# EDGAR Filing Document

**Accession Number:** 0000353905
**File Stem:** 0002071691-26-009804
**Filing Date:** 2026-5
**Character Count:** 188163
**Document Hash:** d961ff2d78e46e9018b01b75f3ede5ed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-009804.hdr.sgml**: 20260518

**ACCESSION NUMBER**: 0002071691-26-009804

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260518

**DATE AS OF CHANGE**: 20260518

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NATIONWIDE VARIABLE INSURANCE TRUST
- **CENTRAL INDEX KEY:** 0000353905

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03213
- **FILM NUMBER:** 26993146

**BUSINESS ADDRESS:**
- **STREET 1:** ONE NATIONWIDE PLAZA
- **STREET 2:** MAIL CODE 5-02-210
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215
- **BUSINESS PHONE:** 614-435-5749

**MAIL ADDRESS:**
- **STREET 1:** ONE NATIONWIDE PLAZA
- **STREET 2:** MAIL CODE 5-02-210
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GARTMORE VARIABLE INSURANCE TRUST
- **DATE OF NAME CHANGE:** 20020125

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NATIONWIDE SEPARATE ACCOUNT TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NATIONWIDE SEPARATE ACCOUNT MONEY MARKET TRUST
- **DATE OF NAME CHANGE:** 19860226

## Series and Classes Contracts Data

### NVIT Strategic Income Fund (Series ID: S000005423)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014754 | Class I      |  |

## Nport-Ex

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## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Nationwide Variable Insurance Trust

- **b. Investment Company Act file number:** 811-03213

- **c. CIK number of Registrant:** 0000353905

- **d. LEI of Registrant:** 549300WLMVM3JP578846

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

  - **Street Address 1:** One Nationwide Plaza

  - **City:** Columbus

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 43215

  - **Telephone number:** 614-435-3820

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

- **a. Name of Series:** NVIT Strategic Income Fund

- **b. EDGAR series identifier (if any):** S000005423

- **c. LEI of Series:** 5493003NBLEW4UFF5S87

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

- **a. Date of fiscal year-end:** 2026-12-31

- **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:** $559069995.61

**Total Liabilities:** $82031207.51

**Net Assets:** $477038788.10

**Cash Not Reported:** $6514859.46

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 180.59707200 | **1-Year:** 3993.51435600 | **5-Year:** 33459.09975400 | **10-Year:** 86588.72298400 | **30-Year:** 35779.47030500

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

- **3-Month:** 131.96131300 | **1-Year:** 5673.87232600 | **5-Year:** 23897.45074500 | **10-Year:** 11708.82507400 | **30-Year:** 18.71381900

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000014754 | 0.89%                | 0.33%                | -0.22%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $396532.86               | $683016.66                                 |
| Month 2  | $531323.48               | $851594.61                                 |
| Month 3  | $611847.22               | $-9836536.79                               |

**Designated Index Information**

- **Index Name:** Portfolio Excluding Derivatives

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                | Title                                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Wells Fargo Commercial Mortgage Trust               | Wells Fargo Commercial Mortgage Trust, Series 2026-1250B, Class C            | CUSIP: 949939AE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    490000 | PA      | $483851.82    | 0.10%             | 2041-03-10      | Variable      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| Essential Utilities, Inc.                           | Essential Utilities, Inc.                                                    | CUSIP: 29670GAL6<br>LEI: 549300ILTEOF3E3QY357 | Long             | DBT              | CORP              | US        |    885000 | PA      | $872639.42    | 0.18%             | 2036-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Matterhorn Re Ltd.                                  | Matterhorn Re Ltd., Series A                                                 | CUSIP: 577092BB4<br>LEI: 549300QRZ77PO1BYWT39 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $249100.00    | 0.05%             | 2029-02-16      | Floating      | 11.31%                | Yes           |                  2 | On Loan: No      |
| BNP PARIBAS                                         | Treasury Repurchase Agreement                                                | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | RA               | CORP              | FR        |  30000000 | PA      | $30000000.00  | 6.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Element Fleet Management Corp.                      | Element Fleet Management Corp.                                               | CUSIP: 286181AR3<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |    485000 | PA      | $478161.99    | 0.10%             | 2030-11-24      | Fixed         | 4.64%                 | Yes           |                  2 | On Loan: —       |
| Vornado Realty LP                                   | Vornado Realty LP                                                            | CUSIP: 929043AN7<br>LEI: 549300BMOJ05INE4YK86 | Long             | DBT              | CORP              | US        |    380000 | PA      | $372638.50    | 0.08%             | 2033-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| Resorts World Las Vegas LLC                         | Resorts World Las Vegas LLC                                                  | CUSIP: 76120HAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3320453.36   | 0.70%             | 2030-07-27      | Fixed         | 8.45%                 | Yes           |                  2 | On Loan: —       |
| GCAT Trust                                          | GCAT Trust, Series 2021-CM1, Class M1                                        | CUSIP: 36168AAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    805000 | PA      | $741196.34    | 0.16%             | 2065-04-25      | Variable      | 3.28%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                          | Progress Residential Trust, Series 2021-SFR7, Class F                        | CUSIP: 74333PAN7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1710000 | PA      | $1614908.61   | 0.34%             | 2040-08-17      | Fixed         | 3.83%                 | Yes           |                  2 | On Loan: No      |
| Talen Energy Supply LLC                             | Talen Energy Supply LLC                                                      | CUSIP: 87422VAM0<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |    830000 | PA      | $820752.47    | 0.17%             | 2034-02-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Lending Funding Trust                               | Lending Funding Trust, Series 2020-2A, Class D                               | CUSIP: 51507KAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    910000 | PA      | $910038.49    | 0.19%             | 2031-04-21      | Fixed         | 6.77%                 | Yes           |                  2 | On Loan: No      |
| Foundation Re IV Ltd.                               | Foundation Re IV Ltd., Series A                                              | CUSIP: 349939AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $502400.00    | 0.11%             | 2030-01-07      | Floating      | 7.18%                 | Yes           |                  2 | On Loan: No      |
| Nordea Bank Abp                                     | Nordea Bank Abp                                                              | CUSIP: 65558RAQ2<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    450000 | PA      | $448720.02    | 0.09%             | 2033-11-10      | Variable      | 6.75%                 | Yes           |                  2 | On Loan: —       |
| FHLMC                                               | FHLMC, Series 5135, Class MI                                                 | CUSIP: 3137H1RQ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    301646 | PA      | $33330.82     | 0.01%             | 2051-08-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Republic of Chile                                   | Republic of Chile                                                            | CUSIP: N/A<br>LEI: 549300FLZTJM5YJF8D34       | Long             | DBT              | NUSS              | CL        |   2215000 | PA      | $2473551.14   | 0.52%             | 2036-04-14      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Windrose Re Ltd.                                    | Windrose Re Ltd., Series A                                                   | CUSIP: 972917AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $497800.00    | 0.10%             | 2029-02-13      | Floating      | 8.79%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                    | CSC Holdings LLC                                                             | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1465000 | PA      | $1059407.43   | 0.22%             | 2029-01-31      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: —       |
| ION Platform Finance US, Inc.                       | ION Platform Finance US, Inc.                                                | CUSIP: 46206AAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2485000 | PA      | $2303775.41   | 0.48%             | 2029-08-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: —       |
| Aquila Re I Ltd.                                    | Aquila Re I Ltd., Series C-1                                                 | CUSIP: 03843AAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    450000 | PA      | $455850.00    | 0.10%             | 2026-06-08      | Floating      | 12.37%                | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                 | Exeter Automobile Receivables Trust, Series 2025-5A, Class E                 | CUSIP: 30166VAN8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1870000 | PA      | $1845721.42   | 0.39%             | 2033-06-15      | Fixed         | 7.15%                 | Yes           |                  2 | On Loan: No      |
| Cousins Properties LP                               | Cousins Properties LP                                                        | CUSIP: 222793AD3<br>LEI: 254900ZQIHJ5FQH4C329 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1001280.24   | 0.21%             | 2033-03-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| Home Re Ltd.                                        | Home Re Ltd., Series 2026-1, Class M1C                                       | CUSIP: 436956AC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    580000 | PA      | $581113.08    | 0.12%             | 2036-01-25      | Floating      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                   | HSBC Holdings plc                                                            | CUSIP: 404280FM6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1580000 | PA      | $1551620.58   | 0.33%             | 2037-03-10      | Variable      | 5.28%                 | No            |                  2 | On Loan: No      |
| GreenSky Home Improvement Issuer Trust              | GreenSky Home Improvement Issuer Trust, Series 2025-3A, Class E              | CUSIP: 39571WAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3200000 | PA      | $3258333.76   | 0.68%             | 2060-12-27      | Fixed         | 7.83%                 | Yes           |                  2 | On Loan: No      |
| River Rock Entertainment Authority                  | River Rock Entertainment Authority, First Lien Term Loan                     | CUSIP: 76837PAC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3705000 | PA      | $3612375.00   | 0.76%             | 2031-06-25      | Variable      | 12.67%                | No            |                  2 | On Loan: No      |
| United Mexican States                               | United Mexican States                                                        | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |   3550000 | PA      | $4015643.91   | 0.84%             | 2037-05-04      | Fixed         | 5.12%                 | No            |                  2 | On Loan: —       |
| Celanese US Holdings LLC                            | Celanese US Holdings LLC                                                     | CUSIP: 15089QBD5<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1137221.64   | 0.24%             | 2034-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| Lseg US Fin Corp.                                   | Lseg US Fin Corp.                                                            | CUSIP: 50222CAF7<br>LEI: 2138007FV67QQ13CGJ43 | Long             | DBT              | CORP              | US        |    585000 | PA      | $579255.15    | 0.12%             | 2036-03-23      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Mayflower Re Ltd.                                   | Mayflower Re Ltd., Series A                                                  | CUSIP: 57839MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    750000 | PA      | $756150.00    | 0.16%             | 2026-07-08      | Floating      | 8.56%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                               | Republic of Indonesia                                                        | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        |   2700000 | PA      | $2944556.16   | 0.62%             | 2038-03-04      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| Columbia Pipelines Holding Co. LLC                  | Columbia Pipelines Holding Co. LLC                                           | CUSIP: 19828AAF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1850000 | PA      | $1837815.35   | 0.39%             | 2032-11-17      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                       | Freedom Mortgage Holdings LLC                                                | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122961.79    | 0.03%             | 2032-04-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust             | Saluda Grade Alternative Mortgage Trust, Series 2025-FIG6, Class M1          | CUSIP: 79582CAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2039161 | PA      | $2023523.35   | 0.42%             | 2056-01-25      | Variable      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | Forward Foreign Currency Contract                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $6613.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Oracle Corp.                                        | Oracle Corp., Series D                                                       | CUSIP: 68389X204<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EP               | CORP              | US        |     16100 | NS      | $724661.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                                   | Eversource Energy, Series B                                                  | CUSIP: 30040WBD9<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    305000 | PA      | $300869.09    | 0.06%             | 2056-08-15      | Variable      | 6.35%                 | No            |                  2 | On Loan: No      |
| Nippon Life Insurance Co.                           | Nippon Life Insurance Co.                                                    | CUSIP: 654579AP6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |   2137000 | PA      | $2203409.41   | 0.46%             | 2055-04-30      | Variable      | 6.50%                 | Yes           |                  2 | On Loan: —       |
| Abbott Laboratories                                 | Abbott Laboratories                                                          | CUSIP: 002824BU3<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |   1145000 | PA      | $1119647.87   | 0.23%             | 2036-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                   | Eversource Energy, Series A                                                  | CUSIP: 30040WBC1<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    570000 | PA      | $562953.91    | 0.12%             | 2056-08-15      | Variable      | 6.10%                 | No            |                  2 | On Loan: —       |
| Borr IHC Ltd.                                       | Borr IHC Ltd.                                                                | CUSIP: 100018AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1528631 | PA      | $1546805.83   | 0.32%             | 2030-11-15      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: —       |
| Herbie Re Ltd.                                      | Herbie Re Ltd., Series A                                                     | CUSIP: 42703VAN3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $250000.00    | 0.05%             | 2030-01-07      | Floating      | 7.78%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                             | Hyundai Capital America                                                      | CUSIP: 44891ACR6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    690000 | PA      | $720361.02    | 0.15%             | 2029-01-16      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Allianz SE                                          | Allianz SE                                                                   | CUSIP: 018820AD2<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |   2000000 | PA      | $1983761.60   | 0.42%             | 2054-09-03      | Variable      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Blackbird Capital II Aircraft Lease Ltd.            | Blackbird Capital II Aircraft Lease Ltd., Series 2021-1A, Class B            | CUSIP: 09229CAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1488528 | PA      | $1420389.28   | 0.30%             | 2046-07-15      | Fixed         | 3.45%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2021-182, Class TI                                              | CUSIP: 38383CAC4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    274658 | PA      | $50768.20     | 0.01%             | 2051-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Trust                    | Vista Point Securitization Trust, Series 2025-CES3, Class A1                 | CUSIP: 92842MAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1054389 | PA      | $1050715.62   | 0.22%             | 2055-11-25      | Variable      | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Mona Lisa Re Ltd.                                   | Mona Lisa Re Ltd., Series A                                                  | CUSIP: 608800AL2<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |    750000 | PA      | $752025.00    | 0.16%             | 2031-01-08      | Floating      | 9.06%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2019-159, Class CI                                              | CUSIP: 38382BHB2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    735182 | PA      | $118864.51    | 0.02%             | 2049-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fuchsia - London Bridge 2 PCC Ltd.                  | Fuchsia - London Bridge 2 PCC Ltd., Series A                                 | CUSIP: 54180EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $248425.00    | 0.05%             | 2029-04-06      | Floating      | 6.79%                 | Yes           |                  2 | On Loan: No      |
| Solomon Re Ltd.                                     | Solomon Re Ltd., Series A                                                    | CUSIP: 83427GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    450000 | PA      | $452880.00    | 0.09%             | 2026-06-08      | Floating      | 9.06%                 | Yes           |                  2 | On Loan: No      |
| Global Aircraft Leasing Co. Ltd.                    | Global Aircraft Leasing Co. Ltd.                                             | CUSIP: 37960JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1435000 | PA      | $1455864.90   | 0.31%             | 2027-09-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: —       |
| Octane Receivables Trust                            | Octane Receivables Trust, Series 2023-2A, Class E                            | CUSIP: 67571QAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2165000 | PA      | $2325852.79   | 0.49%             | 2031-06-20      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Republic of Chile                                   | Republic of Chile                                                            | CUSIP: N/A<br>LEI: 549300FLZTJM5YJF8D34       | Long             | DBT              | NUSS              | CL        |    680000 | PA      | $780335.33    | 0.16%             | 2032-01-14      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Sanders Re III Ltd.                                 | Sanders Re III Ltd., Series A                                                | CUSIP: 799927AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $260075.00    | 0.05%             | 2028-04-07      | Floating      | 9.12%                 | Yes           |                  2 | On Loan: No      |
| Sanders Re III Ltd.                                 | Sanders Re III Ltd., Series A                                                | CUSIP: 799925AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    450000 | PA      | $454500.00    | 0.10%             | 2026-06-05      | Floating      | 11.28%                | Yes           |                  2 | On Loan: No      |
| Avianca Midco 2 plc                                 | Avianca Midco 2 plc                                                          | CUSIP: 05369YAD1<br>LEI: 213800AMPX5VKH9AMX10 | Long             | DBT              | CORP              | GB        |   1515000 | PA      | $1390012.50   | 0.29%             | 2031-01-28      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: —       |
| United Mexican States                               | United Mexican States                                                        | CUSIP: 91087BBC3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    820000 | PA      | $858950.00    | 0.18%             | 2037-05-13      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| Citigroup, Inc.                                     | Citigroup, Inc., Series GG                                                   | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1007058.00   | 0.21%             | 2030-08-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: —       |
| Meiji Yasuda Life Insurance Co.                     | Meiji Yasuda Life Insurance Co.                                              | CUSIP: 585270AE1<br>LEI: 549300SLU4LP6YMRLK07 | Long             | DBT              | CORP              | JP        |   5340000 | PA      | $5344875.42   | 1.12%             | 2055-06-11      | Variable      | 6.10%                 | Yes           |                  2 | On Loan: —       |
| HSBC Holdings plc                                   | HSBC Holdings plc                                                            | CUSIP: 404280EV7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1205000 | PA      | $1202372.14   | 0.25%             | 2031-08-27      | Variable      | 6.95%                 | No            |                  2 | On Loan: —       |
| BNP Paribas SA                                      | BNP Paribas SA                                                               | CUSIP: 05602XQQ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1530000 | PA      | $1535789.95   | 0.32%             | 2035-06-27      | Variable      | 7.45%                 | Yes           |                  2 | On Loan: —       |
| Cape Lookout Re Ltd.                                | Cape Lookout Re Ltd., Series A                                               | CUSIP: 13947LAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    700000 | PA      | $702100.00    | 0.15%             | 2026-04-28      | Floating      | 10.71%                | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                 | Connecticut Avenue Securities Trust, Series 2025-R06, Class 1A1              | CUSIP: 20754YAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |         0 | PA      | $0.02         | 0.00%             | 2045-09-25      | Floating      | 4.56%                 | Yes           |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                 | Macquarie Bank Ltd.                                                          | CUSIP: 556079AG6<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |   1550000 | PA      | $1541532.64   | 0.32%             | 2036-08-13      | Variable      | 5.64%                 | Yes           |                  2 | On Loan: —       |
| GNMA                                                | GNMA, Series 2021-42, Class KI                                               | CUSIP: 38382PZN5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    397093 | PA      | $51961.60     | 0.01%             | 2051-03-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2023-70                                                         | CUSIP: 38384AEX7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1776345 | PA      | $359469.43    | 0.08%             | 2050-06-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CNO Financial Group, Inc.                           | CNO Financial Group, Inc.                                                    | CUSIP: 12621EAM5<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | DBT              | CORP              | US        |   2191000 | PA      | $2260819.94   | 0.47%             | 2034-06-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: —       |
| Towd Point Mortgage Trust                           | Towd Point Mortgage Trust, Series 2022-SJ1, Class B1                         | CUSIP: 89180GAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1829000 | PA      | $1807410.30   | 0.38%             | 2062-03-25      | Variable      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                          | Verus Securitization Trust, Series 2023-3, Class B2                          | CUSIP: 92539GAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $1393811.02   | 0.29%             | 2068-03-25      | Variable      | 7.67%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                               | CUSIP: 61747YFM2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    375000 | PA      | $383342.85    | 0.08%             | 2039-02-07      | Variable      | 5.94%                 | No            |                  2 | On Loan: No      |
| AREIT                                               | AREIT, Series 2025-CRE11, Class A                                            | CUSIP: 04002DAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2240000 | PA      | $2244093.82   | 0.47%             | 2043-07-25      | Floating      | 5.23%                 | Yes           |                  2 | On Loan: No      |
| UniCredit SpA                                       | UniCredit SpA                                                                | CUSIP: 904678AF6<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |   1760000 | PA      | $1770875.48   | 0.37%             | 2032-06-19      | Variable      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                   | NatWest Group plc                                                            | CUSIP: 639057AQ1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    595000 | PA      | $644103.57    | 0.14%             | 2033-11-10      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| Residential Reinsurance 2023 Ltd.                   | Residential Reinsurance 2023 Ltd., Series 3                                  | CUSIP: 76090WAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    250000 | PA      | $258575.00    | 0.05%             | 2027-12-06      | Floating      | 12.26%                | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2021-140                                                        | CUSIP: 38382XYK5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2104761 | PA      | $207983.47    | 0.04%             | 2051-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Residential Reinsurance 2023 Ltd.                   | Residential Reinsurance 2023 Ltd., Series 5                                  | CUSIP: 76090WAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    250000 | PA      | $260075.00    | 0.05%             | 2027-12-06      | Floating      | 9.53%                 | Yes           |                  2 | On Loan: No      |
| Gateway Re Ltd.                                     | Gateway Re Ltd., Series AA                                                   | CUSIP: 36779CAG1<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $254050.00    | 0.05%             | 2027-07-08      | Floating      | 9.46%                 | Yes           |                  2 | On Loan: No      |
| Element Fleet Management Corp.                      | Element Fleet Management Corp.                                               | CUSIP: 286181AP7<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   1815000 | PA      | $1831704.03   | 0.38%             | 2030-03-25      | Fixed         | 5.04%                 | Yes           |                  2 | On Loan: —       |
| Summit Midstream Holdings LLC                       | Summit Midstream Holdings LLC                                                | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1542693.00   | 0.32%             | 2029-10-31      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: —       |
| Hyundai Capital America                             | Hyundai Capital America                                                      | CUSIP: 44891AEA1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    810000 | PA      | $796489.38    | 0.17%             | 2030-09-18      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: —       |
| Verisk Analytics, Inc.                              | Verisk Analytics, Inc.                                                       | CUSIP: 92345YAP1<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |    545000 | PA      | $535935.72    | 0.11%             | 2031-03-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Commercial Metals Co.                               | Commercial Metals Co.                                                        | CUSIP: 201723AS2<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |    465000 | PA      | $460111.22    | 0.10%             | 2033-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust            | Research-Driven Pagaya Motor Asset Trust, Series 2025-3A, Class A2           | CUSIP: 76090QAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1410000 | PA      | $1417698.04   | 0.30%             | 2034-02-27      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| WOM Mobile SA                                       | WOM Mobile SA                                                                | CUSIP: N/A<br>LEI: 549300T600VUO0QJ3063       | Long             | EC               | CORP              | CL        |       579 | NS      | $8685.00      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SLG Office Trust                                    | SLG Office Trust, Series 2026-OMA, Class F                                   | CUSIP: 78451FAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    950000 | PA      | $953904.69    | 0.20%             | 2041-04-15      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Series 4791                                                           | CUSIP: 3137F5A74<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    328660 | PA      | $53721.17     | 0.01%             | 2048-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| International Petroleum Corp.                       | International Petroleum Corp.                                                | CUSIP: N/A<br>LEI: 54930025D80LU0SMR645       | Long             | DBT              | CORP              | CA        |    720000 | PA      | $730854.17    | 0.15%             | 2030-10-10      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Blue Ridge Re Ltd.                                  | Blue Ridge Re Ltd., Series C                                                 | CUSIP: 096003AE8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $245975.00    | 0.05%             | 2029-01-08      | Floating      | 11.51%                | Yes           |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development | International Bank for Reconstruction & Development, Series C                | CUSIP: N/A<br>LEI: ZTMSNXROF84AHWJNKQ93       | Long             | DBT              | NUSS              | US        |    250000 | PA      | $261575.00    | 0.05%             | 2028-04-24      | Floating      | 17.35%                | Yes           |                  2 | On Loan: No      |
| Bonanza RE Ltd.                                     | Bonanza RE Ltd., Series C                                                    | CUSIP: 09785EAQ4<br>LEI: 5493003F0CXUQ2C83105 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $252300.00    | 0.05%             | 2027-12-19      | Floating      | 9.03%                 | Yes           |                  2 | On Loan: No      |
| U.S. Treasury Bills                                 | U.S. Treasury Bills                                                          | CUSIP: 912797TG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  10500000 | PA      | $10493673.75  | 2.20%             | 2026-04-07      | None          | 0.00%                 | No            |                  2 | On Loan: —       |
| Kendall Re Ltd.                                     | Kendall Re Ltd., Series A                                                    | CUSIP: 48878QAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $256250.00    | 0.05%             | 2027-04-30      | Floating      | 9.79%                 | Yes           |                  2 | On Loan: No      |
| HTL Commercial Mortgage Trust                       | HTL Commercial Mortgage Trust, Series 2024-T53, Class D                      | CUSIP: 404300AG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    990000 | PA      | $1002793.97   | 0.21%             | 2039-05-10      | Variable      | 8.20%                 | Yes           |                  2 | On Loan: No      |
| Capital One Financial Corp.                         | Capital One Financial Corp., Preference, Series L                            | CUSIP: 14040H758<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |     10375 | NS      | $166933.75    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Avolon Holdings Funding Ltd.                        | Avolon Holdings Funding Ltd.                                                 | CUSIP: 05401AAZ4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    545000 | PA      | $550942.39    | 0.12%             | 2030-05-30      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Series 5141, Class IJ                                                 | CUSIP: 3137H22E3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    521412 | PA      | $59123.25     | 0.01%             | 2051-04-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| 3264 re Ltd.                                        | 3264 re Ltd., Series B                                                       | CUSIP: 88577CAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $248325.00    | 0.05%             | 2029-01-08      | Floating      | 9.54%                 | Yes           |                  2 | On Loan: No      |
| Aker BP ASA                                         | Aker BP ASA                                                                  | CUSIP: 00973RAQ6<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |   2483000 | PA      | $2414610.58   | 0.51%             | 2035-10-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                          | J.P. Morgan Mortgage Trust, Series 2025-HE3, Class A1                        | CUSIP: 46660CAA5<br>LEI: 529900FDW9QWEZPAFE21 | Long             | ABS-O            | CORP              | US        |   1393703 | PA      | $1396633.12   | 0.29%             | 2056-03-20      | Floating      | 5.02%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth RE Ltd.                                | Commonwealth RE Ltd., Series A                                               | CUSIP: 203235AB2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $502550.00    | 0.11%             | 2026-07-08      | Floating      | 7.42%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2021-213, Class EI                                              | CUSIP: 38383FMY6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    372392 | PA      | $36250.08     | 0.01%             | 2049-01-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC STACR Trust                                   | FHLMC STACR Trust, Series 2018-HQA2, Class B2                                | CUSIP: 35563XBE1<br>LEI: 5493005RUXPCBST1N217 | Long             | ABS-MBS          | CORP              | US        |   2800000 | PA      | $3398612.00   | 0.71%             | 2048-10-25      | Floating      | 14.78%                | Yes           |                  2 | On Loan: No      |
| BHG Securitization Trust                            | BHG Securitization Trust, Series 2023-B, Class C                             | CUSIP: 08862GAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2270000 | PA      | $2336771.82   | 0.49%             | 2036-12-17      | Fixed         | 8.15%                 | Yes           |                  2 | On Loan: No      |
| Borr IHC Ltd.                                       | Borr IHC Ltd.                                                                | CUSIP: 100018AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    362805 | PA      | $371737.56    | 0.08%             | 2028-11-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust ACES                     | J.P. Morgan Mortgage Trust ACES, Series 2026-ACES1, Class B1                 | CUSIP: 46664MBS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2200000 | PA      | $2189306.46   | 0.46%             | 2066-04-25      | Variable      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                   | GLS Auto Receivables Issuer Trust, Series 2021-4A, Class E                   | CUSIP: 36263DAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1640000 | PA      | $1637771.73   | 0.34%             | 2028-10-16      | Fixed         | 4.43%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                 | Exeter Automobile Receivables Trust, Series 2024-4A, Class E                 | CUSIP: 30166UAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1480000 | PA      | $1518134.12   | 0.32%             | 2032-02-17      | Fixed         | 7.65%                 | Yes           |                  2 | On Loan: No      |
| Tricon American Homes                               | Tricon American Homes, Series 2020-SFR1, Class F                             | CUSIP: 89613GAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    980000 | PA      | $976301.58    | 0.20%             | 2038-07-17      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| HTL Commercial Mortgage Trust                       | HTL Commercial Mortgage Trust, Series 2024-T53, Class C                      | CUSIP: 404300AE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    410000 | PA      | $413721.32    | 0.09%             | 2039-05-10      | Variable      | 7.09%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Series 4988, Class IL                                                 | CUSIP: 3137FUPG3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    443095 | PA      | $81403.82     | 0.02%             | 2050-06-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| STACR Trust                                         | STACR Trust, Series 2018-HRP2, Class B2                                      | CUSIP: 35564ACC3<br>LEI: 549300YG8OJES76WL398 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2416293.40   | 0.51%             | 2047-02-25      | Floating      | 14.28%                | Yes           |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                             | FHLMC STACR REMIC Trust, Series 2020-DNA6, Class B2                          | CUSIP: 35566CBE4<br>LEI: 5493000ITBQFEOXM0S98 | Long             | ABS-MBS          | CORP              | US        |   2115000 | PA      | $2458838.30   | 0.52%             | 2050-12-25      | Floating      | 9.31%                 | Yes           |                  2 | On Loan: No      |
| Resorts World Las Vegas LLC                         | Resorts World Las Vegas LLC                                                  | CUSIP: 76120HAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $315354.04    | 0.07%             | 2031-04-06      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: —       |
| U.S. Treasury Bills                                 | U.S. Treasury Bills                                                          | CUSIP: 912797TJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  14000000 | PA      | $13971782.16  | 2.93%             | 2026-04-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Talen Energy Supply LLC                             | Talen Energy Supply LLC                                                      | CUSIP: 87422VAN8<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |    830000 | PA      | $835752.51    | 0.18%             | 2036-02-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Hundred Acre Wood Trust                             | Hundred Acre Wood Trust, Series 2021-INV1, Class AX1                         | CUSIP: 44590HBJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  23266284 | PA      | $312819.84    | 0.07%             | 2051-07-25      | Variable      | 0.23%                 | Yes           |                  2 | On Loan: No      |
| FNMA or FHLMC                                       | UMBS, 30 Year, Single Family                                                 | CUSIP: 01F032641<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  14400000 | PA      | $13199674.03  | 2.77%             | 2056-04-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust  | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class D | CUSIP: 61690FAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1002980.00   | 0.21%             | 2048-04-15      | Variable      | 3.97%                 | Yes           |                  2 | On Loan: No      |
| Woodside Finance Ltd.                               | Woodside Finance Ltd.                                                        | CUSIP: 980236AV5<br>LEI: 254900AIZKU6TGRRNZ98 | Long             | DBT              | CORP              | AU        |   1105000 | PA      | $1151524.71   | 0.24%             | 2035-05-19      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| Velocity Commercial Capital Loan Trust              | Velocity Commercial Capital Loan Trust, Series 2025-5, Class A               | CUSIP: 92262KAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1654622 | PA      | $1639551.34   | 0.34%             | 2055-12-25      | Variable      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| Topanga Re Ltd.                                     | Topanga Re Ltd., Series A                                                    | CUSIP: 89055TAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $497700.00    | 0.10%             | 2030-01-07      | Floating      | 8.31%                 | Yes           |                  2 | On Loan: No      |
| Minerva Luxembourg SA                               | Minerva Luxembourg SA                                                        | CUSIP: 603374AF6<br>LEI: 222100NM3G3RCPGZ2Z17 | Long             | DBT              | CORP              | LU        |    625000 | PA      | $565864.56    | 0.12%             | 2031-03-18      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                     | Citigroup, Inc.                                                              | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3545000 | PA      | $3547659.57   | 0.74%             | 2031-02-15      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                           | Vistra Operations Co. LLC                                                    | CUSIP: 92840VAZ5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    425000 | PA      | $415732.24    | 0.09%             | 2036-01-31      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| RCKTL                                               | RCKTL, Series 2025-2A, Class D                                               | CUSIP: 74939HAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1120000 | PA      | $1108872.02   | 0.23%             | 2034-11-27      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Corp. Nacional del Cobre de Chile                   | Corp. Nacional del Cobre de Chile                                            | CUSIP: 21987BBM9<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | NUSS              | CL        |    765000 | PA      | $810150.30    | 0.17%             | 2055-01-13      | Fixed         | 6.78%                 | Yes           |                  2 | On Loan: —       |
| Federative Republic of Brazil                       | Federative Republic of Brazil                                                | CUSIP: 105756CQ1<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   3945000 | PA      | $3864127.50   | 0.81%             | 2036-05-22      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2021-213, Class NI                                              | CUSIP: 38383FLE1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    548692 | PA      | $67192.02     | 0.01%             | 2051-12-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                          | Verus Securitization Trust, Series 2023-5, Class B2                          | CUSIP: 924934AF9<br>LEI: 984500BADC7CFE3B0756 | Long             | ABS-MBS          | CORP              | US        |    340000 | PA      | $339404.01    | 0.07%             | 2068-06-25      | Variable      | 7.97%                 | Yes           |                  2 | On Loan: No      |
| Old National Bancorp                                | Old National Bancorp                                                         | CUSIP: 68003DAA3<br>LEI: 549300MMK90CL5KMVX16 | Long             | DBT              | CORP              | US        |    260000 | PA      | $258744.04    | 0.05%             | 2036-02-15      | Variable      | 5.77%                 | No            |                  2 | On Loan: No      |
| VRTX Trust                                          | VRTX Trust, Series 2025-HQ, Class C                                          | CUSIP: 91835XAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    320000 | PA      | $318845.66    | 0.07%             | 2042-08-05      | Variable      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| African Export-Import Bank (The)                    | African Development Bank                                                     | CUSIP: 008281BK2<br>LEI: 549300LNCLMO3ITVCU07 | Long             | DBT              | NUSS              | US        |   2366000 | PA      | $2304386.33   | 0.48%             | 2035-05-07      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                | Meta Platforms, Inc.                                                         | CUSIP: 30303M8Y1<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1161004.64   | 0.24%             | 2065-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| Avis Budget Rental Car Funding AESOP LLC            | Avis Budget Rental Car Funding AESOP LLC, Series 2024-1A, Class C            | CUSIP: 05377RJA3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    540000 | PA      | $553752.67    | 0.12%             | 2030-06-20      | Fixed         | 6.48%                 | Yes           |                  2 | On Loan: No      |
| Alamo Re Ltd.                                       | Alamo Re Ltd., Series B                                                      | CUSIP: 011395AP5<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $258750.00    | 0.05%             | 2027-06-07      | Floating      | 11.94%                | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                          | Verus Securitization Trust, Series 2023-INV3, Class B2                       | CUSIP: 92540CAF4<br>LEI: 9845008F97BFO762AF95 | Long             | ABS-MBS          | CORP              | US        |    580000 | PA      | $583689.90    | 0.12%             | 2068-11-25      | Variable      | 8.16%                 | Yes           |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development | International Bank for Reconstruction & Development, Series A                | CUSIP: N/A<br>LEI: ZTMSNXROF84AHWJNKQ93       | Long             | DBT              | NUSS              | US        |    250000 | PA      | $255850.00    | 0.05%             | 2028-04-24      | Floating      | 7.85%                 | Yes           |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                             | Flagstar Mortgage Trust, Series 2021-4, Class AX1                            | CUSIP: 33852FBA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  73671352 | PA      | $928494.79    | 0.19%             | 2051-06-01      | Variable      | 0.20%                 | Yes           |                  2 | On Loan: No      |
| Mayflower Re Ltd.                                   | Mayflower Re Ltd., Series B                                                  | CUSIP: 57839MAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $505750.00    | 0.11%             | 2026-07-08      | Floating      | 10.02%                | Yes           |                  2 | On Loan: No      |
| Blue Ridge Re Ltd.                                  | Blue Ridge Re Ltd., Series A                                                 | CUSIP: 096003AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $251150.00    | 0.05%             | 2029-01-08      | Floating      | 7.01%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | U.S. Treasury 10 Year Note                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -62 | NC      | $119306.81    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Connecticut Avenue Securities Trust                 | Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B2              | CUSIP: 20754RAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1530682.65   | 0.32%             | 2041-10-25      | Floating      | 9.66%                 | Yes           |                  2 | On Loan: No      |
| Farmers Exchange Capital III                        | Farmers Exchange Capital III                                                 | CUSIP: 30958QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2010000 | PA      | $1815420.74   | 0.38%             | 2054-10-15      | Variable      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Long Point Re IV Ltd.                               | Long Point Re IV Ltd., Series 2022                                           | CUSIP: 54279PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    450000 | PA      | $450495.00    | 0.09%             | 2026-06-01      | Floating      | 7.81%                 | Yes           |                  2 | On Loan: No      |
| Blue Ridge Re Ltd.                                  | Blue Ridge Re Ltd., Series B                                                 | CUSIP: 096003AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $254075.00    | 0.05%             | 2027-01-08      | Floating      | 11.50%                | Yes           |                  2 | On Loan: No      |
| LoanCore Issuer Ltd.                                | LoanCore Issuer Ltd., Series 2022-CRE7, Class A                              | CUSIP: 53946PAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    283805 | PA      | $283645.85    | 0.06%             | 2037-01-17      | Floating      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                               | OneMain Finance Corp.                                                        | CUSIP: 682691AM2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   1975000 | PA      | $1887953.81   | 0.40%             | 2033-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| BHG Securitization Trust                            | BHG Securitization Trust, Series 2022-C, Class E                             | CUSIP: 08860DAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    830000 | PA      | $879099.07    | 0.18%             | 2035-10-17      | Fixed         | 9.73%                 | Yes           |                  2 | On Loan: No      |
| Windrose Re Ltd.                                    | Windrose Re Ltd., Series B                                                   | CUSIP: 972917AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $250650.00    | 0.05%             | 2029-02-13      | Floating      | 11.68%                | Yes           |                  2 | On Loan: No      |
| COLT Mortgage Loan Trust                            | COLT Mortgage Loan Trust, Series 2025-5, Class B1                            | CUSIP: 19689AAE5<br>LEI: 213800S6EGXVNRKXHN58 | Long             | ABS-MBS          | CORP              | US        |    470000 | PA      | $477178.03    | 0.10%             | 2070-05-25      | Variable      | 7.44%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | Euro-Bobl                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |       -11 | NC      | $29527.58     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VRTX Trust                                          | VRTX Trust, Series 2025-HQ, Class D                                          | CUSIP: 91835XAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    320000 | PA      | $321245.02    | 0.07%             | 2042-08-05      | Variable      | 6.60%                 | Yes           |                  2 | On Loan: No      |
| Handshake Re Ltd.                                   | Handshake Re Ltd., Series A                                                  | CUSIP: 410290AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    400000 | PA      | $397080.00    | 0.08%             | 2030-01-08      | Floating      | 8.06%                 | Yes           |                  2 | On Loan: No      |
| FHLMC STACR Trust                                   | FHLMC STACR Trust, Series 2019-DNA3, Class B2                                | CUSIP: 35564TBE9<br>LEI: 549300KB1O80CETXGJ21 | Long             | ABS-MBS          | CORP              | US        |   1360000 | PA      | $1507782.36   | 0.32%             | 2049-07-25      | Floating      | 11.93%                | Yes           |                  2 | On Loan: No      |
| MC Brazil Downstream Trading SARL                   | MC Brazil Downstream Trading SARL                                            | CUSIP: 55292WAA8<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |    796522 | PA      | $717905.43    | 0.15%             | 2031-06-30      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Kilimanjaro II Re Ltd.                              | Kilimanjaro II Re Ltd., Series D-1                                           | CUSIP: 49407QAM0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $257000.00    | 0.05%             | 2029-07-09      | Floating      | 10.04%                | Yes           |                  2 | On Loan: No      |
| Citizens Financial Group, Inc.                      | Citizens Financial Group, Inc.                                               | CUSIP: 174610BK0<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    175000 | PA      | $173424.55    | 0.04%             | 2036-01-29      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| Enbridge, Inc.                                      | Enbridge, Inc.                                                               | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    990000 | PA      | $1113826.23   | 0.23%             | 2084-01-15      | Variable      | 8.50%                 | No            |                  2 | On Loan: —       |
| Danaos Corp.                                        | Danaos Corp.                                                                 | CUSIP: 23585WAC8<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | DBT              | CORP              | MH        |   1895000 | PA      | $1925524.66   | 0.40%             | 2032-10-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| MF1                                                 | MF1, Series 2024-FL16, Class A                                               | CUSIP: 55287EAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1185000 | PA      | $1188936.45   | 0.25%             | 2039-11-18      | Floating      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Novartis Capital Corp.                              | Novartis Capital Corp.                                                       | CUSIP: 66989HBH0<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1035580.58   | 0.22%             | 2033-03-18      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Home RE Ltd.                                        | Home RE Ltd., Series 2023-1, Class M1B                                       | CUSIP: 43731BAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    380187 | PA      | $388595.39    | 0.08%             | 2033-10-25      | Floating      | 8.26%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                   | HSBC Holdings plc                                                            | CUSIP: 404280FJ3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    735000 | PA      | $727711.96    | 0.15%             | 2035-09-24      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust             | Saluda Grade Alternative Mortgage Trust, Series 2025-LOC4, Class A1A         | CUSIP: 79589VAN4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1005041 | PA      | $1008522.48   | 0.21%             | 2055-06-25      | Floating      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| WEC Energy Group, Inc.                              | WEC Energy Group, Inc.                                                       | CUSIP: 92939UAU0<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |    265000 | PA      | $259654.92    | 0.05%             | 2056-05-15      | Variable      | 5.62%                 | No            |                  2 | On Loan: —       |
| US Bancorp                                          | US Bancorp, Series L                                                         | CUSIP: 902973734<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |     11215 | NS      | $165645.55    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LoanCore Issuer LLC                                 | LoanCore Issuer LLC, Series 2025-CRE9, Class A                               | CUSIP: 538912AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1110000 | PA      | $1109999.00   | 0.23%             | 2042-08-18      | Floating      | 5.13%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG LLC                  | Venture Global Plaquemines LNG LLC                                           | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    710000 | PA      | $740135.44    | 0.16%             | 2034-01-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                        | Oracle Corp.                                                                 | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1396000 | PA      | $1174413.90   | 0.25%             | 2055-09-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: —       |
| Galileo Re Ltd.                                     | Galileo Re Ltd., Series A                                                    | CUSIP: 36354TAN2<br>LEI: 549300MXI75DHMS7JH38 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $258500.00    | 0.05%             | 2028-01-07      | Floating      | 10.54%                | Yes           |                  2 | On Loan: No      |
| CF SECURED LLC                                      | Government Agency Repurchase Agreement                                       | CUSIP: N/A<br>LEI: 254900OXTV81I73FAT50       | Long             | RA               | CORP              | US        |   1173140 | PA      | $1173140.50   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Citadel Securities Global Holdings LLC              | Citadel Securities Global Holdings LLC                                       | CUSIP: 17289RAA4<br>LEI: 549300NV5RXBUS3X7L47 | Long             | DBT              | CORP              | US        |   2090000 | PA      | $2123284.96   | 0.45%             | 2030-06-18      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: —       |
| GNMA                                                | GNMA, Series 2021-146, Class QI                                              | CUSIP: 38382WZF7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    591999 | PA      | $95607.20     | 0.02%             | 2051-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                  | A&D Mortgage Trust, Series 2023-NQM4, Class B1                               | CUSIP: 00002MAE9<br>LEI: 9845002EOD0CFAFA4F48 | Long             | ABS-MBS          | CORP              | US        |    930000 | PA      | $936085.18    | 0.20%             | 2068-09-25      | Variable      | 8.05%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                 | Societe Generale SA                                                          | CUSIP: 83368RCF7<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $1038923.98   | 0.22%             | 2033-04-13      | Variable      | 6.10%                 | Yes           |                  2 | On Loan: —       |
| Wells Fargo Commercial Mortgage Trust               | Wells Fargo Commercial Mortgage Trust, Series 2026-1250B, Class D            | CUSIP: 949939AG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    240000 | PA      | $237648.00    | 0.05%             | 2041-03-10      | Variable      | 6.59%                 | Yes           |                  2 | On Loan: No      |
| Bridge Street Re Ltd.                               | Bridge Street Re Ltd., Series A                                              | CUSIP: 10807LAB3<br>LEI: 2549008NKPLMU6X7ID58 | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1508100.00   | 0.32%             | 2029-01-08      | Floating      | 11.43%                | Yes           |                  2 | On Loan: No      |
| Grupo Aeromexico SAB de CV                          | Grupo Aeromexico SAB de CV                                                   | CUSIP: 40054JAC3<br>LEI: 529900BECKHBL62WD126 | Long             | DBT              | CORP              | MX        |    575000 | PA      | $554156.25    | 0.12%             | 2029-11-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust             | Saluda Grade Alternative Mortgage Trust, Series 2024-RTL5, Class A1          | CUSIP: 795935AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    430000 | PA      | $429494.66    | 0.09%             | 2030-04-25      | Variable      | 7.76%                 | Yes           |                  2 | On Loan: No      |
| Locke Tavern Re Ltd.                                | Locke Tavern Re Ltd., Series A                                               | CUSIP: 539694AB5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $249750.00    | 0.05%             | 2029-04-09      | Floating      | 4.06%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                      | BNP Paribas SA                                                               | CUSIP: 05602XQR2<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1290000 | PA      | $1246515.00   | 0.26%             | 2033-12-15      | Variable      | 6.88%                 | Yes           |                  2 | On Loan: —       |
| Sotera Health Holdings LLC                          | Sotera Health Holdings LLC, First Lien Term Loan                             | CUSIP: 83600VAH4<br>LEI: 549300OVT7MBXFLOFU20 | Long             | LON              | CORP              | US        |    496483 | PA      | $496482.86    | 0.10%             | 2031-05-30      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| Hanwha Life Insurance Co. Ltd.                      | Hanwha Life Insurance Co. Ltd.                                               | CUSIP: 41135UAC9<br>LEI: 988400ZKCI3R9DQHR320 | Long             | DBT              | CORP              | KR        |    610000 | PA      | $623664.00    | 0.13%             | 2055-06-24      | Variable      | 6.30%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2021-97, Class IA                                               | CUSIP: 38382VGL7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1310846 | PA      | $223179.93    | 0.05%             | 2050-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Jane Street Group                                   | Jane Street Group                                                            | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3632000 | PA      | $3684910.98   | 0.77%             | 2033-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: —       |
| BSPRT Issuer LLC                                    | BSPRT Issuer LLC, Series 2025-FL12, Class A                                  | CUSIP: 05619BAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1490000 | PA      | $1488371.73   | 0.31%             | 2043-01-17      | Floating      | 5.06%                 | Yes           |                  2 | On Loan: No      |
| JPMDB Commercial Mortgage Securities Trust          | JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class D          | CUSIP: 46590LAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $1188395.50   | 0.25%             | 2049-06-15      | Variable      | 3.43%                 | Yes           |                  2 | On Loan: No      |
| Atlas Capital DAC                                   | Atlas Capital DAC, Series A                                                  | CUSIP: 049207AA1<br>LEI: 635400CBPJFGGWD2AH20 | Long             | DBT              | CORP              | IE        |    450000 | PA      | $461340.00    | 0.10%             | 2026-06-05      | Floating      | 11.21%                | Yes           |                  2 | On Loan: No      |
| Aquila Re I Ltd.                                    | Aquila Re I Ltd., Series A-1.                                                | CUSIP: 037987AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $255625.00    | 0.05%             | 2027-06-07      | Floating      | 8.95%                 | Yes           |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                               | Foundry JV Holdco LLC                                                        | CUSIP: 350930AC7<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1409381.76   | 0.30%             | 2032-01-25      | Fixed         | 6.15%                 | Yes           |                  2 | On Loan: —       |
| Carnival Corp.                                      | Carnival Corp.                                                               | CUSIP: N/A<br>LEI: F1OF2ZSX47CR0BCWA982       | Long             | DBT              | CORP              | PA        |   1060000 | PA      | $1271076.88   | 0.27%             | 2030-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Kinetic Advantage Master Owner Trust                | Kinetic Advantage Master Owner Trust, Series 2025-1A, Class A                | CUSIP: 49462DAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1010000 | PA      | $1013991.72   | 0.21%             | 2029-10-15      | Floating      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust        | American Credit Acceptance Receivables Trust, Series 2025-4, Class D         | CUSIP: 024948AG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    380000 | PA      | $380850.29    | 0.08%             | 2031-09-12      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                     | BRAVO Residential Funding Trust, Series 2025-HE1, Class A1                   | CUSIP: 10568VAA2<br>LEI: 254900V4GL9A5JTVB991 | Long             | ABS-O            | CORP              | US        |   1634754 | PA      | $1635459.20   | 0.34%             | 2072-09-25      | Floating      | 5.01%                 | Yes           |                  2 | On Loan: No      |
| Torrey Pines Re Ltd.                                | Torrey Pines Re Ltd., Series A                                               | CUSIP: 89141WAH5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $258150.00    | 0.05%             | 2027-06-07      | Floating      | 9.60%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                          | Progress Residential Trust, Series 2021-SFR8, Class G                        | CUSIP: 74333TAQ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2100000 | PA      | $2074142.70   | 0.43%             | 2038-10-17      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust  | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C33, Class D | CUSIP: 61767CAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3250000 | PA      | $2930301.08   | 0.61%             | 2050-05-15      | Fixed         | 3.36%                 | Yes           |                  2 | On Loan: No      |
| Santander Holdings USA, Inc.                        | Santander Holdings USA, Inc.                                                 | CUSIP: 80282KBL9<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1987196.42   | 0.42%             | 2035-05-31      | Variable      | 6.34%                 | No            |                  2 | On Loan: —       |
| Topanga Re Ltd.                                     | Topanga Re Ltd., Series B                                                    | CUSIP: 89055TAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $248675.00    | 0.05%             | 2030-01-07      | Floating      | 9.31%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG LLC                  | Venture Global Plaquemines LNG LLC                                           | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   1305000 | PA      | $1382193.36   | 0.29%             | 2036-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: —       |
| CaixaBank SA                                        | CaixaBank SA                                                                 | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | DBT              | CORP              | ES        |   1000000 | PA      | $1103836.75   | 0.23%             | 2028-09-14      | Variable      | 3.62%                 | Yes           |                  2 | On Loan: —       |
| Brightstar Lottery plc                              | Brightstar Lottery plc                                                       | CUSIP: 108922AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   1115000 | PA      | $1083865.74   | 0.23%             | 2033-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: —       |
| COPT Defense Properties LP                          | COPT Defense Properties LP                                                   | CUSIP: 22003BAP1<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |   3150000 | PA      | $2665309.97   | 0.56%             | 2033-12-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: —       |
| Omnicom Group, Inc.                                 | Omnicom Group, Inc.                                                          | CUSIP: 681919BW5<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2539500.11   | 0.53%             | 2033-06-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bayou Re Ltd.                                       | Bayou Re Ltd., Series B                                                      | CUSIP: 07304LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $256250.00    | 0.05%             | 2026-05-26      | Floating      | 22.60%                | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC Multifamily Structured Credit Risk, Series 2021-MN1, Class M2          | CUSIP: 35563FAB7<br>LEI: 549300XWC4JMK6CH6K84 | Long             | ABS-MBS          | USGSE             | US        |   1275000 | PA      | $1322087.03   | 0.28%             | 2051-01-25      | Floating      | 7.41%                 | Yes           |                  2 | On Loan: No      |
| RCKT Trust                                          | RCKT Trust, Series 2025-1A, Class D                                          | CUSIP: 74939RAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    225000 | PA      | $224480.63    | 0.05%             | 2034-07-25      | Fixed         | 5.42%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | CDI                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        | 122900000 | PA      | $1555066.29   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                      | Morgan Stanley Capital I Trust, Series 2016-UBS9, Class D                    | CUSIP: 61766CAV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    715000 | PA      | $554117.85    | 0.12%             | 2049-03-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Structured Agency Credit Risk Debt Notes      | FHLMC STACR REMIC Trust, Series 2020-HQA5, Class B2                          | CUSIP: 35565TBE8<br>LEI: 5493000IT2BRJ2Q9YQ96 | Long             | ABS-MBS          | CORP              | US        |   1140000 | PA      | $1390469.74   | 0.29%             | 2050-11-25      | Floating      | 11.06%                | Yes           |                  2 | On Loan: No      |
| Citrus Re Ltd.                                      | Citrus Re Ltd., Series A                                                     | CUSIP: 177510AS3<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $249750.00    | 0.05%             | 2029-06-07      | Floating      | 8.93%                 | Yes           |                  2 | On Loan: No      |
| Torrey Pines Re Ltd.                                | Torrey Pines Re Ltd., Series A                                               | CUSIP: 89141WAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    450000 | PA      | $451440.00    | 0.09%             | 2026-06-05      | Floating      | 8.87%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                        | Avolon Holdings Funding Ltd.                                                 | CUSIP: 05401AAS0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1665000 | PA      | $1713792.97   | 0.36%             | 2028-05-04      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| VRTX Trust                                          | VRTX Trust, Series 2025-HQ, Class B                                          | CUSIP: 91835XAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    670000 | PA      | $666285.72    | 0.14%             | 2042-08-05      | Variable      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2024-206                                                        | CUSIP: 38385AKF8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2177075 | PA      | $218727.04    | 0.05%             | 2051-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| US Acute Care Solutions LLC                         | US Acute Care Solutions LLC                                                  | CUSIP: 90367UAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1535000 | PA      | $1482884.29   | 0.31%             | 2029-05-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: —       |
| Skyline Re II Ltd.                                  | Skyline Re II Ltd., Series A                                                 | CUSIP: 83087AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $499350.00    | 0.10%             | 2030-01-07      | Floating      | 7.16%                 | Yes           |                  2 | On Loan: No      |
| Herbie Re Ltd.                                      | Herbie Re Ltd., Series A                                                     | CUSIP: 42703VAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $250025.00    | 0.05%             | 2028-01-07      | Floating      | 10.46%                | Yes           |                  2 | On Loan: No      |
| Grupo Aeromexico SAB de CV                          | Grupo Aeromexico SAB de CV                                                   | CUSIP: N/A<br>LEI: 529900BECKHBL62WD126       | Long             | EC               | CORP              | MX        |    437430 | NS      | $617717.64    | 0.13%             |  |  |  | No            |                  1 | On Loan: —       |
| FNMA                                                | FNMA, Series 2021-44, Class NI                                               | CUSIP: 3136BHF87<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    559987 | PA      | $106586.60    | 0.02%             | 2051-07-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ASG Finance DAC                                     | ASG Finance DAC                                                              | CUSIP: 00217AAB2<br>LEI: 5493005UOB0OMEJ4WK10 | Long             | DBT              | CORP              | IE        |   1301000 | PA      | $1049785.36   | 0.22%             | 2029-05-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Atlas Capital DAC                                   | Atlas Capital DAC, Series 2024                                               | CUSIP: 049207AB9<br>LEI: 635400CBPJFGGWD2AH20 | Long             | DBT              | CORP              | IE        |    250000 | PA      | $271150.00    | 0.06%             | 2027-06-08      | Floating      | 15.86%                | Yes           |                  2 | On Loan: No      |
| Merna Reinsurance II Ltd.                           | Merna Reinsurance II Ltd., Series B                                          | CUSIP: 59013MAJ1<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |   1200000 | PA      | $1227600.00   | 0.26%             | 2026-07-07      | Floating      | 14.01%                | Yes           |                  2 | On Loan: No      |
| Merchants Fleet Funding LLC                         | Merchants Fleet Funding LLC, Series 2025-1A, Class E                         | CUSIP: 588926AQ8<br>LEI: 254900Z2OOQUA5IN2X83 | Long             | ABS-O            | CORP              | US        |   1400000 | PA      | $1401853.32   | 0.29%             | 2039-01-20      | Fixed         | 8.48%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                | JPMorgan Chase & Co., Series MM                                              | CUSIP: 48128B523<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |     55330 | NS      | $968275.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: —       |
| SMRT                                                | SMRT, Series 2022-MINI, Class E                                              | CUSIP: 78457JAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    720000 | PA      | $717300.00    | 0.15%             | 2039-01-15      | Floating      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| COLT Mortgage Loan Trust                            | COLT Mortgage Loan Trust, Series 2023-3, Class B2                            | CUSIP: 19688RAF6<br>LEI: 213800MIPEZY1A8W1N28 | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3019487.10   | 0.63%             | 2068-09-25      | Variable      | 7.79%                 | Yes           |                  2 | On Loan: No      |
| Merna Reinsurance II Ltd.                           | Merna Reinsurance II Ltd., Series C                                          | CUSIP: 59013MAM4<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $258325.00    | 0.05%             | 2027-07-07      | Floating      | 12.03%                | Yes           |                  2 | On Loan: No      |
| Four Lakes Re Ltd.                                  | Four Lakes Re Ltd., Series A                                                 | CUSIP: 35087TAE8<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $253475.00    | 0.05%             | 2027-01-07      | Floating      | 9.36%                 | Yes           |                  2 | On Loan: No      |
| Darling Global Finance BV                           | Darling Global Finance BV                                                    | CUSIP: N/A<br>LEI: 724500R2BQXOR6YG2Y67       | Long             | DBT              | CORP              | NL        |    955000 | PA      | $1098387.03   | 0.23%             | 2032-07-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Matterhorn Re Ltd.                                  | Matterhorn Re Ltd., Series B                                                 | CUSIP: 577092BC2<br>LEI: 549300QRZ77PO1BYWT39 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $248300.00    | 0.05%             | 2029-02-16      | Floating      | 15.31%                | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2021-213, Class CI                                              | CUSIP: 38383FMR1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    426636 | PA      | $55254.11     | 0.01%             | 2050-07-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA, Series 2018-42, Class SB                                               | CUSIP: 3136B2AS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2674148 | PA      | $321399.64    | 0.07%             | 2048-06-25      | Floating      | 2.42%                 | No            |                  2 | On Loan: No      |
| Imperial Fund Mortgage Trust                        | Imperial Fund Mortgage Trust, Series 2022-NQM5, Class B1                     | CUSIP: 45276QAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    990000 | PA      | $985973.67    | 0.21%             | 2067-08-25      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                   | GLS Auto Receivables Issuer Trust, Series 2025-4A, Class E                   | CUSIP: 36273HAN6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1080000 | PA      | $1092799.62   | 0.23%             | 2032-12-15      | Fixed         | 7.17%                 | Yes           |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel SA               | Banque Federative du Credit Mutuel SA                                        | CUSIP: 06675DCU4<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   1560000 | PA      | $1538420.89   | 0.32%             | 2031-01-15      | Fixed         | 4.54%                 | Yes           |                  2 | On Loan: —       |
| Republic of Cote d'Ivoire                           | Republic of Cote d'Ivoire                                                    | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |   2092000 | PA      | $2247958.18   | 0.47%             | 2032-01-30      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Celanese US Holdings LLC                            | Celanese US Holdings LLC                                                     | CUSIP: 15089QAY0<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   3790000 | PA      | $4042929.44   | 0.85%             | 2033-11-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: —       |
| Commercial Metals Co.                               | Commercial Metals Co.                                                        | CUSIP: 201723AV5<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |    465000 | PA      | $458418.16    | 0.10%             | 2035-12-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: —       |
| BP Capital Markets plc                              | BP Capital Markets plc                                                       | CUSIP: 05565QDX3<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |   2605000 | PA      | $2627499.39   | 0.55%             | 2035-03-18      | Variable      | 6.12%                 | No            |                  2 | On Loan: —       |
| State Street Corp.                                  | State Street Corp., Series G                                                 | CUSIP: 857477855<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EP               | CORP              | US        |     10181 | NS      | $220113.22    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| First Coast Re IV Ltd.                              | First Coast Re IV Ltd., Series A                                             | CUSIP: 31969UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    400000 | PA      | $399600.00    | 0.08%             | 2026-04-07      | Floating      | 13.50%                | Yes           |                  2 | On Loan: No      |
| Marlon Ltd.                                         | Marlon Ltd., Series A                                                        | CUSIP: 571253AA1<br>LEI: 98450044CD0YE4DAFC06 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $260975.00    | 0.05%             | 2027-06-07      | Floating      | 10.87%                | Yes           |                  2 | On Loan: No      |
| Mona Lisa Re Ltd.                                   | Mona Lisa Re Ltd., Series B                                                  | CUSIP: 608800AM0<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $503400.00    | 0.11%             | 2030-01-08      | Floating      | 15.56%                | Yes           |                  2 | On Loan: No      |
| Wynn Macau Ltd.                                     | Wynn Macau Ltd.                                                              | CUSIP: 98313RAL0<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |   1220000 | PA      | $1190626.74   | 0.25%             | 2034-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: —       |
| Jefferies Financial Group, Inc.                     | Jefferies Financial Group, Inc.                                              | CUSIP: 47233WEJ4<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |   3465000 | PA      | $3533648.27   | 0.74%             | 2034-04-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: —       |
| Hilcorp Energy I LP                                 | Hilcorp Energy I LP                                                          | CUSIP: 431318BE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1930000 | PA      | $1885590.89   | 0.40%             | 2034-05-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: —       |
| Societe Generale SA                                 | Societe Generale SA                                                          | CUSIP: 83368RBL5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   2300000 | PA      | $2369121.62   | 0.50%             | 2033-06-15      | Variable      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                | Meta Platforms, Inc.                                                         | CUSIP: 30303MAE2<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    750000 | PA      | $703042.78    | 0.15%             | 2055-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust      | Morgan Stanley Residential Mortgage Loan Trust, Series 2023-NQM1, Class B2   | CUSIP: 61775VAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1300000 | PA      | $1297643.10   | 0.27%             | 2068-09-25      | Variable      | 7.33%                 | Yes           |                  2 | On Loan: No      |
| United Airlines Holdings, Inc.                      | United Airlines Holdings, Inc.                                               | CUSIP: 910047AL3<br>LEI: 98450079DA0B78DD6764 | Long             | DBT              | CORP              | US        |    305000 | PA      | $298691.59    | 0.06%             | 2031-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: —       |
| J.P. Morgan Mortgage Trust                          | J.P. Morgan Mortgage Trust, Series 2021-10, Class AX1                        | CUSIP: 46654ABS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  45111077 | PA      | $274027.24    | 0.06%             | 2051-12-25      | Variable      | 0.11%                 | Yes           |                  2 | On Loan: No      |
| Nordea Bank Abp                                     | Nordea Bank Abp                                                              | CUSIP: 65559CAD3<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |   1525000 | PA      | $1414009.28   | 0.30%             | 2029-03-01      | Variable      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| ACHM Trust                                          | ACHM Trust, Series 2025-HE3, Class A                                         | CUSIP: 00449VAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2290717 | PA      | $2271992.79   | 0.48%             | 2055-11-25      | Variable      | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Dai-ichi Life Insurance Co. Ltd. (The)              | Dai-ichi Life Insurance Co. Ltd. (The)                                       | CUSIP: 23381LAA2<br>LEI: 3538001235ACEIORUV72 | Long             | DBT              | CORP              | JP        |   3560000 | PA      | $3581185.56   | 0.75%             | 2035-01-16      | Variable      | 6.20%                 | Yes           |                  2 | On Loan: No      |
| Blue Ridge Re Ltd.                                  | Blue Ridge Re Ltd., Series A                                                 | CUSIP: 096003AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $251975.00    | 0.05%             | 2027-01-08      | Floating      | 8.76%                 | Yes           |                  2 | On Loan: No      |
| FNMA or FHLMC                                       | UMBS, 30 Year, Single Family                                                 | CUSIP: 01F052649<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  10000000 | PA      | $10046059.10  | 2.11%             | 2056-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2024-24, Class AI                                               | CUSIP: 38384JW83<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1798312 | PA      | $175843.61    | 0.04%             | 2051-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                        | Avolon Holdings Funding Ltd.                                                 | CUSIP: 05401ABD2<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    610000 | PA      | $597736.27    | 0.13%             | 2031-01-30      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| American Electric Power Co., Inc.                   | American Electric Power Co., Inc., Series D                                  | CUSIP: 02557TAF6<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   1520000 | PA      | $1506433.70   | 0.32%             | 2056-03-15      | Variable      | 6.05%                 | No            |                  2 | On Loan: —       |
| Republic of Colombia                                | Republic of Colombia                                                         | CUSIP: 195325EU5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   1065000 | PA      | $1046362.50   | 0.22%             | 2031-01-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Ball Corp.                                          | Ball Corp.                                                                   | CUSIP: N/A<br>LEI: 0BGI85ALH27ZJP15DY16       | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1359352.18   | 0.28%             | 2032-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CPS Auto Receivables Trust                          | CPS Auto Receivables Trust, Series 2024-B, Class E                           | CUSIP: 12627SAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    930000 | PA      | $965885.91    | 0.20%             | 2031-11-17      | Fixed         | 8.36%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                             | Hyundai Capital America                                                      | CUSIP: 44891ACP0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    770000 | PA      | $806918.48    | 0.17%             | 2030-09-21      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| ING Groep NV                                        | ING Groep NV, Series NC10                                                    | CUSIP: 456837AZ6<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   2208000 | PA      | $1912448.82   | 0.40%             | 2031-05-16      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| DataBank Issuer                                     | DataBank Issuer, Series 2024-1A, Class A2                                    | CUSIP: 23802WAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    290000 | PA      | $285509.06    | 0.06%             | 2054-01-26      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Novartis Capital Corp.                              | Novartis Capital Corp.                                                       | CUSIP: 66989HBL1<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |    700000 | PA      | $704993.92    | 0.15%             | 2056-03-18      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2021-96, Class BI                                               | CUSIP: 38382UTX9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    722933 | PA      | $131626.94    | 0.03%             | 2051-06-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Sanders Re III Ltd.                                 | Sanders Re III Ltd.                                                          | CUSIP: 80001QAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    450000 | PA      | $459450.00    | 0.10%             | 2027-04-07      | Floating      | 9.03%                 | Yes           |                  2 | On Loan: No      |
| Hilcorp Energy I LP                                 | Hilcorp Energy I LP                                                          | CUSIP: 431318BG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    480000 | PA      | $478518.96    | 0.10%             | 2035-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: —       |
| Highwoods Realty LP                                 | Highwoods Realty LP                                                          | CUSIP: 431282AV4<br>LEI: JUJNVZX73BIYHLR58F51 | Long             | DBT              | CORP              | US        |    280000 | PA      | $273391.17    | 0.06%             | 2033-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: —       |
| Merchants Fleet Funding LLC                         | Merchants Fleet Funding LLC, Series 2025-1A, Class D                         | CUSIP: 588926AP0<br>LEI: 254900Z2OOQUA5IN2X83 | Long             | ABS-O            | CORP              | US        |   1460000 | PA      | $1459403.88   | 0.31%             | 2039-01-20      | Fixed         | 5.76%                 | Yes           |                  2 | On Loan: No      |
| Uniti Group LP                                      | Uniti Group LP                                                               | CUSIP: 91327TAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    295000 | PA      | $300453.30    | 0.06%             | 2032-06-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: —       |
| Sumitomo Mitsui Financial Group, Inc.               | Sumitomo Mitsui Financial Group, Inc.                                        | CUSIP: 86562MEK2<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   2890000 | PA      | $2802335.40   | 0.59%             | 2041-03-03      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| Sanders Re IV Ltd.                                  | Sanders Re IV Ltd., Series A-2                                               | CUSIP: 80001WAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $249575.00    | 0.05%             | 2031-04-07      | Floating      | 7.04%                 | Yes           |                  2 | On Loan: No      |
| Spire, Inc.                                         | Spire, Inc.                                                                  | CUSIP: 84857LAE1<br>LEI: 549300NXSY15DRY2R511 | Long             | DBT              | CORP              | US        |    480000 | PA      | $478750.32    | 0.10%             | 2056-06-01      | Variable      | 6.45%                 | No            |                  2 | On Loan: —       |
| Ford Motor Credit Co. LLC                           | Ford Motor Credit Co. LLC                                                    | CUSIP: 345397G31<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   3582000 | PA      | $3597798.63   | 0.75%             | 2031-11-05      | Fixed         | 6.05%                 | No            |                  2 | On Loan: —       |
| GNMA                                                | GNMA                                                                         | CUSIP: 3618N5JE0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    402890 | PA      | $410233.76    | 0.09%             | 2055-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Citrus Re Ltd.                                      | Citrus Re Ltd., Series A                                                     | CUSIP: 177510AL8<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |    450000 | PA      | $453600.00    | 0.10%             | 2026-06-07      | Floating      | 10.15%                | Yes           |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG LLC                  | Venture Global Plaquemines LNG LLC                                           | CUSIP: 922966AE6<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1069563.04   | 0.22%             | 2030-12-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: —       |
| Purple Re Ltd.                                      | Purple Re Ltd., Series A                                                     | CUSIP: 74639NAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $515050.00    | 0.11%             | 2027-06-07      | Floating      | 12.69%                | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                             | Hyundai Capital America                                                      | CUSIP: 44891ADX2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    760000 | PA      | $773545.18    | 0.16%             | 2032-06-23      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: —       |
| OAK-Eagle Acquireco, Inc.                           | OAK-Eagle Acquireco, Inc.                                                    | CUSIP: 67124CAA1<br>LEI: 6488ICS9P20290MA1H31 | Long             | DBT              | CORP              | US        |    390000 | PA      | $404076.83    | 0.08%             | 2033-07-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Diamond Sports Group LLC                            | Diamond Sports Group LLC                                                     | CUSIP: N/A<br>LEI: 5493002K6DHWNZH8YA34       | Long             | EC               | CORP              | US        |       171 | NS      | $32.15        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Fidelity National Information Services, Inc.        | Fidelity National Information Services, Inc.                                 | CUSIP: 31620MCE4<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |    640000 | PA      | $634976.79    | 0.13%             | 2031-03-10      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| FloodSmart Re Ltd.                                  | FloodSmart Re Ltd., Series A                                                 | CUSIP: 33975CAP0<br>LEI: 549300KK1LNVFW95S875 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $523500.00    | 0.11%             | 2027-03-12      | Floating      | 17.87%                | Yes           |                  2 | On Loan: No      |
| Montoya Re Ltd.                                     | Montoya Re Ltd., Series A                                                    | CUSIP: 613752AF1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    750000 | PA      | $745875.00    | 0.16%             | 2030-04-09      | Floating      | 8.93%                 | Yes           |                  2 | On Loan: No      |
| APA Corp.                                           | APA Corp.                                                                    | CUSIP: 03743QAT5<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |   4510000 | PA      | $4519260.16   | 0.95%             | 2055-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Commercial Real Estate Notes Ltd.      | Arbor Realty Commercial Real Estate Notes Ltd., Series 2022-FL1, Class A     | CUSIP: 03880XAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    425413 | PA      | $425413.09    | 0.09%             | 2037-01-15      | Floating      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                           | Commercial Mortgage Trust, Series 2015-CR26, Class D                         | CUSIP: 12593QBK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2424390.00   | 0.51%             | 2048-10-10      | Variable      | 3.61%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA, Series 2021-78, Class CI                                               | CUSIP: 3136BJVT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    526986 | PA      | $118586.56    | 0.02%             | 2051-11-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | U.S. Treasury 10 Year Ultra Note                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -844 | NC      | $1446305.37   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Galileo Re Ltd.                                     | Galileo Re Ltd., Series A                                                    | CUSIP: 36354TAQ5<br>LEI: 549300MXI75DHMS7JH38 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $496400.00    | 0.10%             | 2030-01-08      | Floating      | 6.81%                 | Yes           |                  2 | On Loan: No      |
| Amentum Holdings, Inc.                              | Amentum Holdings, Inc., First Lien Term Loan                                 | CUSIP: 02351XAB4<br>LEI: 2549009FJIBLW40CU216 | Long             | LON              | CORP              | US        |    257366 | PA      | $257152.78    | 0.05%             | 2031-09-29      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| Galileo Re Ltd.                                     | Galileo Re Ltd., Series B                                                    | CUSIP: 36354TAR3<br>LEI: 549300MXI75DHMS7JH38 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $492850.00    | 0.10%             | 2030-01-08      | Floating      | 8.56%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | U.S. Treasury 2 Year Note                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       198 | NC      | $-282415.21   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Purple Re Ltd.                                      | Purple Re Ltd., Series A                                                     | CUSIP: 74639NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    300000 | PA      | $301800.00    | 0.06%             | 2026-04-24      | Floating      | 16.69%                | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                           | Vistra Operations Co. LLC                                                    | CUSIP: 92840VAY8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    300000 | PA      | $295169.82    | 0.06%             | 2031-01-31      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: —       |
| Ally Financial, Inc.                                | Ally Financial, Inc.                                                         | CUSIP: 02005NBT6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1083219.49   | 0.23%             | 2029-06-13      | Variable      | 6.99%                 | No            |                  2 | On Loan: —       |
| High Point Re Ltd.                                  | High Point Re Ltd., Series A                                                 | CUSIP: 429932AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $250925.00    | 0.05%             | 2027-01-06      | Floating      | 9.20%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                        | UBS Group AG                                                                 | CUSIP: 902613BS6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   2229000 | PA      | $2166761.80   | 0.45%             | 2035-02-05      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank AG                                    | Deutsche Bank AG                                                             | CUSIP: 251526DD8<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1265000 | PA      | $1243790.77   | 0.26%             | 2031-12-10      | Variable      | 4.47%                 | No            |                  2 | On Loan: —       |
| Oracle Corp.                                        | Oracle Corp.                                                                 | CUSIP: 68389XEB7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1113724.24   | 0.23%             | 2056-02-04      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Kendall Re Ltd.                                     | Kendall Re Ltd., Series B                                                    | CUSIP: 48878QAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $256500.00    | 0.05%             | 2027-04-30      | Floating      | 11.28%                | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2023-168, Class ID                                              | CUSIP: 38384D8H3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1363456 | PA      | $155028.59    | 0.03%             | 2051-03-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC             | Volkswagen Group of America Finance LLC                                      | CUSIP: 928668CS9<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    450000 | PA      | $449736.02    | 0.09%             | 2035-03-27      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: —       |
| N/A                                                 | Forward Foreign Currency Contract                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-146742.36   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Capital America                             | Hyundai Capital America                                                      | CUSIP: 44891ACH8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    950000 | PA      | $968709.66    | 0.20%             | 2028-06-26      | Fixed         | 5.68%                 | Yes           |                  2 | On Loan: —       |
| Locke Tavern Re Ltd.                                | Locke Tavern Re Ltd., Series A                                               | CUSIP: 539694AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    450000 | PA      | $450000.00    | 0.09%             | 2026-04-09      | Floating      | 8.50%                 | Yes           |                  2 | On Loan: No      |
| 1261229 BC Ltd.                                     | 1261229 BC Ltd., First Lien Term Loan                                        | CUSIP: C6903HAB0<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |   2034625 | PA      | $1960585.00   | 0.41%             | 2030-10-08      | Variable      | 9.92%                 | No            |                  2 | On Loan: No      |
| MKS, Inc.                                           | MKS, Inc.                                                                    | CUSIP: N/A<br>LEI: 549300KEQATBHAGVF505       | Long             | DBT              | CORP              | US        |   2770000 | PA      | $3058931.60   | 0.64%             | 2034-02-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | U.S. Treasury Long Bond                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -94 | NC      | $-117099.66   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Alamo Re Ltd.                                       | Alamo Re Ltd., Series A                                                      | CUSIP: 011395AJ9<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |    700000 | PA      | $708400.00    | 0.15%             | 2026-06-07      | Floating      | 12.59%                | Yes           |                  2 | On Loan: No      |
| Wildfire Intermediate Holdings LLC                  | Wildfire Intermediate Holdings LLC                                           | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |    962000 | PA      | $974763.82    | 0.20%             | 2029-10-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: —       |
| Total Play Telecomunicaciones SA de CV              | Total Play Telecomunicaciones SA de CV                                       | CUSIP: 89157PAD0<br>LEI: 4469000001BSAPAMOQ06 | Long             | DBT              | CORP              | MX        |   3777250 | PA      | $3415970.24   | 0.72%             | 2032-12-31      | Fixed         | 11.12%                | Yes           |                  2 | On Loan: No      |
| Merna Reinsurance II Ltd.                           | Merna Reinsurance II Ltd., Series A                                          | CUSIP: 59013MAH5<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |    400000 | PA      | $407200.00    | 0.09%             | 2026-07-07      | Floating      | 11.92%                | Yes           |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                       | Starwood Property Trust, Inc.                                                | CUSIP: 85571BBF1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |   2365000 | PA      | $2338038.53   | 0.49%             | 2028-10-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                  | Credit Agricole SA                                                           | CUSIP: 22535WAU1<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   3920000 | PA      | $3834773.83   | 0.80%             | 2037-01-12      | Variable      | 5.26%                 | Yes           |                  2 | On Loan: No      |
| San Diego Gas & Electric Co.                        | San Diego Gas & Electric Co., Series DDDD                                    | CUSIP: 797440CH5<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |    540000 | PA      | $538488.84    | 0.11%             | 2036-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: —       |
| N/A                                                 | Euro-Bund                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |       -27 | NC      | $103050.43    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                 | U.S. Treasury 5 Year Note                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -456 | NC      | $329381.91    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Aker BP ASA                                         | Aker BP ASA                                                                  | CUSIP: 00973RAM5<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |   2005000 | PA      | $2088598.25   | 0.44%             | 2033-06-13      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: —       |
| International Petroleum Corp.                       | International Petroleum Corp.                                                | CUSIP: N/A<br>LEI: 54930025D80LU0SMR645       | Long             | DBT              | CORP              | CA        |   3190000 | PA      | $3238089.98   | 0.68%             | 2030-10-10      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                          | J.P. Morgan Mortgage Trust, Series 2021-8, Class AX1                         | CUSIP: 46592TBS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  40263218 | PA      | $242642.26    | 0.05%             | 2051-12-25      | Variable      | 0.11%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                   | Wells Fargo & Co., Series DD                                                 | CUSIP: 95002Y400<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |     45528 | NS      | $785358.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Mystic Re IV Ltd.                                   | Mystic Re IV Ltd., Series A                                                  | CUSIP: 62865LAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $255200.00    | 0.05%             | 2027-01-08      | Floating      | 15.54%                | Yes           |                  2 | On Loan: No      |
| KeyCorp                                             | KeyCorp, Series G                                                            | CUSIP: 493267868<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |     18479 | NS      | $387319.84    | 0.08%             |  |  |  | No            |                  1 | On Loan: —       |
| Saudi Arabian Oil Co.                               | Saudi Arabian Oil Co.                                                        | CUSIP: 80414L3F0<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | NUSS              | SA        |   1436000 | PA      | $1426605.75   | 0.30%             | 2055-06-02      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Aquila Re I Ltd.                                    | Aquila Re I Ltd., Series A-1                                                 | CUSIP: 03843AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    450000 | PA      | $453150.00    | 0.09%             | 2026-06-08      | Floating      | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Radnor RE Ltd.                                      | Radnor RE Ltd., Series 2023-1, Class M1A                                     | CUSIP: 75050KAA4<br>LEI: 254900P3K895250PCC81 | Long             | ABS-MBS          | CORP              | BM        |         0 | PA      | $0.04         | 0.00%             | 2033-07-25      | Floating      | 6.36%                 | Yes           |                  2 | On Loan: No      |
| 3264 re Ltd.                                        | 3264 re Ltd., Series A                                                       | CUSIP: 88577CAH4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $499950.00    | 0.10%             | 2029-01-08      | Floating      | 10.04%                | Yes           |                  2 | On Loan: No      |
| Enbridge, Inc.                                      | Enbridge, Inc.                                                               | CUSIP: 29250NCG8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    185000 | PA      | $194348.42    | 0.04%             | 2055-03-15      | Variable      | 7.38%                 | No            |                  2 | On Loan: —       |
| Uniti Group LP                                      | Uniti Group LP                                                               | CUSIP: 91327AAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    266000 | PA      | $250193.38    | 0.05%             | 2030-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Kilimanjaro II Re Ltd.                              | Kilimanjaro II Re Ltd., Series C-1                                           | CUSIP: 49407QAL2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $255900.00    | 0.05%             | 2029-07-09      | Floating      | 7.54%                 | Yes           |                  2 | On Loan: No      |
| Merna Reinsurance II Ltd.                           | Merna Reinsurance II Ltd., Series A                                          | CUSIP: 59013MAK8<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $258625.00    | 0.05%             | 2027-07-07      | Floating      | 11.01%                | Yes           |                  2 | On Loan: No      |
| Home Re Ltd.                                        | Home Re Ltd., Series 2026-1, Class M2                                        | CUSIP: 436956AD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    360000 | PA      | $362891.81    | 0.08%             | 2036-01-25      | Floating      | 6.86%                 | Yes           |                  2 | On Loan: No      |
| Directv Financing LLC                               | DIRECTV Financing LLC, First Lien Term Loan B                                | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    362862 | PA      | $363374.14    | 0.08%             | 2029-08-02      | Variable      | 9.18%                 | No            |                  2 | On Loan: No      |
| Liberty Mutual Insurance Co.                        | Liberty Mutual Insurance Co.                                                 | CUSIP: 53079QAD9<br>LEI: CNC20I6IOMGF7KY49D67 | Long             | DBT              | CORP              | US        |    730000 | PA      | $799686.46    | 0.17%             | 2097-10-15      | Fixed         | 7.70%                 | Yes           |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                  | General Motors Financial Co., Inc.                                           | CUSIP: 37045XED4<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   2340000 | PA      | $2479557.30   | 0.52%             | 2033-01-09      | Fixed         | 6.40%                 | No            |                  2 | On Loan: —       |
| Avianca Midco 2 plc                                 | Avianca Midco 2 plc                                                          | CUSIP: 05369YAA7<br>LEI: 213800AMPX5VKH9AMX10 | Long             | DBT              | CORP              | GB        |   1464000 | PA      | $1368840.00   | 0.29%             | 2030-02-14      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| FIGRE Trust                                         | FIGRE Trust, Series 2025-HE8, Class A                                        | CUSIP: 30191WAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    706372 | PA      | $701944.25    | 0.15%             | 2055-11-25      | Variable      | 5.21%                 | Yes           |                  2 | On Loan: No      |
| Sumitomo Life Insurance Co.                         | Sumitomo Life Insurance Co.                                                  | CUSIP: 86564CAF7<br>LEI: 549300I5OQCDADQSPI57 | Long             | DBT              | CORP              | JP        |   5545000 | PA      | $5425388.25   | 1.14%             | 2055-09-10      | Variable      | 5.88%                 | Yes           |                  2 | On Loan: —       |
| Energy Transfer LP                                  | Energy Transfer LP, Series G                                                 | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    620000 | PA      | $631051.50    | 0.13%             | 2030-05-15      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                       | Starwood Property Trust, Inc.                                                | CUSIP: 85571BBG9<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    330000 | PA      | $325875.30    | 0.07%             | 2031-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                          | Progress Residential Trust, Series 2021-SFR9, Class F                        | CUSIP: 74333QAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    780000 | PA      | $756463.19    | 0.16%             | 2040-11-17      | Fixed         | 4.05%                 | Yes           |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked Notes                  | Ally Bank Auto Credit-Linked Notes, Series 2025-A, Class E                   | CUSIP: 02007G5H2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1004277 | PA      | $1007114.64   | 0.21%             | 2033-06-15      | Fixed         | 6.07%                 | Yes           |                  2 | On Loan: No      |
| Mayflower Re Ltd.                                   | Mayflower Re Ltd., Series A                                                  | CUSIP: 57839MAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $256450.00    | 0.05%             | 2027-07-08      | Floating      | 8.44%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corp.                                       | Novelis Corp.                                                                | CUSIP: 670001AN6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   2089000 | PA      | $2049084.85   | 0.43%             | 2033-08-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| American Electric Power Co., Inc.                   | American Electric Power Co., Inc., Series C                                  | CUSIP: 02557TAE9<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   3195000 | PA      | $3156068.93   | 0.66%             | 2056-03-15      | Variable      | 5.80%                 | No            |                  2 | On Loan: —       |
| N/A                                                 | CDS                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    533898 | PA      | $-3557.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Darden Restaurants, Inc.                            | Darden Restaurants, Inc.                                                     | CUSIP: 237194AN5<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | DBT              | CORP              | US        |   2593000 | PA      | $2774560.93   | 0.58%             | 2033-10-10      | Fixed         | 6.30%                 | No            |                  2 | On Loan: —       |
| A&D Mortgage Trust                                  | A&D Mortgage Trust, Series 2023-NQM3, Class B1                               | CUSIP: 00249FAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    770000 | PA      | $773184.64    | 0.16%             | 2068-07-25      | Variable      | 8.03%                 | Yes           |                  2 | On Loan: No      |
| PFP Ltd.                                            | PFP Ltd., Series 2024-11, Class A                                            | CUSIP: 69291WAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |    248276 | PA      | $248668.25    | 0.05%             | 2039-09-17      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                               | CUSIP: 61747YES0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1310000 | PA      | $1306812.94   | 0.27%             | 2037-04-20      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2019-159, Class HI                                              | CUSIP: 38382BKH5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1485619 | PA      | $243502.00    | 0.05%             | 2049-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Receivables Trust        | Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A, Class B        | CUSIP: 039943AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    870000 | PA      | $884444.44    | 0.19%             | 2030-06-17      | Fixed         | 6.87%                 | Yes           |                  2 | On Loan: No      |
| FNMA or FHLMC                                       | UMBS, 30 Year, Single Family                                                 | CUSIP: 01F022642<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  29000000 | PA      | $24378125.00  | 5.11%             | 2056-04-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2025-173, Class AI                                              | CUSIP: 38383BZU9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   6988745 | PA      | $723566.48    | 0.15%             | 2051-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Cruise Yacht Upper HoldCo Ltd.                      | Cruise Yacht Upper HoldCo Ltd.                                               | CUSIP: N/A<br>LEI: 984500DE088QEE80G074       | Long             | DBT              | CORP              | MT        |    800000 | PA      | $710895.34    | 0.15%             | 2028-07-05      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| Citadel Securities Global Holdings LLC              | Citadel Securities Global Holdings LLC                                       | CUSIP: 17289RAB2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | DBT              | CORP              | US        |   2949000 | PA      | $3017038.18   | 0.63%             | 2035-06-18      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: —       |
| Grupo Aeromexico SAB de CV                          | Grupo Aeromexico SAB de CV                                                   | CUSIP: 40054JAD1<br>LEI: 529900BECKHBL62WD126 | Long             | DBT              | CORP              | MX        |   1235000 | PA      | $1185600.00   | 0.25%             | 2031-11-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                               | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    695000 | PA      | $711965.89    | 0.15%             | 2038-01-19      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| Enerflex, Inc.                                      | Enerflex, Inc.                                                               | CUSIP: 29281WAA6<br>LEI: 549300SQCOV1LC1GBK07 | Long             | DBT              | CORP              | US        |    695000 | PA      | $709612.09    | 0.15%             | 2031-01-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                            | Angel Oak Mortgage Trust, Series 2025-HB2, Class A1                          | CUSIP: 034648AA3<br>LEI: 2549004R1S5HPVOVG278 | Long             | ABS-O            | CORP              | US        |    816274 | PA      | $817953.73    | 0.17%             | 2055-12-25      | Floating      | 5.26%                 | Yes           |                  2 | On Loan: No      |
| Residential Reinsurance 2004 Ltd.                   | Residential Reinsurance 2004 Ltd., Series 4                                  | CUSIP: 76112AAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    250000 | PA      | $255900.00    | 0.05%             | 2028-12-06      | Floating      | 8.94%                 | Yes           |                  2 | On Loan: No      |
| Sanders Re III Ltd.                                 | Sanders Re III Ltd., Series A                                                | CUSIP: 80000XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    450000 | PA      | $450000.00    | 0.09%             | 2026-04-07      | Floating      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Blue Ridge Re Ltd.                                  | Blue Ridge Re Ltd., Series B                                                 | CUSIP: 096003AD0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $246925.00    | 0.05%             | 2029-01-08      | Floating      | 9.51%                 | Yes           |                  2 | On Loan: No      |
| Residential Reinsurance 2004 Ltd.                   | Residential Reinsurance 2004 Ltd., Series 3                                  | CUSIP: 76112AAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    250000 | PA      | $253650.00    | 0.05%             | 2028-12-06      | Floating      | 10.50%                | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Series 5086, Class NI                                                 | CUSIP: 3137FFHE0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    353122 | PA      | $54023.08     | 0.01%             | 2051-03-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                    | NMEF Funding LLC, Series 2025-B, Class E                                     | CUSIP: 62919WAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $506976.55    | 0.11%             | 2033-01-18      | Fixed         | 7.66%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA, Series 2021-1, Class CI                                                | CUSIP: 3136BDU63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2205901 | PA      | $366543.47    | 0.08%             | 2050-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Allianz SE                                          | Allianz SE                                                                   | CUSIP: 018820AE0<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |   2800000 | PA      | $2805224.80   | 0.59%             | 2033-10-30      | Variable      | 6.55%                 | Yes           |                  2 | On Loan: —       |
| International Bank for Reconstruction & Development | International Bank for Reconstruction & Development, Series D                | CUSIP: N/A<br>LEI: ZTMSNXROF84AHWJNKQ93       | Long             | DBT              | NUSS              | US        |    250000 | PA      | $269775.00    | 0.06%             | 2028-04-24      | Floating      | 15.85%                | Yes           |                  2 | On Loan: No      |
| Four Lakes Re Ltd.                                  | Four Lakes Re Ltd., Series A                                                 | CUSIP: 35087TAG3<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $510600.00    | 0.11%             | 2028-01-07      | Floating      | 9.06%                 | Yes           |                  2 | On Loan: No      |
| 1261229 BC Ltd.                                     | 1261229 BC Ltd.                                                              | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   2965000 | PA      | $3035697.46   | 0.64%             | 2032-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: —       |
| United Airlines Holdings, Inc.                      | United Airlines Holdings, Inc.                                               | CUSIP: 910047AM1<br>LEI: 98450079DA0B78DD6764 | Long             | DBT              | CORP              | US        |   3215000 | PA      | $3144532.67   | 0.66%             | 2029-03-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Series 5003, Class KI                                                 | CUSIP: 3137FVJQ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    323477 | PA      | $42229.22     | 0.01%             | 2050-08-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                               | Foundry JV Holdco LLC                                                        | CUSIP: 350930AH6<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |   1608000 | PA      | $1656438.65   | 0.35%             | 2036-01-25      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                       | Freedom Mortgage Holdings LLC                                                | CUSIP: 35641AAB4<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1026665.00   | 0.22%             | 2031-05-15      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Saudi Arabia                             | Kingdom of Saudi Arabia                                                      | CUSIP: 80413TBR9<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |   4300000 | PA      | $4187081.66   | 0.88%             | 2036-01-12      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust                   | GLS Auto Select Receivables Trust, Series 2024-1A, Class D                   | CUSIP: 37988XAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1650000 | PA      | $1698016.82   | 0.36%             | 2031-01-15      | Fixed         | 6.43%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp., Series LL                                             | CUSIP: 06055H202<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     45383 | NS      | $915375.11    | 0.19%             |  |  |  | No            |                  1 | On Loan: —       |
| EURO                                                | EURO                                                                         | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | XX        |        -0 | OU      | $-0.45        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands II BV       | Teva Pharmaceutical Finance Netherlands II BV                                | CUSIP: N/A<br>LEI: 549300HSQCIKJAOYIT23       | Long             | DBT              | CORP              | NL        |   1598000 | PA      | $1846086.38   | 0.39%             | 2030-05-09      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PFP Ltd.                                            | PFP Ltd., Series 2026-13, Class AS                                           | CUSIP: 716966AC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1260000 | PA      | $1260695.02   | 0.26%             | 2043-08-18      | Floating      | 5.33%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                        | Oracle Corp.                                                                 | CUSIP: 68389XEC5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    700000 | PA      | $643525.40    | 0.13%             | 2066-02-04      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| ABRA Global Finance                                 | ABRA Global Finance                                                          | CUSIP: 000852AC7<br>LEI: 2549007QS3P0D4KT9G26 | Long             | DBT              | CORP              | KY        |   2773904 | PA      | $2623697.10   | 0.55%             | 2029-10-22      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2020-34                                                         | CUSIP: 38382DL31<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2612447 | PA      | $487895.18    | 0.10%             | 2039-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                 | Abbott Laboratories                                                          | CUSIP: 002824BT6<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |   2105000 | PA      | $2060071.49   | 0.43%             | 2033-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Ursa Re II Ltd.                                     | Ursa Re II Ltd., Series FG                                                   | CUSIP: 91734PAK2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $252050.00    | 0.05%             | 2028-06-07      | Floating      | 11.43%                | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2025-120, Class IC                                              | CUSIP: 38381N7D4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1807783 | PA      | $404335.11    | 0.08%             | 2050-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARC Falcon I, Inc.                                  | ARC Falcon I, Inc.                                                           | CUSIP: 03881HAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3740000 | PA      | $3600610.20   | 0.75%             | 2033-03-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Vitality Re XVII Ltd.                               | Vitality Re XVII Ltd., Series A                                              | CUSIP: 92853KAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    250000 | PA      | $249650.00    | 0.05%             | 2030-01-08      | Floating      | 5.54%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue Securities Trust     | Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class CE    | CUSIP: 62547NAD1<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-MBS          | CORP              | US        |   2136000 | PA      | $2173162.34   | 0.46%             | 2049-10-25      | Floating      | 12.53%                | Yes           |                  2 | On Loan: No      |
| Kuwait International Government Bond                | State of Kuwait                                                              | CUSIP: 501499AF4<br>LEI: 549300FSC1YD0D9XX589 | Long             | DBT              | NUSS              | KW        |   2110000 | PA      | $2025970.64   | 0.42%             | 2035-10-09      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| Integrity Re Ltd.                                   | Integrity Re Ltd., Series B                                                  | CUSIP: 45833UAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $510000.00    | 0.11%             | 2026-06-06      | Floating      | 16.83%                | Yes           |                  2 | On Loan: No      |
| Tricida, Inc.                                       | Tricida, Inc.                                                                | CUSIP: 896LIQAM6<br>LEI: 549300QVPFFJC8SZXG25 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $0.00         | 0.00%             | 2027-05-15      | Fixed         | 3.50%                 | No            |                  3 | On Loan: No      |
| N/A                                                 | U.S. Treasury Ultra Bond                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -146 | NC      | $542508.11    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Tricida, Inc.                                       | Tricida, Inc.                                                                | CUSIP: 896CPTAN0<br>LEI: 549300QVPFFJC8SZXG25 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $0.00         | 0.00%             | 2027-05-15      | Fixed         | 3.50%                 | No            |                  3 | On Loan: No      |
| FHLMC                                               | FHLMC STACR REMIC Trust, Series 2024-HQA2, Class M1                          | CUSIP: 35564NDZ3<br>LEI: 5299002OYNAPMJKK2A73 | Long             | ABS-MBS          | CORP              | US        |   1047051 | PA      | $1047519.58   | 0.22%             | 2044-08-25      | Floating      | 4.86%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd.    | Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class AS | CUSIP: 03881UAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2300000 | PA      | $2313633.02   | 0.48%             | 2041-01-20      | Floating      | 6.31%                 | Yes           |                  2 | On Loan: No      |
| FARM Mortgage Trust                                 | FARM Mortgage Trust, Series 2021-1, Class B                                  | CUSIP: 30768WAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    523538 | PA      | $394891.52    | 0.08%             | 2051-07-25      | Variable      | 3.23%                 | Yes           |                  2 | On Loan: No      |
| British Pound                                       | British Pound                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | GB        |         2 | OU      | $3.31         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LMNT CRE LLC                                        | LMNT CRE LLC, Series 2025-FL3, Class AS                                      | CUSIP: 50208TAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2280000 | PA      | $2288007.13   | 0.48%             | 2043-07-21      | Floating      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley, Series O                                                     | CUSIP: 61762V861<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     74108 | NS      | $1272434.36   | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| RGA Global Funding                                  | RGA Global Funding                                                           | CUSIP: 76209PAJ2<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $1008985.05   | 0.21%             | 2032-08-25      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: —       |
| Vitality Re XIV Ltd.                                | Vitality Re XIV Ltd., Series A                                               | CUSIP: 92851QAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    500000 | PA      | $505450.00    | 0.11%             | 2027-01-05      | Floating      | 7.01%                 | Yes           |                  2 | On Loan: No      |
| Sanders Re III Ltd.                                 | Sanders Re III Ltd., Series b-2                                              | CUSIP: 80001UAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $249575.00    | 0.05%             | 2031-04-07      | Floating      | 8.68%                 | Yes           |                  2 | On Loan: No      |
| MetLife, Inc.                                       | MetLife, Inc.                                                                | CUSIP: 59156RCR7<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1089455.99   | 0.23%             | 2056-03-15      | Variable      | 5.85%                 | No            |                  2 | On Loan: —       |
| FNMA                                                | FNMA, Series 437, Class C11                                                  | CUSIP: 31424UPH3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5053741 | PA      | $890157.49    | 0.19%             | 2052-07-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                             | American Airlines, Inc.                                                      | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    345000 | PA      | $343112.95    | 0.07%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: —       |
| Palm RE Ltd.                                        | Palm RE Ltd., Series A                                                       | CUSIP: 69664FAA6<br>LEI: 984500D3C66DA10DAP11 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $261275.00    | 0.05%             | 2027-06-07      | Floating      | 13.24%                | Yes           |                  2 | On Loan: No      |
| Ally Financial, Inc.                                | Ally Financial, Inc.                                                         | CUSIP: 02005NBV1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1053050.58   | 0.22%             | 2035-07-26      | Variable      | 6.18%                 | No            |                  2 | On Loan: —       |
| Turris RE Ltd.                                      | Turris RE Ltd., Series A                                                     | CUSIP: 900442AA2<br>LEI: 254900AYLTVDMB8FO181 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $250500.00    | 0.05%             | 2029-01-08      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Grupo Nutresa SA                                    | Grupo Nutresa SA                                                             | CUSIP: 40055CAB9<br>LEI: 254900KKAX7B7RJUE255 | Long             | DBT              | CORP              | CO        |   3015000 | PA      | $3352981.50   | 0.70%             | 2035-05-12      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: —       |
| Jefferies Financial Group, Inc.                     | Jefferies Financial Group, Inc.                                              | CUSIP: 47233WLL1<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    355000 | PA      | $340726.91    | 0.07%             | 2036-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| FHLMC                                               | FHLMC STACR REMIC Trust, Series 2025-DNA4, Class M1                          | CUSIP: 35564UBR7<br>LEI: 529900ZVQVVVNGMGDO97 | Long             | ABS-MBS          | CORP              | US        |         0 | PA      | $0.01         | 0.00%             | 2045-10-25      | Floating      | 4.76%                 | Yes           |                  2 | On Loan: No      |
| Windstream Services, LLC                            | Windstream Services LLC, First Lien Term Loan                                | CUSIP: 97381JAK9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    351120 | PA      | $350902.31    | 0.07%             | 2032-10-06      | Variable      | 7.67%                 | No            |                  2 | On Loan: No      |
| Ursa Re II Ltd.                                     | Ursa Re II Ltd., Series E                                                    | CUSIP: 91734PAJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    450000 | PA      | $446175.00    | 0.09%             | 2029-12-07      | Floating      | 8.68%                 | Yes           |                  2 | On Loan: No      |
| Enbridge, Inc.                                      | Enbridge, Inc.                                                               | CUSIP: 29250NCF0<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    185000 | PA      | $194576.16    | 0.04%             | 2054-06-27      | Variable      | 7.20%                 | No            |                  2 | On Loan: —       |
| Hypatia Ltd.                                        | Hypatia Ltd., Series A                                                       | CUSIP: 44914CAC0<br>LEI: 98450041F85DB4C2C372 | Long             | DBT              | CORP              | BM        |    450000 | PA      | $450450.00    | 0.09%             | 2026-04-08      | Floating      | 14.04%                | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC Multifamily Structured Credit Risk, Series 2021-MN3, Class M2          | CUSIP: 35563GAB5<br>LEI: 549300FK6HM4FW58SP67 | Long             | ABS-MBS          | USGSE             | US        |   1615000 | PA      | $1670182.77   | 0.35%             | 2051-11-25      | Floating      | 7.66%                 | Yes           |                  2 | On Loan: No      |
| Nexstar Media, Inc.                                 | Nexstar Media, Inc., First Lien Term Loan B7                                 | CUSIP: 65336RBF4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1506004 | PA      | $1487811.47   | 0.31%             | 2033-03-18      | Variable      | 6.22%                 | No            |                  2 | On Loan: No      |
| Farmers Insurance Exchange                          | Farmers Insurance Exchange                                                   | CUSIP: 309601AG7<br>LEI: 549300UWG2TLX1GZVT44 | Long             | DBT              | CORP              | US        |    410000 | PA      | $409782.45    | 0.09%             | 2064-10-15      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                            | Angel Oak Mortgage Trust, Series 2025-HB2, Class M2                          | CUSIP: 034648AC9<br>LEI: 2549004R1S5HPVOVG278 | Long             | ABS-O            | CORP              | US        |   2140000 | PA      | $2155119.74   | 0.45%             | 2055-12-25      | Floating      | 6.11%                 | Yes           |                  2 | On Loan: No      |
| Four Lakes Re Ltd.                                  | Four Lakes Re Ltd., Series B                                                 | CUSIP: 35087TAK4<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |    750000 | PA      | $743250.00    | 0.16%             | 2029-01-08      | Floating      | 9.56%                 | Yes           |                  2 | On Loan: No      |
| Alamo Re Ltd.                                       | Alamo Re Ltd., Series A                                                      | CUSIP: 011395AN0<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $515000.00    | 0.11%             | 2027-06-07      | Floating      | 10.05%                | Yes           |                  2 | On Loan: No      |
| Four Lakes Re Ltd.                                  | Four Lakes Re Ltd., Series A                                                 | CUSIP: 35087TAJ7<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $248425.00    | 0.05%             | 2029-01-08      | Floating      | 6.81%                 | Yes           |                  2 | On Loan: No      |
| Reach ABS Trust                                     | Reach ABS Trust, Series 2025-1A, Class C                                     | CUSIP: 75525PAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1011866.00   | 0.21%             | 2032-08-16      | Fixed         | 5.99%                 | Yes           |                  2 | On Loan: No      |
| Energy Transfer LP                                  | Energy Transfer LP                                                           | CUSIP: 29273VBK5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    835000 | PA      | $829200.86    | 0.17%             | 2036-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: —       |
| Bellemeade Re Ltd.                                  | Bellemeade Re Ltd., Series 2025-1, Class M1B                                 | CUSIP: 07876NAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    500000 | PA      | $502409.25    | 0.11%             | 2035-10-25      | Floating      | 6.16%                 | Yes           |                  2 | On Loan: No      |
| Home Re Ltd.                                        | Home Re Ltd., Series 2026-1, Class B1                                        | CUSIP: 436956AE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    190000 | PA      | $191503.98    | 0.04%             | 2036-01-25      | Floating      | 7.86%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd.    | Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class B  | CUSIP: 03881UAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1440000 | PA      | $1448357.04   | 0.30%             | 2041-01-20      | Floating      | 6.86%                 | Yes           |                  2 | On Loan: No      |
| FIGRE Trust                                         | FIGRE Trust, Series 2025-HE6, Class A                                        | CUSIP: 31684NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1362549 | PA      | $1349641.86   | 0.28%             | 2055-09-25      | Variable      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Alpha Generation LLC                                | Alpha Generation LLC, First Lien Term Loan B                                 | CUSIP: 02072UAC6<br>LEI: 254900K5V62L4YGVKF49 | Long             | LON              | CORP              | US        |    829500 | PA      | $826671.41    | 0.17%             | 2031-09-30      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** Nationwide Variable Insurance Trust

**Signature:** David Majewski

**Name of Signer:** David Majewski

**Title:** Treasurer