00206RKJ0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     18000 | PA      | $11812.06     | 0.00%             | 2053-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPMorgan Chase & Co. COM                                    | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     73102 | NS      | $21503684.32  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | 2-Year T-Note Futures, Jun-2026,ETH                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       517 | NC      | $-765475.06   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB V2.491 11/03/36                                         | CUSIP: 91159HJB7<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    253000 | PA      | $218822.46    | 0.01%             | 2036-11-03      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 4.1 11/20/30                                           | CUSIP: 023135CT1<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    525000 | PA      | $519065.03    | 0.03%             | 2030-11-20      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                | FN MA4626                                                   | CUSIP: 31418ED80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1211813 | PA      | $1148530.75   | 0.06%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                                                         | Thermo Fisher Scientific Inc COM                            | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     34524 | NS      | $16969581.72  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc.                                                                        | ENBCN 4.9 06/20/30                                          | CUSIP: 29250NCJ2<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    369000 | PA      | $373005.68    | 0.02%             | 2030-06-20      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                                   | SANTAN 4.551 11/06/30                                       | CUSIP: 05971KAR0<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $394442.16    | 0.02%             | 2030-11-06      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Union Electric Company                                                               | AEE 5.55 03/15/56                                           | CUSIP: 906548DC3<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |    420000 | PA      | $405638.69    | 0.02%             | 2056-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings Llc                                                             | CE 6.5 04/15/30                                             | CUSIP: 15089QAZ7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     72000 | PA      | $73524.10     | 0.00%             | 2030-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V7 PERP .                                              | CUSIP: 404280FJ3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    395000 | PA      | $391286.72    | 0.02%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 4.9 07/15/32                                           | CUSIP: 11135FCL3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40364.39     | 0.00%             | 2032-07-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | 10-Year T-Note Futures, Jun-2026,ETH                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        41 | NC      | $-75693.79    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SPECTRUM MANAGEMENT HOLDING COMPANY LLC                                              | CHTR 6.55 05/01/37                                          | CUSIP: 88732JAJ7<br>LEI: B1WXCWLJVJXMWJX6O298 | Long             | DBT              | CORP              | US        |   2260000 | PA      | $2280285.99   | 0.12%             | 2037-05-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Air Lease Corporation                                                                | AL 5.2 07/15/31 MTN                                         | CUSIP: 00914AAX0<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |     13000 | PA      | $13032.93     | 0.00%             | 2031-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| NEW COTAI EQUITY                                                                     | NEW COTAI EQUITY                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    318315 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Accenture PLC                                                                        | Accenture PLC CLS'A'USD0.0000225                            | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |     66894 | NS      | $13264411.26  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Canada                                                                 | RY V6.5 11/24/85                                            | CUSIP: 780082AY9<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    645000 | PA      | $623711.84    | 0.03%             | 2085-11-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BMO 2022-C1 MORTGAGE TRUST                                                           | BMO 2022-C1 A5                                              | CUSIP: 05609MCC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4500000 | PA      | $4154656.05   | 0.23%             | 2055-02-18      | Variable      | 3.37%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                                             | VST 6 04/15/34 144A                                         | CUSIP: 92840VAS1<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     74000 | PA      | $76126.91     | 0.00%             | 2034-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| KKR & Co Inc.                                                                        | KKR 5.1 08/07/35                                            | CUSIP: 48251WAB0<br>LEI: 54930013V5I303TF9571 | Long             | DBT              | CORP              | US        |   1796000 | PA      | $1738228.25   | 0.09%             | 2035-08-07      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 5.875 09/26/45                                         | CUSIP: 68389XDP7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1475000 | PA      | $1273488.45   | 0.07%             | 2045-09-26      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AIMCO CLO 15 LTD                                                                     | AIMCO 2021-15A D1R                                          | CUSIP: 00889BAH4<br>LEI: 254900QER1MDK5C1YE06 | Long             | ABS-CBDO         | CORP              | KY        |    290000 | PA      | $286684.14    | 0.02%             | 2038-04-17      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                                  | Abbott Laboratories COM                                     | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |    109049 | NS      | $11196060.83  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS7430                                                   | CUSIP: 3140XPHG7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4875014 | PA      | $4533181.26   | 0.25%             | 2052-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB 3.1 04/27/26 MTN                                        | CUSIP: 91159HHM5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   1320000 | PA      | $1318993.90   | 0.07%             | 2026-04-27      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Blue Owl Credit Income Corp.                                                         | OCINCC 6.6 09/15/29                                         | CUSIP: 09581CAB7<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |   1414000 | PA      | $1409323.34   | 0.08%             | 2029-09-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GN AK6984                                                   | CUSIP: 36183QXM2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     17681 | PA      | $15882.51     | 0.00%             | 2045-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Trust                                                                  | Goldman Sachs Financial Square Government Fund              | CUSIP: 38141W273<br>LEI: S2FHCT8U6D2VORP0J605 | Long             | STIV             | RF                | US        |   7475000 | NS      | $7475000.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominos Pizza Inc.                                                                   | DPABS 2021-1A A2I                                           | CUSIP: 25755TAN0<br>LEI: 25490005ZWM1IF9UXU57 | Long             | ABS-O            | CORP              | US        |    316062 | PA      | $299066.81    | 0.02%             | 2051-04-25      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| Cyprium Corp./Cyprium Holdings Luxembourg S.a r.l.                                   | VGNT 6.125 04/15/31 144A                                    | CUSIP: 23292NAA6<br>LEI: 254900V7LN9S9W17X250 | Long             | DBT              | CORP              | US        |   1354000 | PA      | $1338181.90   | 0.07%             | 2031-04-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2020-B17 MORTGAGE TRUST                                                    | BMARK 2020-B17 A5                                           | CUSIP: 08162MAX6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    495000 | PA      | $446883.03    | 0.02%             | 2053-03-17      | Variable      | 2.29%                 | No            |                  2 | On Loan: No      |
| Societe Generale S.A.                                                                | SOCGEN V5.439 10/03/36 144A                                 | CUSIP: 83368RCK6<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    770000 | PA      | $753798.74    | 0.04%             | 2036-10-03      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V6.02 01/24/36                                            | CUSIP: 172967PU9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    549000 | PA      | $560773.74    | 0.03%             | 2036-01-24      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 6 04/30/56                                                | CUSIP: 00206RNK4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1490000 | PA      | $1458828.90   | 0.08%             | 2056-04-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage LP                                                               | EXR 5.4 02/01/34                                            | CUSIP: 30225VAS6<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    223000 | PA      | $224922.73    | 0.01%             | 2034-02-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V4.898 01/22/37                                         | CUSIP: 46647PFJ0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    270000 | PA      | $264299.11    | 0.01%             | 2037-01-22      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Company                                                     | CP 5.5 03/15/56                                             | CUSIP: 13645RBS2<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    515000 | PA      | $493348.27    | 0.03%             | 2056-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Salesforce Inc.                                                                      | CRM 4.9 09/15/31                                            | CUSIP: 79466LAS3<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1168619.63   | 0.06%             | 2031-09-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| DTE Energy Co.                                                                       | DTE 5.1 03/01/29                                            | CUSIP: 233331BK2<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45764.14     | 0.00%             | 2029-03-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                | FN MA4281                                                   | CUSIP: 31418DXK3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1993944 | PA      | $1621036.91   | 0.09%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Danaher Corporation                                                                  | Danaher Corporation COM                                     | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |    106755 | NS      | $20240748.00  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 6.7 02/04/56                                           | CUSIP: 68389XEB7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    410000 | PA      | $380819.11    | 0.02%             | 2056-02-04      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Aon PLC                                                                              | Aon PLC SHS CL A                                            | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |     46427 | NS      | $14985707.06  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                             | G2 MB0091                                                   | CUSIP: 3618N5C56<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2693091 | PA      | $2670552.05   | 0.15%             | 2054-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BFLD COMMERCIAL MORTGAGE TRUST 2025-660F                                             | BFLD 2025-660F A                                            | CUSIP: 05556QAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1890000 | PA      | $1887642.41   | 0.10%             | 2042-11-17      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | CAS 2025-R05 2M2                                            | CUSIP: 20753CAC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    480000 | PA      | $481483.10    | 0.03%             | 2045-07-25      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 6.8 05/12/28                                              | CUSIP: 345397C92<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    585000 | PA      | $602749.02    | 0.03%             | 2028-05-12      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V6.625 PERP                                               | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    375000 | PA      | $375536.33    | 0.02%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                    | PNC V5.575 01/29/36                                         | CUSIP: 693475CC7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    441000 | PA      | $450375.17    | 0.02%             | 2036-01-29      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust                                                                 | VZMT 2024-3 A1A                                             | CUSIP: 92348KCQ4<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |   2700000 | PA      | $2735600.31   | 0.15%             | 2030-04-22      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                           | RCICN V7.125 04/15/55                                       | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    728000 | PA      | $745420.02    | 0.04%             | 2055-04-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Brookfield Asset Management Ltd                                                      | BAMCN 4.653 11/15/30                                        | CUSIP: 113004AB1<br>LEI: 549300CZ84WPNJZKY093 | Long             | DBT              | CORP              | CA        |    815000 | PA      | $808203.14    | 0.04%             | 2030-11-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.571 04/22/28                                         | CUSIP: 46647PEE2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    705000 | PA      | $713744.04    | 0.04%             | 2028-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 6.95 06/10/26                                             | CUSIP: 345397D26<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    425000 | PA      | $426015.24    | 0.02%             | 2026-06-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V5.065 01/21/37                                          | CUSIP: 38145GAS9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1405000 | PA      | $1374152.80   | 0.07%             | 2037-01-21      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Union Electric Company                                                               | AEE 4.8 03/15/36                                            | CUSIP: 906548DB5<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |    295000 | PA      | $288146.35    | 0.02%             | 2036-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Applied Materials Inc.                                                               | Applied Materials Inc. COM                                  | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |    100807 | NS      | $34454824.53  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                             | G2 MB0619                                                   | CUSIP: 3618N5VM8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3672187 | PA      | $3369599.09   | 0.18%             | 2055-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Novelis Corporation                                                                  | HNDLIN 4.75 01/30/30 144A                                   | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    839000 | PA      | $794333.99    | 0.04%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR RA6623                                                   | CUSIP: 3133KNLC5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6048815 | PA      | $5184168.62   | 0.28%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                         | NOVNVX 4.4 03/18/31                                         | CUSIP: 66989HBG2<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |    515000 | PA      | $515003.04    | 0.03%             | 2031-03-18      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 MB0310                                                   | CUSIP: 3618N5KY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1049419 | PA      | $1090579.42   | 0.06%             | 2055-04-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Apollo Global Management Inc                                                         | APO 4.6 01/15/31                                            | CUSIP: 03769MAF3<br>LEI: 254900LMFT1CY9IYB476 | Long             | DBT              | CORP              | US        |    420000 | PA      | $416367.29    | 0.02%             | 2031-01-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY INTERNATIONAL HOLDINGS LTD                                               | Studio City International Holdings Limited SPON ADS         | CUSIP: 86389T106<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     88220 | NS      | $214374.60    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CHENIERE ENERGY PARTNERS LP                                                          | LNG 5.2 07/30/36 144A                                       | CUSIP: 16411RAP4<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    425000 | PA      | $420824.63    | 0.02%             | 2036-07-30      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Orange SA                                                                            | ORAFP 5 01/13/36 144A                                       | CUSIP: 685218AF6<br>LEI: 969500MCOONR8990S771 | Long             | DBT              | CORP              | FR        |   1095000 | PA      | $1075950.07   | 0.06%             | 2036-01-13      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                         | BACR V7.625 PERP                                            | CUSIP: 06738EDC6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $202031.10    | 0.01%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 3.875 04/15/30                                         | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   2280000 | PA      | $2221044.22   | 0.12%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN CB2408                                                   | CUSIP: 3140QMVA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    106435 | PA      | $89991.00     | 0.00%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs Inc                                                                 | CLF 7 03/15/32 144A                                         | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   1287000 | PA      | $1246848.56   | 0.07%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                | FR RA7944                                                   | CUSIP: 3133KPZH4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1211551 | PA      | $1238080.74   | 0.07%             | 2052-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 MA8269                                                   | CUSIP: 36179XFJ0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1295208 | PA      | $1289728.76   | 0.07%             | 2052-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR RA6138                                                   | CUSIP: 3133KMZB4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    381188 | PA      | $327153.33    | 0.02%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)  | AER 4.75 01/15/33                                           | CUSIP: 00774MBU8<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    510000 | PA      | $495882.28    | 0.03%             | 2033-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                       | BCRED 5.05 09/10/30                                         | CUSIP: 09261HBY2<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    445000 | PA      | $419816.74    | 0.02%             | 2030-09-10      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | Ultra U.S. Treasury Bond Futures, Jun-2026,ETH              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       131 | NC      | $-430121.47   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                             | GN 743470                                                   | CUSIP: 3620AX6F0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2409 | PA      | $2386.83      | 0.00%             | 2040-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Air Lease Corporation                                                                | AL V4.65 PERP B                                             | CUSIP: 00912XBJ2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    130000 | PA      | $129763.61    | 0.01%             | N/A             | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Nissan Master Owner Trust Receivables Series 2024-B                                  | NMOTR 2024-B A                                              | CUSIP: 65479VAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3020567.10   | 0.16%             | 2029-02-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                     | FN FA3106                                                   | CUSIP: 3140W3NY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    636944 | PA      | $541468.32    | 0.03%             | 2051-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                                           | ACGCAP 4.875 01/28/33 144A                                  | CUSIP: 05369AAU5<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    600000 | PA      | $579739.86    | 0.03%             | 2033-01-28      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Costar Group Inc                                                                     | CSGP 2.8 07/15/30 144A                                      | CUSIP: 22160NAA7<br>LEI: 984500Q1D53D08E2E698 | Long             | DBT              | CORP              | US        |   2650000 | PA      | $2397413.40   | 0.13%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Fidelity Colchester Street Trust                                                     | Fidelity Colchester Street Trust MNY MRKT FDS I             | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |   7475000 | NS      | $7475000.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| SoftBank Corp                                                                        | SOBKCO 5.332 07/09/35 144A                                  | CUSIP: 83405KAB8<br>LEI: 353800M1YCTS9JRBJ535 | Long             | DBT              | CORP              | JP        |   1095000 | PA      | $1078660.19   | 0.06%             | 2035-07-09      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 4.75 03/15/36                                          | CUSIP: 00287YEG0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    635000 | PA      | $623254.41    | 0.03%             | 2036-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST 2025-R04                                         | CAS 2025-R04 1M2                                            | CUSIP: 20755TAC5<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   1025000 | PA      | $1028212.56   | 0.06%             | 2045-05-25      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | Alphabet Inc. CAP STK CL C                                  | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     99197 | NS      | $28455651.42  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 4.125 03/15/31                                         | CUSIP: 00287YEE5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    915000 | PA      | $901922.18    | 0.05%             | 2031-03-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| TE Connectivity PLC                                                                  | TE Connectivity PLC ORD SHS                                 | CUSIP: 000000000<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |     42681 | NS      | $8921182.62   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| PRPM 2024-RPL1 LLC                                                                   | PRPM 2024-RPL1 A1                                           | CUSIP: 69380XAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2804328 | PA      | $2761959.45   | 0.15%             | 2064-12-25      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX                                                                          | TX HOUFAC 5.5 09/01/2058                                    | CUSIP: 44237NMU3<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    175000 | PA      | $185883.25    | 0.01%             | 2058-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AOA TRUST 2025-1301                                                                  | AOA 2025-1301 A                                             | CUSIP: 682461AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1220000 | PA      | $1222894.33   | 0.07%             | 2042-08-13      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| ZAIS CLO 2020-16 LTD                                                                 | ZAIS 2020-16A A1R2                                          | CUSIP: 98875JBJ2<br>LEI: 549300AH84CSK4XX3T86 | Long             | ABS-CBDO         | CORP              | KY        |   1450000 | PA      | $1448439.80   | 0.08%             | 2034-10-20      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V6.25 PERP                                              | CUSIP: 06055HAK9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1495000 | PA      | $1504864.01   | 0.08%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 5.45 09/15/35                                           | CUSIP: 126650EK2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    613000 | PA      | $615604.27    | 0.03%             | 2035-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                           | BA 6.858 05/01/54                                           | CUSIP: 097023DT9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   2112000 | PA      | $2326316.04   | 0.13%             | 2054-05-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I L.P/Hilcorp Finance Co                                              | HILCRP 6.25 04/15/32 144A                                   | CUSIP: 431318AZ7<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |   1304000 | PA      | $1262974.20   | 0.07%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NEE 5.55 03/15/54                                           | CUSIP: 65339KCV0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     56000 | PA      | $52682.41     | 0.00%             | 2054-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHMS X3FX A2FX                                              | CUSIP: 3137F5LN7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     98787 | PA      | $97858.05     | 0.01%             | 2027-06-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Tcw Clo 2019-2 Ltd                                                                   | TCW 2019-2A D1R2                                            | CUSIP: 87242BBQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    350000 | PA      | $334808.25    | 0.02%             | 2038-01-20      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Fedex Freight Holding Co. Inc.                                                       | FDX 5.25 03/15/36 144A                                      | CUSIP: 314352AG0<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |    465000 | PA      | $450057.32    | 0.02%             | 2036-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                                        | STACR 2026-DNA1 M2                                          | CUSIP: 35564UCS4<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    710000 | PA      | $710783.41    | 0.04%             | 2046-02-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 6.532 03/19/32                                            | CUSIP: 345397G98<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    714000 | PA      | $733074.01    | 0.04%             | 2032-03-19      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                         | MAR 4.5 05/01/33                                            | CUSIP: 571903BY8<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    275000 | PA      | $265821.79    | 0.01%             | 2033-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS1838                                                   | CUSIP: 3140XHBG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2487386 | PA      | $2209572.02   | 0.12%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Entegris Inc                                                                         | ENTG 4.75 04/15/29 144A                                     | CUSIP: 29365BAA1<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    692000 | PA      | $684523.77    | 0.04%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2022-B35 MORTGAGE TRUST                                                    | BMARK 2022-B35 A5                                           | CUSIP: 08163RBQ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    330000 | PA      | $319055.19    | 0.02%             | 2055-05-17      | Variable      | 4.44%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.9 03/13/47                                            | CUSIP: 61747YGC3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    645000 | PA      | $642380.20    | 0.03%             | 2047-03-13      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                         | NOVNVX 4.6 03/18/33                                         | CUSIP: 66989HBH0<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |    495000 | PA      | $493041.88    | 0.03%             | 2033-03-18      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Henneman Trust                                                                       | GL 6.58 05/15/55 144A                                       | CUSIP: 425911AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    551000 | PA      | $554156.29    | 0.03%             | 2055-05-15      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 MB0260                                                   | CUSIP: 3618N5JE0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2247943 | PA      | $2288918.90   | 0.12%             | 2055-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Gmf Floorplan Owner Revolving Trust                                                  | GFORT 2024-1A A1                                            | CUSIP: 361886DA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2521859.25   | 0.14%             | 2029-03-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                   | Meta Platforms Inc CL A                                     | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     29558 | NS      | $16911018.54  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                             | G2 MA6930                                                   | CUSIP: 36179VVX5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5795516 | PA      | $4793145.77   | 0.26%             | 2050-10-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BANK 2019-BNK23                                                                      | BANK 2019-BN23 A3                                           | CUSIP: 06541RBB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    230000 | PA      | $216789.97    | 0.01%             | 2052-12-17      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| OAKTREE CLO 2020-1 LTD                                                               | OAKCL 2020-1A D1RR                                          | CUSIP: 67402FBA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $291164.70    | 0.02%             | 2038-01-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V1.47 09/22/27                                          | CUSIP: 46647PCP9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2870000 | PA      | $2830948.48   | 0.15%             | 2027-09-22      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2016-71 NB                                              | CUSIP: 3136AT5B6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   3494790 | PA      | $3263314.49   | 0.18%             | 2046-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc.                                                           | CZR 7 02/15/30 144A                                         | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   1892000 | PA      | $1916283.82   | 0.10%             | 2030-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Citibank, N.A.                                                                       | C 5.57 04/30/34 BKNT                                        | CUSIP: 17325FBG2<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   1195000 | PA      | $1238618.58   | 0.07%             | 2034-04-30      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corporation                                                         | NOC 5.2 06/01/54                                            | CUSIP: 666807CM2<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |    814000 | PA      | $750706.86    | 0.04%             | 2054-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2021-HQA2                                              | STACR 2021-HQA2 M2                                          | CUSIP: 35564KFV6<br>LEI: 5493000ISM9M3KNO6J64 | Long             | ABS-O            | USGSE             | US        |   3237377 | PA      | $3285637.40   | 0.18%             | 2033-12-27      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 5 01/15/36                                               | CUSIP: 92343VHG2<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    790000 | PA      | $773935.67    | 0.04%             | 2036-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.875 08/31/32                                            | CUSIP: 91282CNW7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13830000 | PA      | $13658476.19  | 0.74%             | 2032-08-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 5.8 03/13/56                                           | CUSIP: 023135DH6<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    515000 | PA      | $514949.79    | 0.03%             | 2056-03-13      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST 2026-R01                                         | CAS 2026-R01 2M2                                            | CUSIP: 20755BAC4<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   1740000 | PA      | $1739950.06   | 0.09%             | 2046-01-25      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS8680                                                   | CUSIP: 3140XQUE5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1117533 | PA      | $1069626.15   | 0.06%             | 2037-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC.                                                               | FABSJV 6.15 01/25/32                                        | CUSIP: 350930AC7<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    440000 | PA      | $459681.77    | 0.03%             | 2032-01-25      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| BANK 2021-BNK32                                                                      | BANK 2021-BN32 A5                                           | CUSIP: 06542BBH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7310000 | PA      | $6641535.59   | 0.36%             | 2054-04-17      | Variable      | 2.64%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                         | AVOL 5.375 05/30/30 144A                                    | CUSIP: 05401AAZ4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    171000 | PA      | $172938.23    | 0.01%             | 2030-05-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Carrier Global Corporation                                                           | Carrier Global Corporation COM                              | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |    311559 | NS      | $17543887.29  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Orange SA                                                                            | ORAFP 4.25 01/13/31 144A                                    | CUSIP: 685218AD1<br>LEI: 969500MCOONR8990S771 | Long             | DBT              | CORP              | FR        |    680000 | PA      | $667264.55    | 0.04%             | 2031-01-13      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TOYOTA AUTO RECEIVABLES 2024-B OWNER TRUST                                           | TAOT 2024-B A3                                              | CUSIP: 89237NAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1468651 | PA      | $1481561.25   | 0.08%             | 2029-01-16      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                | FN MA4404                                                   | CUSIP: 31418D3N0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1855595 | PA      | $1754671.76   | 0.10%             | 2036-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN AP4782                                                   | CUSIP: 3138M8J46<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13489 | PA      | $12359.79     | 0.00%             | 2042-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V7 PERP DD                                                | CUSIP: 172967PM7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    397000 | PA      | $408815.51    | 0.02%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 4.75 01/15/33                                            | CUSIP: 92343VHF4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    735000 | PA      | $726174.34    | 0.04%             | 2033-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V6.407 11/01/29                                          | CUSIP: 61747YFH3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    808000 | PA      | $843429.43    | 0.05%             | 2029-11-01      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                    | EPD 5.35 01/31/33                                           | CUSIP: 29379VCD3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17542.53     | 0.00%             | 2033-01-31      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GN 479607                                                   | CUSIP: 36209RYC1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2103 | PA      | $2019.35      | 0.00%             | 2041-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                                         | RCL 4.75 05/15/33                                           | CUSIP: 78017TAC7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    780000 | PA      | $753361.28    | 0.04%             | 2033-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Seagate Technology Holdings PLC                                                      | Seagate Technology Holdings PLC ORD SHS                     | CUSIP: 000000000<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |     68490 | NS      | $26831642.40  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2025-DNA4                                              | STACR 2025-DNA4 M2                                          | CUSIP: 35564UBS5<br>LEI: 529900ZVQVVVNGMGDO97 | Long             | ABS-O            | USGSE             | US        |   3000000 | PA      | $2998140.00   | 0.16%             | 2045-10-25      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | Amazon.com, Inc. COM                                        | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    150240 | NS      | $31290484.80  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc.                                                    | PNC V5.676 01/22/35                                         | CUSIP: 693475BW4<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36016.18     | 0.00%             | 2035-01-22      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Honeywell Aerospace Inc.                                                             | HONA 4.95 03/16/36 144A                                     | CUSIP: 43849RAG0<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |    965000 | PA      | $957848.19    | 0.05%             | 2036-03-16      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                        | ENBCN 5.7 03/08/33                                          | CUSIP: 29250NBR5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    880000 | PA      | $911910.56    | 0.05%             | 2033-03-08      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                                        | STACR 2026-DNA2 B1                                          | CUSIP: 35564UEP8<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   1630000 | PA      | $1626943.75   | 0.09%             | 2046-03-26      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                           | BA 6.388 05/01/31                                           | CUSIP: 097023DR3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    205000 | PA      | $218687.07    | 0.01%             | 2031-05-01      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                                             | VST 5.35 01/31/36 144A                                      | CUSIP: 92840VAZ5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    750000 | PA      | $734147.63    | 0.04%             | 2036-01-31      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                    | PNC V5.423 01/25/41                                         | CUSIP: 693475CF0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    395000 | PA      | $387133.97    | 0.02%             | 2041-01-25      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Eaton Corp.                                                                          | ETN 4.8 03/06/36                                            | CUSIP: 278058DZ2<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |    335000 | PA      | $330872.16    | 0.02%             | 2036-03-06      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V6.75 PERP EE                                             | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    451000 | PA      | $451040.41    | 0.02%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR QD3220                                                   | CUSIP: 3133B0SH7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1372437 | PA      | $1181698.61   | 0.06%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                         | UBS V7 PERP 144a                                            | CUSIP: 225401BH0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    875000 | PA      | $867276.55    | 0.05%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| New York Life Global Funding                                                         | NYLIFE 5.45 09/18/26 144A                                   | CUSIP: 64953BBF4<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |    183000 | PA      | $184103.09    | 0.01%             | 2026-09-18      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 4.7 09/27/34                                           | CUSIP: 68389XCT0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    225000 | PA      | $205440.91    | 0.01%             | 2034-09-27      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| QXO INC                                                                              | BECN 6.75 04/30/32 144A                                     | CUSIP: 74825NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    279000 | PA      | $284821.61    | 0.02%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BANK 2019-BNK20                                                                      | BANK 2019-BN20 A3                                           | CUSIP: 06540AAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    170000 | PA      | $160588.82    | 0.01%             | 2062-09-15      | Fixed         | 3.01%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 MA7472                                                   | CUSIP: 36179WJR0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   6179530 | PA      | $5319635.65   | 0.29%             | 2051-07-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FM4839                                                   | CUSIP: 3140X8LV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    210473 | PA      | $172904.50    | 0.01%             | 2050-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                                                      | BAE Systems PLC SPONSORED ADR                               | CUSIP: 05523R107<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |    186337 | NS      | $21708260.50  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| San Diego Gas & Electric Company                                                     | SRE 5.2 03/15/36 DDDD                                       | CUSIP: 797440CH5<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |    265000 | PA      | $264415.97    | 0.01%             | 2036-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | CAS 2022-R01 1M2                                            | CUSIP: 20754LAB5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   1750000 | PA      | $1755969.95   | 0.10%             | 2041-12-26      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET V6.75 02/15/56                                           | CUSIP: 29273VBH2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1120000 | PA      | $1118304.88   | 0.06%             | 2056-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Ferguson Enterprises Inc                                                             | Ferguson Enterprises Inc COMMON STOCK NEW                   | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |     74057 | NS      | $17274535.82  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| JBS NV                                                                               | JBS 5.625 03/10/37 144A                                     | CUSIP: 46590XBA3<br>LEI: 254900JSFON4WL81TW77 | Long             | DBT              | CORP              | NL        |    660000 | PA      | $662478.30    | 0.04%             | 2037-03-10      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Magnetite XLV Ltd.                                                                   | MAGNE 2025-45A D1                                           | CUSIP: 55956CAJ0<br>LEI: 529900IK6R4NURGLMB37 | Long             | ABS-CBDO         | CORP              | KY        |    290000 | PA      | $285770.35    | 0.02%             | 2038-04-15      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| CYRUSONE DATA CENTERS ISSUER I LLC                                                   | CYRUS 2024-2A A2                                            | CUSIP: 23284BAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2945000 | PA      | $2862724.36   | 0.16%             | 2049-05-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | Morgan Stanley COM NEW                                      | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     98451 | NS      | $16202081.07  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Operations Co LLC                                                             | VST 4.7 01/31/31 144A                                       | CUSIP: 92840VAY8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    435000 | PA      | $428242.01    | 0.02%             | 2031-01-31      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 4.625 05/15/54                                            | CUSIP: 912810UA4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      4000 | PA      | $3815.00      | 0.00%             | 2054-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Ballyrock Clo 2020-1 Ltd.                                                            | BALLY 2021-18A C1R                                          | CUSIP: 05875YAQ9<br>LEI: 2549009NE3IA6DAH4G62 | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $292571.40    | 0.02%             | 2038-04-15      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                                   | HBAN V4.623 01/28/32                                        | CUSIP: 446150BK9<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    390000 | PA      | $384427.13    | 0.02%             | 2032-01-28      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SD1098                                                   | CUSIP: 3132DNGF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2953179 | PA      | $2518556.82   | 0.14%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 5.125 06/15/39                                          | CUSIP: 404119BY4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18859.13     | 0.00%             | 2039-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                | FN MA4563                                                   | CUSIP: 31418EB90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2656976 | PA      | $2248457.89   | 0.12%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                                  | ABT 4.3 03/15/33                                            | CUSIP: 002824BT6<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    655000 | PA      | $641210.15    | 0.03%             | 2033-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                    | EPD 5.55 02/16/55                                           | CUSIP: 29379VCH4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     57000 | PA      | $54870.80     | 0.00%             | 2055-02-16      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| NewYork-Presbyterian Hospital                                                        | NYPRES 4.063 08/01/56                                       | CUSIP: 649322AD6<br>LEI: 19EOSPKL8HML7MY3UE63 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2334.99      | 0.00%             | 2056-08-01      | Fixed         | 4.06%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 4.125 08/15/44                                            | CUSIP: 912810UD8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      3000 | PA      | $2722.56      | 0.00%             | 2044-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Air Lease Corporation                                                                | AL V4.125 PERP C                                            | CUSIP: 00912XBK9<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |     36000 | PA      | $35166.23     | 0.00%             | N/A             | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| HCA Healthcare Inc                                                                   | HCA Healthcare Inc COM                                      | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |     12822 | NS      | $6067883.28   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis Capital Corporation                                                         | NOVNVX 4.9 03/18/36                                         | CUSIP: 66989HBJ6<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |    890000 | PA      | $888217.06    | 0.05%             | 2036-03-18      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Nordea Bank ABP                                                                      | NDAFH V6.75 PERP 144A                                       | CUSIP: 65558RAQ2<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    420000 | PA      | $419004.85    | 0.02%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP                                                                   | VICI 5.625 04/01/35                                         | CUSIP: 925650AK9<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    309000 | PA      | $307700.75    | 0.02%             | 2035-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                | FN MA5106                                                   | CUSIP: 31418EU81<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    116443 | PA      | $115244.38    | 0.01%             | 2053-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                | FR RA6605                                                   | CUSIP: 3133KNKS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6340794 | PA      | $5574203.80   | 0.30%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PORSCHE INNOVATIVE LEASE OWNER TRUST 2024-1                                          | PILOT 2024-1A A3                                            | CUSIP: 73328AAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1365211 | PA      | $1367703.22   | 0.07%             | 2027-11-22      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET 6.3 01/15/56                                             | CUSIP: 29273VBL3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1365000 | PA      | $1345363.79   | 0.07%             | 2056-01-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                       | BCRED 5.35 03/12/31                                         | CUSIP: 09261HBZ9<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    390000 | PA      | $370711.89    | 0.02%             | 2031-03-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Eaton Corp.                                                                          | ETN 4.5 03/06/33                                            | CUSIP: 278058DY5<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197316.20    | 0.01%             | 2033-03-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GN 782011                                                   | CUSIP: 36241KGU6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1180 | PA      | $1180.87      | 0.00%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CF 2019-CF1                                                                          | CF 2019-CF1 A5                                              | CUSIP: 12529MAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    215000 | PA      | $209552.33    | 0.01%             | 2052-05-17      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES TRUST 2015-GS1                                                | GSMS 2017-GS5 A4                                            | CUSIP: 36252HAD3<br>LEI: 549300WZ62L3Y22NOZ64 | Long             | ABS-O            | CORP              | US        |    190000 | PA      | $188075.13    | 0.01%             | 2050-03-11      | Fixed         | 3.67%                 | No            |                  2 | On Loan: No      |
| TPG Operating Group II LP                                                            | TPG 4.875 05/15/31                                          | CUSIP: 87268QAA4<br>LEI: 2549001H9RJQNZT7MU11 | Long             | DBT              | CORP              | US        |    515000 | PA      | $505353.33    | 0.03%             | 2031-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                         | UBS V5.01 03/23/37 144A                                     | CUSIP: 225401BP2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    770000 | PA      | $744931.65    | 0.04%             | 2037-03-23      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V6.296 10/18/28                                          | CUSIP: 61747YEV3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    881000 | PA      | $904288.18    | 0.05%             | 2028-10-18      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                         | UBS V4.844 11/06/33 144A                                    | CUSIP: 902613BT4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    780000 | PA      | $767478.89    | 0.04%             | 2033-11-06      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust                                              | HALST 2024-C A3                                             | CUSIP: 448984AD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1300000 | PA      | $1303905.98   | 0.07%             | 2028-04-17      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc.                                                                  | Ally Financial Inc. COM                                     | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |    415483 | NS      | $16299398.09  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                                       | MS V0.495 10/26/29                                          | CUSIP: 000000000<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    125000 | PA      | $134012.46    | 0.01%             | 2029-10-26      | Fixed         | 0.49%                 | No            |                  2 | On Loan: No      |
| Valero Energy Corp.                                                                  | VLO 5.15 03/10/36                                           | CUSIP: 91913YBG4<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |   1970000 | PA      | $1942716.88   | 0.11%             | 2036-03-10      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                                                | LOW 4.25 03/15/31                                           | CUSIP: 548661EV5<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    560000 | PA      | $549872.46    | 0.03%             | 2031-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SD8257                                                   | CUSIP: 3132DWE66<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2234607 | PA      | $2165906.70   | 0.12%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Advanced Micro Devices Inc.                                                          | Advanced Micro Devices Inc. COM                             | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     52505 | NS      | $10681092.15  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corporation                                                                     | OLN 6.625 04/01/33 144A                                     | CUSIP: 680665AN6<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |   1358000 | PA      | $1330128.27   | 0.07%             | 2033-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN CB1272                                                   | CUSIP: 3140QLMW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     80267 | PA      | $65810.17     | 0.00%             | 2051-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 MB0554                                                   | CUSIP: 3618N5TL3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2873255 | PA      | $2777654.01   | 0.15%             | 2055-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BANK 2020-BNK26                                                                      | BANK 2020-BN26 A4                                           | CUSIP: 06540JBG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    220000 | PA      | $201152.86    | 0.01%             | 2063-03-16      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Bank 2017-Bnk4                                                                       | BANK 2022-BNK40 B                                           | CUSIP: 06541LBU9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1120000 | PA      | $978200.83    | 0.05%             | 2064-03-17      | Variable      | 3.39%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | AbbVie Inc. COM                                             | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     37676 | NS      | $8194153.24   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                                                                  | D V6.2 02/15/56                                             | CUSIP: 25746UEA3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    390000 | PA      | $386713.98    | 0.02%             | 2056-02-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS1492                                                   | CUSIP: 3140XGUS6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    506584 | PA      | $491768.39    | 0.03%             | 2033-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GN BT0809                                                   | CUSIP: 3617MN3S0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     21486 | PA      | $19180.14     | 0.00%             | 2050-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST 2016-BNK1                                      | WFCM 2016-BNK1 A3                                           | CUSIP: 95000GAY0<br>LEI: 549300DNBJ7A0SEFVK31 | Long             | ABS-O            | CORP              | US        |    160000 | PA      | $159079.12    | 0.01%             | 2049-08-17      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 6.3 01/15/38                                              | CUSIP: 00206RAG7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    407000 | PA      | $433497.25    | 0.02%             | 2038-01-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| iShares Trust                                                                        | iShares Trust CORE US AGGBD ET                              | CUSIP: 464287226<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    608443 | NS      | $60400136.61  | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                                                    | VENTGL 3.875 11/01/33 144A                                  | CUSIP: 92328MAC7<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |   1696000 | PA      | $1503760.60   | 0.08%             | 2033-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP                                                                   | VICI 4.95 02/15/30                                          | CUSIP: 925650AC7<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |   2009000 | PA      | $2006555.85   | 0.11%             | 2030-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | Ultra 10-Year U.S. Treasury Note Futures, Jun-2026,ETH      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -845 | NC      | $1601729.68   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                                                                      | Microsoft Corp. COM                                         | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    100473 | NS      | $37192090.41  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc.                                                                       | CME Group Inc. COM                                          | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     91836 | NS      | $27123762.60  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Takeoff Merger Subordinated Inc.                                                     | SUMIAL 5.5 03/24/36 144A                                    | CUSIP: 873923AG1<br>LEI: 984500DF5ACB4A114F45 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197121.08    | 0.01%             | 2036-03-24      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                | FR RA7935                                                   | CUSIP: 3133KPY85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2537010 | PA      | $2532724.23   | 0.14%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V6.254 10/23/34                                         | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1156000 | PA      | $1243322.74   | 0.07%             | 2034-10-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 MB0305                                                   | CUSIP: 3618N5KT5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2959661 | PA      | $2774480.90   | 0.15%             | 2055-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V5.218 04/23/31                                          | CUSIP: 38141GC93<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    854000 | PA      | $868604.60    | 0.05%             | 2031-04-23      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V6.75 PERP                                             | CUSIP: 404280FH7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    395000 | PA      | $390892.36    | 0.02%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST 2025-1                                        | SDART 2025-1 D                                              | CUSIP: 80288DAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    550000 | PA      | $555894.79    | 0.03%             | 2031-03-15      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | Apple Inc. COM                                              | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    209902 | NS      | $53271028.58  | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2016-36 VB                                              | CUSIP: 3136ASNS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   1325573 | PA      | $1321921.46   | 0.07%             | 2029-06-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Orange SA                                                                            | ORAFP 4.75 01/13/33 144A                                    | CUSIP: 685218AE9<br>LEI: 969500MCOONR8990S771 | Long             | DBT              | CORP              | FR        |    565000 | PA      | $558887.89    | 0.03%             | 2033-01-13      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MADISON PARK FUNDING II LTD                                                          | MDPK 2018-27A D1R                                           | CUSIP: 55820YAW7<br>LEI: 549300Z310EWX0EQ8310 | Long             | ABS-CBDO         | CORP              | KY        |    350000 | PA      | $338585.10    | 0.02%             | 2038-04-20      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS2660                                                   | CUSIP: 3140XH5W3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    577008 | PA      | $486155.27    | 0.03%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CFCRE 2016-C7 MORTGAGE TRUST                                                         | CFCRE 2016-C7 A3                                            | CUSIP: 12532BAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    270000 | PA      | $268377.60    | 0.01%             | 2054-12-11      | Variable      | 3.84%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | U.S. Treasury Bond Futures, Jun-2026,ETH                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       526 | NC      | $-1635597.00  | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.125 02/15/36                                            | CUSIP: 91282CPZ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  52870000 | PA      | $52048035.40  | 2.83%             | 2036-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.14 01/24/31                                          | CUSIP: 46647PEV4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    195000 | PA      | $198612.12    | 0.01%             | 2031-01-24      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                                                          | PFE 4.2 11/15/30                                            | CUSIP: 717081FD0<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |    335000 | PA      | $332764.88    | 0.02%             | 2030-11-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FA0821                                                   | CUSIP: 3140W04F9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1338075 | PA      | $1087829.88   | 0.06%             | 2051-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2021-B25 MORTGAGE TRUST                                                    | BMARK 2021-B25 A5                                           | CUSIP: 08163DAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    135000 | PA      | $121237.94    | 0.01%             | 2054-04-17      | Variable      | 2.58%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                                               | BWY 7.875 04/15/30 144A                                     | CUSIP: 57763RAE7<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    834000 | PA      | $834596.31    | 0.05%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GN 783237                                                   | CUSIP: 36241LS23<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3343 | PA      | $3216.22      | 0.00%             | 2041-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                                     | BMO V4.439 01/14/32 J                                       | CUSIP: 06368ME67<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    555000 | PA      | $546645.97    | 0.03%             | 2032-01-14      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| CF 2019-CF2 MORTGAGE TRUST                                                           | CF 2019-CF2 A5                                              | CUSIP: 12528YAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    160000 | PA      | $150829.95    | 0.01%             | 2052-11-18      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc.                                                                 | Gilead Sciences Inc. COM                                    | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |    119517 | NS      | $16657084.29  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CCO HOLDINGS LLC                                                                     | CHTR 6.375 09/01/29 144A                                    | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1107000 | PA      | $1111105.86   | 0.06%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DRYDEN 109 CLO LTD                                                                   | DRSLF 2022-109A DR                                          | CUSIP: 26248KAS1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    350000 | PA      | $337759.10    | 0.02%             | 2038-04-15      | Variable      | 6.37%                 | No            |                  2 | On Loan: No      |
| Takeoff Merger Subordinated Inc.                                                     | SUMIAL 4.85 03/24/31 144A                                   | CUSIP: 873923AE6<br>LEI: 984500DF5ACB4A114F45 | Long             | DBT              | CORP              | US        |    415000 | PA      | $409970.57    | 0.02%             | 2031-03-24      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 5.55 11/01/45                                             | CUSIP: 00206RND0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    445000 | PA      | $421579.87    | 0.02%             | 2045-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NEE V6.5 08/15/55 .                                         | CUSIP: 65339KDF4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     37000 | PA      | $38196.21     | 0.00%             | 2055-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V5.15 04/23/31                                          | CUSIP: 95000U3W1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     56000 | PA      | $56967.16     | 0.00%             | 2031-04-23      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| iShares Trust                                                                        | iShares Trust US TREAS BD ETF                               | CUSIP: 46429B267<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |   2382871 | NS      | $54591574.61  | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Midcontinent Communications/Midcontinent Communications Finance Corp                 | MIDCON 8 08/15/32 144A                                      | CUSIP: 59565XAD2<br>LEI: 549300ZI9GDQBS28C408 | Long             | DBT              | CORP              | US        |   1255000 | PA      | $1170456.55   | 0.06%             | 2032-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FM5733                                                   | CUSIP: 3140X9LP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     57733 | PA      | $47604.60     | 0.00%             | 2051-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | American Express Company COM                                | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     47487 | NS      | $14363867.76  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                                                                     | MRK 3.85 03/15/29                                           | CUSIP: 58933YBW4<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    365000 | PA      | $362423.76    | 0.02%             | 2029-03-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHR 4616 HW                                                 | CUSIP: 3137BS3Q4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   1772747 | PA      | $1703037.18   | 0.09%             | 2045-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master Owner Trust A                                           | FORDF 2024-1 A1                                             | CUSIP: 34528QJA3<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |    470000 | PA      | $475439.22    | 0.03%             | 2029-04-15      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                | FR RA7706                                                   | CUSIP: 3133KPR34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1714042 | PA      | $1721019.09   | 0.09%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SD7506                                                   | CUSIP: 3132DVKT1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    826398 | PA      | $791481.27    | 0.04%             | 2049-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FIRSTKEY HOMES 2021-SFR2 TRUST                                                       | FKH 2021-SFR2 D                                             | CUSIP: 33767TAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    120000 | PA      | $118506.66    | 0.01%             | 2038-09-17      | Fixed         | 2.06%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANKS                                                              | FR SD7530                                                   | CUSIP: 3132DVLK9<br>LEI: 2549001DPIFGXC1TOL40 | Long             | ABS-MBS          | USGSE             | US        |    299899 | PA      | $257200.28    | 0.01%             | 2050-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 5.05 03/25/48                                           | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    551000 | PA      | $473070.58    | 0.03%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                                      | CDS CDX.NA.HY.45.V1                                         | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $212450.53    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                     | NRG 6.25 11/01/34 144A                                      | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    105000 | PA      | $105922.66    | 0.01%             | 2034-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2022-B33 MORTGAGE TRUST                                                    | BMARK 2022-B33 C                                            | CUSIP: 08163PBN9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $395818.75    | 0.02%             | 2055-03-17      | Variable      | 3.61%                 | No            |                  2 | On Loan: No      |
| Costco Wholesale Corporation                                                         | Costco Wholesale Corporation COM                            | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |     28881 | NS      | $28777894.83  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SPECTRUM MANAGEMENT HOLDING COMPANY LLC                                              | CHTR 7.3 07/01/38                                           | CUSIP: 88732JAN8<br>LEI: B1WXCWLJVJXMWJX6O298 | Long             | DBT              | CORP              | US        |    275000 | PA      | $287954.40    | 0.02%             | 2038-07-01      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                                                                | BBWI 6.875 11/01/35                                         | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |   1311000 | PA      | $1291101.25   | 0.07%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc                                                                 | Howmet Aerospace Inc COM                                    | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |    164048 | NS      | $37806502.08  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                                                                      | LLY 5.55 10/15/55                                           | CUSIP: 532457DF2<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    425000 | PA      | $419834.59    | 0.02%             | 2055-10-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                         | MAR 5.1 05/01/38                                            | CUSIP: 571903BZ5<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    385000 | PA      | $366177.54    | 0.02%             | 2038-05-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2015-JP1                        | JPMCC 2015-JP1 A5                                           | CUSIP: 46590KAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9621 | PA      | $9586.05      | 0.00%             | 2049-01-15      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 787255                                                   | CUSIP: 3622AC5Q9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    518458 | PA      | $525916.17    | 0.03%             | 2054-02-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V6.627 11/01/34                                          | CUSIP: 61747YFJ9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    153000 | PA      | $166543.84    | 0.01%             | 2034-11-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Blackstone Inc                                                                       | Blackstone Inc COM                                          | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |     81621 | NS      | $9385598.79   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| BENCHMARK 2022-B32 MORTGAGE TRUST                                                    | BMARK 2022-B32 A5                                           | CUSIP: 08163NBJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9130000 | PA      | $8113065.91   | 0.44%             | 2055-01-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.                                         | Taiwan Semiconductor Manufacturing Co., Ltd. SPONSORED ADS  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    139922 | NS      | $47286639.90  | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Generation LLC                                                  | CEG 3.9 01/08/28                                            | CUSIP: 210385AP5<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    340000 | PA      | $337427.02    | 0.02%             | 2028-01-08      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN CB6864                                                   | CUSIP: 3140QSTW1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    736963 | PA      | $735717.70    | 0.04%             | 2053-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Magnera Corp.                                                                        | MAGN 7.25 11/15/31 144A                                     | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |    653000 | PA      | $605138.37    | 0.03%             | 2031-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR ZI2514                                                   | CUSIP: 3131WEYK4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         2 | PA      | $2.44         | 0.00%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.103 04/22/31                                         | CUSIP: 46647PEY8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    728000 | PA      | $741354.50    | 0.04%             | 2031-04-22      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Leidos Inc                                                                           | LDOS 5 03/15/36                                             | CUSIP: 52532XAN5<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |    920000 | PA      | $889805.78    | 0.05%             | 2036-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Popular, Inc.                                                                        | BPOP 7.25 03/13/28                                          | CUSIP: 733174AL0<br>LEI: 5493008CARDZMVQ3LO89 | Long             | DBT              | CORP              | US        |    803000 | PA      | $832431.56    | 0.05%             | 2028-03-13      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                     | DB V6.819 11/20/29                                          | CUSIP: 251526CU1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    517000 | PA      | $542928.12    | 0.03%             | 2029-11-20      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN BQ9050                                                   | CUSIP: 3140KVBU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     59084 | PA      | $48524.86     | 0.00%             | 2050-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co, Inc.                                                     | AEP V6.05 03/15/56 D                                        | CUSIP: 02557TAF6<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    535000 | PA      | $530455.07    | 0.03%             | 2056-03-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Vanguard Index Funds                                                                 | Vanguard Index Funds S&P 500 ETF SHS                        | CUSIP: 922908363<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |    163578 | NS      | $97746033.90  | 5.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SD1524                                                   | CUSIP: 3132DNVR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3525997 | PA      | $3343776.72   | 0.18%             | 2052-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2025-DNA2                                              | STACR 2025-DNA2 M2                                          | CUSIP: 35564NJA2<br>LEI: 529900XX8WXEM4FBIH80 | Long             | ABS-O            | USGSE             | US        |    375000 | PA      | $375236.25    | 0.02%             | 2045-05-25      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| NewYork-Presbyterian Hospital                                                        | NYPRES 2.256 08/01/40                                       | CUSIP: 649322AH7<br>LEI: 19EOSPKL8HML7MY3UE63 | Long             | DBT              | CORP              | US        |     66000 | PA      | $45463.94     | 0.00%             | 2040-08-01      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC                                                                     | CHTR 4.25 01/15/34 144A                                     | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1822000 | PA      | $1560403.80   | 0.08%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                                                        | JEF 6.2 04/14/34                                            | CUSIP: 47233WEJ4<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    455000 | PA      | $464263.35    | 0.03%             | 2034-04-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                                   | HBAN V5.605 01/28/41                                        | CUSIP: 446150BL7<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    535000 | PA      | $522360.36    | 0.03%             | 2041-01-28      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| SoftBank Corp                                                                        | SOBKCO 4.699 07/09/30 144A                                  | CUSIP: 83405KAA0<br>LEI: 353800M1YCTS9JRBJ535 | Long             | DBT              | CORP              | JP        |    910000 | PA      | $905000.01    | 0.05%             | 2030-07-09      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.75 01/31/31                                             | CUSIP: 91282CPW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6300000 | PA      | $6246843.75   | 0.34%             | 2031-01-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Blue Owl Credit Income Corp.                                                         | OCINCC 5.8 03/15/30                                         | CUSIP: 09581CAD3<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    352000 | PA      | $339592.99    | 0.02%             | 2030-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                | FN MA4047                                                   | CUSIP: 31418DP97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    848622 | PA      | $691854.16    | 0.04%             | 2050-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                | FN MA4305                                                   | CUSIP: 31418DYB2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  25409877 | PA      | $20645847.54  | 1.12%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Institutional Liquidity Funds                                         | Morgan Stanley Institutional Liquidity Funds GOVT PTF INSTL | CUSIP: 61747C707<br>LEI: 5493000A332Y142SOW84 | Long             | STIV             | RF                | US        |   7475000 | NS      | $7475000.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Pennymac Financial Services Inc                                                      | PFSI 6.875 05/15/32 144A                                    | CUSIP: 70932MAG2<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |   1193000 | PA      | $1152458.64   | 0.06%             | 2032-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                | FN MA4384                                                   | CUSIP: 31418D2S0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    242293 | PA      | $229114.42    | 0.01%             | 2036-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 770221                                                   | CUSIP: 36176MPE7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      6521 | PA      | $6312.19      | 0.00%             | 2036-06-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                            | RTX 4.625 11/16/48                                          | CUSIP: 913017CX5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    345000 | PA      | $293922.09    | 0.02%             | 2048-11-16      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Eaton Corporation PLC                                                                | Eaton Corporation PLC COM USD0.01                           | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |     80383 | NS      | $28750587.61  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon Corp/ Aon Global Holdings PLC                                                    | AON 2.9 08/23/51                                            | CUSIP: 03740LAB8<br>LEI: LTS3U8DGK38SETRUWX71 | Long             | DBT              | CORP              | US        |     25000 | PA      | $15244.81     | 0.00%             | 2051-08-23      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS5144                                                   | CUSIP: 3140XLWE4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4319476 | PA      | $4001119.97   | 0.22%             | 2052-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BANK 2022-BNK39                                                                      | BANK 2022-BNK39 B                                           | CUSIP: 06539VAW8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    588000 | PA      | $515278.81    | 0.03%             | 2055-02-18      | Variable      | 3.24%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN MA5823                                                   | CUSIP: 31418FPH4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7830449 | PA      | $7982103.11   | 0.43%             | 2055-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy Inc                                                               | FANG 5.55 04/01/35                                          | CUSIP: 25278XBC2<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |   1140000 | PA      | $1163814.94   | 0.06%             | 2035-04-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I L.P/Hilcorp Finance Co                                              | HILCRP 6 02/01/31 144A                                      | CUSIP: 431318AV6<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |     47000 | PA      | $45713.46     | 0.00%             | 2031-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SVB Financial Group                                                                  | SVB Financial Group TR UNIT CL A-1                          | CUSIP: 78500B205<br>LEI: 549300D2KJ20JMXE7542 | Long             | EC               | CORP              | US        |      1500 | NS      | $708750.00    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                                                          | PFE 4.875 11/15/35                                          | CUSIP: 717081FF5<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |    505000 | PA      | $500147.66    | 0.03%             | 2035-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.193 02/05/37                                         | CUSIP: 46647PFK7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1307442.80   | 0.07%             | 2037-02-05      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 2.35 02/26/27                                            | CUSIP: 37045XDR4<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    825000 | PA      | $809401.48    | 0.04%             | 2027-02-26      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELEC AUTH GA                                                               | GA MELPWR 6.66 04/01/2057                                   | CUSIP: 626207YM0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |     65000 | PA      | $70209.75     | 0.00%             | 2057-04-01      | Fixed         | 6.66%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN AB6965                                                   | CUSIP: 31417DW33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       887 | PA      | $876.15       | 0.00%             | 2027-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corporation                                                         | NOC 4.75 06/01/43                                           | CUSIP: 666807BH4<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |    190000 | PA      | $171701.56    | 0.01%             | 2043-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Standard Building Solutions Inc.                                                     | BMCAUS 4.375 07/15/30 144A                                  | CUSIP: 853496AG2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    913000 | PA      | $861118.68    | 0.05%             | 2030-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                                                  | CEG 5.875 01/15/66                                          | CUSIP: 210385AR1<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    445000 | PA      | $427546.12    | 0.02%             | 2066-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Airbus SE                                                                            | Airbus SE UNSPONSORED ADR                                   | CUSIP: 009279100<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | NL        |    448675 | NS      | $21199893.75  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 5.05 07/12/29                                          | CUSIP: 11135FBX8<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    131000 | PA      | $133731.56    | 0.01%             | 2029-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Davita Inc                                                                           | DVA 4.625 06/01/30 144A                                     | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     42000 | PA      | $40408.21     | 0.00%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET V6.5 02/15/56                                            | CUSIP: 29273VBG4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1027000 | PA      | $1015306.48   | 0.06%             | 2056-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN BR1317                                                   | CUSIP: 3140KYPB4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     69962 | PA      | $57565.14     | 0.00%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.625 12/31/30                                            | CUSIP: 91282CPR6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2505000 | PA      | $2471192.27   | 0.13%             | 2030-12-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN CA6592                                                   | CUSIP: 3140QEKE1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1727398 | PA      | $1484838.01   | 0.08%             | 2050-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG NEW YORK BRANCH                                                     | DB V5.297 05/09/31                                          | CUSIP: 251526DA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    490000 | PA      | $495193.90    | 0.03%             | 2031-05-09      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GN 786468                                                   | CUSIP: 3622ACCD0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     97839 | PA      | $101713.26    | 0.01%             | 2042-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                      | LLY 5.6 02/12/65                                            | CUSIP: 532457CZ9<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    675000 | PA      | $661117.48    | 0.04%             | 2065-02-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| MAD COMMERCIAL MORTGAGE TRUST 2025-11MD                                              | MAD 2025-11MD A                                             | CUSIP: 55616AAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $746582.70    | 0.04%             | 2042-10-17      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V5.819 09/15/29                                         | CUSIP: 06051GLS6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    881000 | PA      | $908944.88    | 0.05%             | 2029-09-15      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB V6.787 10/26/27                                         | CUSIP: 91159HJP6<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    320000 | PA      | $324293.28    | 0.02%             | 2027-10-26      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V5.387 02/02/41                                          | CUSIP: 38145GAU4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1230000 | PA      | $1188815.79   | 0.06%             | 2041-02-02      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V1.734 07/22/27                                         | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2050000 | PA      | $2032972.29   | 0.11%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR RA3089                                                   | CUSIP: 3133KJNE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    237513 | PA      | $203410.97    | 0.01%             | 2050-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BANK 2022-BNK39                                                                      | BANK 2022-BNK39 C                                           | CUSIP: 06539VBB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    432000 | PA      | $368585.04    | 0.02%             | 2055-02-18      | Variable      | 3.27%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                                                        | Netflix, Inc. COM                                           | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     70859 | NS      | $6813092.85   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTMORELAND COAL                                                                    | WESTMORELAND COAL                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       146 | NS      | $109.14       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BlackRock Liquidity Funds                                                            | BlackRock Liquidity Funds FEDFUND INSTL                     | CUSIP: 09248U700<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |   7475000 | NS      | $7475000.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp.                                                                | Parker-Hannifin Corp. COM                                   | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |     12116 | NS      | $10846727.84  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CD 2016-CD2 MORTGAGE TRUST                                                           | CD 2016-CD2 A3                                              | CUSIP: 12515ABD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    119015 | PA      | $118463.89    | 0.01%             | 2049-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS0396                                                   | CUSIP: 3140XFNN7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    199877 | PA      | $164260.34    | 0.01%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX                                                                          | TX HOUFAC 5.5 09/01/2058                                    | CUSIP: 44237NMW9<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    125000 | PA      | $131721.25    | 0.01%             | 2058-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LIBERTY STREET TRUST 2026-225L                                                       | LBTY 2026-225L A                                            | CUSIP: 50178LAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2350000 | PA      | $2319366.81   | 0.13%             | 2031-02-10      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN 190445                                                   | CUSIP: 31368HP64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4037781 | PA      | $4174407.20   | 0.23%             | 2055-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 5.45 09/15/34                                           | CUSIP: 404121AK1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    207000 | PA      | $209006.58    | 0.01%             | 2034-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR QN7406                                                   | CUSIP: 3133GEGP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4087154 | PA      | $3762416.55   | 0.20%             | 2036-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                                                                    | ILIADH 8.5 04/15/31 144A                                    | CUSIP: 449691AF1<br>LEI: 9695009BGMXB527HV965 | Long             | DBT              | CORP              | FR        |    785000 | PA      | $822015.11    | 0.04%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 MA7988                                                   | CUSIP: 36179W2V9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4261272 | PA      | $3807014.09   | 0.21%             | 2052-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SD8212                                                   | CUSIP: 3132DWDR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2147130 | PA      | $1816325.60   | 0.10%             | 2052-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN 580989                                                   | CUSIP: 31387DNE5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        42 | PA      | $42.69        | 0.00%             | 2031-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TENNESSEE GAS PIPELINE COMPANY LLC                                                   | KMI 8.375 06/15/32                                          | CUSIP: 880451AW9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     19000 | PA      | $22315.40     | 0.00%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| DIAMOND INFRASTRUCTURE FUNDING LLC                                                   | DNFRA 2021-1A A                                             | CUSIP: 25265LAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    375000 | PA      | $366591.86    | 0.02%             | 2049-04-15      | Fixed         | 1.76%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                                  | ABT 4.65 03/15/36                                           | CUSIP: 002824BU3<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1301063.06   | 0.07%             | 2036-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2022-B32 MORTGAGE TRUST                                                    | BMARK 2022-B32 B                                            | CUSIP: 08163NBP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2345000 | PA      | $1959219.59   | 0.11%             | 2055-01-15      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| CIFC FUNDING 2025-I LTD                                                              | CIFC 2025-1A D1                                             | CUSIP: 12572VAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    350000 | PA      | $342643.70    | 0.02%             | 2038-04-23      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| BANK 2017-BNK5                                                                       | BANK 2017-BNK5 A5                                           | CUSIP: 06541WAX0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    180000 | PA      | $177848.37    | 0.01%             | 2060-06-17      | Fixed         | 3.39%                 | No            |                  2 | On Loan: No      |
| NewYork-Presbyterian Hospital                                                        | NYPRES 2.606 08/01/60                                       | CUSIP: 649322AJ3<br>LEI: 19EOSPKL8HML7MY3UE63 | Long             | DBT              | CORP              | US        |     43000 | PA      | $23895.99     | 0.00%             | 2060-08-01      | Fixed         | 2.61%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                     | FN BR4034                                                   | CUSIP: 3140L2PU1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     84220 | PA      | $69275.88     | 0.00%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Crown Holdings Inc                                                                   | Crown Holdings Inc COM                                      | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |    128980 | NS      | $12930245.00  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                | FR RA7927                                                   | CUSIP: 3133KPYY8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2597182 | PA      | $2522188.78   | 0.14%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NYU Langone Hospitals                                                                | NYUHOS 3.38 07/01/55 2020                                   | CUSIP: 62954RAA4<br>LEI: 254900A1087KNNZSNH72 | Long             | DBT              | CORP              | US        |     39000 | PA      | $26572.28     | 0.00%             | 2055-07-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN MA5822                                                   | CUSIP: 31418FPG6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4159151 | PA      | $4180110.53   | 0.23%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ELMWOOD CLO 22 LTD                                                                   | ELM22 2023-1A D1R                                           | CUSIP: 29001YAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    290000 | PA      | $287613.01    | 0.02%             | 2038-04-19      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 737722                                                   | CUSIP: 3620ARSK8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3474 | PA      | $3309.57      | 0.00%             | 2040-12-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                                                 | CAT 4.15 01/08/31                                           | CUSIP: 14913UBH2<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    415000 | PA      | $411287.12    | 0.02%             | 2031-01-08      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Black Hills Corporation                                                              | BKH 4.55 01/31/31                                           | CUSIP: 092113AY5<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |    445000 | PA      | $440447.96    | 0.02%             | 2031-01-31      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| TEXAS WATER DEVELOPMENT BOARD (TX)                                                   | TX TXSWTR 4.75 10/15/2055                                   | CUSIP: 88285AKD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1218647.10   | 0.07%             | 2055-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 5.7 02/04/36                                           | CUSIP: 68389XDZ5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    990000 | PA      | $952302.48    | 0.05%             | 2036-02-04      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V4.369 10/21/31 .                                        | CUSIP: 38141GD35<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    880000 | PA      | $863039.06    | 0.05%             | 2031-10-21      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| Standard Building Solutions Inc.                                                     | BMCAUS 3.375 01/15/31 144A                                  | CUSIP: 853496AH0<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    110000 | PA      | $98670.72     | 0.01%             | 2031-01-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Gildan Activewear Inc.                                                               | GILCN 4.7 10/07/30 144A                                     | CUSIP: 375916AF0<br>LEI: 549300SB3IBI34M00Z45 | Long             | DBT              | CORP              | CA        |   1435000 | PA      | $1420365.58   | 0.08%             | 2030-10-07      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2025-DNA3                                              | STACR 2025-DNA3 M2                                          | CUSIP: 35564UAS6<br>LEI: 5299009HC4IGFM6RXF30 | Long             | ABS-O            | USGSE             | US        |    530000 | PA      | $531216.99    | 0.03%             | 2045-09-25      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V4.96 01/23/37                                          | CUSIP: 95000U4E0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    408000 | PA      | $397602.12    | 0.02%             | 2037-01-23      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2022-B34 MORTGAGE TRUST                                                    | BMARK 2022-B34 A5                                           | CUSIP: 08161YBG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    165000 | PA      | $152415.32    | 0.01%             | 2055-04-16      | Variable      | 3.79%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2022-B32 MORTGAGE TRUST                                                    | BMARK 2022-B32 C                                            | CUSIP: 08163NBQ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1346000 | PA      | $1019343.16   | 0.06%             | 2055-01-15      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 MB0205                                                   | CUSIP: 3618N5GP8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1516119 | PA      | $1527812.20   | 0.08%             | 2055-02-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                           | BA 6.259 05/01/27                                           | CUSIP: 097023DP7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    985000 | PA      | $1002283.60   | 0.05%             | 2027-05-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| BANK 2021-BNK36                                                                      | BANK 2021-BN36 A5                                           | CUSIP: 06540DBH7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7696000 | PA      | $6842963.82   | 0.37%             | 2064-09-17      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 MA2446                                                   | CUSIP: 36179QWF4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2578 | PA      | $2475.48      | 0.00%             | 2044-12-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FM8438                                                   | CUSIP: 3140XCLU0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    112725 | PA      | $96813.26     | 0.01%             | 2051-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | 5-Year T-Note Futures, Jun-2026,ETH                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -428 | NC      | $584142.96    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies Financial Group Inc                                                        | JEF 6.5 01/20/43                                            | CUSIP: 472319AM4<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |     48000 | PA      | $46821.42     | 0.00%             | 2043-01-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Brookfield Finance Inc.                                                              | BNCN 5.33 01/15/36                                          | CUSIP: 11271LAQ5<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |    635000 | PA      | $622039.52    | 0.03%             | 2036-01-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| FORD CREDIT AUTO OWNER TRUST 2024-B                                                  | FORDO 2024-B A3                                             | CUSIP: 34531QAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1099346 | PA      | $1107883.73   | 0.06%             | 2029-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| FIRSTKEY HOMES 2021-SFR1 TRUST                                                       | FKH 2021-SFR1 B                                             | CUSIP: 33767WAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130000 | PA      | $128535.93    | 0.01%             | 2038-08-19      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                                                        | JEF 2.625 10/15/31                                          | CUSIP: 47233JGT9<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    122000 | PA      | $106238.27    | 0.01%             | 2031-10-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC.                                                               | FABSJV 6.1 01/25/36                                         | CUSIP: 350930AH6<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    595000 | PA      | $613587.68    | 0.03%             | 2036-01-25      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| USA Compression Partners LP / USA Compression Finance Corp                           | USAC 7.125 03/15/29 144A                                    | CUSIP: 91740PAG3<br>LEI: 5493000B1PEOKXRZEO65 | Long             | DBT              | CORP              | US        |    814000 | PA      | $833345.69    | 0.05%             | 2029-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHMS K144 A2                                                | CUSIP: 3137H7M91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   2525000 | PA      | $2271740.99   | 0.12%             | 2032-04-25      | Variable      | 2.45%                 | No            |                  2 | On Loan: No      |
| Hudson Yards 2025-Sprl Mortgage Trust                                                | HY 2025-SPRL A                                              | CUSIP: 44855PAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    165000 | PA      | $168839.15    | 0.01%             | 2040-01-13      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V6.491 10/23/34                                         | CUSIP: 95000U3H4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    635000 | PA      | $687755.23    | 0.04%             | 2034-10-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| Entergy Corporation                                                                  | Entergy Corporation COM                                     | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |    167016 | NS      | $18765917.76  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2023-HQA3                                              | STACR 2023-HQA3 A1                                          | CUSIP: 35564K3F4<br>LEI: 529900ZTXRUUVE8G8W08 | Long             | ABS-O            | USGSE             | US        |    940431 | PA      | $946993.71    | 0.05%             | 2043-11-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Corporation                                                        | OMF 7.125 09/15/32                                          | CUSIP: 682691AK6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1158675.02   | 0.06%             | 2032-09-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                    | EPD V0 06/01/67                                             | CUSIP: 29379VAN3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     26000 | PA      | $25780.34     | 0.00%             | 2067-06-01      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 4.2 10/15/30                                           | CUSIP: 11135FCW9<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    180000 | PA      | $177968.72    | 0.01%             | 2030-10-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 2.25 08/15/46                                             | CUSIP: 912810RT7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      2000 | PA      | $1304.14      | 0.00%             | 2046-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust 2019-L3                                               | MSC 2019-L3 A4                                              | CUSIP: 61691UBE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    110000 | PA      | $104260.67    | 0.01%             | 2052-11-18      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| True Religion 2026 Escrow                                                            | True Religion 2026 Escrow                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         2 | NS      | $1902.46      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST 2013-A                                        | SDART 2025-4 D                                              | CUSIP: 802923AF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $595672.68    | 0.03%             | 2032-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                                  | D V6.875 02/01/55 A                                         | CUSIP: 25746UDT3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    620000 | PA      | $638525.91    | 0.03%             | 2055-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Canyon Clo 2020-2 Ltd/Canyon Clo 2020-2 Llc                                          | CANYC 2019-2A AR2                                           | CUSIP: 13887WAS9<br>LEI: 254900X4427F031Y2Z93 | Long             | ABS-CBDO         | NUSS              | KY        |    500000 | PA      | $499020.50    | 0.03%             | 2034-10-16      | Variable      | 4.68%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST 2026-R02                                         | CAS 2026-R02 1M2                                            | CUSIP: 20753EAD8<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    900000 | PA      | $903935.79    | 0.05%             | 2046-02-26      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| U.S. Bank National Association                                                       | USB V4.73 05/15/28                                          | CUSIP: 90331HPS6<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |    570000 | PA      | $572198.21    | 0.03%             | 2028-05-15      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                         | AVOL 4.85 04/01/33 144A                                     | CUSIP: 05401ABF7<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    630000 | PA      | $603829.80    | 0.03%             | 2033-04-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V4.503 09/11/31                                           | CUSIP: 172967QF1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    865000 | PA      | $855372.72    | 0.05%             | 2031-09-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 770222                                                   | CUSIP: 36176MPF4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3018 | PA      | $2992.44      | 0.00%             | 2031-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 5.875 11/15/55                                         | CUSIP: 87264ADU6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    375000 | PA      | $365935.16    | 0.02%             | 2055-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Vistra Corp                                                                          | VST V7 PERP 144A                                            | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1152279.30   | 0.06%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AGL CLO 17 LTD                                                                       | AGL 2022-17A AR                                             | CUSIP: 00120DAJ5<br>LEI: 254900ISUA07JPVCOS18 | Long             | ABS-CBDO         | CORP              | KY        |    950000 | PA      | $948442.95    | 0.05%             | 2035-01-22      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN AUTO LEASE TRUST 2024-A                                                   | VWALT 2024-A A3                                             | CUSIP: 92866EAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2176689 | PA      | $2183457.22   | 0.12%             | 2027-06-21      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Archrock Partners LP/Archrock Partners Finance Corp                                  | AROC 6.625 09/01/32 144A                                    | CUSIP: 03959KAD2<br>LEI: 549300YFKOM2XNCKQU76 | Long             | DBT              | CORP              | US        |    105000 | PA      | $107123.10    | 0.01%             | 2032-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Intuit Inc                                                                           | Intuit Inc COM                                              | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     36795 | NS      | $15909422.10  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| BPCE SA                                                                              | BPCEGP V6.347 01/13/47 144A                                 | CUSIP: 05571ABG9<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    210000 | PA      | $201121.70    | 0.01%             | 2047-01-13      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | CHTR 3.85 04/01/61                                          | CUSIP: 161175BY9<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    115000 | PA      | $67223.47     | 0.00%             | 2061-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                                                         | NVIDIA Corp. COM                                            | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    466464 | NS      | $81351321.60  | 4.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Davita Inc                                                                           | DVA 6.75 07/15/33 144A                                      | CUSIP: 23918KAY4<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    636000 | PA      | $647523.05    | 0.04%             | 2033-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Athene Holding Ltd                                                                   | ATH V6.875 06/28/55                                         | CUSIP: 04686JAM3<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |    545000 | PA      | $509824.34    | 0.03%             | 2055-06-28      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Simon Property Group LP                                                              | SPG 2.65 02/01/32                                           | CUSIP: 828807DT1<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |   1005000 | PA      | $896818.58    | 0.05%             | 2032-02-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V5.049 07/23/30                                          | CUSIP: 38141GB29<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2580000 | PA      | $2611492.77   | 0.14%             | 2030-07-23      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| MNSN HOLDINGS INC                                                                    | MNSN Holdings Inc. COM                                      | CUSIP: 55339C109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1315 | NS      | $79777.11     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FM8522                                                   | CUSIP: 3140XCPG7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2048182 | PA      | $1886264.24   | 0.10%             | 2036-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Davita Inc                                                                           | DVA 3.75 02/15/31 144A                                      | CUSIP: 23918KAT5<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     46000 | PA      | $42206.22     | 0.00%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | CAS 2023-R08 1M1                                            | CUSIP: 20755CAA6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   1163541 | PA      | $1163901.39   | 0.06%             | 2043-10-26      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                               | FHMS K-150 A2                                               | CUSIP: 3137H9C98<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   1110000 | PA      | $1065861.63   | 0.06%             | 2032-09-25      | Variable      | 3.71%                 | No            |                  2 | On Loan: No      |
| Booking Holdings Inc                                                                 | Booking Holdings Inc COM                                    | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      1289 | NS      | $5427102.48   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc.                                                    | PNC Financial Services Group Inc. COM                       | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     87461 | NS      | $18199759.49  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 4.875 03/13/36                                         | CUSIP: 023135DF0<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    465000 | PA      | $460941.76    | 0.03%             | 2036-03-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Vulcan Materials Company                                                             | Vulcan Materials Company COM                                | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     35706 | NS      | $9722743.80   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS0605                                                   | CUSIP: 3140XFU74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1315410 | PA      | $1126408.17   | 0.06%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Leidos Inc                                                                           | LDOS 5.4 03/15/32                                           | CUSIP: 52532XAK1<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |     51000 | PA      | $52062.18     | 0.00%             | 2032-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SD8494                                                   | CUSIP: 3132DWNK5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2495325 | PA      | $2507899.23   | 0.14%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 AO9696                                                   | CUSIP: 3617AAXZ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      6185 | PA      | $5905.45      | 0.00%             | 2035-11-20      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust 2019-GC42                                               | GSMS 2019-GC42 A4                                           | CUSIP: 36257UAL1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    145000 | PA      | $136847.36    | 0.01%             | 2052-09-12      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN MA5997                                                   | CUSIP: 31418FUX3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5363093 | PA      | $5291509.43   | 0.29%             | 2056-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EL PASO NATURAL GAS CO                                                               | KMI 8.375 06/15/32 *                                        | CUSIP: 283695BK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     19000 | PA      | $22289.93     | 0.00%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Vertex Pharmaceuticals Incorporated                                                  | Vertex Pharmaceuticals Incorporated COM                     | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     21078 | NS      | $9412170.12   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                                                             | AT&T Inc COM                                                | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    501173 | NS      | $14529005.27  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Canyon Clo 2020-2 Ltd/Canyon Clo 2020-2 Llc                                          | CANYC 2020-2A AR2                                           | CUSIP: 13876NAW3<br>LEI: 2549001ZLWJBJYTM8I33 | Long             | ABS-CBDO         | NUSS              | KY        |    700000 | PA      | $698063.80    | 0.04%             | 2034-10-16      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| Bank 2017-Bnk4                                                                       | BANK 2022-BNK40 A4                                          | CUSIP: 06541LBG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8150000 | PA      | $7563497.48   | 0.41%             | 2064-03-17      | Variable      | 3.39%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                | FN MA4413                                                   | CUSIP: 31418D3X8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1900517 | PA      | $1541212.66   | 0.08%             | 2051-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN CB1381                                                   | CUSIP: 3140QLRB4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    274877 | PA      | $236076.70    | 0.01%             | 2051-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                    | HRI 7.25 06/15/33 144A                                      | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    182000 | PA      | $186657.74    | 0.01%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NGL ENERGY OPERATING LLC                                                             | NGL 8.375 02/15/32 144A                                     | CUSIP: 62922LAD0<br>LEI: 5493008CQD36WWZJ3O79 | Long             | DBT              | CORP              | US        |    589000 | PA      | $607420.39    | 0.03%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | Alphabet Inc. CAP STK CL A                                  | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    139989 | NS      | $40255236.84  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro Inc                                                                           | HAS 4.65 03/12/31                                           | CUSIP: 418056BB2<br>LEI: 549300NUB6D2R1ITYR45 | Long             | DBT              | CORP              | US        |    260000 | PA      | $256848.41    | 0.01%             | 2031-03-12      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                                                                     | UWMC 6.25 03/15/31 144A                                     | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    392000 | PA      | $357318.00    | 0.02%             | 2031-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                                                              | MasterCard Incorporated CL A                                | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     40303 | NS      | $20137796.98  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                                                                     | NRG 5.407 10/15/35 144A                                     | CUSIP: 629377DB5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    575000 | PA      | $564385.39    | 0.03%             | 2035-10-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Smbc Aviation Capital Finance                                                        | SMBCAC 5.25 11/26/35 144A                                   | CUSIP: 78448TAP7<br>LEI: 549300OD7VKRVNWB2J98 | Long             | DBT              | CORP              | IE        |    840000 | PA      | $820677.73    | 0.04%             | 2035-11-26      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOWDEN UK REFINANCE PLC                                                              | HWDGRP 7.25 02/15/31 144A                                   | CUSIP: 44287GAA4<br>LEI: 87550008DPN8BDG67910 | Long             | DBT              | CORP              | GB        |   1063000 | PA      | $1072775.35   | 0.06%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-28

**Name of Applicant:** IVY FUNDS

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

**Title:** Division Director - Head of US Fund Administration