# EDGAR Filing Document

**Accession Number:** 0001829774
**File Stem:** 0000910472-26-001052
**Filing Date:** 2026-1
**Character Count:** 523855
**Document Hash:** 56c6215d5e3b358985b303adb11f0546
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-001052.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0000910472-26-001052

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**PERIOD START**: 20260831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** James Alpha Funds Trust
- **CENTRAL INDEX KEY:** 0001829774

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23611
- **FILM NUMBER:** 26576127

**BUSINESS ADDRESS:**
- **STREET 1:** 515 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 888-814-8180

**MAIL ADDRESS:**
- **STREET 1:** 515 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

## Series and Classes Contracts Data

### Easterly Income Opportunities Fund (Series ID: S000070607)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000224285 | Easterly Income Opportunities Fund Class A  | JASVX           |
| C000224286 | Easterly Income Opportunities Fund Class C  | JSVCX           |
| C000224287 | Easterly Income Opportunities Fund Class R6 | JASSX           |
| C000224288 | Easterly Income Opportunities Fund Class I  | JSVIX           |

## Nport-Ex

---

| |
|:---|
| **EASTERLY GLOBAL REAL ESTATE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 89.6%** |  |
|  | **Australia - 7.5%** |  |
| 394195 | Goodman Group | $7668209 |
| 1264492 | Lifestyle Communities Ltd.<sup>(a)</sup> | 4718344 |
| 237717 | NEXTDC Ltd.<sup>(a)</sup> | 2116960 |
| 715919 | Stockland | 2821598 |
|  |  | 17325111 |
|  | **Belgium - 0.1%** |  |
| 7230 | Warehouses De Pauw CVA | 187616 |
|  | **Bermuda - 2.5%** |  |
| 914555 | Hongkong Land Holdings Ltd. | 5807424 |
|  | **Canada - 6.0%** |  |
| 155804 | Chartwell Retirement Residences | 2249837 |
| 484726 | InterRent Real Estate Investment Trust | 4588888 |
| 100648 | Killam Apartment Real Estate Investment Trust | 1204184 |
| 528769 | Primaris REIT | 5762583 |
|  |  | 13805492 |
|  | **Germany - 4.1%** |  |
| 552174 | Instone Real Estate Group S.E.<sup>(b),(c)</sup> | 5239841 |
| 238601 | TAG Immobilien A.G. | 4067929 |
|  |  | 9307770 |
|  | **Italy - 0.9%** |  |
| 213352 | Infrastrutture Wireless Italiane SpA<sup>(b)</sup> | 1953443 |
|  | **Spain - 5.4%** |  |
| 413885 | Cellnex Telecom S.A.<sup>(b)</sup> | 12427129 |
|  | **Sweden - 1.0%** |  |
| 41757 | Catena A.B. | 1959950 |
| 15925 | Cibus Nordic Real Estate A.B. | 276251 |
|  |  | 2236201 |
|  | **United Kingdom - 14.3%** |  |
| 1952037 | Empiric Student Property PLC | 1941957 |
| 3687666 | Grainger PLC | 9021682 |

---

---

| |
|:---|
| **EASTERLY GLOBAL REAL ESTATE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 89.6% (Continued)** |  |
|  | **United Kingdom - 14.3% (Continued)** |  |
| 5478929 | Primary Health Properties PLC | $7070462 |
| 1977595 | Tritax Big Box REIT PLC | 3895128 |
| 1535241 | UNITE Group PLC (The) | 10723776 |
|  |  | 32653005 |
|  | **United States - 47.8%** |  |
| 167792 | Acadia Realty Trust | 3451481 |
| 10815 | Agree Realty Corporation | 813504 |
| 227737 | American Healthcare REIT, Inc. | 11564484 |
| 202688 | American Homes 4 Rent, Class A | 6510339 |
| 56424 | American Tower Corporation, Class A | 10227978 |
| 395925 | Americold Realty Trust, Inc. | 4287868 |
| 250835 | Brixmor Property Group, Inc. | 6556827 |
| 238329 | COPT Defense Properties | 7323850 |
| 81373 | Digital Realty Trust, Inc. | 13029445 |
| 16058 | Equinix, Inc. | 12096652 |
| 25363 | Equity LifeStyle Properties, Inc. | 1594572 |
| 264177 | Independence Realty Trust, Inc. | 4530636 |
| 16600 | Iron Mountain, Inc. | 1433410 |
| 264219 | NETSTREIT Corporation | 4843134 |
| 5400 | SBA Communications Corporation, Class A | 1049058 |
| 133555 | Starwood Property Trust, Inc. | 2449399 |
| 372035 | VICI Properties, Inc. | 10722049 |
| 35105 | Welltower, Inc. | 7309563 |
|  |  | 109794249 |
|  | **TOTAL COMMON STOCKS (Cost $245,451,865)** | 205497440 |
|  | **TOTAL INVESTMENTS - 89.6% (Cost $245,451,865)** | $205497440 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 10.4%** | 23856129 |
|  | **NET ASSETS - 100.0%** | $229353569 |

---

---

| |
|:---|
| **EASTERLY GLOBAL REAL ESTATE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Composition By Industry** |  |  |  |
| Engineering & Construction | 6.3% | REIT | 65.9% |
| Health Care Facilities & Services | 1.0% | Specialty Finance | 1.1% |
| Home Construction | 2.1% | Telecommunications | 0.9% |
| Real Estate Owners & Developers | 12.3% | Other Assets In Excess of Liabilities | 10.4% |
|  |  | Net Assets | 100.0% |

---

---

| | |
|:---|:---|
| A.B. | - Aktiebolag |
| A.G. | - Aktiengesellschaft |
| CVA | - Commanditaire Vennootschap op Aandelen |
| Ltd. | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S.A. | - Société Anonyme |
| S.E. | - Societas Europeae |
| SpA | - Società per Azioni |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of November 30, 2025 the total market value of 144A securities is 19,620,413 or 8.6% of net assets.

<sup>(c)</sup> Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. As of November 30, 2025, the value of securities amounted to $5,239,841 or 2.3% of net assets.

---

| |
|:---|
| **EASTERLY HEDGED EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | | | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 91.3%** | **EXCHANGE-TRADED FUNDS — 91.3%** | **EXCHANGE-TRADED FUNDS — 91.3%** |  |  |  |
|  | **EQUITY - 91.3%** |  |  |  |  |  |
| 662500 | SPDR S&P 500 ETF<sup>(a)</sup> |  |  |  |  | $452745875 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $382,574,454)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $382,574,454)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $382,574,454)** |  |  |  |
| **Contracts<sup>(b)</sup>** |  | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** |  |
|  | **INDEX OPTIONS PURCHASED - 1.4%** |  |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 1.4%** |  |  |  |  |  |
| 170 | S&P 500 Index | PER | 12/19/2025 | $6690 | $116434530 | $715700 |
| 570 | S&P 500 Index | PER | 12/19/2025 | 6730 | 390398130 | 2864250 |
| 475 | S&P 500 Index | PER | 12/31/2025 | 6580 | 325331775 | 1892875 |
| 210 | S&P 500 Index | PER | 12/31/2025 | 6700 | 143830890 | 1282050 |
|  | **TOTAL INDEX OPTIONS PURCHASED (Cost - $11,276,850)** | **TOTAL INDEX OPTIONS PURCHASED (Cost - $11,276,850)** | **TOTAL INDEX OPTIONS PURCHASED (Cost - $11,276,850)** |  |  | 6754875 |
|  | **TOTAL INVESTMENTS - 92.7% (Cost $393,851,304)** | **TOTAL INVESTMENTS - 92.7% (Cost $393,851,304)** | **TOTAL INVESTMENTS - 92.7% (Cost $393,851,304)** |  |  | $459500750 |
|  | **PUT OPTIONS WRITTEN - (0.4)% (Premiums received - $4,461,524)** | **PUT OPTIONS WRITTEN - (0.4)% (Premiums received - $4,461,524)** | **PUT OPTIONS WRITTEN - (0.4)% (Premiums received - $4,461,524)** |  |  | (2047350) |
|  | **CALL OPTIONS WRITTEN - (0.9)% (Premiums received - $3,180,276)** | **CALL OPTIONS WRITTEN - (0.9)% (Premiums received - $3,180,276)** | **CALL OPTIONS WRITTEN - (0.9)% (Premiums received - $3,180,276)** |  |  | (4493300) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 8.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 8.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 8.6%** |  |  | 43098666 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | $496058766 |
| **Contracts<sup>(b)</sup>** |  | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **WRITTEN INDEX OPTIONS - (0.4)%** | **WRITTEN INDEX OPTIONS - (0.4)%** | **WRITTEN INDEX OPTIONS - (0.4)%** |  |  |  |
|  | **PUT OPTIONS WRITTEN - (0.4)%** | **PUT OPTIONS WRITTEN - (0.4)%** | **PUT OPTIONS WRITTEN - (0.4)%** |  |  |  |
| 170 | S&P 500 Index | PER | 12/19/2025 | $6350 | $116434530 | $187850 |
| 570 | S&P 500 Index | PER | 12/19/2025 | 6400 | 390398130 | 738150 |
| 475 | S&P 500 Index | PER | 12/31/2025 | 6250 | 325331775 | 688750 |
| 210 | S&P 500 Index | PER | 12/31/2025 | 6365 | 143830890 | 432600 |
|  | **TOTAL PUT OPTIONS WRITTEN (Premiums received - $4,461,524)** | **TOTAL PUT OPTIONS WRITTEN (Premiums received - $4,461,524)** | **TOTAL PUT OPTIONS WRITTEN (Premiums received - $4,461,524)** |  |  | 2047350 |
| **Contracts<sup>(a)</sup>** |  | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **WRITTEN EQUITY OPTIONS - (0.9)%** | **WRITTEN EQUITY OPTIONS - (0.9)%** | **WRITTEN EQUITY OPTIONS - (0.9)%** |  |  |  |
|  | **CALL OPTIONS WRITTEN- (0.9)%** | **CALL OPTIONS WRITTEN- (0.9)%** | **CALL OPTIONS WRITTEN- (0.9)%** |  |  |  |
| 800 | SPDR S&P 500 ETF Trust | PER | 12/19/2025 | $690 | $54671200 | $471200 |
| 200 | SPDR S&P 500 ETF Trust | PER | 12/19/2025 | 700 | 13667800 | 47100 |
| 500 | SPDR S&P 500 ETF Trust | PER | 12/19/2025 | 705 | 34169500 | 67000 |
| 350 | SPDR S&P 500 ETF Trust | PER | 12/31/2025 | 685 | 23918650 | 356650 |

---

---

| |
|:---|
| **EASTERLY HEDGED EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(a)</sup>** |  | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
| | **WRITTEN EQUITY OPTIONS - (0.9)% (Continued)** | **WRITTEN EQUITY OPTIONS - (0.9)% (Continued)** | **WRITTEN EQUITY OPTIONS - (0.9)% (Continued)** | | | |
|  | **CALL OPTIONS WRITTEN- (0.9)% (Continued)** | **CALL OPTIONS WRITTEN- (0.9)% (Continued)** | **CALL OPTIONS WRITTEN- (0.9)% (Continued)** |  |  |  |
| 4400 | SPDR S&P 500 ETF Trust | PER | 12/31/2025 | $690 | $300691600 | $3317600 |
| 500 | SPDR S&P 500 ETF Trust | PER | 12/31/2025 | 697 | 34169500 | 233750 |
|  | **TOTAL CALL OPTIONS WRITTEN (Premiums received - $3,180,276)** | **TOTAL CALL OPTIONS WRITTEN (Premiums received - $3,180,276)** | **TOTAL CALL OPTIONS WRITTEN (Premiums received - $3,180,276)** |  |  | 4493300 |
|  | **TOTAL OPTIONS WRITTEN (Premiums received - $7,641,800)** | **TOTAL OPTIONS WRITTEN (Premiums received - $7,641,800)** | **TOTAL OPTIONS WRITTEN (Premiums received - $7,641,800)** |  |  | $6540650 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| SPDR | - Standard & Poor's Depositary Receipt |
| PER | - Pershing |

---

<sup>(a)</sup> A portion of this security is held as collateral for written options. <br><sup>(b)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

---

| |
|:---|
| **EASTERLY HEDGED EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** |
| <br>**Description** | <br>**Payment**<br>**Frequency** | <br>**Long/**<br>**Short** | <br>**Currency** | <br>**Index** | <br>**Spread** | <br>**Counterparty** |<br>**Number Of**<br>**Contracts** | <br>**Maturity**<br>**Date** |<br>**Notional**<br>**Amount** | **Upfront**<br>**Payments/**<br>**Receipts** |<br>**Unrealized**<br>**Appreciation** |
| SPDR S&P 500 ETF Trust | Maturity | Long | USD | &nbsp;&nbsp;&nbsp;Federal Funds Rate | &nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;Goldman Sachs | 85000 | &nbsp;&nbsp;&nbsp;12/21/2026 | $55245200 | $— | $2842950 |
| SPDR S&P 500 ETF Trust | Maturity | Long | USD | &nbsp;&nbsp;&nbsp;Federal Funds Rate | &nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;Goldman Sachs | 10000 | &nbsp;&nbsp;&nbsp;6/22/2026 | 5942800 |  | 891100 |
| SPDR S&P 500 ETF Trust | Maturity | Long | USD | &nbsp;&nbsp;&nbsp;Federal Funds Rate | &nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;Goldman Sachs | 25000 | &nbsp;&nbsp;&nbsp;7/2/2026 | 15433000 |  | 1651750 |
| SPDR S&P 500 ETF Trust | Maturity | Long | USD | &nbsp;&nbsp;&nbsp;Federal Funds Rate | &nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;Goldman Sachs | 20000 | &nbsp;&nbsp;&nbsp;8/31/2026 | 12720000 |  | 947800 |
| SPDR S&P 500 ETF Trust | Maturity | Long | USD | &nbsp;&nbsp;&nbsp;Federal Funds Rate | &nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;Goldman Sachs | 82500 | &nbsp;&nbsp;&nbsp;9/8/2026 | 53501539 |  | 2878136 |
| SPDR S&P 500 ETF Trust | Maturity | Long | USD | &nbsp;&nbsp;&nbsp;Federal Funds Rate | &nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;Goldman Sachs | 40000 | &nbsp;&nbsp;&nbsp;12/7/2026 | 26838800 |  | 496800 |
|  |  |  |  |  |  |  |  |  |  |  | $9708536 |

---

---

| |
|:---|
| **EASTERLY SNOW SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.4%** |  |
|  | **AUTOMOTIVE - 1.4%** |  |
| 4748 | Visteon Corporation | $490231 |
|  | **BANKING - 16.6%** |  |
| 47457 | Columbia Banking System, Inc. | 1315508 |
| 20280 | First Commonwealth Financial Corporation | 329550 |
| 29460 | Flagstar Financial, Inc. | 360590 |
| 59358 | FNB Corporation | 987717 |
| 56153 | Old National Bancorp | 1220205 |
| 25762 | Zions Bancorp NA | 1371311 |
|  |  | 5584881 |
|  | **BIOTECH & PHARMA - 1.4%** |  |
| 10467 | Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 488600 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.7%** |  |
| 23525 | Cross Country Healthcare, Inc.<sup>(a)</sup> | 241367 |
|  | **CONSUMER SERVICES - 1.4%** |  |
| 7350 | Stride, Inc.<sup>(a)</sup> | 466946 |
|  | **ELECTRICAL EQUIPMENT - 1.6%** |  |
| 2500 | Atkore, Inc. | 167375 |
| 2241 | Modine Manufacturing Company<sup>(a)</sup> | 363333 |
|  |  | 530708 |
|  | **FOOD - 0.6%** |  |
| 5139 | Pilgrim's Pride Corporation | 195488 |
|  | **HEALTH CARE FACILITIES & SERVICES - 7.2%** |  |
| 8963 | Molina Healthcare, Inc.<sup>(a)</sup> | 1328855 |
| 42836 | Progyny, Inc.<sup>(a)</sup> | 1129585 |
|  |  | 2458440 |
|  | **HOME & OFFICE PRODUCTS - 1.1%** |  |
| 5000 | Whirlpool Corporation | 386750 |

---

---

| |
|:---|
| **EASTERLY SNOW SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **HOME CONSTRUCTION - 0.9%** |  |
| 4000 | Meritage Homes Corporation | $292320 |
|  | **HOTEL REIT - 0.4%** |  |
| 13435 | Park Hotels & Resorts, Inc. | 145367 |
|  | **INDUSTRIAL REIT - 0.5%** |  |
| 3514 | LXP Industrial Trust | 170429 |
|  | **INDUSTRIAL SUPPORT SERVICES - 2.4%** |  |
| 3099 | WESCO International, Inc. | 828704 |
|  | **INSURANCE - 10.3%** |  |
| 23663 | CNO Financial Group, Inc. | 968527 |
| 13131 | Jackson Financial, Inc. | 1286968 |
| 30269 | Lincoln National Corporation | 1245267 |
|  |  | 3500762 |
|  | **INTERNET MEDIA & SERVICES - 2.9%** |  |
| 47384 | Lyft, Inc., Class A<sup>(a)</sup> | 996486 |
|  | **LEISURE FACILITIES & SERVICES - 4.6%** |  |
| 50059 | Bloomin' Brands, Inc. | 355419 |
| 7767 | Brinker International, Inc.<sup>(a)</sup> | 1194486 |
|  |  | 1549905 |
|  | **MACHINERY - 4.8%** |  |
| 29941 | Astec Industries, Inc. | 1325188 |
| 6657 | Terex Corporation | 307620 |
|  |  | 1632808 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.8%** |  |
| 28000 | Avanos Medical, Inc.<sup>(a)</sup> | 328720 |
| 4000 | Haemonetics Corporation<sup>(a)</sup> | 325400 |
| 19793 | Inmode Ltd.<sup>(a)</sup> | 282050 |
|  |  | 936170 |

---

---

| |
|:---|
| **EASTERLY SNOW SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **METALS & MINING - 2.6%** |  |
| 51302 | Hudbay Minerals, Inc. | $870082 |
|  | **OIL & GAS PRODUCERS - 5.1%** |  |
| 5314 | CNX Resources Corporation<sup>(a)</sup> | 206396 |
| 22804 | Delek US Holdings, Inc. | 881831 |
| 28362 | Northern Oil & Gas, Inc. | 635025 |
|  |  | 1723252 |
|  | **REITS - 2.4%** |  |
| 29310 | Highwoods Properties, Inc. | 814818 |
|  | **RETAIL - DISCRETIONARY - 7.0%** |  |
| 13652 | Abercrombie & Fitch Company, Class A<sup>(a)</sup> | 1336120 |
| 51479 | American Eagle Outfitters, Inc. | 1050172 |
|  |  | 2386292 |
|  | **RETAIL REIT - 0.4%** |  |
| 5763 | Brixmor Property Group, Inc. | 150645 |
|  | **SELF-STORAGE REIT - 1.1%** |  |
| 12032 | National Storage Affiliates Trust | 354342 |
|  | **SEMICONDUCTORS - 7.4%** |  |
| 9221 | Amkor Technology, Inc. | 335552 |
| 3500 | Diodes, Inc.<sup>(a)</sup> | 161735 |
| 53753 | Photronics, Inc.<sup>(a)</sup> | 1231482 |
| 8882 | Silicon Motion Technology Corporation - ADR | 790143 |
|  |  | 2518912 |
|  | **SOFTWARE - 3.2%** |  |
| 31966 | Open Text Corporation | 1075336 |
|  | **STEEL - 8.6%** |  |
| 119788 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | 1562035 |
| 21493 | Commercial Metals Company | 1370824 |
|  |  | 2932859 |

---

---

| |
|:---|
| **EASTERLY SNOW SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | |
|:---|:---|
|  | **Fair Value** |
| **TOTAL COMMON STOCKS (Cost $25,442,513)** | $33722900 |
| **TOTAL INVESTMENTS - 99.4% (Cost $25,442,513)** | $33722900 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.6%** | 199182 |
| **NET ASSETS - 100.0%** | $33922082 |

---

ADR - American Depositary Receipt

LTD - Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

---

| |
|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 110.5%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 3.4%** |  |
| 39000 | Carter's, Inc. | $1244490 |
| 27217 | PVH Corporation | 2306913 |
|  |  | 3551403 |
|  | **AUTOMOTIVE - 2.0%** |  |
| 38000 | Gentex Corporation | 867540 |
| 11400 | Visteon Corporation | 1177050 |
|  |  | 2044590 |
|  | **BANKING - 12.5%** |  |
| 37070 | Bank of America Corporation | 1988806 |
| 30740 | Citigroup, Inc. | 3184664 |
| 80470 | Columbia Banking System, Inc. | 2230628 |
| 12900 | JPMorgan Chase & Company | 4038731 |
| 66700 | Old National Bancorp | 1449391 |
|  |  | 12892220 |
|  | **BEVERAGES - 1.0%** |  |
| 7400 | Constellation Brands, Inc., Class A | 1009212 |
|  | **BIOTECH & PHARMA - 12.3%** |  |
| 4200 | Amgen, Inc. | 1450932 |
| 12500 | Johnson & Johnson | 2586500 |
| 98400 | Pacira BioSciences, Inc.<sup>(a)</sup> | 2319288 |
| 81600 | Pfizer, Inc. | 2100384 |
| 1620 | Regeneron Pharmaceuticals, Inc. | 1263908 |
| 60296 | Sanofi - ADR | 3007564 |
|  |  | 12728576 |
|  | **CHEMICALS - 1.4%** |  |
| 153130 | Ecovyst, Inc.<sup>(a)</sup> | 1408796 |
|  | **ELECTRICAL EQUIPMENT - 2.4%** |  |
| 12300 | Atkore, Inc. | 823485 |
| 51320 | Sensata Technologies Holding PLC | 1645832 |
|  |  | 2469317 |

---

---

| |
|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 110.5% (Continued)** |  |
|  | **GAS & WATER UTILITIES - 2.3%** |  |
| 60250 | UGI Corporation | $2382888 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.3%** |  |
| 33000 | Centene Corporation<sup>(a)</sup> | 1298220 |
| 3100 | Elevance Health, Inc. | 1048606 |
|  |  | 2346826 |
|  | **HOUSEHOLD PRODUCTS - 1.7%** |  |
| 102000 | Kenvue, Inc. | 1769700 |
|  | **INDUSTRIAL SUPPORT SERVICES - 2.4%** |  |
| 9360 | WESCO International, Inc. | 2502958 |
|  | **INSURANCE - 7.6%** |  |
| 32520 | CNO Financial Group, Inc. | 1331044 |
| 6930 | Hartford Insurance Group, Inc. (The) | 949618 |
| 15400 | Jackson Financial, Inc. | 1509354 |
| 49190 | Lincoln National Corporation | 2023676 |
| 26375 | MetLife, Inc. | 2019270 |
|  |  | 7832962 |
|  | **INTERNET MEDIA & SERVICES - 1.6%** |  |
| 2100 | Alphabet, Inc., Class C | 672252 |
| 45000 | Lyft, Inc., Class A<sup>(a)</sup> | 946350 |
|  |  | 1618602 |
|  | **LEISURE FACILITIES & SERVICES - 2.3%** |  |
| 35050 | Las Vegas Sands Corporation | 2389008 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.1%** |  |
| 14400 | Haemonetics Corporation<sup>(a)</sup> | 1171440 |
|  | **METALS & MINING - 12.9%** |  |
| 20540 | Agnico Eagle Mines Ltd. | 3582792 |
| 93000 | Alamos Gold, Inc., Class A | 3487500 |
| 779832 | B2Gold Corporation | 3602824 |
| 22600 | Freeport-McMoRan, Inc. | 971348 |

---

---

| |
|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 110.5% (Continued)** |  |
|  | **METALS & MINING - 12.9% (Continued)** |  |
| 102800 | Hudbay Minerals, Inc. | $1743488 |
|  |  | 13387952 |
|  | **OIL & GAS PRODUCERS - 17.2%** |  |
| 37708 | ConocoPhillips | 3344323 |
| 42900 | EQT Corporation | 2610894 |
| 10795 | Marathon Petroleum Corporation | 2091315 |
| 58770 | Northern Oil & Gas, Inc. | 1315860 |
| 88680 | Range Resources Corporation | 3501974 |
| 120000 | Sable Offshore Corporation<sup>(a)</sup> | 524400 |
| 35389 | Suncor Energy, Inc. | 1584719 |
| 324817 | Whitecap Resources, Inc. | 2712222 |
|  |  | 17685707 |
|  | **RETAIL - CONSUMER STAPLES - 1.3%** |  |
| 5000 | Dollar Tree, Inc.<sup>(a)</sup> | 554050 |
| 8900 | Target Corporation | 806518 |
|  |  | 1360568 |
|  | **RETAIL - DISCRETIONARY - 3.6%** |  |
| 21000 | Abercrombie & Fitch Company, Class A<sup>(a)</sup> | 2055270 |
| 40000 | American Eagle Outfitters, Inc. | 816000 |
| 4650 | Lululemon Athletica, Inc.<sup>(a)</sup> | 856437 |
|  |  | 3727707 |
|  | **SEMICONDUCTORS - 1.7%** |  |
| 1000 | ASML Holding N.V. | 1060000 |
| 31800 | Photronics, Inc.<sup>(a)</sup> | 728538 |
|  |  | 1788538 |
|  | **SOFTWARE - 4.8%** |  |
| 15500 | Akamai Technologies, Inc.<sup>(a)</sup> | 1387560 |
| 3000 | Oracle Corporation | 605850 |
| 16930 | Zoom Video Communications, Inc.<sup>(a)</sup> | 1438373 |
| 146800 | ZoomInfo Technologies, Inc., Class A<sup>(a)</sup> | 1456256 |
|  |  | 4888039 |
|  | **SPECIALTY FINANCE - 1.3%** |  |
| 220700 | UWM Holdings Corporation | 1291095 |

---

---

| |
|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | | | **Fair Value** |
|  | **COMMON STOCKS — 110.5% (Continued)** | **COMMON STOCKS — 110.5% (Continued)** | **COMMON STOCKS — 110.5% (Continued)** |  |
|  | **STEEL - 3.3%** | **STEEL - 3.3%** | **STEEL - 3.3%** |  |
| 54000 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | Cleveland-Cliffs, Inc.<sup>(a)</sup> | Cleveland-Cliffs, Inc.<sup>(a)</sup> | $704160 |
| 42243 | Commercial Metals Company | Commercial Metals Company | Commercial Metals Company | 2694259 |
|  |  |  |  | 3398419 |
|  | **TECHNOLOGY HARDWARE - 4.4%** | **TECHNOLOGY HARDWARE - 4.4%** | **TECHNOLOGY HARDWARE - 4.4%** |  |
| 11000 | Dell Technologies, Inc., Class C | Dell Technologies, Inc., Class C | Dell Technologies, Inc., Class C | 1466850 |
| 70790 | NCR Atleos Corporation<sup>(a)</sup> | NCR Atleos Corporation<sup>(a)</sup> | NCR Atleos Corporation<sup>(a)</sup> | 2624185 |
| 14000 | Super Micro Computer, Inc.<sup>(a)</sup> | Super Micro Computer, Inc.<sup>(a)</sup> | Super Micro Computer, Inc.<sup>(a)</sup> | 473900 |
|  |  |  |  | 4564935 |
|  | **TRANSPORTATION & LOGISTICS - 2.5%** | **TRANSPORTATION & LOGISTICS - 2.5%** | **TRANSPORTATION & LOGISTICS - 2.5%** |  |
| 25680 | Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. | 1646088 |
| 10280 | United Parcel Service, Inc., Class B | United Parcel Service, Inc., Class B | United Parcel Service, Inc., Class B | 984721 |
|  |  |  |  | 2630809 |
|  | **TRANSPORTATION EQUIPMENT - 1.2%** | **TRANSPORTATION EQUIPMENT - 1.2%** | **TRANSPORTATION EQUIPMENT - 1.2%** |  |
| 11575 | PACCAR, Inc. | PACCAR, Inc. | PACCAR, Inc. | 1220237 |
|  | **TOTAL COMMON STOCKS (Cost $84,857,578)** | **TOTAL COMMON STOCKS (Cost $84,857,578)** | **TOTAL COMMON STOCKS (Cost $84,857,578)** | 114062504 |
|  | **EXCHANGE-TRADED FUNDS — 2.1%** | **EXCHANGE-TRADED FUNDS — 2.1%** | **EXCHANGE-TRADED FUNDS — 2.1%** |  |
|  | **EQUITY - 2.1%** | **EQUITY - 2.1%** | **EQUITY - 2.1%** |  |
| 20000 | VanEck Junior Gold Miners ETF | VanEck Junior Gold Miners ETF | VanEck Junior Gold Miners ETF | 2185600 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $793,114)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $793,114)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $793,114)** | 2185600 |
| **Principal<br> Amount ($)** |  | **Coupon<br> Rate (%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 4.6%** |  |  |  |
|  | **OIL & GAS PRODUCERS — 0.9%** |  |  |  |
| 1000000 | PBF Holding Company, LLC / PBF Finance Corporation | 6.0000 | &nbsp;&nbsp;02/15/28 | 989908 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.9%** |  |  |  |
| 1000000 | Transocean, Inc. | 6.8000 | &nbsp;&nbsp;03/15/38 | 896348 |

---

---

| |
|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** | | | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 4.6% (Continued)** | **CORPORATE BONDS — 4.6% (Continued)** | | | | |
|  | **RETAIL - DISCRETIONARY — 0.7%** | **RETAIL - DISCRETIONARY — 0.7%** |  | | |  |
| 1000000 | Kohl's Corporation | Kohl's Corporation |  | 5.5500 | &nbsp;&nbsp;07/17/45 | $721012 |
|  | **SPECIALTY FINANCE — 1.4%** | **SPECIALTY FINANCE — 1.4%** |  |  |  |  |
| 500000 | Ally Financial, Inc. Series B<sup>(b)</sup> | Ally Financial, Inc. Series B<sup>(b)</sup> | H15T5Y + 3.868% | 4.7000 | &nbsp;&nbsp;08/15/69 | 490107 |
| 1000000 | Ally Financial, Inc.<sup>(b)</sup> | Ally Financial, Inc.<sup>(b)</sup> | H15T7Y + 3.481% | 4.7000 | &nbsp;&nbsp;08/15/69 | 923664 |
|  |  |  |  |  |  | 1413771 |
|  | **STEEL — 0.7%** | **STEEL — 0.7%** |  |  |  |  |
| 800000 | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. |  | 6.2500 | &nbsp;&nbsp;10/01/40 | 695624 |
|  | **TOTAL CORPORATE BONDS (Cost $3,879,611)** | **TOTAL CORPORATE BONDS (Cost $3,879,611)** |  |  |  | 4716663 |
| **Contracts<sup>(c)</sup>** |  | **Broker/<br> Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **EQUITY OPTIONS PURCHASED - 0.1%** |  |  |  |  |  |
|  | **CALL OPTIONS PURCHASED - 0.1%** |  |  |  |  |  |
| 50 | Amgen, Inc. | JEF | 12/19/2025 | $330 | $1650000 | $85750 |
|  | **TOTAL CALL OPTIONS PURCHASED** (Cost - $12,649) |  |  |  |  |  |
|  | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $12,649) |  |  |  |  | 85750 |
|  | **TOTAL INVESTMENTS - 117.3% (Cost $89,542,952)** |  |  |  |  | $121050517 |
|  | **CALL OPTIONS WRITTEN - (2.4)% (Premiums received - $1,118,207)** |  |  |  |  | (2196830) |
|  | **PUT OPTIONS WRITTEN - 0.0% (Premiums received - $507,685)** |  |  |  |  | (250083) |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (14.9)%** |  |  |  |  | (20275531) |
|  | **NET ASSETS - 100.0%** |  |  |  |  | $103221899 |
| **Contracts<sup>(c)</sup>** |  | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **WRITTEN EQUITY OPTIONS - (2.4)%** |  |  |  |  |  |
|  | **CALL OPTIONS WRITTEN- (2.4)%** |  |  |  |  |  |
| 50 | Abercrombie & Fitch Company | JEF | 02/20/2026 | $80 | $400000 | $104500 |
| 70 | Agnico Eagle Mines Ltd. | JEF | 01/16/2026 | 150 | 1050000 | 180250 |
| 70 | Agnico Eagle Mines Ltd. | JEF | 03/20/2026 | 160 | 1120000 | 165550 |
| 300 | Alamos Gold, Inc. | JEF | 12/19/2025 | 30 | 900000 | 219000 |
| 250 | Alamos Gold, Inc. | JEF | 03/20/2026 | 35 | 875000 | 132500 |
| 5 | ASML Holding N.V. | JEF | 03/20/2026 | 1100 | 550000 | 39000 |
| 800 | B2Gold Corporation | JEF | 01/16/2026 | 4 | 320000 | 65600 |
| 1700 | B2Gold Corporation | JEF | 01/16/2026 | 5 | 850000 | 79900 |
| 500 | B2Gold Corporation | JEF | 04/17/2026 | 6 | 300000 | 23000 |
| 200 | Bank of America Corporation | JEF | 01/16/2026 | 50 | 1000000 | 87000 |

---

---

| |
|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup><br> (continued)** |  | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
| | **WRITTEN EQUITY OPTIONS - (2.4)%** |  | | | |
|  | **CALL OPTIONS WRITTEN- (2.4)% (Continued)** |  |  |  |  |
| 50 | Citigroup, Inc. JEF | 01/16/2026 | $80 | $400000 | $125000 |
| 200 | Commercial Metals Company JEF | 12/19/2025 | 58 | 1160000 | 140600 |
| 30 | Dell Technologies, Inc. JEF | 03/20/2026 | 200 | 600000 | 4020 |
| 120 | Delta Air Lines, Inc. JEF | 03/20/2026 | 70 | 840000 | 48000 |
| 50 | Dollar Tree, Inc. JEF | 12/19/2025 | 120 | 600000 | 12450 |
| 100 | EQT Corporation JEF | 12/19/2025 | 60 | 600000 | 23200 |
| 100 | EQT Corporation JEF | 12/19/2025 | 65 | 650000 | 4800 |
| 55 | JPMorgan Chase & Company JEF | 03/20/2026 | 310 | 1705000 | 110660 |
| 150 | Las Vegas Sands Corporation JEF | 01/16/2026 | 63 | 945000 | 109500 |
| 50 | Marathon Petroleum Corporation JEF | 01/16/2026 | 185 | 925000 | 73700 |
| 140 | NCR Atleos Corporation JEF | 12/19/2025 | 30 | 420000 | 101500 |
| 15 | Oracle Corporation JEF | 03/20/2026 | 400 | 600000 | 1350 |
| 285 | Range Resources Corporation JEF | 12/19/2025 | 45 | 1282500 | 5700 |
| 600 | Sable Offshore Corporation JEF | 01/16/2026 | 5 | 300000 | 51000 |
| 100 | Suncor Energy, Inc. JEF | 12/19/2025 | 45 | 450000 | 7000 |
| 40 | WESCO International, Inc. JEF | 03/20/2026 | 230 | 920000 | 185000 |
| 30 | WESCO International, Inc. JEF | 03/20/2026 | 250 | 750000 | 97050 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $1,118,207) |  |  |  | 2196830 |
|  | **PUT OPTIONS WRITTEN - 0.0%<sup>(d)</sup>** |  |  |  |  |
| 75 | Advanced Micro Devices, Inc. JEF | 02/20/2026 | $170 | $1275000 | $41250 |
| 100 | Akamai Technologies, Inc. JEF | 01/16/2026 | 70 | 700000 | 2250 |
| 100 | Atkore, Inc. JEF | 12/19/2025 | 55 | 550000 | 3500 |
| 30 | Boeing Company (The) JEF | 01/16/2026 | 200 | 600000 | 42450 |
| 25 | Elevance Health, Inc. JEF | 01/16/2026 | 280 | 700000 | 6875 |
| 100 | EQT Corporation JEF | 12/19/2025 | 48 | 480000 | 1000 |
| 46 | International Flavors & Fragrances, Inc. JEF | 03/20/2026 | 55 | 253000 | 3220 |
| 250 | Lyft, Inc. JEF | 01/16/2026 | 18 | 450000 | 12500 |
| 225 | Northern Oil & Gas, Inc. JEF | 01/16/2026 | 23 | 517500 | 46688 |
| 75 | NVIDIA Corporation JEF | 01/16/2026 | 160 | 1200000 | 30375 |
| 500 | PBF Energy, Inc. JEF | 12/19/2025 | 25 | 1250000 | 18750 |
| 44 | PVH Corporation JEF | 03/20/2026 | 65 | 286000 | 7700 |
| 270 | Suncor Energy, Inc. JEF | 01/16/2026 | 38 | 1026000 | 4725 |
| 80 | Target Corporation JEF | 01/16/2026 | 90 | 720000 | 28800 |
|  | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $507,685) |  |  |  | 250083 |
|  | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $1,625,892) |  |  |  | $2446913 |

---

---

| |
|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (5.4)%** |  |
|  | **ASSET MANAGEMENT - (1.3)%** |  |
| (25300) | Carlyle Group, Inc. (The) | $(1379609) |
|  | **HOUSEHOLD PRODUCTS - (0.8)%** |  |
| (7500) | Clorox Company (The) | (809550) |
|  | **INSTITUTIONAL FINANCIAL SERVICES - (1.5)%** |  |
| (1900) | Goldman Sachs Group, Inc. (The) | (1569476) |
|  | **METALS & MINING - (1.0)%** |  |
| (14700) | Rio Tinto PLC - ADR | (1057665) |
|  | **OIL & GAS PRODUCERS - (0.8)%** |  |
| (2600) | Chevron Corporation | (392938) |
| (3400) | Exxon Mobil Corporation | (394128) |
|  |  | (787066) |
|  | **EXCHANGE-TRADED FUNDS — (31.4)%** |  |
|  | **COMMODITY - (2.0)%** |  |
| (5400) | SPDR Gold Shares | (2094552) |
|  | **EQUITY - (29.4)%** |  |
| (6500) | iShares Russell 1000 Growth ETF | (3096925) |
| (26100) | SPDR S&P 500 ETF | (17836479) |
| (61800) | State Street SPDR Portfolio S&P 500 Value ETF | (3515184) |
| (7000) | VanEck Gold Miners ETF | (582610) |
| (10400) | Vanguard Small-Cap Value ETF | (2201368) |
| (9200) | Vanguard Total Stock Market ETF | (3094052) |
|  |  | (30326618) |
|  | **TOTAL SECURITIES SOLD SHORT - (Proceeds - $33,550,015)** | $(38024536) |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| ETF | - Exchange-Traded Fund |
| JEF | - Jefferies |
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| NV | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| SPDR | - Standard & Poor's Depositary Receipt |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| H15T7Y | US Treasury Yield Curve Rate T Note Constant Maturity 7 Year |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on November 30, 2025.

<sup>(c)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

<sup>(d)</sup> Percentage rounds to greater than (0.1%).

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5%** | **ASSET BACKED SECURITIES — 59.5%** |  |  | |
|  | **AGENCY CMBS — 1.6%** |  |  |  |  |
| 847054 | Freddie Mac Multifamily Structured Pass Through Series K092 X3<sup>(a),(b)</sup> |  | 2.2490 | &nbsp;&nbsp;05/25/47 | $58837 |
| 2591589 | FREMF Mortgage Trust Series 2019-KF63<sup>(c),(d)</sup> | SOFR30A + 2.464% | 6.6660 | &nbsp;&nbsp;05/25/29 | 2439011 |
| 1432850 | Government National Mortgage Association Series 92 Z |  | 4.7000 | &nbsp;&nbsp;10/16/48 | 1384717 |
| 52503 | Government National Mortgage Association Series 2012-27 IO<sup>(a),(b)</sup> |  | 0.1990 | &nbsp;&nbsp;04/16/53 | 110 |
| 131893 | Government National Mortgage Association Series 90 AC |  | 2.6000 | &nbsp;&nbsp;06/16/58 | 112858 |
| 92737 | Government National Mortgage Association Series 3 IO<sup>(a),(b)</sup> |  | 0.6400 | &nbsp;&nbsp;02/16/61 | 4156 |
| 200000 | Government National Mortgage Association Series 4 B |  | 1.9000 | &nbsp;&nbsp;02/16/61 | 122338 |
| 87963 | Government National Mortgage Association Series 2012-H27 AI<sup>(a),(b)</sup> |  | 1.8090 | &nbsp;&nbsp;10/20/62 | 1303 |
| 7468245 | Government National Mortgage Association Series 55 IO<sup>(a),(b)</sup> |  | 0.5650 | &nbsp;&nbsp;01/16/63 | 300220 |
| 1820124 | Government National Mortgage Association Series 82 Z |  | 2.0000 | &nbsp;&nbsp;02/16/64 | 879978 |
| 214758 | Government National Mortgage Association Series 4 Z |  | 1.9000 | &nbsp;&nbsp;03/16/64 | 91049 |
| 900000 | Government National Mortgage Association Series 91 BW |  | 2.2500 | &nbsp;&nbsp;08/16/64 | 431634 |
| 681621 | Government National Mortgage Association Series 216 IO<sup>(a),(b)</sup> |  | 0.7500 | &nbsp;&nbsp;07/16/65 | 37571 |
| 538068 | Government National Mortgage Association Series 2016-H24 AI<sup>(a),(b)</sup> |  | 2.0300 | &nbsp;&nbsp;11/20/66 | 26878 |
| 737176 | Multifamily Connecticut Avenue Securities Trust Series 2019-01 M10<sup>(c),(d)</sup> | SOFR30A + 3.364% | 7.4360 | &nbsp;&nbsp;10/25/49 | 749316 |
|  |  |  |  |  | 6639976 |
|  | **AUTO LOAN — 0.8%** |  |  |  |  |
| 643926 | CPS Auto Securitization Trust Series 2021-1 A<sup>(c)</sup> |  | 7.8600 | &nbsp;&nbsp;06/16/26 | 643037 |
| 100000 | SFS Auto Receivables Securitization Trust Series 2023-1A C<sup>(c)</sup> |  | 5.9700 | &nbsp;&nbsp;02/20/31 | 102946 |
| 2367265 | United Auto Credit Securitization Trust Series 2022-2 D<sup>(c)</sup> |  | 6.8400 | &nbsp;&nbsp;01/10/28 | 2373298 |
| 3500000 | US Auto Funding Series 2021-1A D<sup>(c)</sup> |  | 4.3600 | &nbsp;&nbsp;03/15/27 | 29036 |
|  |  |  |  |  | 3148317 |
|  | **CDO — 1.3%** |  |  |  |  |
| 2409910 | Galleria CDO V Ltd. Series 5A B<sup>(c),(d)</sup> | TSFR1M + 2.662% | 7.4810 | &nbsp;&nbsp;09/19/37 | 2388093 |
| 3417418 | Mid Ocean CBO Ltd. Series 2001-1X A1L<sup>(d)</sup> | TSFR3M + 0.762% | 2.3910 | &nbsp;&nbsp;11/05/36 | 334832 |
| 2718151 | TruPS Financials Note Securitization Ltd. Series 2019-2A A1<sup>(c),(d)</sup> | TSFR3M + 2.562% | 6.3840 | &nbsp;&nbsp;02/28/39 | 2738994 |
|  |  |  |  |  | 5461919 |
|  | **CLO — 0.5%** |  |  |  |  |
| 180000 | CarVal CLO XI C Ltd. Series 3A A1<sup>(c),(d)</sup> | TSFR3M + 1.390% | 5.2740 | &nbsp;&nbsp;10/20/37 | 180332 |
| 500000 | Ellington Clo III Ltd. Series 2018-3A D<sup>(c),(d)</sup> | TSFR3M + 4.002% | 7.8860 | &nbsp;&nbsp;07/20/30 | 517926 |
| 200000 | GC FTPYME Pastor FTA Series 4<sup>(d)</sup> | EUR003M + 2.400% | 4.4640 | &nbsp;&nbsp;07/15/45 | 45006 |
| 172349 | Halcyon Loan Advisors Funding Ltd. Series 2013-2A D<sup>(c),(d)</sup> | TSFR3M + 4.062% | 7.9150 | &nbsp;&nbsp;08/01/26 | 97377 |
| 500000 | Steele Creek CLO Ltd. Series 2018-2A D<sup>(c),(d)</sup> | TSFR3M + 3.662% | 7.5360 | &nbsp;&nbsp;08/18/31 | 500784 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **CLO — 0.5% (Continued)** |  |  |  |  |
| 238962 | STWD Ltd. Series 2022-FL3 A<sup>(c),(d)</sup> | SOFR30A + 1.350% | 5.4920 | &nbsp;&nbsp;11/15/38 | $239141 |
| 408500 | STWD Ltd. Series 2022-FL3 C<sup>(c),(d)</sup> | SOFR30A + 2.200% | 6.3420 | &nbsp;&nbsp;11/15/38 | 404627 |
| 120000 | Trestles CLO VII Ltd. Series 7A A1<sup>(c),(d)</sup> | TSFR3M + 1.380% | 5.2380 | &nbsp;&nbsp;10/25/37 | 120222 |
|  |  |  |  |  | 2105415 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4%** |  |  |  |  |
| 65293 | ABN Amro Mortgage Corporation Series 2003-11 A4 |  | 5.5000 | &nbsp;&nbsp;10/25/33 | 65728 |
| 106854 | Adjustable Rate Mortgage Trust Series 2005-7 2A21<sup>(b)</sup> |  | 4.7090 | &nbsp;&nbsp;10/25/35 | 93786 |
| 447362 | Adjustable Rate Mortgage Trust Series 2005-6A 2A2<sup>(d)</sup> | TSFR1M + 0.954% | 4.9090 | &nbsp;&nbsp;11/25/35 | 123148 |
| 20574 | Alternative Loan Trust Series 1998-4 IIA3<sup>(e)</sup> |  | 5.5550 | &nbsp;&nbsp;08/25/28 | 20358 |
| 18394 | Alternative Loan Trust Series 2007-9T1 |  | 5.5000 | &nbsp;&nbsp;05/25/32 | 9949 |
| 67387 | Alternative Loan Trust Series 2005-J1 3A1 |  | 6.5000 | &nbsp;&nbsp;08/25/32 | 68277 |
| 14342 | Alternative Loan Trust Series 2004-J11 3A1 |  | 7.2500 | &nbsp;&nbsp;08/25/32 | 14554 |
| 82707 | Alternative Loan Trust Series 2003-J2 A1 |  | 6.0000 | &nbsp;&nbsp;10/25/33 | 84805 |
| 73661 | Alternative Loan Trust Series 2003-J3 1A3 |  | 5.2500 | &nbsp;&nbsp;11/25/33 | 73905 |
| 39921 | Alternative Loan Trust Series 2003-22CB 1A1 |  | 5.7500 | &nbsp;&nbsp;12/25/33 | 40797 |
| 33670 | Alternative Loan Trust Series 2003-J3 2A1 |  | 6.2500 | &nbsp;&nbsp;12/25/33 | 35614 |
| 6761 | Alternative Loan Trust Series 2004-16CB 1A1 |  | 5.5000 | &nbsp;&nbsp;07/25/34 | 6732 |
| 125894 | Alternative Loan Trust Series 2004-J8 2A1 |  | 7.0000 | &nbsp;&nbsp;08/25/34 | 134778 |
| 19264 | Alternative Loan Trust Series 2004-J10 2CB1 |  | 6.0000 | &nbsp;&nbsp;09/25/34 | 19620 |
| 481344 | Alternative Loan Trust Series 2004-J10 5CB1 |  | 5.5000 | &nbsp;&nbsp;11/25/34 | 491427 |
| 246180 | Alternative Loan Trust Series 2004-27CB A1 |  | 6.0000 | &nbsp;&nbsp;12/25/34 | 222481 |
| 357429 | Alternative Loan Trust Series 2004-28CB 2A4 |  | 5.7500 | &nbsp;&nbsp;01/25/35 | 334233 |
| 68744 | Alternative Loan Trust Series 2004-28CB 3A1 |  | 6.0000 | &nbsp;&nbsp;01/25/35 | 61523 |
| 28678 | Alternative Loan Trust Series 2004-28CB 6A1 |  | 6.0000 | &nbsp;&nbsp;01/25/35 | 26963 |
| 25891 | Alternative Loan Trust Series 2005-3CB 1A9 |  | 5.0000 | &nbsp;&nbsp;03/25/35 | 21564 |
| 106190 | Alternative Loan Trust Series 2005-6CB 1A6 |  | 5.5000 | &nbsp;&nbsp;04/25/35 | 91198 |
| 46797 | Alternative Loan Trust Series 2005-14 2A1<sup>(d)</sup> | TSFR1M + 0.534% | 4.4890 | &nbsp;&nbsp;05/25/35 | 45707 |
| 129765 | Alternative Loan Trust Series 2005-J8 1A5 |  | 5.5000 | &nbsp;&nbsp;07/25/35 | 89590 |
| 141547 | Alternative Loan Trust Series 2005-27 2A1<sup>(d)</sup> | 12MTA + 1.350% | 5.4280 | &nbsp;&nbsp;08/25/35 | 123958 |
| 35750 | Alternative Loan Trust Series 2005-J11 2A1 |  | 6.0000 | &nbsp;&nbsp;10/25/35 | 16347 |
| 27829 | Alternative Loan Trust Series 2005-54CB 1A11 |  | 5.5000 | &nbsp;&nbsp;11/25/35 | 21472 |
| 49780 | Alternative Loan Trust Series 2005-J11 1A3 |  | 5.5000 | &nbsp;&nbsp;11/25/35 | 26812 |
| 83344 | Alternative Loan Trust Series 2005-61 2A1<sup>(d)</sup> | TSFR1M + 0.674% | 4.6290 | &nbsp;&nbsp;12/25/35 | 79593 |
| 97119 | Alternative Loan Trust Series 2005-72 A3<sup>(d)</sup> | TSFR1M + 0.714% | 4.6690 | &nbsp;&nbsp;01/25/36 | 99984 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4% (Continued)** |  |  |  |  |
| 105105 | Alternative Loan Trust Series 2006-40T1 2A1 |  | 6.0000 | &nbsp;&nbsp;12/25/36 | $28717 |
| 29972 | Alternative Loan Trust Resecuritization Series 2005-12R A3 |  | 6.0000 | &nbsp;&nbsp;11/25/34 | 29834 |
| 738357 | Alternative Loan Trust Resecuritization Series 2005-12R A4 |  | 6.0000 | &nbsp;&nbsp;11/25/34 | 735968 |
| 367484 | Alternative Loan Trust Resecuritization Series 2008-2R 2A1<sup>(b)</sup> |  | 3.7900 | &nbsp;&nbsp;08/25/37 | 160063 |
| 74799 | American Home Mortgage Investment Trust Series 2004-1 2M1<sup>(d)</sup> | TSFR6M + 2.428% | 6.1570 | &nbsp;&nbsp;04/25/44 | 70323 |
| 131569 | Banc of America Alternative Loan Trust Series 2003-8 1CB1 |  | 5.5000 | &nbsp;&nbsp;10/25/33 | 133375 |
| 87147 | Banc of America Alternative Loan Trust Series 2004-6 3A1 |  | 6.0000 | &nbsp;&nbsp;07/25/34 | 87928 |
| 41005 | Banc of America Alternative Loan Trust Series 2007-1 1A1<sup>(b)</sup> |  | 3.7900 | &nbsp;&nbsp;02/25/57 | 37941 |
| 989637 | Banc of America Funding Trust Series 2004-B 3A2<sup>(b)</sup> |  | 4.6220 | &nbsp;&nbsp;12/20/34 | 801720 |
| 40186 | Banc of America Funding Trust Series 2005-E 8A1<sup>(d)</sup> | 12MTA + 1.430% | 5.5080 | &nbsp;&nbsp;06/20/35 | 32152 |
| 940564 | Banc of America Funding Trust Series 2010-R3 4A3<sup>(b),(c)</sup> |  | 6.0000 | &nbsp;&nbsp;06/26/36 | 814686 |
| 72610 | Banc of America Funding Trust Series 2007-2 1A8<sup>(a)</sup> |  | 6.0000 | &nbsp;&nbsp;03/25/37 | 13473 |
| 630086 | Banc of America Funding Trust Series 2006-I 4A1<sup>(b)</sup> |  | 4.3750 | &nbsp;&nbsp;10/20/46 | 529597 |
| 16352 | Banc of America Mortgage Trust Series 2002-L 1A1<sup>(b)</sup> |  | 3.1960 | &nbsp;&nbsp;12/25/32 | 13977 |
| 26396 | Banc of America Mortgage Trust Series 2003-L 2A1<sup>(b)</sup> |  | 6.6360 | &nbsp;&nbsp;01/25/34 | 26322 |
| 31063 | Banc of America Mortgage Trust Series 2005-E 2A1<sup>(b)</sup> |  | 5.3270 | &nbsp;&nbsp;06/25/35 | 28449 |
| 39909 | Banc of America Mortgage Trust Series 2005-F 3A1<sup>(b)</sup> |  | 5.4270 | &nbsp;&nbsp;07/25/35 | 33610 |
| 18622 | Banc of America Mortgage Trust Series 2005-H 2A1<sup>(b)</sup> |  | 5.1150 | &nbsp;&nbsp;09/25/35 | 16632 |
| 108355 | Banc of America Mortgage Trust Series 2005-L 2A4<sup>(b)</sup> |  | 5.6660 | &nbsp;&nbsp;01/25/36 | 98785 |
| 279129 | BCAP, LLC Series 2014-RR2 7A2<sup>(c),(d)</sup> | TSFR1M + 0.314% | 4.1920 | &nbsp;&nbsp;01/26/38 | 278802 |
| 797084 | BCAP, LLC Trust Series 2011-RR5 12A1<sup>(c),(e)</sup> |  | 4.4790 | &nbsp;&nbsp;03/26/37 | 794765 |
| 627137 | BCAP, LLC Trust Series 2011-RR10 1A2<sup>(b),(c)</sup> |  | 5.0000 | &nbsp;&nbsp;03/26/37 | 481192 |
| 3365 | Bear Stearns ALT-A Trust Series 2004-11 2A1<sup>(b)</sup> |  | 3.1040 | &nbsp;&nbsp;11/25/34 | 3157 |
| 21311 | Bear Stearns ALT-A Trust Series 2005-4 23A2<sup>(b)</sup> |  | 5.4210 | &nbsp;&nbsp;05/25/35 | 20452 |
| 576844 | Bear Stearns ARM Trust Series 2003-1 1A1<sup>(b)</sup> |  | 3.9330 | &nbsp;&nbsp;04/25/33 | 490928 |
| 54087 | Bear Stearns ARM Trust Series 2003-4 B1<sup>(b)</sup> |  | 6.1550 | &nbsp;&nbsp;07/25/33 | 49238 |
| 22065 | Bear Stearns ARM Trust Series 2003-5 1A1<sup>(b)</sup> |  | 6.6250 | &nbsp;&nbsp;08/25/33 | 21623 |
| 3655 | Bear Stearns ARM Trust Series 2003-7 6A<sup>(b)</sup> |  | 5.7470 | &nbsp;&nbsp;10/25/33 | 3551 |
| 36371 | Bear Stearns ARM Trust Series 2003-8 2A1<sup>(b)</sup> |  | 5.9180 | &nbsp;&nbsp;01/25/34 | 34825 |
| 89208 | Bear Stearns ARM Trust Series 2004-1 124M<sup>(b)</sup> |  | 2.1580 | &nbsp;&nbsp;04/25/34 | 78506 |
| 8665 | Bear Stearns ARM Trust Series 2004-1 21A1<sup>(b)</sup> |  | 6.2110 | &nbsp;&nbsp;04/25/34 | 8598 |
| 82326 | Bear Stearns ARM Trust Series 2004-5<sup>(b)</sup> |  | 4.1880 | &nbsp;&nbsp;07/25/34 | 77734 |
| 82301 | Bear Stearns ARM Trust Series 2004-6 3A<sup>(b)</sup> |  | 6.2870 | &nbsp;&nbsp;09/25/34 | 79732 |
| 809414 | Bear Stearns ARM Trust Series 2004-8 13A1<sup>(b)</sup> |  | 4.0010 | &nbsp;&nbsp;11/25/34 | 717286 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4% (Continued)** |  |  |  |  |
| 27330 | Bear Stearns ARM Trust Series 2004-8 2A1<sup>(b)</sup> |  | 5.3880 | &nbsp;&nbsp;11/25/34 | $25441 |
| 35810 | Bear Stearns ARM Trust Series 2004-10 12A5<sup>(b)</sup> |  | 5.0360 | &nbsp;&nbsp;01/25/35 | 34648 |
| 582637 | Bear Stearns Asset Backed Securities I Trust Series 2006-AC2 21A6 |  | 6.0000 | &nbsp;&nbsp;03/25/36 | 224775 |
| 495392 | Bear Stearns Asset Backed Securities Trust Series 2003-AC7 A1<sup>(e)</sup> |  | 5.5000 | &nbsp;&nbsp;01/25/34 | 416250 |
| 119087 | Bear Stearns Structured Products, Inc. Trust Series 2007-R6 1A1<sup>(b)</sup> |  | 4.3860 | &nbsp;&nbsp;01/26/36 | 85906 |
| 16647 | Bella Vista Mortgage Trust Series 2004-1 1A<sup>(d)</sup> | TSFR1M + 0.814% | 4.7730 | &nbsp;&nbsp;11/20/34 | 16577 |
| 51115 | BlackRock Capital Finance, L.P. Series 1997-R2 1B1<sup>(b),(c)</sup> |  | 3.5020 | &nbsp;&nbsp;12/25/35 | 43703 |
| 405127 | BRAVO Residential Funding Trust Series 2023-NQM4 A1<sup>(c),(e)</sup> |  | 6.4350 | &nbsp;&nbsp;05/25/63 | 406994 |
| 61735 | CDMC Mortgage Pass-Through Certificates Series 2004-4 A8<sup>(b)</sup> |  | 5.3790 | &nbsp;&nbsp;09/25/34 | 61820 |
| 79974 | CDMC Mortgage Pass-Through Certificates Series 2005-1 A4<sup>(b)</sup> |  | 5.1050 | &nbsp;&nbsp;02/18/35 | 79825 |
| 872490 | Cendant Mortgage Capital, LLC CDMC Mortgage Pass Through Certificates Series 2004-1 A7 |  | 5.5000 | &nbsp;&nbsp;02/25/34 | 875168 |
| 230000 | CFMT, LLC Series 2022-HB9 M3<sup>(b),(c)</sup> |  | 3.2500 | &nbsp;&nbsp;09/25/37 | 219472 |
| 85646 | Chase Home Lending Mortgage Trust Series 2019-1 B4<sup>(b),(c)</sup> |  | 3.8790 | &nbsp;&nbsp;03/25/50 | 76500 |
| 107425 | Chase Mortgage Finance Trust Series 2004-S2 2A4 |  | 5.5000 | &nbsp;&nbsp;02/25/34 | 108296 |
| 229665 | Chase Mortgage Finance Trust Series 2006-A1 2A3<sup>(b)</sup> |  | 5.2740 | &nbsp;&nbsp;09/25/36 | 204520 |
| 469816 | Chase Mortgage Finance Trust Series 2007-S3 AP<sup>(f)</sup> |  | 0.0000 | &nbsp;&nbsp;05/25/37 | 3377 |
| 264259 | Chase Mortgage Finance Trust Series 2007-S3 1A17<sup>(a)</sup> |  | 4.0000 | &nbsp;&nbsp;05/25/37 | 73061 |
| 296788 | Chevy Chase Funding, LLC Mortgage-Backed Series 2004-3A A1<sup>(c),(d)</sup> | TSFR1M + 0.364% | 4.3190 | &nbsp;&nbsp;08/25/35 | 291222 |
| 149670 | Chevy Chase Funding, LLC Mortgage-Backed Series 2005-4A A2<sup>(c),(d)</sup> | TSFR1M + 0.364% | 4.3190 | &nbsp;&nbsp;10/25/36 | 113569 |
| 332331 | CHL Mortgage Pass-Through Trust Series 2002-19 1A1 |  | 6.2500 | &nbsp;&nbsp;11/25/32 | 283347 |
| 68870 | CHL Mortgage Pass-Through Trust Series 2002-39 A37 |  | 5.7500 | &nbsp;&nbsp;02/25/33 | 68168 |
| 95898 | CHL Mortgage Pass-Through Trust Series 2003-60 2A1<sup>(b)</sup> |  | 6.4910 | &nbsp;&nbsp;02/25/34 | 91827 |
| 21477 | CHL Mortgage Pass-Through Trust Series 2004-3 A4 |  | 5.7500 | &nbsp;&nbsp;04/25/34 | 21526 |
| 47965 | CHL Mortgage Pass-Through Trust Series 2004-5 2A9 |  | 5.2500 | &nbsp;&nbsp;05/25/34 | 47332 |
| 53765 | CHL Mortgage Pass-Through Trust Series 2004-5 2A2 |  | 5.5000 | &nbsp;&nbsp;05/25/34 | 53552 |
| 44132 | CHL Mortgage Pass-Through Trust Series 2004-6 2A1<sup>(b)</sup> |  | 5.8220 | &nbsp;&nbsp;05/25/34 | 43153 |
| 16432 | CHL Mortgage Pass-Through Trust Series 2004-HYB2 2A<sup>(b)</sup> |  | 6.9910 | &nbsp;&nbsp;07/20/34 | 15771 |
| 89288 | CHL Mortgage Pass-Through Trust Series 2004-J5 A4 |  | 5.5000 | &nbsp;&nbsp;07/25/34 | 88805 |
| 31528 | CHL Mortgage Pass-Through Trust Series 2004-14 4A1<sup>(b)</sup> |  | 5.5810 | &nbsp;&nbsp;08/25/34 | 29820 |
| 45838 | CHL Mortgage Pass-Through Trust Series 2004-J9 2A6 |  | 5.5000 | &nbsp;&nbsp;01/25/35 | 45548 |
| 39072 | CHL Mortgage Pass-Through Trust Series 2004-HYB5 6A2<sup>(b)</sup> |  | 5.1890 | &nbsp;&nbsp;04/20/35 | 36240 |
| 407029 | CHL Mortgage Pass-Through Trust Series 2005-14 A2 |  | 5.5000 | &nbsp;&nbsp;07/25/35 | 152492 |
| 2971184 | CHL Mortgage Pass-Through Trust Series 2005-14 A1 |  | 6.0000 | &nbsp;&nbsp;07/25/35 | 1144505 |
| 473384 | CHL Mortgage Pass-Through Trust Series 2005-J2 3A12 |  | 5.0000 | &nbsp;&nbsp;08/25/35 | 288113 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4% (Continued)** |  |  |  |  |
| 118482 | CHL Mortgage Pass-Through Trust Series 2006-J1 3A1 |  | 6.0000 | &nbsp;&nbsp;02/25/36 | $38299 |
| 63106 | CHL Mortgage Pass-Through Trust Series 2007-HY1 2A1<sup>(b)</sup> |  | 4.0380 | &nbsp;&nbsp;03/25/37 | 56421 |
| 288688 | CHL Mortgage Pass-Through Trust Series 2007-15 2A2 |  | 6.5000 | &nbsp;&nbsp;09/25/37 | 103021 |
| 250000 | CHNGE Mortgage Trust Series 2023-1 M1<sup>(b),(c)</sup> |  | 8.1160 | &nbsp;&nbsp;03/25/58 | 250634 |
| 2000000 | CHNGE Mortgage Trust Series 2023-2 M1<sup>(b),(c)</sup> |  | 8.0090 | &nbsp;&nbsp;06/25/58 | 2020620 |
| 225000 | CHNGE Mortgage Trust Series 2022-2 B2<sup>(b),(c)</sup> |  | 4.5940 | &nbsp;&nbsp;03/25/67 | 170723 |
| 87535 | Citicorp Mortgage Securities REMIC Pass-Through Series 2005-4 1A5 |  | 5.5000 | &nbsp;&nbsp;07/25/35 | 87564 |
| 23572 | Citicorp Mortgage Securities Trust Series 2006-3 1A9 |  | 5.7500 | &nbsp;&nbsp;06/25/36 | 21579 |
| 34590 | Citicorp Mortgage Securities Trust Series 2006-6 A4 |  | 6.0000 | &nbsp;&nbsp;11/25/36 | 35649 |
| 65052 | Citicorp Mortgage Securities Trust Series 2007-2 APO<sup>(f)</sup> |  | 0.0000 | &nbsp;&nbsp;02/25/37 | 35210 |
| 169362 | Citicorp Mortgage Securities Trust Series 2007-4 1A5 |  | 6.0000 | &nbsp;&nbsp;05/25/37 | 149874 |
| 84232 | Citigroup Global Markets Mortgage Securities VII, Inc. Series 1997-HUD2 B2<sup>(b)</sup> |  | 6.6030 | &nbsp;&nbsp;11/25/27 | 48 |
| 3452 | Citigroup Global Markets Mortgage Securities VII, Inc. Series 2002-HYB1 B2<sup>(b)</sup> |  | 6.6070 | &nbsp;&nbsp;09/25/32 | 3235 |
| 136888 | Citigroup Mortgage Loan Trust Series 2009-10 6A2<sup>(b),(c)</sup> |  | 6.2870 | &nbsp;&nbsp;09/25/34 | 126129 |
| 118156 | Citigroup Mortgage Loan Trust Series 2009-4 7A5<sup>(b),(c)</sup> |  | 5.4970 | &nbsp;&nbsp;05/25/35 | 113037 |
| 13627 | Citigroup Mortgage Loan Trust Series 2014-10 4A1<sup>(b),(c)</sup> |  | 4.2750 | &nbsp;&nbsp;02/25/37 | 13593 |
| 34155 | Citigroup Mortgage Loan Trust Series 2015-RP2 A<sup>(c)</sup> |  | 4.2500 | &nbsp;&nbsp;01/25/53 | 33582 |
| 300000 | Citigroup Mortgage Loan Trust Series 2020-EXP1 B1<sup>(b),(c)</sup> |  | 4.4670 | &nbsp;&nbsp;05/25/60 | 261571 |
| 7836 | Citigroup Mortgage Loan Trust, Inc. Series 2003-1 3A4 |  | 5.2500 | &nbsp;&nbsp;09/25/33 | 7780 |
| 15713 | Citigroup Mortgage Loan Trust, Inc. Series 2004-UST1 A6<sup>(b)</sup> |  | 6.2250 | &nbsp;&nbsp;08/25/34 | 15044 |
| 51437 | Citigroup Mortgage Loan Trust, Inc. Series 2004-UST1 A4<sup>(b)</sup> |  | 6.5310 | &nbsp;&nbsp;08/25/34 | 48631 |
| 34623 | Citigroup Mortgage Loan Trust, Inc. Series 2004-NCM2 1CB2 |  | 6.7500 | &nbsp;&nbsp;08/25/34 | 35628 |
| 31222 | Citigroup Mortgage Loan Trust, Inc. Series 2005-2 2A11 |  | 5.5000 | &nbsp;&nbsp;05/25/35 | 31390 |
| 23476 | COLT Funding, LLC Series 2021-3R A2<sup>(b),(c)</sup> |  | 1.2570 | &nbsp;&nbsp;12/25/64 | 21826 |
| 3493891 | COLT Mortgage Loan Trust Series 2022-9 A1<sup>(c),(e)</sup> |  | 6.7900 | &nbsp;&nbsp;12/25/67 | 3484547 |
| 400000 | COLT Mortgage Loan Trust Series 2023-2 B1<sup>(b),(c)</sup> |  | 7.9440 | &nbsp;&nbsp;07/25/68 | 404718 |
| 120000 | Connecticut Avenue Securities Trust Series 2022-R01 1B1<sup>(c),(d)</sup> | SOFR30A + 3.150% | 7.2220 | &nbsp;&nbsp;12/25/41 | 122471 |
| 108117 | Credit Suisse First Boston Mortgage Securities Series 2001-26 5A1<sup>(b)</sup> |  | 3.5780 | &nbsp;&nbsp;11/25/31 | 107884 |
| 216743 | Credit Suisse First Boston Mortgage Securities Series 2002-NP14 M1<sup>(c),(d)</sup> | TSFR1M + 2.302% | 5.0780 | &nbsp;&nbsp;11/25/31 | 99125 |
| 54482 | Credit Suisse First Boston Mortgage Securities Series 2003-11 1A31 |  | 5.5000 | &nbsp;&nbsp;06/25/33 | 55041 |
| 292722 | Credit Suisse First Boston Mortgage Securities Series 2003-19 1A19 |  | 5.2500 | &nbsp;&nbsp;07/25/33 | 293910 |
| 15809 | Credit Suisse First Boston Mortgage Securities Series 2003-21 1A4 |  | 5.2500 | &nbsp;&nbsp;09/25/33 | 15897 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4% (Continued)** |  |  |  |  |
| 41776 | Credit Suisse First Boston Mortgage Securities Series 2003-25 1A8 |  | 5.5000 | &nbsp;&nbsp;10/25/33 | $41304 |
| 125329 | Credit Suisse First Boston Mortgage Securities Series 2003-25 1A11 |  | 5.5000 | &nbsp;&nbsp;10/25/33 | 124046 |
| 70693 | Credit Suisse First Boston Mortgage Securities Series 23 1A11 |  | 6.0000 | &nbsp;&nbsp;10/25/33 | 66768 |
| 129626 | Credit Suisse First Boston Mortgage Securities Series 2004-6 1A3 |  | 5.5000 | &nbsp;&nbsp;10/25/34 | 126277 |
| 100037 | Credit Suisse First Boston Mortgage Securities Series 2005-8 9A9<sup>(d)</sup> | TSFR1M + 0.764% | 4.7190 | &nbsp;&nbsp;09/25/35 | 65417 |
| 5706 | CSFB Mortgage-Backed Pass-Through Certificates Series 2005-10 2A1 |  | 5.2500 | &nbsp;&nbsp;01/25/26 | 1 |
| 361932 | CSFB Mortgage-Backed Pass-Through Certificates Series 2002-9 1A2 |  | 7.5000 | &nbsp;&nbsp;03/25/32 | 326149 |
| 72195 | CSFB Mortgage-Backed Pass-Through Certificates Series 2003-AR24 3A1<sup>(b)</sup> |  | 6.1640 | &nbsp;&nbsp;10/25/33 | 70096 |
| 70084 | CSFB Mortgage-Backed Pass-Through Certificates Series 2003-27 4A4 |  | 5.7500 | &nbsp;&nbsp;11/25/33 | 72627 |
| 350622 | CSFB Mortgage-Backed Pass-Through Certificates Series 2004-4 1A5 |  | 6.0000 | &nbsp;&nbsp;08/25/34 | 357369 |
| 14683 | CSFB Mortgage-Backed Pass-Through Certificates Series 2005-3 7A5 |  | 5.7500 | &nbsp;&nbsp;07/25/35 | 14594 |
| 2157137 | CSMC Trust Series 2014-10R 1A2<sup>(b),(c)</sup> |  | 7.4090 | &nbsp;&nbsp;05/27/36 | 485930 |
| 309602 | CSMC Trust Series 2007-5R A5 |  | 6.5000 | &nbsp;&nbsp;07/26/36 | 64460 |
| 878990 | CSMC Trust Series 2015-6R 9A3<sup>(b),(c)</sup> |  | 11.5200 | &nbsp;&nbsp;11/27/36 | 895859 |
| 19585 | CSMC Trust Series 2014-2R 28A1<sup>(b),(c)</sup> |  | 3.0000 | &nbsp;&nbsp;06/27/37 | 19213 |
| 29249 | CSMC Trust Series 2010-18R 4A4<sup>(b),(c)</sup> |  | 3.5000 | &nbsp;&nbsp;04/26/38 | 29079 |
| 94952 | CSMC Trust Series 2013-7 A2<sup>(b),(c)</sup> |  | 3.0000 | &nbsp;&nbsp;08/25/43 | 87014 |
| 279423 | CSMC Trust Series 2021-RPL2 M3<sup>(b),(c)</sup> |  | 3.5550 | &nbsp;&nbsp;01/25/60 | 195098 |
| 417948 | Deutsche Alt-B Securities Mortgage Loan Trust Series AB1 PO<sup>(f)</sup> |  | 0.0000 | &nbsp;&nbsp;04/25/37 | 205365 |
| 25858 | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust Series 2004-1 1A1 |  | 5.5000 | &nbsp;&nbsp;09/25/33 | 26425 |
| 253017 | DSLA Mortgage Loan Trust Series 2004-AR4 2A1A<sup>(d)</sup> | TSFR1M + 0.834% | 4.7930 | &nbsp;&nbsp;01/19/45 | 193932 |
| 133663 | DSLA Mortgage Loan Trust Series 2005-AR5 2A1A<sup>(d)</sup> | TSFR1M + 0.774% | 4.7330 | &nbsp;&nbsp;09/19/45 | 70701 |
| 2000000 | Ellington Financial Mortgage Trust Series 2019-2 B2<sup>(b),(c)</sup> |  | 5.7290 | &nbsp;&nbsp;11/25/59 | 1967054 |
| 400000 | Ellington Financial Mortgage Trust Series 2022-1 B2<sup>(b),(c)</sup> |  | 3.8600 | &nbsp;&nbsp;01/25/67 | 291258 |
| 537497 | Fannie Mae Grantor Trust Series 2004-T5 AB1<sup>(b)</sup> |  | 4.3560 | &nbsp;&nbsp;05/28/35 | 511992 |
| 90728 | Fannie Mae REMIC Trust Series 2004-W14 3A |  | 8.0000 | &nbsp;&nbsp;07/25/44 | 94101 |
| 71667 | Fannie Mae REMICS Series 26 A1 |  | 7.0000 | &nbsp;&nbsp;01/25/48 | 74735 |
| 147398 | Fannie Mae Trust Series 2005-W3 3A<sup>(b)</sup> |  | 4.9420 | &nbsp;&nbsp;04/25/45 | 145760 |
| 41117 | Financial Asset Securities Corp AAA Trust Series 2005-2 A3<sup>(c),(d)</sup> | TSFR1M + 0.414% | 4.3480 | &nbsp;&nbsp;11/26/35 | 38348 |
| 104731 | First Horizon Alternative Mortgage Securities Series 2004-AA1 A1<sup>(b)</sup> |  | 5.8150 | &nbsp;&nbsp;06/25/34 | 104595 |
| 6596 | First Horizon Alternative Mortgage Securities Series 2004-AA3 A1<sup>(b)</sup> |  | 5.0560 | &nbsp;&nbsp;09/25/34 | 6744 |
| 15352 | First Horizon Alternative Mortgage Securities Series 2004-AA4 A1<sup>(b)</sup> |  | 5.1770 | &nbsp;&nbsp;10/25/34 | 15131 |
| 45738 | First Horizon Alternative Mortgage Securities Series AA7 2A2<sup>(b)</sup> |  | 5.6390 | &nbsp;&nbsp;02/25/35 | 42072 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4% (Continued)** |  |  |  |  |
| 69611 | First Horizon Alternative Mortgage Securities Series 2007-FA4 1A8 |  | 6.2500 | &nbsp;&nbsp;08/25/37 | $23523 |
| 29935 | First Horizon Mortgage Pass-Through Trust Series 2005-AR5 3A1<sup>(b)</sup> |  | 0.0000 | &nbsp;&nbsp;10/25/35 |  |
| 501 | First Horizon Mortgage Pass-Through Trust Series 2005-AR5 1A1<sup>(b)</sup> |  | 0.0000 | &nbsp;&nbsp;11/25/35 | 3 |
| 77386 | First Horizon Mortgage Pass-Through Trust Series 2006-AR3 1A1<sup>(b)</sup> |  | 3.7310 | &nbsp;&nbsp;11/25/36 | 35148 |
| 216286 | First Horizon Mortgage Pass-Through Trust Series 2007-AR3 1A1<sup>(b)</sup> |  | 4.5320 | &nbsp;&nbsp;11/25/37 | 83021 |
| 317935 | Flagstar Mortgage Trust Series 2018-3INV B4<sup>(b),(c)</sup> |  | 4.4400 | &nbsp;&nbsp;05/25/48 | 301516 |
| 91671 | Flagstar Mortgage Trust Series 2021-13IN B5<sup>(b),(c)</sup> |  | 3.3530 | &nbsp;&nbsp;12/30/51 | 75291 |
| 46601 | Freddie Mac REMICS Series 4203 PS<sup>(a),(d)</sup> | SOFR30A + 6.136% | 1.9940 | &nbsp;&nbsp;09/15/42 | 3700 |
| 1000000 | Freddie Mac STACR Trust Series 2019-DNA3 B2<sup>(c),(d)</sup> | SOFR30A + 8.264% | 12.3360 | &nbsp;&nbsp;07/25/49 | 1124097 |
| 87835 | Freddie Mac Structured Pass-Through Certificates Series 60 2A1<sup>(b)</sup> |  | 4.3190 | &nbsp;&nbsp;03/25/44 | 82915 |
| 109923 | Freddie Mac Structured Pass-Through Certificates Series T-61 1A1<sup>(d)</sup> | 12MTA + 1.400% | 5.5090 | &nbsp;&nbsp;07/25/44 | 106885 |
| 126040 | Freddie Mac Structured Pass-Through Certificates Series T-62 1A1<sup>(d)</sup> | 12MTA + 1.200% | 5.3090 | &nbsp;&nbsp;10/25/44 | 116080 |
| 17331 | Galton Funding Mortgage Trust Series 2017-1 A22<sup>(b),(c)</sup> |  | 3.0000 | &nbsp;&nbsp;07/25/56 | 15699 |
| 93496 | GCAT Trust Series 2024-INV1 1A2<sup>(b),(c)</sup> |  | 5.5000 | &nbsp;&nbsp;01/25/54 | 94153 |
| 345618 | Global Mortgage Securitization Ltd. Series 2004-A A3<sup>(b),(c)</sup> |  | 8.5640 | &nbsp;&nbsp;11/25/32 | 347834 |
| 60923 | GMACM Mortgage Loan Trust Series 2004-J2 A8 |  | 5.7500 | &nbsp;&nbsp;06/25/34 | 61288 |
| 1228765 | GMACM Mortgage Loan Trust Series 2005-AR5 4A1<sup>(b)</sup> |  | 4.8980 | &nbsp;&nbsp;09/19/35 | 1019496 |
| 97952 | GMACM Mortgage Loan Trust Series 2006-AR1 1A1<sup>(b)</sup> |  | 3.7580 | &nbsp;&nbsp;04/19/36 | 81214 |
| 102096 | GS Mortgage Securities Corporation II Series 2000-1A A<sup>(c),(d)</sup> | TSFR1M + 0.464% | 4.7890 | &nbsp;&nbsp;03/30/33 | 71543 |
| 401423 | GS Mortgage-Backed Securities Corp Trust Series 2019-PJ1 B3<sup>(b),(c)</sup> |  | 4.0150 | &nbsp;&nbsp;08/25/49 | 365341 |
| 14816 | GSMPS Mortgage Loan Trust Series 1998-1 A<sup>(b),(c)</sup> |  | 8.0000 | &nbsp;&nbsp;09/19/27 | 14526 |
| 775355 | GSMPS Mortgage Loan Trust Series 2000-1 A<sup>(b),(c)</sup> |  | 8.5000 | &nbsp;&nbsp;06/19/29 | 757656 |
| 56172 | GSMPS Mortgage Loan Trust Series 2004-2R A<sup>(b),(c)</sup> |  | 7.1390 | &nbsp;&nbsp;02/25/34 | 10041 |
| 832601 | GSMPS Mortgage Loan Trust Series 2004-4 1AF<sup>(c),(d)</sup> | TSFR1M + 0.514% | 4.4690 | &nbsp;&nbsp;06/25/34 | 752385 |
| 1346508 | GSMPS Mortgage Loan Trust Series 2004-4 1A2<sup>(c)</sup> |  | 7.5000 | &nbsp;&nbsp;06/25/34 | 1343406 |
| 266634 | GSMPS Mortgage Loan Trust Series 2004-4 1A3<sup>(c)</sup> |  | 8.0000 | &nbsp;&nbsp;06/25/34 | 264742 |
| 25713 | GSMPS Mortgage Loan Trust Series 2005-RP2 1AF<sup>(c),(d)</sup> | TSFR1M + 0.464% | 4.4190 | &nbsp;&nbsp;03/25/35 | 24241 |
| 139082 | GSMPS Mortgage Loan Trust Series 2005-RP3 1AF<sup>(c),(d)</sup> | TSFR1M + 0.464% | 4.4190 | &nbsp;&nbsp;09/25/35 | 119860 |
| 98274 | GSMPS Mortgage Loan Trust Series 2006-RP1 1A2<sup>(c)</sup> |  | 7.5000 | &nbsp;&nbsp;01/25/36 | 88134 |
| 782774 | GSMSC Pass-Through Trust Series 2008-2R 2A1<sup>(b),(c)</sup> |  | 7.5000 | &nbsp;&nbsp;10/25/36 | 85540 |
| 61706 | GSR Mortgage Loan Trust Series 2003-3F 1A6 |  | 6.0000 | &nbsp;&nbsp;04/25/33 | 62536 |
| 87452 | GSR Mortgage Loan Trust Series 2004-7 1A1<sup>(b)</sup> |  | 4.8400 | &nbsp;&nbsp;06/25/34 | 84373 |
| 557965 | GSR Mortgage Loan Trust Series 2004-12 1B1<sup>(d)</sup> | TSFR1M + 0.714% | 4.6690 | &nbsp;&nbsp;12/25/34 | 111387 |
| 35831 | GSR Mortgage Loan Trust Series 2005-4F 6A1 |  | 6.5000 | &nbsp;&nbsp;02/25/35 | 35270 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4% (Continued)** |  |  |  |  |
| 13619 | GSR Mortgage Loan Trust Series 2005-AR3 2A1<sup>(d)</sup> | TSFR1M + 0.554% | 4.5090 | &nbsp;&nbsp;05/25/35 | $11129 |
| 18888 | GSR Mortgage Loan Trust Series 2005-AR3 1A1<sup>(d)</sup> | TSFR1M + 0.554% | 4.5090 | &nbsp;&nbsp;05/25/35 | 17923 |
| 2085 | GSR Mortgage Loan Trust Series 2005-6F 1A7 |  | 5.2500 | &nbsp;&nbsp;07/25/35 | 1954 |
| 527985 | GSR Mortgage Loan Trust Series 2005-AR4 2A1<sup>(b)</sup> |  | 6.2950 | &nbsp;&nbsp;07/25/35 | 268095 |
| 27458 | GSR Mortgage Loan Trust Series 2005-8F 3A4 |  | 6.0000 | &nbsp;&nbsp;11/25/35 | 9389 |
| 104852 | GSR Mortgage Loan Trust Series 2006-1F 2A16 |  | 6.0000 | &nbsp;&nbsp;02/25/36 | 43154 |
| 2336685 | GSR Mortgage Loan Trust Series 2006-10F 4A1<sup>(d)</sup> | TSFR1M + 0.464% | 4.4190 | &nbsp;&nbsp;01/25/37 | 307037 |
| 70609 | GSR Mortgage Loan Trust Series 2007-AR2 2A1<sup>(b)</sup> |  | 5.1340 | &nbsp;&nbsp;05/25/37 | 35889 |
| 132397 | HarborView Mortgage Loan Trust Series 2003-1 A<sup>(b)</sup> |  | 5.0800 | &nbsp;&nbsp;05/19/33 | 121387 |
| 881702 | HarborView Mortgage Loan Trust Series 2004-7 4A<sup>(b)</sup> |  | 5.0480 | &nbsp;&nbsp;11/19/34 | 809161 |
| 90716 | HarborView Mortgage Loan Trust Series 2005-4 3A1<sup>(b)</sup> |  | 4.7490 | &nbsp;&nbsp;07/19/35 | 67481 |
| 157333 | HSI Asset Loan Obligation Trust Series 2007-AR1 4A1<sup>(b)</sup> |  | 4.9880 | &nbsp;&nbsp;01/25/37 | 119249 |
| 192909 | HSI Asset Loan Obligation Trust Series 2007-1 2A12 |  | 6.5000 | &nbsp;&nbsp;06/25/37 | 72765 |
| 150883 | HSI Asset Loan Obligation Trust Series 2007-AR2 4A1<sup>(b)</sup> |  | 4.6480 | &nbsp;&nbsp;09/25/37 | 115651 |
| 157810 | Hundred Acre Wood Trust Series 2021-INV1 B2<sup>(b),(c)</sup> |  | 3.2330 | &nbsp;&nbsp;07/25/51 | 138479 |
| 250230 | Hundred Acre Wood Trust Series 2021-INV1 B1<sup>(b),(c)</sup> |  | 3.2330 | &nbsp;&nbsp;07/25/51 | 222278 |
| 131751 | Hundred Acre Wood Trust Series 2021-INV3 B3<sup>(b),(c)</sup> |  | 3.3150 | &nbsp;&nbsp;12/25/51 | 113720 |
| 21197 | Impac CMB Trust Series 2003-2F M2<sup>(e)</sup> |  | 6.5700 | &nbsp;&nbsp;01/25/33 | 21178 |
| 35982 | Impac CMB Trust Series 2003-4 3M2<sup>(e)</sup> |  | 5.7290 | &nbsp;&nbsp;07/25/33 | 35727 |
| 25724 | Impac CMB Trust Series 2004-10 3M2<sup>(d)</sup> | TSFR1M + 0.999% | 4.9540 | &nbsp;&nbsp;03/25/35 | 24773 |
| 26087 | Impac CMB Trust Series 2004-10 3M3<sup>(d)</sup> | TSFR1M + 1.089% | 5.0440 | &nbsp;&nbsp;03/25/35 | 24646 |
| 16899 | Impac CMB Trust Series 2005-2 2B<sup>(d)</sup> | TSFR1M + 2.589% | 6.5440 | &nbsp;&nbsp;04/25/35 | 17120 |
| 168181 | Impac CMB Trust Series 2005-4 2M1<sup>(d)</sup> | TSFR1M + 0.614% | 4.8190 | &nbsp;&nbsp;05/25/35 | 163433 |
| 427773 | Impac CMB Trust Series 2005-4 2M2<sup>(d)</sup> | TSFR1M + 0.864% | 5.1940 | &nbsp;&nbsp;05/25/35 | 429533 |
| 294626 | Impac CMB Trust Series 2005-8 2M1<sup>(d)</sup> | TSFR1M + 0.864% | 4.8190 | &nbsp;&nbsp;02/25/36 | 281238 |
| 63915 | Impac CMB Trust Series 2005-8 2M3<sup>(d)</sup> | TSFR1M + 2.364% | 6.3190 | &nbsp;&nbsp;02/25/36 | 64987 |
| 57716 | Impac CMB Trust Series 2005-8 2B<sup>(d)</sup> | TSFR1M + 2.364% | 6.3190 | &nbsp;&nbsp;02/25/36 | 57682 |
| 168888 | Impac Secured Assets CMN Owner Trust Series 2003-2 A2 |  | 6.0000 | &nbsp;&nbsp;08/25/33 | 132799 |
| 76235 | Impac Secured Assets Trust Series 2006-1 2A1<sup>(d)</sup> | TSFR1M + 0.814% | 4.7690 | &nbsp;&nbsp;05/25/36 | 74459 |
| 16995 | IndyMac INDX Mortgage Loan Trust Series 2004-AR11 2A<sup>(b)</sup> |  | 4.5780 | &nbsp;&nbsp;12/25/34 | 16075 |
| 196174 | IndyMac INDX Mortgage Loan Trust Series 2004-AR15 3A1<sup>(b)</sup> |  | 4.8910 | &nbsp;&nbsp;02/25/35 | 190217 |
| 149648 | IndyMac INDX Mortgage Loan Trust Series 2005-AR8 2A1A<sup>(d)</sup> | TSFR1M + 0.574% | 4.5290 | &nbsp;&nbsp;04/25/35 | 144018 |
| 183987 | IndyMac INDX Mortgage Loan Trust Series 2005-AR13 1A1<sup>(b)</sup> |  | 3.9760 | &nbsp;&nbsp;08/25/35 | 80545 |
| 244757 | JP Morgan Alternative Loan Trust Series 2005-S1 1A8<sup>(a),(d)</sup> | TSFR1M + 7.036% | 3.0810 | &nbsp;&nbsp;12/25/35 | 39913 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4% (Continued)** |  |  |  |  |
| 706970 | JP Morgan Alternative Loan Trust Series A1 1A2<sup>(d)</sup> | TSFR1M + 0.714% | 4.6690 | &nbsp;&nbsp;03/25/36 | $604473 |
| 904450 | JP Morgan Alternative Loan Trust Series 2008-R4 1A1<sup>(c)</sup> |  | 6.0000 | &nbsp;&nbsp;12/27/36 | 434855 |
| 100000 | JP Morgan Chase Commercial Mortgage Securities Series UES B<sup>(c)</sup> |  | 4.1420 | &nbsp;&nbsp;05/05/32 | 98768 |
| 304611 | JP Morgan MBS Series 2006-R1 6A1<sup>(b),(c)</sup> |  | 4.0540 | &nbsp;&nbsp;09/28/44 | 243993 |
| 18933 | JP Morgan Mortgage Trust Series 2006-A2 5A4<sup>(b)</sup> |  | 6.4170 | &nbsp;&nbsp;11/25/33 | 18771 |
| 1918 | JP Morgan Mortgage Trust Series 2004-A3 3A3<sup>(b)</sup> |  | 5.3200 | &nbsp;&nbsp;07/25/34 | 1892 |
| 17688 | JP Morgan Mortgage Trust Series 2004-S2 4A5 |  | 6.0000 | &nbsp;&nbsp;11/25/34 | 16304 |
| 20804 | JP Morgan Mortgage Trust Series 2005-A7 1A4<sup>(b)</sup> |  | 5.2140 | &nbsp;&nbsp;10/25/35 | 20075 |
| 187325 | JP Morgan Mortgage Trust Series 2008-R2 2A<sup>(b),(c)</sup> |  | 5.5000 | &nbsp;&nbsp;12/27/35 | 160280 |
| 818189 | JP Morgan Mortgage Trust Series 2005-S3 1A22 |  | 5.5000 | &nbsp;&nbsp;01/25/36 | 336333 |
| 12587 | JP Morgan Mortgage Trust Series 2006-A4 3A1<sup>(b)</sup> |  | 4.5320 | &nbsp;&nbsp;06/25/36 | 8223 |
| 121047 | JP Morgan Mortgage Trust Series 2006-A7 2A1R<sup>(b)</sup> |  | 4.4700 | &nbsp;&nbsp;01/25/37 | 97151 |
| 147414 | JP Morgan Mortgage Trust Series 2006-A7 2A4R<sup>(b)</sup> |  | 4.4700 | &nbsp;&nbsp;01/25/37 | 118332 |
| 16911 | JP Morgan Mortgage Trust Series 2018-8 A3<sup>(b),(c)</sup> |  | 4.0000 | &nbsp;&nbsp;01/25/49 | 15948 |
| 168289 | JP Morgan Mortgage Trust Series 2019-8 B4<sup>(b),(c)</sup> |  | 4.1430 | &nbsp;&nbsp;03/25/50 | 156808 |
| 35264 | JP Morgan Mortgage Trust Series 2020-5 A3<sup>(b),(c)</sup> |  | 3.0000 | &nbsp;&nbsp;12/25/50 | 31158 |
| 100560 | JP Morgan Tax-Emept Pass-Through Trust Series 2012-3 A<sup>(b),(c)</sup> |  | 3.0000 | &nbsp;&nbsp;10/27/42 | 93716 |
| 127009 | JPMorgan Chase Bank NA - CHASE Series 2020-CL1 M3<sup>(d)</sup> | TSFR1M + 3.464% | 7.4190 | &nbsp;&nbsp;10/25/57 | 136384 |
| 2277598 | La Hipotecaria Panamanian Mortgage Trust Series 2021-1 GA<sup>(c)</sup> |  | 5.1000 | &nbsp;&nbsp;07/13/52 | 2084758 |
| 115644 | Lehman Mortgage Trust Series 2006-2 2A3 |  | 5.7500 | &nbsp;&nbsp;04/25/36 | 117524 |
| 39773 | MASTR Adjustable Rate Mortgages Trust Series 2003-1 2A1<sup>(b)</sup> |  | 4.2840 | &nbsp;&nbsp;12/25/32 | 37660 |
| 16062 | MASTR Adjustable Rate Mortgages Trust Series 2003-2 4A1<sup>(b)</sup> |  | 5.3340 | &nbsp;&nbsp;07/25/33 | 15255 |
| 28116 | MASTR Adjustable Rate Mortgages Trust Series 2003-6 2A1<sup>(b)</sup> |  | 5.2710 | &nbsp;&nbsp;12/25/33 | 26200 |
| 15698 | MASTR Adjustable Rate Mortgages Trust Series 2003-6 7A1<sup>(b)</sup> |  | 6.6250 | &nbsp;&nbsp;12/25/33 | 15582 |
| 34092 | MASTR Adjustable Rate Mortgages Trust Series 2003-7 B1<sup>(b)</sup> |  | 6.8820 | &nbsp;&nbsp;01/25/34 | 33815 |
| 25723 | MASTR Adjustable Rate Mortgages Trust Series 2004-10<sup>(b)</sup> |  | 5.6080 | &nbsp;&nbsp;10/25/34 | 21975 |
| 155602 | MASTR Adjustable Rate Mortgages Trust Series 2004-15 4A1<sup>(b)</sup> |  | 4.9220 | &nbsp;&nbsp;12/25/34 | 154026 |
| 222107 | MASTR Adjustable Rate Mortgages Trust Series 2005-7 3A1<sup>(b)</sup> |  | 3.5400 | &nbsp;&nbsp;09/25/35 | 132795 |
| 90962 | MASTR Adjustable Rate Mortgages Trust Series 2006-2 5A1<sup>(b)</sup> |  | 4.4200 | &nbsp;&nbsp;05/25/36 | 27925 |
| 91217 | MASTR Alternative Loan Trust Series 2003-3 B2<sup>(b)</sup> |  | 6.1640 | &nbsp;&nbsp;05/25/33 | 85164 |
| 468398 | MASTR Alternative Loan Trust Series 2003-5 8A1 |  | 5.5000 | &nbsp;&nbsp;06/25/33 | 465710 |
| 36425 | MASTR Alternative Loan Trust Series 2003-7 6A1 |  | 6.5000 | &nbsp;&nbsp;12/25/33 | 37347 |
| 91603 | MASTR Alternative Loan Trust Series 2004-1 2A1 |  | 7.0000 | &nbsp;&nbsp;01/25/34 | 92437 |
| 111343 | MASTR Alternative Loan Trust Series 2004-1 4A1 |  | 5.5000 | &nbsp;&nbsp;02/25/34 | 110756 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4% (Continued)** |  |  |  |  |
| 42487 | MASTR Alternative Loan Trust Series 2004-3 2A1 |  | 6.2500 | &nbsp;&nbsp;04/25/34 | $43670 |
| 154221 | MASTR Alternative Loan Trust Series 2004-3 6A1 |  | 6.5000 | &nbsp;&nbsp;04/25/34 | 154529 |
| 19547 | MASTR Alternative Loan Trust Series 2004-4 1A1 |  | 5.5000 | &nbsp;&nbsp;05/25/34 | 19296 |
| 48893 | MASTR Alternative Loan Trust Series 2004-7 10A1 |  | 6.0000 | &nbsp;&nbsp;06/25/34 | 49493 |
| 32827 | MASTR Alternative Loan Trust Series 2004-6 10A1 |  | 6.0000 | &nbsp;&nbsp;07/25/34 | 33039 |
| 135141 | MASTR Alternative Loan Trust Series 2004-6 7A1 |  | 6.0000 | &nbsp;&nbsp;07/25/34 | 133254 |
| 571668 | MASTR Alternative Loan Trust Series 2004-6 6A1 |  | 6.5000 | &nbsp;&nbsp;07/25/34 | 577261 |
| 22151 | MASTR Alternative Loan Trust Series 2007-1 30PO<sup>(f)</sup> |  | 0.0000 | &nbsp;&nbsp;10/25/36 | 12083 |
| 300341 | MASTR Alternative Loan Trust Series 2005-2 6A1 |  | 5.0000 | &nbsp;&nbsp;03/25/43 | 228825 |
| 866079 | MASTR Alternative Loan Trust Series 2007-HF1 4PO<sup>(f)</sup> |  | 0.0000 | &nbsp;&nbsp;10/25/47 | 9 |
| 11419 | MASTR Asset Securitization Trust Series 2003-12 6A1 |  | 5.0000 | &nbsp;&nbsp;12/25/33 | 9871 |
| 42649 | MASTR Asset Securitization Trust Series 2003-11 9A6 |  | 5.2500 | &nbsp;&nbsp;12/25/33 | 43616 |
| 31721 | MASTR Asset Securitization Trust Series 2003-11 7A5 |  | 5.2500 | &nbsp;&nbsp;12/25/33 | 32246 |
| 3357 | MASTR Asset Securitization Trust Series 2003-11 2A10 |  | 5.5000 | &nbsp;&nbsp;12/25/33 | 3431 |
| 155109 | MASTR Asset Securitization Trust Series 2003-11 8A1 |  | 5.5000 | &nbsp;&nbsp;12/25/33 | 141939 |
| 6115 | MASTR Asset Securitization Trust Series 2004-1 1A12 |  | 5.5000 | &nbsp;&nbsp;02/25/34 | 6063 |
| 2156282 | MASTR Asset Securitization Trust Series 2004-9 4A1 |  | 6.0000 | &nbsp;&nbsp;09/25/34 | 1496441 |
| 55395 | MASTR Asset Securitization Trust Series 2005-1 2A9 |  | 5.5000 | &nbsp;&nbsp;05/25/35 | 42455 |
| 4115543 | MASTR Asset Securitization Trust Series 2006-2 2A2<sup>(d)</sup> | TSFR1M + 0.614% | 4.5690 | &nbsp;&nbsp;06/25/36 | 778994 |
| 2174712 | MASTR Asset Securitization Trust Series 2006-3 2A1<sup>(d)</sup> | TSFR1M + 0.564% | 4.5190 | &nbsp;&nbsp;10/25/36 | 320382 |
| 14276 | MASTR Reperforming Loan Trust Series 2005-2 1A4<sup>(c)</sup> |  | 8.0000 | &nbsp;&nbsp;05/25/35 | 10091 |
| 114280 | MASTR Reperforming Loan Trust Series 2006-2 2A1<sup>(b),(c)</sup> |  | 3.8010 | &nbsp;&nbsp;05/25/36 | 105356 |
| 9309 | MASTR Seasoned Securitization Trust Series 2005-1 3A1<sup>(b)</sup> |  | 4.1120 | &nbsp;&nbsp;10/25/32 | 8633 |
| 45375 | MASTR Seasoned Securitization Trust Series 2004-1 4A1<sup>(b)</sup> |  | 6.5320 | &nbsp;&nbsp;10/25/32 | 44631 |
| 317726 | MASTR Seasoned Securitization Trust Series 2003-1 2A1 |  | 6.0000 | &nbsp;&nbsp;02/25/33 | 319607 |
| 880000 | Mello Mortgage Capital Acceptance Series 2018-MTG2 B5<sup>(b),(c)</sup> |  | 4.3620 | &nbsp;&nbsp;10/25/48 | 711610 |
| 529263 | Mello Mortgage Capital Acceptance Series 2021-MTG1 B1<sup>(b),(c)</sup> |  | 2.6510 | &nbsp;&nbsp;04/25/51 | 442657 |
| 311821 | Merrill Lynch Alternative Note Asset Trust Series Series A2 A3B<sup>(d)</sup> | TSFR1M + 0.514% | 4.4690 | &nbsp;&nbsp;03/25/37 | 73221 |
| 27128 | Merrill Lynch Mortgage Investors Trust Series 2003-A6 1A<sup>(b)</sup> |  | 6.0470 | &nbsp;&nbsp;09/25/33 | 26304 |
| 87240 | Merrill Lynch Mortgage Investors Trust MLCC Series 2004-HB1<sup>(b)</sup> |  | 3.6610 | &nbsp;&nbsp;04/25/29 | 74386 |
| 180729 | Merrill Lynch Mortgage Investors Trust MLCC Series B B1<sup>(d)</sup> | TSFR1M + 0.714% | 4.6690 | &nbsp;&nbsp;07/25/30 | 159186 |
| 39133 | Merrill Lynch Mortgage Investors Trust MLCC Series 2007-3 2A2<sup>(b)</sup> |  | 3.9660 | &nbsp;&nbsp;09/25/37 | 29402 |
| 24581 | Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A4 3A<sup>(b)</sup> |  | 7.0000 | &nbsp;&nbsp;05/25/33 | 24182 |
| 149559 | Merrill Lynch Mortgage Investors Trust MLMI Series 2005-A4 1A<sup>(b)</sup> |  | 5.3520 | &nbsp;&nbsp;07/25/35 | 65410 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4% (Continued)** |  |  |  |  |
| 132680 | Merrill Lynch Mortgage Investors Trust Series Series A1 1A1<sup>(b)</sup> |  | 4.5180 | &nbsp;&nbsp;03/25/36 | $70809 |
| 40613 | Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2003-HYB1 A3<sup>(b)</sup> |  | 5.1990 | &nbsp;&nbsp;03/25/33 | 36450 |
| 9480 | Morgan Stanley Mortgage Loan Trust Series 2004-2AR 2A<sup>(b)</sup> |  | 5.7440 | &nbsp;&nbsp;02/25/34 | 9155 |
| 18035 | Morgan Stanley Mortgage Loan Trust Series 2004-8AR 2A<sup>(b)</sup> |  | 4.3120 | &nbsp;&nbsp;10/25/34 | 16561 |
| 14293 | Morgan Stanley Mortgage Loan Trust Series 2004-8AR 4A1<sup>(b)</sup> |  | 5.3560 | &nbsp;&nbsp;10/25/34 | 13880 |
| 9114 | Morgan Stanley Mortgage Loan Trust Series 2004-10AR 2A2<sup>(b)</sup> |  | 5.5700 | &nbsp;&nbsp;11/25/34 | 8705 |
| 494881 | Morgan Stanley Mortgage Loan Trust Series 2005-1 4A1<sup>(d)</sup> | TSFR1M + 0.414% | 4.3690 | &nbsp;&nbsp;03/25/35 | 471288 |
| 73872 | Morgan Stanley Mortgage Loan Trust Series 2005-10 5A1 |  | 6.0000 | &nbsp;&nbsp;12/25/35 | 26658 |
| 8732 | Morgan Stanley Mortgage Loan Trust Series 2006-8AR 4A2<sup>(b)</sup> |  | 6.5000 | &nbsp;&nbsp;06/25/36 | 7817 |
| 271565 | Morgan Stanley Mortgage Loan Trust Series 2007-15AR 5A1<sup>(b)</sup> |  | 3.7730 | &nbsp;&nbsp;12/25/37 | 174077 |
| 1000000 | Morgan Stanley Residential Mortgage Loan Trust Series NQM1 B1<sup>(b),(c)</sup> |  | 7.3790 | &nbsp;&nbsp;09/25/68 | 1007932 |
| 92545 | MortgageIT Trust Series 2004-2 B2<sup>(d)</sup> | TSFR1M + 3.339% | 7.2940 | &nbsp;&nbsp;12/25/34 | 93165 |
| 56400 | MortgageIT Trust Series 2005-2 2A<sup>(d)</sup> | TSFR1M + 1.764% | 5.7490 | &nbsp;&nbsp;05/25/35 | 55336 |
| 145805 | MortgageIT Trust Series 2005-3 M2<sup>(d)</sup> | TSFR1M + 0.909% | 4.8640 | &nbsp;&nbsp;08/25/35 | 143040 |
| 73252 | MRFC Mortgage Pass-Through Trust Series 2000-TBC3 B4<sup>(b),(c)</sup> |  | 5.1970 | &nbsp;&nbsp;12/15/30 | 68976 |
| 508902 | National City Mortgage Capital Trust Series 2008-1 2A1 |  | 6.0000 | &nbsp;&nbsp;03/25/38 | 519279 |
| 24818 | National City Mortgage Capital Trust Series 2008-1 2A2 |  | 6.0000 | &nbsp;&nbsp;03/25/38 | 25296 |
| 720000 | New Residential Mortgage Loan Trust Series 2020-RPL1 B3<sup>(b),(c)</sup> |  | 3.8340 | &nbsp;&nbsp;11/25/59 | 578365 |
| 119689 | Nomura Asset Acceptance Corp Alternative Loan Series 2004-R1 A2<sup>(c)</sup> |  | 7.5000 | &nbsp;&nbsp;03/25/34 | 113671 |
| 380675 | Nomura Asset Acceptance Corp Alternative Loan Series 2005-AR3 1A1<sup>(d)</sup> | TSFR1M + 0.634% | 4.5890 | &nbsp;&nbsp;07/25/35 | 350040 |
| 389313 | Nomura Asset Acceptance Corp Alternative Loan Series AF1 4A1<sup>(b)</sup> |  | 6.9790 | &nbsp;&nbsp;06/25/36 | 359137 |
| 64514 | Nomura Asset Acceptance Corp Alternative Loan Series 2007-1 1A3<sup>(e)</sup> |  | 6.4570 | &nbsp;&nbsp;03/25/47 | 61562 |
| 3401647 | Ocwen Residential MBS Corporation Series 1998-R3 AWAC<sup>(b),(c)</sup> |  | 0.0000 | &nbsp;&nbsp;09/25/38 | 85041 |
| 38543 | Ocwen Residential MBS Corporation Series 1999-R2 B2<sup>(b),(c)</sup> |  | 0.5630 | &nbsp;&nbsp;06/25/39 | 556 |
| 270000 | Onity Loan Investment Trust Series 2024-HB2 M2<sup>(b),(c)</sup> |  | 5.0000 | &nbsp;&nbsp;08/25/37 | 267301 |
| 60064 | PHH Mortgage Trust Series Series 2008-CIM1 21A1 |  | 6.0000 | &nbsp;&nbsp;05/25/38 | 60898 |
| 254705 | Prime Mortgage Trust Series 2003-3 A9 |  | 5.5000 | &nbsp;&nbsp;01/25/34 | 254287 |
| 772649 | PRKCM Trust Series 2023-AFC1 A3<sup>(c),(e)</sup> |  | 7.3040 | &nbsp;&nbsp;02/25/58 | 773568 |
| 12725 | RAAC Series Trust Series 2005-SP1 4A1 |  | 7.0000 | &nbsp;&nbsp;09/25/34 | 12811 |
| 102755 | RALI Series Trust Series 2005-QA12 CB1<sup>(b)</sup> |  | 5.7880 | &nbsp;&nbsp;12/25/35 | 37996 |
| 231695 | RAMP Series Trust Series 2002-SL1 AII4<sup>(b)</sup> |  | 4.2530 | &nbsp;&nbsp;06/25/32 | 202119 |
| 9037 | RBSGC Mortgage Loan Trust Series 2007-B 3B1<sup>(b)</sup> |  | 5.6230 | &nbsp;&nbsp;01/25/37 | 9081 |
| 257765 | RBSGC Structured Trust Series 2008-A A1<sup>(b),(c)</sup> |  | 5.5000 | &nbsp;&nbsp;11/25/35 | 216836 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4% (Continued)** |  |  |  |  |
| 4554093 | RBSSP Resecuritization Trust Series 2013-5 2A2<sup>(c),(d)</sup> |  | 4.7200 | &nbsp;&nbsp;07/26/33 | $3976865 |
| 7660199 | RBSSP Resecuritization Trust Series 2009-12 19A2<sup>(b),(c)</sup> |  | 4.9620 | &nbsp;&nbsp;12/25/35 | 5588906 |
| 94811 | Reperforming Loan REMIC Trust Series 2003-R4 2A<sup>(b),(c)</sup> |  | 4.7580 | &nbsp;&nbsp;01/25/34 | 86867 |
| 10564 | Reperforming Loan REMIC Trust Series 2004-R1 2A<sup>(c)</sup> |  | 6.5000 | &nbsp;&nbsp;11/25/34 | 10375 |
| 2269 | Reperforming Loan REMIC Trust Series 2005-R2 2A4<sup>(c)</sup> |  | 8.5000 | &nbsp;&nbsp;06/25/35 | 2436 |
| 54016 | Reperforming Loan REMIC Trust Series 2006-R2 AF1<sup>(c),(d)</sup> | TSFR1M + 0.534% | 4.4890 | &nbsp;&nbsp;07/25/36 | 51235 |
| 1164416 | Residential Asset Securitization Trust Series 2003-A9 A3<sup>(d)</sup> | TSFR1M + 0.664% | 4.6190 | &nbsp;&nbsp;08/25/33 | 1073461 |
| 365208 | Residential Asset Securitization Trust Series 2003-A10 A5 |  | 5.2500 | &nbsp;&nbsp;09/25/33 | 363326 |
| 5210000 | RMF Buyout Issuance Trust Series 2022-HB1 M3<sup>(b),(c)</sup> |  | 4.5000 | &nbsp;&nbsp;04/25/32 | 4914810 |
| 2529000 | RMF Buyout Issuance Trust Series 2020-HB1 M4<sup>(b),(c)</sup> |  | 6.0000 | &nbsp;&nbsp;10/25/50 | 2424054 |
| 1414 | Ryland Mortgage Securities Corporation Series 1994-1 B<sup>(b)</sup> |  | 2.9400 | &nbsp;&nbsp;04/29/30 |  |
| 4349000 | SBALR Commercial Mortgage Trust Series 2020-RR1 C<sup>(b),(c)</sup> |  | 3.9790 | &nbsp;&nbsp;02/13/53 | 2562220 |
| 45784 | Seasoned Credit Risk Transfer Trust Series 2017-3 B<sup>(f)</sup> |  | 0.0000 | &nbsp;&nbsp;07/25/56 | 7560 |
| 198750 | Sequoia Mortgage Trust Series 2003-4 1A1<sup>(d)</sup> | TSFR1M + 0.734% | 4.6940 | &nbsp;&nbsp;07/20/33 | 186935 |
| 22796 | Sequoia Mortgage Trust Series 2004-10 A1A<sup>(d)</sup> | TSFR1M + 0.734% | 4.6940 | &nbsp;&nbsp;11/20/34 | 21864 |
| 33228 | Sequoia Mortgage Trust Series 2004-10 A3B<sup>(d)</sup> | TSFR6M + 1.208% | 4.9380 | &nbsp;&nbsp;11/20/34 | 31177 |
| 41932 | Sequoia Mortgage Trust Series 2005-2 A1<sup>(d)</sup> | TSFR1M + 0.554% | 4.5140 | &nbsp;&nbsp;03/20/35 | 38985 |
| 255788 | Sequoia Mortgage Trust Series 2005-3 B1<sup>(d)</sup> | TSFR1M + 0.669% | 4.6290 | &nbsp;&nbsp;05/20/35 | 164928 |
| 257492 | Sequoia Mortgage Trust Series 2007-4 1A1<sup>(d)</sup> | TSFR1M + 0.894% | 5.6340 | &nbsp;&nbsp;01/20/36 | 196970 |
| 231314 | Sequoia Mortgage Trust Series 2007-2 1B1<sup>(d)</sup> | TSFR1M + 0.714% | 4.6740 | &nbsp;&nbsp;06/20/36 | 204511 |
| 124934 | Sequoia Mortgage Trust Series 2007-3 1A1<sup>(d)</sup> | TSFR1M + 0.514% | 4.4740 | &nbsp;&nbsp;07/20/36 | 108721 |
| 73485 | Sequoia Mortgage Trust Series 2013-6 B1<sup>(b),(c)</sup> |  | 3.5240 | &nbsp;&nbsp;05/25/43 | 72373 |
| 10409 | Sequoia Mortgage Trust Series 2013-8 A1<sup>(b)</sup> |  | 3.0000 | &nbsp;&nbsp;06/25/43 | 9559 |
| 228378 | Sequoia Mortgage Trust Series 2014-4 A6<sup>(b),(c)</sup> |  | 3.5000 | &nbsp;&nbsp;11/25/44 | 214409 |
| 64101 | Sequoia Mortgage Trust Series 2017-1 B3<sup>(b),(c)</sup> |  | 3.6020 | &nbsp;&nbsp;02/25/47 | 53812 |
| 64677 | Shellpoint Co-Originator Trust Series 2017-1 B4<sup>(b),(c)</sup> |  | 3.5940 | &nbsp;&nbsp;04/25/47 | 46378 |
| 79131 | SoFi Personal Loan Trust Series 2024-1A A<sup>(c)</sup> |  | 6.0600 | &nbsp;&nbsp;02/12/31 | 79832 |
| 100000 | Spruce Hill Mortgage Loan Trust Series 2020-SH1 B2<sup>(b),(c)</sup> |  | 4.6760 | &nbsp;&nbsp;01/28/50 | 95912 |
| 37552 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-2 4A1<sup>(b)</sup> |  | 5.2380 | &nbsp;&nbsp;03/25/34 | 36098 |
| 240827 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-17 A1<sup>(b)</sup> |  | 4.1860 | &nbsp;&nbsp;11/25/34 | 214598 |
| 54915 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-18 1A3<sup>(b)</sup> |  | 4.8120 | &nbsp;&nbsp;12/25/34 | 49165 |
| 173905 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-4 1A1<sup>(b)</sup> |  | 4.2400 | &nbsp;&nbsp;03/25/35 | 146037 |
| 305812 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-15 1A1<sup>(b)</sup> |  | 4.1630 | &nbsp;&nbsp;07/25/35 | 154190 |
| 427846 | Structured Adjustable Rate Mortgage Loan Trust Series 2006-1 2A2<sup>(b)</sup> |  | 4.6220 | &nbsp;&nbsp;02/25/36 | 384593 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4% (Continued)** |  |  |  |  |
| 6116 | Structured Adjustable Rate Mortgage Loan Trust Series 2006-8 3AF<sup>(d)</sup> | TSFR1M + 0.494% | 4.3060 | &nbsp;&nbsp;09/25/36 | $5594 |
| 411882 | Structured Adjustable Rate Mortgage Loan Trust Series 4 1A1<sup>(d)</sup> | TSFR1M + 0.594% | 4.5490 | &nbsp;&nbsp;05/25/37 | 376968 |
| 287765 | Structured Adjustable Rate Mortgage Loan Trust Series 9 2A1<sup>(b)</sup> |  | 4.2470 | &nbsp;&nbsp;10/25/47 | 180023 |
| 120206 | Structured Asset Sec Corp Mort Passthr Certs Series 2003-40A 3A1<sup>(b)</sup> |  | 5.1100 | &nbsp;&nbsp;01/25/34 | 116527 |
| 21213 | Structured Asset Sec Corp Mort Passthr Certs Series 2003-40A 3A2<sup>(b)</sup> |  | 5.1100 | &nbsp;&nbsp;01/25/34 | 20565 |
| 13189 | Structured Asset Securities Corp Mortgage Series 2000-5 B3<sup>(b)</sup> |  | 0.0000 | &nbsp;&nbsp;11/25/30 | 10430 |
| 666 | Structured Asset Securities Corporation Series 2003-37A B1I<sup>(d)</sup> | TSFR1M + 0.894% | 5.0290 | &nbsp;&nbsp;12/25/33 | 643 |
| 397604 | Structured Asset Securities Corporation Series 2004-4XS A3A<sup>(e)</sup> |  | 5.5000 | &nbsp;&nbsp;02/25/34 | 393571 |
| 78288 | Structured Asset Securities Corporation Series 2004-4XS 1A5<sup>(e)</sup> |  | 5.9900 | &nbsp;&nbsp;02/25/34 | 77469 |
| 391934 | Structured Asset Securities Corporation Series 2004-4XS 1M1<sup>(e)</sup> |  | 6.0500 | &nbsp;&nbsp;02/25/34 | 410970 |
| 64904 | Structured Asset Securities Corporation Series 2005-RF2 A<sup>(c),(d)</sup> | TSFR1M + 0.464% | 4.4190 | &nbsp;&nbsp;04/25/35 | 59121 |
| 68379 | Structured Asset Securities Corporation Series 2005-RF3 2A<sup>(b),(c)</sup> |  | 4.4250 | &nbsp;&nbsp;06/25/35 | 62143 |
| 46406 | Suntrust Alternative Loan Trust Series 2005-1F 1A1<sup>(d)</sup> | TSFR1M + 0.764% | 4.7190 | &nbsp;&nbsp;12/25/35 | 40511 |
| 188805 | TIAA Bank Mortgage Loan Trust Series 2018-2 B3<sup>(b),(c)</sup> |  | 3.6570 | &nbsp;&nbsp;07/25/48 | 174132 |
| 233635 | TIAA Bank Mortgage Loan Trust Series 2018-3 B4<sup>(b),(c)</sup> |  | 4.0730 | &nbsp;&nbsp;11/25/48 | 186312 |
| 500000 | Towd Point Mortgage Trust Series 2022-SJ1 B1<sup>(b),(c)</sup> |  | 5.2500 | &nbsp;&nbsp;03/25/62 | 494626 |
| 2284620 | Verus Securitization Trust Series 2023-2 A2<sup>(c),(e)</sup> |  | 6.5990 | &nbsp;&nbsp;03/25/68 | 2286890 |
| 162056 | Verus Securitization Trust Series 2023-3 A3<sup>(c),(e)</sup> |  | 6.7430 | &nbsp;&nbsp;03/25/68 | 162291 |
| 370000 | Verus Securitization Trust Series 2023-5 B1<sup>(b),(c)</sup> |  | 7.9880 | &nbsp;&nbsp;06/25/68 | 373579 |
| 1000000 | Verus Securitization Trust Series 2023-INV3 B1<sup>(b),(c)</sup> |  | 8.1760 | &nbsp;&nbsp;11/25/68 | 1014610 |
| 37578 | WaMu Mortgage Pass-Through Certificates Series 2002-AR14 B1<sup>(b)</sup> |  | 4.2950 | &nbsp;&nbsp;11/25/32 | 34462 |
| 30987 | WaMu Mortgage Pass-Through Certificates Series 2002-AR18 A<sup>(b)</sup> |  | 6.2460 | &nbsp;&nbsp;01/25/33 | 30981 |
| 68850 | WaMu Mortgage Pass-Through Certificates Series 2003-S3 1A4 |  | 5.5000 | &nbsp;&nbsp;06/25/33 | 68432 |
| 27681 | WaMu Mortgage Pass-Through Certificates Series 2003-S5 1A13 |  | 5.5000 | &nbsp;&nbsp;06/25/33 | 27945 |
| 184225 | WaMu Mortgage Pass-Through Certificates Series 2003-AR9 1A7<sup>(b)</sup> |  | 5.6730 | &nbsp;&nbsp;09/25/33 | 182778 |
| 12710 | WaMu Mortgage Pass-Through Certificates Series 2002-AR2 A<sup>(d)</sup> | ECOFC + 1.250% | 4.2060 | &nbsp;&nbsp;02/27/34 | 12431 |
| 95382 | WaMu Mortgage Pass-Through Certificates Series CB3 2A |  | 6.5000 | &nbsp;&nbsp;10/25/34 | 99231 |
| 39405 | WaMu Mortgage Pass-Through Certificates Series 2006-AR2 1A1<sup>(b)</sup> |  | 4.5730 | &nbsp;&nbsp;03/25/36 | 35731 |
| 71977 | WaMu Mortgage Pass-Through Certificates Series 2002-AR17 1A<sup>(d)</sup> | 12MTA + 1.200% | 5.3090 | &nbsp;&nbsp;11/25/42 | 69954 |
| 94296 | WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A1<sup>(b)</sup> |  | 4.5350 | &nbsp;&nbsp;08/25/46 | 98770 |
| 142841 | Washington Mutual MSC Mortgage Pass-Through Series 2003-MS7 A12 |  | 5.5000 | &nbsp;&nbsp;03/25/33 | 144076 |
| 33685 | Washington Mutual MSC Mortgage Pass-Through Series 2003-MS9 2A |  | 7.5000 | &nbsp;&nbsp;04/25/33 | 34302 |
| 142283 | Washington Mutual MSC Mortgage Pass-Through Series 2003-AR3 B1<sup>(b)</sup> |  | 4.8560 | &nbsp;&nbsp;06/25/33 | 123245 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4% (Continued)** |  |  |  |  |
| 3632 | Washington Mutual MSC Mortgage Pass-Through Series 2005-RA1 3B4<sup>(b),(c)</sup> |  | 3.8070 | &nbsp;&nbsp;01/25/35 | $2982 |
| 90010 | Washington Mutual MSC Mortgage Pass-Through Series RA3 CB1<sup>(b)</sup> |  | 5.4890 | &nbsp;&nbsp;08/25/38 | 85616 |
| 137861 | Wells Fargo Alternative Loan Trust Series 2007-PA1 A7 |  | 6.0000 | &nbsp;&nbsp;03/25/37 | 128813 |
| 41850 | Wells Fargo Mortgage Backed Securities Series 2006-AR14 2A1<sup>(b)</sup> |  | 6.5010 | &nbsp;&nbsp;10/25/36 | 38477 |
| 54932 | Wells Fargo Mortgage Backed Securities Series 2007-7 A6 |  | 6.0000 | &nbsp;&nbsp;06/25/37 | 50415 |
| 234000 | Wells Fargo Mortgage Backed Securities Series 2018-1 B4<sup>(b),(c)</sup> |  | 3.6460 | &nbsp;&nbsp;07/25/47 | 150401 |
| 51560 | Wells Fargo Mortgage Backed Securities Series 2019-4 A2<sup>(b),(c)</sup> |  | 3.0000 | &nbsp;&nbsp;09/25/49 | 45688 |
| 190075 | WinWater Mortgage Loan Trust Series 2015-1 B2<sup>(b),(c)</sup> |  | 3.8700 | &nbsp;&nbsp;01/20/45 | 179849 |
|  |  |  |  |  | 92350665 |
|  | **CREDIT CARD — 0.2%** |  |  |  |  |
| 820637 | Continental Finance Credit Card A.B.S Master Trust Series 2022-A A<sup>(c)</sup> |  | 6.1900 | &nbsp;&nbsp;10/15/30 | 822401 |
|  | **HOME EQUITY — 3.1%** |  |  |  |  |
| 53547 | ABFC Trust Series 2004-OPT2 A2<sup>(d)</sup> | TSFR1M + 0.674% | 4.6290 | &nbsp;&nbsp;10/25/33 | 53020 |
| 561164 | ACE Securities Corp Home Equity Loan Trust Series Series IN1 A1<sup>(d)</sup> | TSFR1M + 0.754% | 4.7090 | &nbsp;&nbsp;05/25/34 | 538361 |
| 1000000 | ACHM Trust Series 2023-HE1 B<sup>(b),(c)</sup> |  | 7.0000 | &nbsp;&nbsp;11/25/37 | 1074286 |
| 989603 | ACHM Trust Series 2023-HE2 A<sup>(b),(c)</sup> |  | 7.5000 | &nbsp;&nbsp;10/25/38 | 1021863 |
| 135014 | AFC Trust Series 1999-3 1A<sup>(d)</sup> | TSFR1M + 1.094% | 5.0860 | &nbsp;&nbsp;09/28/29 | 117628 |
| 2668068 | Bayview Financial Mortgage Pass-Through Trust Series 2004-B A1<sup>(c),(d)</sup> | TSFR1M + 1.114% | 5.0300 | &nbsp;&nbsp;05/28/39 | 2187057 |
| 1055697 | Bayview Financial Mortgage Pass-Through Trust Series 2005-A M1<sup>(c),(d)</sup> | TSFR1M + 1.614% | 5.5300 | &nbsp;&nbsp;02/28/40 | 1016788 |
| 641626 | Bayview Financial Mortgage Pass-Through Trust Series A B1<sup>(d)</sup> | TSFR1M + 2.139% | 6.0550 | &nbsp;&nbsp;02/28/41 | 643271 |
| 14211 | Bear Stearns Asset Backed Securities I Trust Series 2004-FR2 M4<sup>(d)</sup> | TSFR1M + 2.214% | 5.1690 | &nbsp;&nbsp;06/25/34 | 14232 |
| 90985 | Bear Stearns Home Loan Owner Trust Series 2001-A B<sup>(e)</sup> |  | 10.5000 | &nbsp;&nbsp;02/15/31 | 86648 |
| 1194986 | CDC Mortgage Capital Trust Series 2004-HE3 M3<sup>(d)</sup> | TSFR1M + 2.214% | 6.1690 | &nbsp;&nbsp;11/25/34 | 1144283 |
| 136197 | CHEC Loan Trust Series 2004-1 M2<sup>(c),(d)</sup> | TSFR1M + 1.089% | 5.0440 | &nbsp;&nbsp;07/25/34 | 135872 |
| 2297 | Citigroup Global Markets Mortgage Securities VII, Inc. Series 2002-WMC1 M1<sup>(d)</sup> | TSFR1M + 1.464% | 5.4190 | &nbsp;&nbsp;01/25/32 | 2295 |
| 101275 | Delta Funding Home Equity Loan Trust Series 1999-3 A2F<sup>(e)</sup> |  | 8.0610 | &nbsp;&nbsp;09/15/29 | 96575 |
| 235239 | Delta Funding Home Equity Loan Trust Series 2000-1 M2<sup>(e)</sup> |  | 8.5900 | &nbsp;&nbsp;05/15/30 | 226141 |
| 69813 | Delta Funding Home Equity Loan Trust Series 1999-2 A1A<sup>(d)</sup> | TSFR1M + 0.434% | 4.7130 | &nbsp;&nbsp;08/15/30 | 69760 |
| 30409 | GE Capital Mortgage Services, Inc. Trust Series 1999-HE1 A6<sup>(b)</sup> |  | 6.7000 | &nbsp;&nbsp;04/25/29 | 30686 |
| 236013 | Home Equity Asset Trust Series 2002-2 A2<sup>(d)</sup> | TSFR1M + 0.714% | 4.6690 | &nbsp;&nbsp;06/25/32 | 234554 |
| 868775 | MASTR Asset Backed Securities Trust Series 2004-FRE1 M7<sup>(d)</sup> | TSFR1M + 2.814% | 6.7690 | &nbsp;&nbsp;07/25/34 | 828718 |
| 195121 | MASTR Asset Backed Securities Trust Series 2005-NC1 M2<sup>(d)</sup> | TSFR1M + 0.864% | 4.8190 | &nbsp;&nbsp;12/25/34 | 200055 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **HOME EQUITY — 3.1% (Continued)** |  |  |  |  |
| 252736 | Morgan Stanley A.B.S Capital I, Inc. Trust Series 2003-SD1 M2<sup>(d)</sup> | TSFR1M + 4.014% | 7.9690 | &nbsp;&nbsp;03/25/33 | $228782 |
| 21112 | New Century Home Equity Loan Trust Series 2003-5 AII<sup>(d)</sup> | TSFR1M + 0.914% | 4.8690 | &nbsp;&nbsp;11/25/33 | 13740 |
| 72631 | Nomura Home Equity Loan Inc Home Equity Loan Trust Series 2006-HE2 M1<sup>(d)</sup> | TSFR1M + 0.609% | 4.5640 | &nbsp;&nbsp;03/25/36 | 68906 |
| 164556 | NovaStar Mortgage Funding Trust Series 2003-4 A1<sup>(d)</sup> | TSFR1M + 0.854% | 4.8090 | &nbsp;&nbsp;02/25/34 | 165903 |
| 22503 | RAAC Series Trust Series 2004-SP1 AII<sup>(d)</sup> | TSFR1M + 0.814% | 4.7690 | &nbsp;&nbsp;03/25/34 | 22471 |
| 42595 | RBSSP Resecuritization Trust Series 2010-4 6A2<sup>(c),(e)</sup> |  | 5.8250 | &nbsp;&nbsp;02/26/36 | 42154 |
| 424761 | Renaissance Home Equity Loan Trust Series 2002-3 M1<sup>(d)</sup> | TSFR1M + 1.614% | 5.5690 | &nbsp;&nbsp;12/25/32 | 401243 |
| 83936 | Renaissance Home Equity Loan Trust Series 2002-3 M2<sup>(d)</sup> | TSFR1M + 2.664% | 6.6190 | &nbsp;&nbsp;12/25/32 | 73867 |
| 15862 | Saxon Asset Securities Trust Series 2001-2 AF5<sup>(e)</sup> |  | 7.1700 | &nbsp;&nbsp;03/25/29 | 17272 |
| 30005 | Saxon Asset Securities Trust Series 2003-3 M2<sup>(d)</sup> | TSFR1M + 2.514% | 4.0090 | &nbsp;&nbsp;12/25/33 | 28023 |
| 164887 | Saxon Asset Securities Trust Series 2003-3 AF5<sup>(e)</sup> |  | 4.0450 | &nbsp;&nbsp;12/25/33 | 157068 |
| 1500000 | Security National Mortgage Loan Trust Series 2005-2A A4<sup>(b),(c)</sup> |  | 7.7160 | &nbsp;&nbsp;02/25/35 | 1535044 |
| 197145 | Security National Mortgage Loan Trust Series 2005-2A A3<sup>(b),(c)</sup> |  | 6.2130 | &nbsp;&nbsp;02/25/36 | 199226 |
| 103555 | Southern Pacific Secured Asset Corporation Series 1997-2 M1F |  | 7.3200 | &nbsp;&nbsp;05/25/27 | 151070 |
| 748646 | Structured Asset Securities Corp Pass-Through Series 2002-AL1 A3 |  | 3.4500 | &nbsp;&nbsp;02/25/32 | 141632 |
|  |  |  |  |  | 12968494 |
|  | **MANUFACTURED HOUSING — 0.3%** |  |  |  |  |
| 1500000 | Cascade MH Asset Trust Series 2019-MH1 M<sup>(b),(c)</sup> |  | 5.9850 | &nbsp;&nbsp;11/25/44 | 1348110 |
| 87573 | Conseco Finance Corporation Series 5 B1<sup>(b)</sup> |  | 8.1000 | &nbsp;&nbsp;07/15/26 | 88500 |
|  |  |  |  |  | 1436610 |
|  | **NON AGENCY CMBS — 21.7%** |  |  |  |  |
| 3204350 | Angel Oak SB Commercial Mortgage Trust Series 2020-SBC1 B1<sup>(b),(c)</sup> |  | 3.6530 | &nbsp;&nbsp;05/25/50 | 2602198 |
| 2124264 | Angel Oak SB Commercial Mortgage Trust Series 2020-SBC1 B2<sup>(b),(c)</sup> |  | 5.3780 | &nbsp;&nbsp;05/25/50 | 1667792 |
| 825000 | BANK Series 2017-BNK8 C<sup>(b)</sup> |  | 4.2260 | &nbsp;&nbsp;11/15/50 | 664216 |
| 1625000 | BANK Series 2019-BN19 B |  | 3.6470 | &nbsp;&nbsp;08/15/61 | 1422809 |
| 980000 | BANK Series 2019-BNK20 B<sup>(b)</sup> |  | 3.3950 | &nbsp;&nbsp;09/15/62 | 858012 |
| 474000 | BANK Series 2020-BNK27 B<sup>(b)</sup> |  | 2.9060 | &nbsp;&nbsp;04/15/63 | 416595 |
| 22011 | Bayview Commercial Asset Trust Series 2005-2A M1<sup>(c),(d)</sup> | TSFR1M + 0.759% | 4.7140 | &nbsp;&nbsp;08/25/35 | 21341 |
| 34060 | Bayview Commercial Asset Trust Series 2005-2A B1<sup>(c),(d)</sup> | TSFR1M + 1.839% | 5.7940 | &nbsp;&nbsp;08/25/35 | 36424 |
| 17458 | Bayview Commercial Asset Trust Series 2005-4A M1<sup>(c),(d)</sup> | TSFR1M + 0.789% | 4.7810 | &nbsp;&nbsp;01/25/36 | 16754 |
| 58515 | Bayview Commercial Asset Trust Series 2007-1 M2<sup>(c),(d)</sup> | TSFR1M + 0.549% | 4.5040 | &nbsp;&nbsp;03/25/37 | 55595 |
| 500000 | Bayview Commercial Asset Trust Series 2008-1 M1<sup>(c),(d)</sup> | TSFR1M + 3.264% | 7.2190 | &nbsp;&nbsp;01/25/38 | 468911 |
| 250000 | Benchmark Mortgage Trust Series 2020-IG3 A4<sup>(c)</sup> |  | 2.4370 | &nbsp;&nbsp;09/15/48 | 217027 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **NON AGENCY CMBS — 21.7% (Continued)** |  |  |  |  |
| 130000 | Benchmark Mortgage Trust Series 2019-B9 B |  | 4.4680 | &nbsp;&nbsp;03/15/52 | $121933 |
| 900000 | Benchmark Mortgage Trust Series 2020-B17 E<sup>(c)</sup> |  | 2.2500 | &nbsp;&nbsp;03/15/53 | 507545 |
| 470000 | Benchmark Mortgage Trust Series 2020-B17 C<sup>(b)</sup> |  | 3.3710 | &nbsp;&nbsp;03/15/53 | 369543 |
| 500000 | Benchmark Mortgage Trust Series 2020-B19 B |  | 2.3510 | &nbsp;&nbsp;09/15/53 | 393545 |
| 495000 | Benchmark Mortgage Trust Series 2021-B24 A2 |  | 1.9530 | &nbsp;&nbsp;03/15/54 | 485458 |
| 328000 | Benchmark Mortgage Trust Series 2021-B31 C<sup>(b)</sup> |  | 3.1950 | &nbsp;&nbsp;12/15/54 | 260721 |
| 350000 | BFLD Trust Series 2020-EYP A<sup>(c),(d)</sup> | TSFR1M + 1.264% | 5.2230 | &nbsp;&nbsp;10/15/35 | 273841 |
| 555000 | BMD2 Re-Remic Trust Series 2019-FRR1 5A1<sup>(b),(c)</sup> |  | 3.4250 | &nbsp;&nbsp;05/25/52 | 526612 |
| 4290000 | Canal Center Lease-Backed Pass-Through Trust Series 1 A<sup>(c)</sup> |  | 3.0230 | &nbsp;&nbsp;09/15/56 | 2725491 |
| 500000 | Cantor Commercial Real Estate Lending Series 2019-CF3 E<sup>(b),(c)</sup> |  | 2.5000 | &nbsp;&nbsp;01/15/53 | 321199 |
| 2768639 | Carbon Capital VI Commercial Mortgage Series 2019-FL2 B<sup>(c),(d)</sup> | TSFR1M + 2.964% | 6.9230 | &nbsp;&nbsp;10/15/35 | 1068722 |
| 1463875 | CBA Commercial Small Balance Commercial Mortgage Series 2007-1A A<sup>(c),(e)</sup> |  | 6.2600 | &nbsp;&nbsp;07/25/39 | 1356283 |
| 1400000 | CD Mortgage Trust Series 2016-CD2 B<sup>(b)</sup> |  | 3.8790 | &nbsp;&nbsp;11/10/49 | 1111276 |
| 72000 | CD Mortgage Trust Series 2017-CD3 D<sup>(c)</sup> |  | 3.2500 | &nbsp;&nbsp;02/10/50 | 2185 |
| 1000000 | CD Mortgage Trust Series 2017-CD3 AS |  | 3.8330 | &nbsp;&nbsp;02/10/50 | 940552 |
| 131402 | CFCRE Commercial Mortgage Trust Series 2011-C2 D<sup>(b),(c)</sup> |  | 5.0800 | &nbsp;&nbsp;12/15/47 | 129564 |
| 100000 | CFK Trust Series 2020-MF2 A<sup>(c)</sup> |  | 2.3870 | &nbsp;&nbsp;03/15/39 | 94805 |
| 50000 | Citigroup Commercial Mortgage Trust Series 2015-GC31 B<sup>(b)</sup> |  | 3.8130 | &nbsp;&nbsp;06/10/48 | 37838 |
| 750000 | Citigroup Commercial Mortgage Trust Series 2015-GC35 D |  | 3.2360 | &nbsp;&nbsp;11/10/48 | 379291 |
| 900000 | Citigroup Commercial Mortgage Trust Series 2015-GC35 C<sup>(b)</sup> |  | 4.6480 | &nbsp;&nbsp;11/10/48 | 678069 |
| 186259 | CNL Commercial Mortgage Loan Trust Series 2003-1A A1<sup>(c),(d)</sup> | TSFR1M + 0.614% | 4.5730 | &nbsp;&nbsp;05/15/31 | 184591 |
| 3285000 | COMM Mortgage Trust Series 2013-CR12 B<sup>(b)</sup> |  | 4.7620 | &nbsp;&nbsp;10/10/46 | 947773 |
| 130938 | COMM Mortgage Trust Series 2014-CCRE16 B |  | 4.5820 | &nbsp;&nbsp;04/10/47 | 127029 |
| 175500 | COMM Mortgage Trust Series 2016-COR1 C<sup>(b)</sup> |  | 4.4600 | &nbsp;&nbsp;10/10/49 | 148754 |
| 420000 | CSAIL Commercial Mortgage Trust Series 2015-C3 D<sup>(b)</sup> |  | 3.1920 | &nbsp;&nbsp;08/15/48 | 272415 |
| 190000 | CSAIL Commercial Mortgage Trust Series 2015-C3 C<sup>(b)</sup> |  | 4.1920 | &nbsp;&nbsp;08/15/48 | 162677 |
| 265000 | CSAIL Commercial Mortgage Trust Series 2018-C14 D<sup>(b),(c)</sup> |  | 5.0390 | &nbsp;&nbsp;11/15/51 | 219312 |
| 2634000 | CSAIL Commercial Mortgage Trust Series 2015-C2 C<sup>(b)</sup> |  | 4.1790 | &nbsp;&nbsp;06/15/57 | 2427755 |
| 391000 | CSAIL Commercial Mortgage Trust Series 2015-C2 D<sup>(b)</sup> |  | 4.1790 | &nbsp;&nbsp;06/15/57 | 290318 |
| 130577 | CSAIL Commercial Mortgage Trust Series 2015-C2 B<sup>(b)</sup> |  | 4.2080 | &nbsp;&nbsp;06/15/57 | 124323 |
| 1640000 | CSMC OA, LLC Series 2014-USA D<sup>(c)</sup> |  | 4.3730 | &nbsp;&nbsp;09/15/37 | 1359612 |
| 368477 | FREMF Mortgage Trust Series 2018-KF52<sup>(c),(d)</sup> | SOFR30A + 2.064% | 6.2660 | &nbsp;&nbsp;09/25/28 | 354853 |
| 120313 | FREMF Mortgage Trust Series 2020-KF76 B<sup>(c),(d)</sup> | SOFR30A + 2.864% | 7.0660 | &nbsp;&nbsp;01/25/30 | 117958 |
| 1653298 | FREMF Mortgage Trust Series 2017-KF38 B<sup>(c),(d)</sup> | SOFR30A + 2.614% | 6.8160 | &nbsp;&nbsp;09/25/34 | 1600972 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **NON AGENCY CMBS — 21.7% (Continued)** |  |  |  |  |
| 824433 | FRESB Mortgage Trust Series 2018-SB48 B<sup>(c),(d)</sup> |  | 4.3520 | &nbsp;&nbsp;02/25/38 | $494874 |
| 1470000 | GS Mortgage Securities Corp Trust Series 2021-ROSS A<sup>(c),(d)</sup> | TSFR1M + 1.414% | 5.3740 | &nbsp;&nbsp;05/15/26 | 1395616 |
| 1350000 | GS Mortgage Securities Corp Trust Series 2013-PEMB C<sup>(b),(c)</sup> |  | 3.6680 | &nbsp;&nbsp;03/05/33 | 304034 |
| 5970000 | GS Mortgage Securities Corp Trust Series 2013-PEMB A<sup>(b),(c)</sup> |  | 3.6680 | &nbsp;&nbsp;03/05/33 | 4594661 |
| 72943 | GS Mortgage Securities Trust Series 2011-GC5 AS<sup>(b),(c)</sup> |  | 5.2090 | &nbsp;&nbsp;08/10/44 | 72240 |
| 3662000 | GS Mortgage Securities Trust Series 2014-GC22 AS |  | 4.1130 | &nbsp;&nbsp;06/10/47 | 3464322 |
| 10781 | GS Mortgage Securities Trust Series GC32 D |  | 3.3450 | &nbsp;&nbsp;07/10/48 | 10448 |
| 2000000 | Harvest Commercial Capital Loan Trust Series 2020-1 M5<sup>(b),(c)</sup> |  | 5.9640 | &nbsp;&nbsp;04/25/52 | 1865152 |
| 39973 | Impac CMB Trust Series 2004-8 3B<sup>(d)</sup> | TSFR1M + 2.739% | 6.6940 | &nbsp;&nbsp;08/25/34 | 40690 |
| 387000 | JP Morgan Chase Commercial Mortgage Series MINN A<sup>(c),(d)</sup> | TSFR1M + 1.317% | 5.2760 | &nbsp;&nbsp;11/15/35 | 371590 |
| 434058 | JP Morgan Chase Commercial Mortgage Securities Series 2015-FL7 D<sup>(c),(d)</sup> | PRIME + 0.693% | 7.6930 | &nbsp;&nbsp;05/15/28 | 347066 |
| 1165069 | JP Morgan Chase Commercial Mortgage Securities Series 2012-WLDN A<sup>(c)</sup> |  | 3.9100 | &nbsp;&nbsp;05/05/30 | 1157071 |
| 1900000 | JP Morgan Chase Commercial Mortgage Securities Series 2018-PTC A<sup>(c),(d)</sup> | TSFR1M + 1.497% | 5.5300 | &nbsp;&nbsp;04/15/31 | 911829 |
| 1453629 | JP Morgan Chase Commercial Mortgage Securities Series PHH A<sup>(c),(d)</sup> | TSFR1M + 1.257% | 5.2160 | &nbsp;&nbsp;06/15/35 | 1234705 |
| 560000 | JP Morgan Chase Commercial Mortgage Securities Series MKST A<sup>(c),(d)</sup> | TSFR1M + 1.464% | 5.4230 | &nbsp;&nbsp;12/15/36 | 276920 |
| 193000 | JP Morgan Chase Commercial Mortgage Securities Series 2011-C3 E<sup>(b),(c)</sup> |  | 5.7100 | &nbsp;&nbsp;02/15/46 | 137135 |
| 500000 | JP Morgan Chase Commercial Mortgage Securities Series 2013-LC11 E<sup>(b),(c)</sup> |  | 3.2500 | &nbsp;&nbsp;04/15/46 | 13174 |
| 5845049 | JP Morgan Chase Commercial Mortgage Securities Series 2007-LD11 AJ<sup>(b)</sup> |  | 6.0130 | &nbsp;&nbsp;06/15/49 | 1083295 |
| 345000 | JPMBB Commercial Mortgage Securities Trust Series 2015-C32 D<sup>(b)</sup> |  | 4.3640 | &nbsp;&nbsp;11/15/48 | 34432 |
| 210000 | JPMDB Commercial Mortgage Securities Trust Series 2017-C5 AS<sup>(b)</sup> |  | 3.8580 | &nbsp;&nbsp;03/15/50 | 193577 |
| 1165000 | JPMDB Commercial Mortgage Securities Trust Series 2017-C5 B<sup>(b)</sup> |  | 4.0090 | &nbsp;&nbsp;03/15/50 | 990553 |
| 165000 | JPMDB Commercial Mortgage Securities Trust Series COR7 B<sup>(b)</sup> |  | 3.2940 | &nbsp;&nbsp;05/13/53 | 117404 |
| 544000 | Lehman Brothers Small Balance Commercial Mortgage Series 3A M2<sup>(c),(d)</sup> | TSFR1M + 2.114% | 6.0690 | &nbsp;&nbsp;10/25/37 | 492810 |
| 381000 | LSTAR Commercial Mortgage Trust Series 2016-4 C<sup>(b),(c)</sup> |  | 4.8160 | &nbsp;&nbsp;03/10/49 | 373913 |
| 1000000 | LSTAR Commercial Mortgage Trust Series 2016-4 D<sup>(b),(c)</sup> |  | 4.8160 | &nbsp;&nbsp;03/10/49 | 951457 |
| 1500000 | LSTAR Commercial Mortgage Trust Series 2017-5 D<sup>(b),(c)</sup> |  | 4.8390 | &nbsp;&nbsp;03/10/50 | 1271141 |
| 3081441 | ML-CFC Commercial Mortgage Trust Series 2007-5 AJ<sup>(b)</sup> |  | 5.4500 | &nbsp;&nbsp;08/12/48 | 519348 |
| 460000 | Morgan Stanley Bank of America Merrill Lynch Trust |  | 3.5610 | &nbsp;&nbsp;04/15/48 | 443231 |
| 420000 | Morgan Stanley Capital I Trust Series 2014-150E AS<sup>(c)</sup> |  | 4.0120 | &nbsp;&nbsp;09/09/32 | 367591 |
| 172000 | Morgan Stanley Capital I Trust Series 2014-150E<sup>(c)</sup> |  | 4.2640 | &nbsp;&nbsp;09/09/32 | 144714 |
| 347000 | Morgan Stanley Capital I Trust Series 2014-150E D<sup>(b),(c)</sup> |  | 4.4380 | &nbsp;&nbsp;09/09/32 | 261743 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **NON AGENCY CMBS — 21.7% (Continued)** |  |  |  |  |
| 124657 | Morgan Stanley Capital I Trust Series 2018-BOP A<sup>(c),(d)</sup> | TSFR1M + 0.897% | 4.8560 | &nbsp;&nbsp;08/15/33 | $98943 |
| 200000 | Morgan Stanley Capital I Trust Series 2015-MS1 D<sup>(b),(c)</sup> |  | 4.2880 | &nbsp;&nbsp;05/15/48 | 163600 |
| 4236067 | Morgan Stanley Capital I Trust Series 2015-420 A<sup>(c),(e)</sup> |  | 7.9820 | &nbsp;&nbsp;10/12/50 | 4336400 |
| 15218 | Morgan Stanley Capital I Trust Series 2019-H6 A2 |  | 3.2280 | &nbsp;&nbsp;06/15/52 | 15188 |
| 210000 | MRCD Mortgage Trust Series 2019-PARK A<sup>(c)</sup> |  | 2.7180 | &nbsp;&nbsp;12/15/36 | 178842 |
| 1000000 | Natixis Commercial Mortgage Securities Trust Series 75B A<sup>(c)</sup> |  | 3.8580 | &nbsp;&nbsp;04/10/37 | 883090 |
| 1000000 | OWS Real Estate Finance, LLC Series MARG2 A<sup>(c),(d)</sup> | TSFR1M + 4.000% | 7.9590 | &nbsp;&nbsp;08/15/27 | 1001506 |
| 2250000 | Ready Capital Mortgage Trust Series 2019-5 E<sup>(b),(c)</sup> |  | 5.2350 | &nbsp;&nbsp;02/25/52 | 2062903 |
| 3000000 | ReadyCap Commercial Mortgage Trust Series 2018-4 E<sup>(b),(c)</sup> |  | 5.2520 | &nbsp;&nbsp;02/27/51 | 2885175 |
| 6075000 | SBALR Commercial Mortgage Trust Series 2020-RR1 D<sup>(b),(c)</sup> |  | 4.1740 | &nbsp;&nbsp;02/13/53 | 379688 |
| 110000 | Soho Trust Series 2021-SOHO B<sup>(b),(c)</sup> |  | 2.7860 | &nbsp;&nbsp;08/10/38 | 86504 |
| 31669 | Sutherland Commercial Mortgage Trust Series 2019-SBC8 A<sup>(b),(c)</sup> |  | 2.8600 | &nbsp;&nbsp;04/25/41 | 30395 |
| 351445 | Sutherland Commercial Mortgage Trust Series 2021-SB10 C<sup>(b),(c)</sup> |  | 2.6400 | &nbsp;&nbsp;12/25/41 | 325832 |
| 2000000 | TPG Trust Series 2024-WLSC A<sup>(c),(d)</sup> | TSFR1M + 2.133% | 6.0910 | &nbsp;&nbsp;11/15/29 | 2006254 |
| 251000 | UBS Commercial Mortgage Trust Series 2019-C16 C<sup>(b)</sup> |  | 4.9230 | &nbsp;&nbsp;04/15/52 | 229067 |
| 1197397 | VCC Trust Series 2025-MC1 A1<sup>(c),(e)</sup> |  | 8.1630 | &nbsp;&nbsp;05/25/55 | 1216046 |
| 1588789 | Velocity Commercial Capital Loan Trust Series 2017-2 M5<sup>(b),(c)</sup> |  | 6.4200 | &nbsp;&nbsp;11/25/47 | 1417233 |
| 1539808 | Velocity Commercial Capital Loan Trust Series 2017-2 M6<sup>(b),(c)</sup> |  | 7.7500 | &nbsp;&nbsp;11/25/47 | 1358458 |
| 807590 | Velocity Commercial Capital Loan Trust Series 2018-1 M6<sup>(c)</sup> |  | 7.2600 | &nbsp;&nbsp;04/25/48 | 736074 |
| 1014516 | Velocity Commercial Capital Loan Trust Series 2018-2 M6<sup>(b),(c)</sup> |  | 7.0500 | &nbsp;&nbsp;10/26/48 | 896373 |
| 362642 | Velocity Commercial Capital Loan Trust Series 2019-1 M5<sup>(b),(c)</sup> |  | 5.7000 | &nbsp;&nbsp;03/25/49 | 329459 |
| 875096 | Velocity Commercial Capital Loan Trust Series 2019-1 M6<sup>(b),(c)</sup> |  | 6.7900 | &nbsp;&nbsp;03/25/49 | 777784 |
| 1232726 | Velocity Commercial Capital Loan Trust Series 2019-2 M6<sup>(b),(c)</sup> |  | 6.3000 | &nbsp;&nbsp;07/25/49 | 938924 |
| 416848 | Velocity Commercial Capital Loan Trust Series 2019-3 M3<sup>(b),(c)</sup> |  | 3.3800 | &nbsp;&nbsp;10/25/49 | 383004 |
| 373028 | Velocity Commercial Capital Loan Trust Series 2019-3 M6<sup>(b),(c)</sup> |  | 6.0300 | &nbsp;&nbsp;10/25/49 | 318299 |
| 58934 | Velocity Commercial Capital Loan Trust Series 2020-1 M2<sup>(b),(c)</sup> |  | 2.9800 | &nbsp;&nbsp;02/25/50 | 47414 |
| 158936 | Velocity Commercial Capital Loan Trust Series 2020-1 M5<sup>(b),(c)</sup> |  | 4.2900 | &nbsp;&nbsp;02/25/50 | 124696 |
| 1618033 | Velocity Commercial Capital Loan Trust Series 2021-2 M1<sup>(b),(c)</sup> |  | 1.8200 | &nbsp;&nbsp;08/25/51 | 1217188 |
| 396889 | Velocity Commercial Capital Loan Trust Series 2021-2 M4<sup>(b),(c)</sup> |  | 3.0800 | &nbsp;&nbsp;08/25/51 | 308590 |
| 1371697 | Velocity Commercial Capital Loan Trust Series 2021-3 M6<sup>(b),(c)</sup> |  | 5.0300 | &nbsp;&nbsp;10/25/51 | 1079157 |
| 1962190 | Velocity Commercial Capital Loan Trust Series 2021-4 M5<sup>(b),(c)</sup> |  | 5.6800 | &nbsp;&nbsp;12/26/51 | 1584685 |
| 1703968 | Velocity Commercial Capital Loan Trust Series 2022-1 M5<sup>(b),(c)</sup> |  | 5.8550 | &nbsp;&nbsp;02/25/52 | 1267719 |
| 2570353 | Velocity Commercial Capital Loan Trust Series 2022-2 M5<sup>(b),(c)</sup> |  | 5.7410 | &nbsp;&nbsp;04/25/52 | 2195337 |
| 664271 | Velocity Commercial Capital Loan Trust Series 2022-4 M4<sup>(b),(c)</sup> |  | 7.5310 | &nbsp;&nbsp;08/25/52 | 648718 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **NON AGENCY CMBS — 21.7% (Continued)** |  |  |  |  |
| 374846 | Velocity Commercial Capital Loan Trust Series 2023-1 M1<sup>(b),(c)</sup> |  | 7.1500 | &nbsp;&nbsp;01/25/53 | $373971 |
| 1028993 | Velocity Commercial Capital Loan Trust Series 2023-2 M4<sup>(b),(c)</sup> |  | 10.4260 | &nbsp;&nbsp;05/25/53 | 1054702 |
| 820491 | Velocity Commercial Capital Loan Trust Series 2023-3 M3<sup>(b),(c)</sup> |  | 9.3200 | &nbsp;&nbsp;08/25/53 | 845309 |
| 212158 | Velocity Commercial Capital Loan Trust Series 2024-1 M2<sup>(b),(c)</sup> |  | 7.2300 | &nbsp;&nbsp;01/25/54 | 213374 |
| 176348 | Wachovia Bank Commercial Mortgage Trust Series 2004-C12 IO<sup>(a),(b),(c)</sup> |  | 1.0890 | &nbsp;&nbsp;07/15/41 | 1873 |
| 24144 | Waterfall Commercial Mortgage Trust Series 2015-SBC5 A<sup>(b),(c)</sup> |  | 4.1040 | &nbsp;&nbsp;12/14/32 | 23884 |
| 28646 | Wells Fargo Commercial Mortgage Trust Series 2013-LC12 B<sup>(b)</sup> |  | 3.9120 | &nbsp;&nbsp;07/15/46 | 28088 |
| 250000 | Wells Fargo Commercial Mortgage Trust Series 2016-C34 C<sup>(b)</sup> |  | 5.2230 | &nbsp;&nbsp;06/15/49 | 233508 |
| 505000 | Wells Fargo Commercial Mortgage Trust Series 2016-C36 C<sup>(b)</sup> |  | 4.2480 | &nbsp;&nbsp;11/15/59 | 448630 |
| 195348 | WFRBS Commercial Mortgage Trust Series 2011-C4 D<sup>(b),(c)</sup> |  | 5.1500 | &nbsp;&nbsp;06/15/44 | 189652 |
| 890000 | WFRBS Commercial Mortgage Trust Series 2012-C10 C<sup>(b)</sup> |  | 4.4560 | &nbsp;&nbsp;12/15/45 | 768986 |
| 455000 | WFRBS Commercial Mortgage Trust Series 2013-C15 C<sup>(b)</sup> |  | 4.2840 | &nbsp;&nbsp;08/15/46 | 410789 |
| 137723 | WFRBS Commercial Mortgage Trust Series 2014-C20 B |  | 4.3780 | &nbsp;&nbsp;05/15/47 | 115785 |
| 900000 | Worldwide Plaza Trust Series 2017-WWP A<sup>(c)</sup> |  | 3.5260 | &nbsp;&nbsp;11/10/36 | 732298 |
|  |  |  |  |  | 89476619 |
|  | **OTHER ABS — 3.8%** |  |  |  |  |
| 51784 | AASET Trust Series 2020-1A A<sup>(c)</sup> |  | 3.3510 | &nbsp;&nbsp;01/16/40 | 51260 |
| 1819738 | Corevest American Finance Trust Series 2019-3 XA<sup>(a),(b),(c)</sup> |  | 2.1520 | &nbsp;&nbsp;10/15/52 | 1095 |
| 414102 | E3 Series 2019-1 A<sup>(c)</sup> |  | 3.1000 | &nbsp;&nbsp;09/20/55 | 365561 |
| 839090 | EverBright Solar Trust Series 2024-A A<sup>(c)</sup> |  | 6.4300 | &nbsp;&nbsp;06/22/54 | 808121 |
| 110481 | FNA VII, LLC Series 1A A1<sup>(c)</sup> |  | 6.9000 | &nbsp;&nbsp;04/15/38 | 111053 |
| 451489 | FortiFi Series 2023-1A A<sup>(c)</sup> |  | 6.2300 | &nbsp;&nbsp;09/20/59 | 455510 |
| 331612 | Goldman Home Improvement Trust Issuer Series 2022-GRN1 D<sup>(c)</sup> |  | 7.3000 | &nbsp;&nbsp;06/25/52 | 337523 |
| 1504827 | Goodgreen Trust Series 2021-1A C<sup>(c)</sup> |  | 5.7400 | &nbsp;&nbsp;10/15/56 | 1103520 |
| 42659 | HERO Funding Trust Series 2015-2A A<sup>(c)</sup> |  | 3.9900 | &nbsp;&nbsp;09/20/40 | 41574 |
| 177411 | HERO Funding Trust Series 2021-1A B<sup>(c)</sup> |  | 4.0000 | &nbsp;&nbsp;09/20/51 | 168527 |
| 139255 | Home Partners of America Trust Series 2020-2 F<sup>(c)</sup> |  | 4.0550 | &nbsp;&nbsp;01/17/41 | 130311 |
| 46336 | JG Wentworth XLII, LLC Series 2A B<sup>(c)</sup> |  | 4.7000 | &nbsp;&nbsp;10/15/77 | 42609 |
| 421019 | Mill City Solar Loan Ltd. Series 2019-1A A<sup>(c)</sup> |  | 4.3400 | &nbsp;&nbsp;03/20/43 | 398405 |
| 94188 | Mosaic Solar Loan Trust Series 2018-1A B<sup>(c)</sup> |  | 2.0000 | &nbsp;&nbsp;06/22/43 | 78458 |
| 400000 | Mosaic Solar Loan Trust Series 2024-1A C<sup>(c)</sup> |  | 9.0000 | &nbsp;&nbsp;09/20/49 | 219565 |
| 67210 | Mosaic Solar Loan Trust Series 2024-2A A<sup>(c)</sup> |  | 5.6000 | &nbsp;&nbsp;04/22/52 | 65449 |
| 435000 | Mosaic Solar Loan Trust Series 2023-4A C<sup>(c)</sup> |  | 8.8000 | &nbsp;&nbsp;05/20/53 | 182903 |
| 250000 | New Economy Assets Phase 1 Sponsor, LLC Series 1 B1<sup>(c)</sup> |  | 2.4100 | &nbsp;&nbsp;10/20/61 | 170639 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **OTHER ABS — 3.8% (Continued)** |  |  |  |  |
| 79362 | NP SPE II, LLC Series 2017-1A A1<sup>(c)</sup> |  | 3.3720 | &nbsp;&nbsp;10/21/47 | $76728 |
| 3198000 | NP SPE II, LLC Series 1A A2<sup>(c)</sup> |  | 4.2190 | &nbsp;&nbsp;10/21/47 | 2760214 |
| 1500000 | NP SPE II, LLC Series 1A B1<sup>(c)</sup> |  | 5.6070 | &nbsp;&nbsp;10/21/47 | 1272819 |
| 541992 | NP SPE X, L.P. Series 2A A2<sup>(c)</sup> |  | 3.0980 | &nbsp;&nbsp;11/19/49 | 478125 |
| 3988830 | NP SPE X, L.P. Series 1A A1<sup>(c)</sup> |  | 2.2300 | &nbsp;&nbsp;03/19/51 | 3477653 |
| 422744 | Sunnova Helios IX Issuer, LLC Series B A<sup>(c)</sup> |  | 5.0000 | &nbsp;&nbsp;08/20/49 | 381166 |
| 487737 | Sunnova Helios X Issuer, LLC Series C A<sup>(c)</sup> |  | 5.3000 | &nbsp;&nbsp;11/22/49 | 458049 |
| 145465 | Sunnova Helios X Issuer, LLC Series C C<sup>(c)</sup> |  | 6.0000 | &nbsp;&nbsp;11/22/49 | 57018 |
| 118623 | Sunrun Demeter Issuer, LLC Series 2021-2A A<sup>(c)</sup> |  | 2.2700 | &nbsp;&nbsp;01/30/57 | 108086 |
| 379528 | Sunrun Vulcan Issuer, LLC Series 2021-1A A<sup>(c)</sup> |  | 2.4600 | &nbsp;&nbsp;01/30/52 | 351019 |
| 233349 | USQ Rail III, LLC Series 1A A<sup>(c)</sup> |  | 4.9900 | &nbsp;&nbsp;09/28/54 | 235012 |
| 104223 | Vivint Solar Financing VII, LLC Series 1A A<sup>(c)</sup> |  | 2.2100 | &nbsp;&nbsp;07/31/51 | 97504 |
| 1013796 | Willis Engine Structured Trust VII Series A A<sup>(c)</sup> |  | 8.0000 | &nbsp;&nbsp;10/15/48 | 1042318 |
|  |  |  |  |  | 15527794 |
|  | **RESIDENTIAL MORTGAGE — 1.9%** |  |  |  |  |
| 388011 | Amresco Residential Securities Corp Mort Loan Series 1999-1 A<sup>(d)</sup> | TSFR1M + 0.584% | 5.0090 | &nbsp;&nbsp;06/25/29 | 405531 |
| 7187676 | Belvedere SPV Srl Series 1 A<sup>(d)</sup> | EUR006M + 3.250% | 5.2870 | &nbsp;&nbsp;12/31/38 | 947089 |
| 231263 | CFMT, LLC Series 2023-HB11 A<sup>(b),(c)</sup> |  | 4.0000 | &nbsp;&nbsp;02/25/37 | 231094 |
| 4476 | Chase Funding Trust Series 2002-4 2A1<sup>(d)</sup> | TSFR1M + 0.854% | 4.8090 | &nbsp;&nbsp;10/25/32 | 4496 |
| 26477 | Chase Funding Trust Series 2004-1 1A7<sup>(e)</sup> |  | 4.9850 | &nbsp;&nbsp;11/25/33 | 26268 |
| 513640 | Credit-Based Asset Servicing and Securitization, LLC Series 2002-CB3 B2<sup>(d)</sup> | TSFR1M + 3.489% | 7.4440 | &nbsp;&nbsp;06/25/32 | 511904 |
| 44202 | Credit-Based Asset Servicing and Securitization, LLC Series 2003-CB1 M1<sup>(d)</sup> | TSFR1M + 1.539% | 4.7930 | &nbsp;&nbsp;01/25/33 | 44107 |
| 87027 | Credit-Based Asset Servicing and Securitization, LLC Series 2004-CB3 B1<sup>(d)</sup> | TSFR1M + 2.889% | 2.9490 | &nbsp;&nbsp;03/25/34 | 116168 |
| 1360918 | Credit-Based Asset Servicing and Securitization, LLC Series 2004-RP1<sup>(c),(d)</sup> | TSFR1M + 3.864% | 7.8190 | &nbsp;&nbsp;05/25/50 | 1359142 |
| 79468 | CWABS Asset-Backed Certificates Trust Series 2005-13 AF4<sup>(b)</sup> |  | 5.8050 | &nbsp;&nbsp;04/25/36 | 74628 |
| 11961 | CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6 2A3<sup>(d)</sup> | TSFR1M + 1.314% | 5.2690 | &nbsp;&nbsp;11/25/34 | 12035 |
| 109307 | Equity One Mortgage Pass-Through Trust Series 2004-3 M1<sup>(e)</sup> |  | 3.7520 | &nbsp;&nbsp;07/25/34 | 102288 |
| 170531 | Fannie Mae Grantor Trust Series 2003-T4 1A<sup>(d)</sup> | TSFR1M + 0.334% | 2.8020 | &nbsp;&nbsp;09/26/33 | 169425 |
| 362293 | First Franklin Mortgage Loan Trust Series 2002-FF1 M2<sup>(d)</sup> | TSFR1M + 1.914% | 5.8690 | &nbsp;&nbsp;04/25/32 | 365688 |
| 87045 | GE-WMC Asset-Backed Pass-Through Certificates Series 2005-2 M1<sup>(d)</sup> | TSFR1M + 0.774% | 4.7290 | &nbsp;&nbsp;12/25/35 | 70868 |
| 302356 | Legacy Mortgage Asset Trust Series 2019-SL2 A<sup>(b),(c)</sup> |  | 3.3750 | &nbsp;&nbsp;02/25/59 | 293717 |
| 579757 | Lehman A.B.S Mortgage Loan Trust Series 2007-1 2A2<sup>(c),(d)</sup> | TSFR1M + 0.314% | 4.2690 | &nbsp;&nbsp;06/25/37 | 373410 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **RESIDENTIAL MORTGAGE — 1.9% (Continued)** |  |  |  |  |
| 53147 | Long Beach Mortgage Loan Trust Series 2003-2 M2<sup>(d)</sup> | TSFR1M + 2.964% | 6.9190 | &nbsp;&nbsp;06/25/33 | $61429 |
| 49720 | MASTR Specialized Loan Trust Series 2005-3 M1<sup>(c),(d)</sup> | TSFR1M + 1.239% | 5.1940 | &nbsp;&nbsp;11/25/35 | 48084 |
| 430989 | RAAC Series Trust Series 2007-RP3 A<sup>(c),(d)</sup> | TSFR1M + 0.494% | 4.8290 | &nbsp;&nbsp;10/25/46 | 425942 |
| 1350000 | RMF Buyout Issuance Trust Series 2022-HB1 M4<sup>(b),(c)</sup> |  | 4.5000 | &nbsp;&nbsp;04/25/32 | 1187942 |
| 527273 | Structured Asset Investment Loan Trust Series 2003-BC9 M3<sup>(d)</sup> | TSFR1M + 3.264% | 7.2190 | &nbsp;&nbsp;08/25/33 | 501970 |
| 145141 | Structured Asset Securities Corp Mortgage Loan Series 2005-WF2 M7<sup>(d)</sup> | TSFR1M + 1.764% | 5.7190 | &nbsp;&nbsp;05/25/35 | 144837 |
| 246391 | Structured Asset Securities Corp Mortgage Loan Series WF1 A1<sup>(d)</sup> | TSFR1M + 0.534% | 4.4890 | &nbsp;&nbsp;02/25/37 | 244603 |
|  |  |  |  |  | 7722665 |
|  | **STUDENT LOANS — 1.2%** |  |  |  |  |
| 25249 | AccessLex Institute Series 2004-2 B<sup>(d)</sup> | SOFR90A + 0.962% | 5.2750 | &nbsp;&nbsp;01/25/43 | 23092 |
| 311560 | Brazos Education Loan Authority, Inc. Series 2 A1A |  | 2.0600 | &nbsp;&nbsp;01/25/72 | 273832 |
| 59437 | College Ave Student Loans, LLC Series 2019-A A1<sup>(c),(d)</sup> | TSFR1M + 1.514% | 5.4690 | &nbsp;&nbsp;12/28/48 | 59686 |
| 45571 | College Ave Student Loans, LLC Series 2021-A D<sup>(c)</sup> |  | 4.1200 | &nbsp;&nbsp;07/25/51 | 43881 |
| 252612 | College Ave Student Loans, LLC Series 2023-A A1<sup>(c),(d)</sup> | SOFR30A + 1.900% | 5.9720 | &nbsp;&nbsp;05/25/55 | 257166 |
| 104597 | Commonbond Student Loan Trust Series 2021-B-GS A<sup>(c)</sup> |  | 1.1700 | &nbsp;&nbsp;09/25/51 | 92684 |
| 887636 | Commonbond Student Loan Trust Series 2021-BGS B<sup>(c)</sup> |  | 1.6400 | &nbsp;&nbsp;09/25/51 | 733502 |
| 53455 | EDvestinU Private Education Loan Issue No. 3, LLC Series A A<sup>(c)</sup> |  | 1.8000 | &nbsp;&nbsp;11/25/45 | 50193 |
| 137775 | ELFI Graduate Loan Program, LLC Series 2020-A A<sup>(c)</sup> |  | 1.7300 | &nbsp;&nbsp;08/25/45 | 127071 |
| 235548 | Navient Private Education Refi Loan Trust Series 2021-D-DA A<sup>(c),(d)</sup> | PRIME - 1.990% | 5.0100 | &nbsp;&nbsp;04/15/60 | 231321 |
| 225000 | Navient Private Education Refi Loan Trust Series 2019-FA B<sup>(c)</sup> |  | 3.1200 | &nbsp;&nbsp;08/15/68 | 202602 |
| 122719 | Navient Private Education Refi Loan Trust Series 2020-H-IA A1B<sup>(c),(d)</sup> | TSFR1M + 1.114% | 5.0730 | &nbsp;&nbsp;04/15/69 | 122084 |
| 165000 | Navient Private Education Refi Loan Trust Series 2020-FA B<sup>(c)</sup> |  | 2.6900 | &nbsp;&nbsp;07/15/69 | 146104 |
| 235000 | Navient Private Education Refi Loan Trust Series 2021-FA B<sup>(c)</sup> |  | 2.1200 | &nbsp;&nbsp;02/18/70 | 173284 |
| 102687 | Navient Student Loan Trust Series BA A1B<sup>(c),(d)</sup> | SOFR30A + 1.700% | 5.8420 | &nbsp;&nbsp;03/15/72 | 103666 |
| 251818 | SLM Private Credit Student Loan Trust Series 2004-B A4<sup>(d)</sup> | TSFR3M + 0.692% | 4.7290 | &nbsp;&nbsp;09/15/33 | 249116 |
| 51668 | SLM Private Credit Student Loan Trust Series 2006-B A5<sup>(d)</sup> | TSFR3M + 0.532% | 4.5690 | &nbsp;&nbsp;12/15/39 | 50546 |
| 337025 | SLM Private Education Loan Trust Series 2010-C<sup>(c),(d)</sup> | TSFR1M + 4.864% | 8.8230 | &nbsp;&nbsp;10/15/41 | 354625 |
| 289465 | SLM Student Loan Trust Series 2012-1 A3<sup>(d)</sup> | SOFR30A + 1.064% | 5.1360 | &nbsp;&nbsp;09/25/28 | 283316 |
| 11472 | SLM Student Loan Trust Series 2005-5 B<sup>(d)</sup> | SOFR90A + 0.512% | 4.8250 | &nbsp;&nbsp;10/25/40 | 10916 |
| 53254 | SLM Student Loan Trust Series 2005-8 B<sup>(d)</sup> | SOFR90A + 0.572% | 4.8850 | &nbsp;&nbsp;01/25/55 | 51187 |
| 262000 | SLM Student Loan Trust Series 2008-4 B<sup>(d)</sup> | SOFR90A + 2.112% | 6.4250 | &nbsp;&nbsp;04/25/73 | 273973 |
| 375000 | SLM Student Loan Trust Series 2008-5 B<sup>(d)</sup> | SOFR90A + 2.112% | 6.4250 | &nbsp;&nbsp;07/25/73 | 394542 |
| 375000 | SLM Student Loan Trust Series 2008-2 B<sup>(d)</sup> | SOFR90A + 1.462% | 5.7750 | &nbsp;&nbsp;01/25/83 | 393859 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **STUDENT LOANS — 1.2% (Continued)** |  |  |  |  |
| 375000 | SLM Student Loan Trust Series 2008-3 B<sup>(d)</sup> | SOFR90A + 1.462% | 5.7750 | &nbsp;&nbsp;04/26/83 | $386330 |
|  |  |  |  |  | 5088578 |
|  | **WHOLE BUSINESS — 0.7%** |  |  |  |  |
| 1811597 | Harvest SBA Loan Trust Series 2023-1 C<sup>(c),(d)</sup> | SOFR30A + 8.500% | 12.6060 | &nbsp;&nbsp;10/25/50 | 1943018 |
| 1316671 | KGS-Alpha SBA COOF Trust Series 2015-1 A<sup>(a),(b),(c)</sup> |  | 1.3670 | &nbsp;&nbsp;10/25/35 | 35934 |
| 1000141 | KGS-Alpha SBA COOF Trust Series 2014-5 A<sup>(a),(b),(c)</sup> |  | 1.8990 | &nbsp;&nbsp;10/25/40 | 28943 |
| 24148 | Newtek Small Business Loan Trust Series 2021-1 A<sup>(c),(d)</sup> | PRIME - 0.250% | 6.7500 | &nbsp;&nbsp;12/25/48 | 24138 |
| 30643 | Newtek Small Business Loan Trust Series 2021-1 A<sup>(c),(d)</sup> | PRIME - 0.700% | 6.3000 | &nbsp;&nbsp;10/25/49 | 30849 |
| 288006 | Newtek Small Business Loan Trust Series 2023-1 A<sup>(c),(d)</sup> | PRIME - 0.500% | 6.5000 | &nbsp;&nbsp;07/25/50 | 290541 |
| 98229 | ReadyCap Lending Small Business Loan Trust Series 2019-2 A<sup>(c),(d)</sup> | PRIME - 0.500% | 6.5000 | &nbsp;&nbsp;12/27/44 | 98078 |
| 361604 | ReadyCap Lending Small Business Loan Trust Series 2023-3 A<sup>(c),(d)</sup> | PRIME + 0.070% | 7.0700 | &nbsp;&nbsp;04/25/48 | 366365 |
|  |  |  |  |  | 2817866 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $253,684,047)** | **TOTAL ASSET BACKED SECURITIES (Cost $253,684,047)** |  |  | 245567319 |
|  | **CORPORATE BONDS — 15.0%** | **CORPORATE BONDS — 15.0%** |  |  |  |
|  | **ASSET MANAGEMENT — 0.2%** | **ASSET MANAGEMENT — 0.2%** |  |  |  |
| 70000 | Morgan Stanley & Company, LLC<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;01/21/26 | 69650 |
| 274000 | Nomura America Finance, LLC<sup>(b)</sup> | 4\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;12/31/33 | 192485 |
| 65000 | Nomura America Finance, LLC<sup>(b)</sup> | 4\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;02/28/34 | 51898 |
| 890000 | Nomura America Finance, LLC<sup>(b)</sup> | 4\*(USISOA30 - USISOA02)-1.00% | 0.0000 | &nbsp;&nbsp;07/29/34 | 620775 |
|  |  |  |  |  | 934808 |
|  | **BANKING — 2.6%** |  |  |  |  |
| 190000 | Bank of Nova Scotia (The)<sup>(b)</sup> | 4\*(USISOA30-USISOA02-0.75%) | 0.0000 | &nbsp;&nbsp;06/27/33 | 126588 |
| 120000 | Bank of Nova Scotia (The)<sup>(b)</sup> | 4\*(USISOA30-USISOA02)-0.738% | 1.6710 | &nbsp;&nbsp;01/30/34 | 83400 |
| 100000 | Bank of Nova Scotia (The)<sup>(b)</sup> | 4\*(USISOA30-USISOA02)-1.738% | 0.0000 | &nbsp;&nbsp;08/28/34 | 68375 |
| 525000 | Barclays Bank PLC<sup>(b)</sup> | 4.250\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;09/13/28 | 455438 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** |  |  | |
|  | **BANKING — 2.6% (Continued)** |  |  |  |  |
| 50000 | Barclays Bank PLC<sup>(b)</sup> | 4\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;10/18/28 | $43000 |
| 75000 | Barclays Bank PLC<sup>(b)</sup> | 4\*(USISOA10-USISOA02)-1.00% | 0.0000 | &nbsp;&nbsp;08/15/33 | 51938 |
| 58000 | Barclays Bank PLC<sup>(b)</sup> | 4\*(USISOA30-USISOA02)-2.00% | 0.0000 | &nbsp;&nbsp;04/25/34 | 39658 |
| 70000 | Barclays Bank PLC<sup>(b)</sup> | 8\*(USISOA30 - USISOA05)-2.00% | 4.1380 | &nbsp;&nbsp;07/31/34 | 50663 |
| 177000 | BNP Paribas S.A.<sup>(b)</sup> | 4\*(CMS30-CMS5) | 0.0000 | &nbsp;&nbsp;04/30/33 | 126776 |
| 1037000 | Citigroup, Inc.<sup>(b)</sup> | 4.5\*(USISOA30-USISOA05) | 0.0000 | &nbsp;&nbsp;11/26/33 | 790712 |
| 150000 | Citigroup, Inc.<sup>(b)</sup> | 4\*(USISOA30-USISOA02) | 2.2620 | &nbsp;&nbsp;10/31/34 | 116591 |
| 507000 | Citigroup, Inc.<sup>(b)</sup> | 4\*(USISOA30-USISOA02)-1.00% - 1.000% | 0.0000 | &nbsp;&nbsp;12/29/34 | 382785 |
| 55000 | Citigroup, Inc.<sup>(b)</sup> | 20\*(USISOA30-USISOA02)-17.5% | 0.0000 | &nbsp;&nbsp;08/31/35 | 39738 |
| 500000 | Credit Agricole Corporate & Investment Bank S.A.<sup>(b)</sup> | 9.75\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;04/22/36 | 398750 |
| 1500000 | Credit Agricole Corporate & Investment Bank S.A.<sup>(b)</sup> | 7.75\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;05/24/36 | 1121249 |
| 1079000 | Credit Suisse A.G.<sup>(b)</sup> | 15\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;10/31/31 | 936032 |
| 120000 | Deutsche Bank A.G.<sup>(b)</sup> | 4\*(USISOA30-USISOA05)-2.20% | 0.0000 | &nbsp;&nbsp;01/31/33 | 84300 |
| 245000 | Deutsche Bank A.G.<sup>(b)</sup> | 4\*(USISOA30-USISOA02)-1.60% | 0.0000 | &nbsp;&nbsp;06/30/34 | 167825 |
| 1257000 | Deutsche Bank A.G.<sup>(b)</sup> | 4\*(USISOA30-USISOA02)-2.000% | 0.0000 | &nbsp;&nbsp;08/28/34 | 883042 |
| 961000 | Deutsche Bank A.G.<sup>(b)</sup> | 4\*(USISOA30 - USISOA02)-1.00% | 0.0000 | &nbsp;&nbsp;11/26/34 | 700328 |
| 738000 | Deutsche Bank A.G.<sup>(b)</sup> | 10\*(USISOA30-USISOA02)-8.750% | 0.0000 | &nbsp;&nbsp;03/27/35 | 581175 |
| 75000 | Deutsche Bank A.G.<sup>(b)</sup> | 15\*(USISOA30 - USISOA02)-13.125% | 0.0000 | &nbsp;&nbsp;12/23/35 | 54188 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** |  |  | |
|  | **BANKING — 2.6% (Continued)** |  |  |  |  |
| 100000 | HSBC USA, Inc.<sup>(b)</sup> | 6.250\*(USISOA30-USISOA05) | 3.9120 | &nbsp;&nbsp;05/21/29 | $87000 |
| 136000 | Lloyds Bank plc<sup>(b)</sup> | 4\*(USISOA30-USISOA02)-1.00% | 1.4100 | &nbsp;&nbsp;10/25/33 | 97580 |
| 655000 | Lloyds Bank plc<sup>(b)</sup> | 4\*(USISOA30-USISOA02)-1.400% | 0.0000 | &nbsp;&nbsp;11/27/33 | 440144 |
| 282000 | Natixis US Medium-Term Note Program, LLC<sup>(b)</sup> | 4\*(USISOA30-USISOA02) | 4.3600 | &nbsp;&nbsp;04/30/34 | 200220 |
| 1414000 | Natixis US Medium-Term Note Program, LLC<sup>(b)</sup> | 7.5\*(USISOA30-USISOA05)-1.875% | 0.0000 | &nbsp;&nbsp;07/31/34 | 995102 |
| 125000 | NatWest Markets plc<sup>(b)</sup> | 4\*(USISOA30-USISOA02)-0.25% | 0.0000 | &nbsp;&nbsp;08/18/31 | 99063 |
| 100000 | NatWest Markets plc<sup>(b)</sup> | 4\*(USISOA30 - USISOA02)-0.50% | 0.0000 | &nbsp;&nbsp;08/26/31 | 75500 |
| 202000 | SG Structured Products, Inc.<sup>(b)</sup> |  | 0.0000 | &nbsp;&nbsp;03/31/26 | 196698 |
| 185000 | SG Structured Products, Inc.<sup>(b)</sup> | 4\*(USISOA30 - USISOA02)-2.00% | 0.0000 | &nbsp;&nbsp;07/29/31 | 151006 |
| 744000 | Societe Generale S.A.<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;10/29/32 | 663090 |
| 203000 | Societe Generale S.A.<sup>(b)</sup> | 50\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;01/31/35 | 194880 |
| 135000 | STRATS, LLC<sup>(d)</sup> | TSFR1M + 1.428% | 5.9990 | &nbsp;&nbsp;02/15/34 | 107255 |
|  |  |  |  |  | 10610089 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 8.0%** |  |  |  |  |
| 41000 | Citigroup Global Markets Holdings, Inc.<sup>(b)</sup> | 8\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;04/25/32 | 39466 |
| 35000 | Citigroup Global Markets Holdings, Inc.<sup>(d)</sup> | 9.5\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;11/22/32 | 30625 |
| 200000 | Citigroup Global Markets Holdings, Inc. | 30\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;03/29/34 | 189500 |
| 60000 | Citigroup Global Markets Holdings, Inc.<sup>(b)</sup> | 50\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;03/29/34 | 58275 |
| 1350000 | Citigroup Global Markets Holdings, Inc.<sup>(d)</sup> | 50\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;01/22/35 | 1299374 |
| 553000 | Citigroup Global Markets Holdings, Inc.<sup>(b)</sup> | 30\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;04/01/41 | 488714 |
| 1700000 | Citigroup Global Markets Holdings, Inc.<sup>(d)</sup> | 25\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;09/03/41 | 1491749 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** |  |  | |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 8.0% (Continued)** |  |  |  |  |
| 95000 | Credit Suisse A.G.<sup>(b)</sup> | 8\*(USISOA30 - USISOA02) | 4.5400 | &nbsp;&nbsp;10/30/30 | $78138 |
| 500000 | GS Finance Corporation<sup>(b)</sup> | 7\*(USISOA30-USISOA05)-1.75% | 0.0000 | &nbsp;&nbsp;03/24/31 | 381250 |
| 30000 | Jefferies Financial Group, Inc.<sup>(b)</sup> | 10\*(USISOA10-USISOA02) | 3.1730 | &nbsp;&nbsp;06/30/37 | 22763 |
| 1000000 | Jefferies Financial Group, Inc.<sup>(b)</sup> | 9\*(USISOA30-USISOA02) | 5.9670 | &nbsp;&nbsp;07/31/37 | 799999 |
| 1071000 | Jefferies Financial Group, Inc.<sup>(b)</sup> | 9\*(USISOA10-USISOA02) | 2.8560 | &nbsp;&nbsp;08/31/37 | 820653 |
| 150000 | Jefferies Financial Group, Inc.<sup>(b)</sup> | 10\*(USISOA10-USISOA02) | 3.1730 | &nbsp;&nbsp;08/31/37 | 113813 |
| 248000 | Jefferies Financial Group, Inc.<sup>(b)</sup> | 8\*(USISOA10-USISOA02) | 2.5390 | &nbsp;&nbsp;09/30/37 | 184760 |
| 240000 | Jefferies Financial Group, Inc.<sup>(b)</sup> | 10\*(USISOA10-USISOA02) | 3.1730 | &nbsp;&nbsp;10/31/37 | 183900 |
| 2250000 | Jefferies Financial Group, Inc.<sup>(b)</sup> | 8.5\*(USISOA30-USISOA02) | 5.6360 | &nbsp;&nbsp;10/31/37 | 1754999 |
| 110000 | Jefferies Financial Group, Inc.<sup>(b)</sup> | 8\*(USISOA30-USISOA02) | 5.3040 | &nbsp;&nbsp;01/31/38 | 84150 |
| 762000 | Jefferies Financial Group, Inc.<sup>(b)</sup> | USISOA30 + 0.750% | 4.9880 | &nbsp;&nbsp;02/28/38 | 634365 |
| 280000 | Jefferies Financial Group, Inc.<sup>(b)</sup> | TSFR3M + 4.262% | 8.2650 | &nbsp;&nbsp;03/20/40 | 279848 |
| 1000000 | JPMorgan Chase Financial Company, LLC<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 6.2340 | &nbsp;&nbsp;10/21/36 | 797500 |
| 125000 | Morgan Stanley<sup>(b)</sup> | 6\*(USISOA30-USISOA02) | 3.9780 | &nbsp;&nbsp;08/31/26 | 119688 |
| 138000 | Morgan Stanley<sup>(b)</sup> | 7\*(USISOA30-USISOA02) | 3.5580 | &nbsp;&nbsp;12/27/26 | 131445 |
| 115000 | Morgan Stanley<sup>(b)</sup> |  | 0.0000 | &nbsp;&nbsp;03/21/27 | 113275 |
| 56000 | Morgan Stanley<sup>(b)</sup> | 4\*(USISOA30-USISOA05) | 0.0000 | &nbsp;&nbsp;06/28/28 | 49140 |
| 100000 | Morgan Stanley<sup>(b)</sup> | 4.5\*(USISOA30-USISOA05) | 2.9300 | &nbsp;&nbsp;07/31/28 | 84916 |
| 1015000 | Morgan Stanley<sup>(b)</sup> | 8\*(USISOA30-USISOA05) | 0.0000 | &nbsp;&nbsp;09/27/28 | 888124 |
| 772000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 2.9660 | &nbsp;&nbsp;10/15/28 | 661025 |
| 125000 | Morgan Stanley<sup>(b)</sup> | 4\*(USISOA30-USISOA02) | 2.6420 | &nbsp;&nbsp;12/03/28 | 110625 |
| 100000 | Morgan Stanley<sup>(b)</sup> |  | 0.0000 | &nbsp;&nbsp;06/29/29 | 97500 |
| 4385000 | Morgan Stanley<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;04/30/30 | 3836874 |
| 1628000 | Morgan Stanley<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 6.7790 | &nbsp;&nbsp;05/29/30 | 1424499 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** |  |  | |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 8.0% (Continued)** |  |  |  |  |
| 508000 | Morgan Stanley<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 5.8840 | &nbsp;&nbsp;06/30/30 | $443230 |
| 221000 | Morgan Stanley<sup>(b)</sup> | 8\*(USISOA30-USISOA02) | 5.1610 | &nbsp;&nbsp;07/31/30 | 190060 |
| 390000 | Morgan Stanley<sup>(b)</sup> | 8.5\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;08/19/30 | 331988 |
| 216000 | Morgan Stanley<sup>(b)</sup> | 8\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;08/31/30 | 185760 |
| 428000 | Morgan Stanley<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 5.8840 | &nbsp;&nbsp;09/30/30 | 374500 |
| 171000 | Morgan Stanley Series 10<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 2.0280 | &nbsp;&nbsp;10/30/30 | 117868 |
| 151000 | Morgan Stanley<sup>(b)</sup> | 7\*(USISOA30-USISOA02) | 4.5160 | &nbsp;&nbsp;10/30/30 | 125519 |
| 50000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 2.0280 | &nbsp;&nbsp;11/30/30 | 40313 |
| 66000 | Morgan Stanley<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 6.4510 | &nbsp;&nbsp;11/30/30 | 57585 |
| 70000 | Morgan Stanley<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 6.6300 | &nbsp;&nbsp;01/29/31 | 61075 |
| 20000 | Morgan Stanley<sup>(b)</sup> |  | 0.0000 | &nbsp;&nbsp;03/31/31 | 17150 |
| 167000 | Morgan Stanley<sup>(b)</sup> | 9\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;03/31/31 | 157815 |
| 89000 | Morgan Stanley<sup>(b)</sup> |  | 0.0000 | &nbsp;&nbsp;05/31/31 | 83438 |
| 125000 | Morgan Stanley<sup>(b)</sup> | 9\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;06/30/31 | 118438 |
| 114000 | Morgan Stanley<sup>(b)</sup> |  | 8.5000 | &nbsp;&nbsp;07/29/31 | 106875 |
| 268200 | Morgan Stanley<sup>(b)</sup> | 7\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;09/16/31 | 215231 |
| 231000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA05) | 2.8710 | &nbsp;&nbsp;02/15/33 | 159101 |
| 247000 | Morgan Stanley<sup>(b)</sup> | 8\*(USISOA30-USISOA02) | 4.5400 | &nbsp;&nbsp;01/30/34 | 177531 |
| 130000 | Morgan Stanley<sup>(b)</sup> | 4\*(USISOA30-USISOA02) | 2.5800 | &nbsp;&nbsp;02/28/34 | 93275 |
| 345000 | Morgan Stanley<sup>(b)</sup> | 4\*(USISOA30-USISOA02) | 2.7950 | &nbsp;&nbsp;02/28/34 | 238913 |
| 209000 | Morgan Stanley<sup>(b)</sup> | 4\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;03/31/34 | 143949 |
| 287000 | Morgan Stanley<sup>(b)</sup> | 4\*(USISOA30-USISOA02) | 1.6110 | &nbsp;&nbsp;05/30/34 | 197671 |
| 485000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 2.0160 | &nbsp;&nbsp;06/30/34 | 340623 |
| 133000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 3.3150 | &nbsp;&nbsp;08/29/34 | 93599 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** |  |  | |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 8.0% (Continued)** |  |  |  |  |
| 450000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 10.0000 | &nbsp;&nbsp;08/29/34 | $316125 |
| 160000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 2.8370 | &nbsp;&nbsp;09/30/34 | 112600 |
| 231000 | Morgan Stanley<sup>(b)</sup> | 6\*(USISOA30-USISOA02) | 4.6410 | &nbsp;&nbsp;09/30/34 | 156011 |
| 279000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 2.9660 | &nbsp;&nbsp;10/08/34 | 196346 |
| 295000 | Morgan Stanley<sup>(b)</sup> | 7\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;10/31/34 | 219038 |
| 169000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 3.3150 | &nbsp;&nbsp;10/31/34 | 118934 |
| 279000 | Morgan Stanley<sup>(b)</sup> |  | 7.2500 | &nbsp;&nbsp;10/31/34 | 223200 |
| 185000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 3.2260 | &nbsp;&nbsp;11/28/34 | 130194 |
| 60000 | Morgan Stanley<sup>(b)</sup> | 7\*(USISOA30-USISOA02) | 4.5160 | &nbsp;&nbsp;11/28/34 | 44400 |
| 230000 | Morgan Stanley<sup>(b)</sup> | 4.5\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;12/31/34 | 159275 |
| 567000 | Morgan Stanley<sup>(b)</sup> | 8\*(USISOA30-USISOA02) | 3.1590 | &nbsp;&nbsp;01/30/35 | 426668 |
| 450000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 3.3150 | &nbsp;&nbsp;01/30/35 | 316688 |
| 40000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 3.2260 | &nbsp;&nbsp;02/27/35 | 28150 |
| 888000 | Morgan Stanley<sup>(b)</sup> | 6\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;03/31/35 | 643800 |
| 346000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;03/31/35 | 243498 |
| 921000 | Morgan Stanley<sup>(b)</sup> | 9\*(CMS30-CMS2) | 0.0000 | &nbsp;&nbsp;04/30/35 | 854227 |
| 100000 | Morgan Stanley<sup>(b)</sup> | 9\*(CMS30-CMS2) | 9.0000 | &nbsp;&nbsp;05/29/35 | 92500 |
| 366000 | Morgan Stanley<sup>(b)</sup> | 9\*(CMS30-CMS2) | 7.3970 | &nbsp;&nbsp;06/30/35 | 339465 |
| 458000 | Morgan Stanley<sup>(b)</sup> | 9\*(CMS30-CMS2) | 0.0000 | &nbsp;&nbsp;07/31/35 | 423650 |
| 287000 | Morgan Stanley<sup>(b)</sup> | 9\*(USISOA30-USISOA02) | 7.3930 | &nbsp;&nbsp;09/30/35 | 265475 |
| 176000 | Morgan Stanley<sup>(b)</sup> | 9\*(USISOA30-USISOA02) | 7.3970 | &nbsp;&nbsp;11/30/35 | 162800 |
| 241000 | Morgan Stanley<sup>(b)</sup> | 9\*(CMS30-CMS2) | 0.0000 | &nbsp;&nbsp;12/23/35 | 223528 |
| 909000 | Morgan Stanley<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 10.0000 | &nbsp;&nbsp;02/29/36 | 720383 |
| 70000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 9.0000 | &nbsp;&nbsp;08/31/36 | 61775 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** |  |  | |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 8.0% (Continued)** |  |  |  |  |
| 75000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | (USISOA30-USISOA02) | 5.7530 | &nbsp;&nbsp;09/30/36 | $62531 |
| 1215000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 11\*(USISOA30-USISOA02) | 7.7310 | &nbsp;&nbsp;05/26/37 | 908212 |
| 333000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 9.0000 | &nbsp;&nbsp;06/30/37 | 282218 |
| 869000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 15\*(USISOA30-USISOA02) | 9.9450 | &nbsp;&nbsp;08/31/37 | 736478 |
| 422000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 15\*(USISOA30-USISOA02) | 8.0000 | &nbsp;&nbsp;11/22/37 | 336545 |
| 300000 | UBS A.G.<sup>(b)</sup> | 7.5\*(USISOA30-USISOA02) | 3.0410 | &nbsp;&nbsp;09/30/30 | 248250 |
| 627000 | UBS A.G.<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 4.0050 | &nbsp;&nbsp;09/30/30 | 538436 |
| 1220000 | UBS A.G.<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 10.0000 | &nbsp;&nbsp;01/29/31 | 1046149 |
| 791000 | UBS A.G.<sup>(b)</sup> | 12\*(USISOA30-USISOA02) | 10.0000 | &nbsp;&nbsp;04/29/31 | 678283 |
|  |  |  |  |  | 32638291 |
|  | **LEISURE FACILITIES & SERVICES — 0.1%** |  |  |  |  |
| 550141 | Times Square Hotel Trust<sup>(c)</sup> |  | 8.5280 | &nbsp;&nbsp;08/01/26 | 551690 |
|  | **OIL & GAS PRODUCERS — 0.1%** |  |  |  |  |
| 250000 | Petroleos Mexicanos<sup>(c)</sup> |  | 10.0000 | &nbsp;&nbsp;02/07/33 | 288790 |
|  | **SPECIALTY FINANCE — 4.0%** |  |  |  |  |
| 178502 | Fort Knox Military Housing Privatization Project<sup>(d)</sup> | TSFR1M + 0.454% | 4.4130 | &nbsp;&nbsp;02/15/52 | 141495 |
| 2538949 | MM Community Funding III Ltd. / MM Community Funding III Corporation<sup>(c),(d)</sup> | TSFR6M + 2.478% | 6.2070 | &nbsp;&nbsp;05/01/32 | 2478983 |
| 737000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 15(USISOA30-USISOA02) | 15.2050 | &nbsp;&nbsp;04/30/33 | 649481 |
| 541000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 4.0550 | &nbsp;&nbsp;06/30/36 | 429419 |
| 242000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 15\*(USISOA30-USISOA02) | 9.6770 | &nbsp;&nbsp;07/29/36 | 202675 |
| 3863000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;08/31/36 | 3409097 |
| 1143000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;09/30/36 | 1007269 |
| 3883000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 9.0000 | &nbsp;&nbsp;11/29/36 | 3426747 |
| 40000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 10.0000 | &nbsp;&nbsp;12/30/36 | 35300 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** |  |  | |
|  | **SPECIALTY FINANCE — 4.0% (Continued)** |  |  |  |  |
| 1707000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;01/31/37 | $1506428 |
| 100000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 15\*(USISOA30-USISOA02) | 9.0000 | &nbsp;&nbsp;03/31/37 | 83125 |
| 767000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 9.0000 | &nbsp;&nbsp;04/28/37 | 675919 |
| 290000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;07/31/37 | 255563 |
| 168000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 8.0000 | &nbsp;&nbsp;09/29/37 | 148050 |
| 2014000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 16.0000 | &nbsp;&nbsp;09/29/37 | 1601130 |
| 25433 | Preferred Term Securities X Ltd. / Preferred Term Securities X, Inc.<sup>(c),(d)</sup> | TSFR3M + 1.122% | 5.1200 | &nbsp;&nbsp;07/03/33 | 25094 |
| 634876 | Select Notes Trust LT |  | 5.9100 | &nbsp;&nbsp;02/22/33 | 592146 |
|  |  |  |  |  | 16667921 |
|  | **TOTAL CORPORATE BONDS (Cost $64,110,634)** | **TOTAL CORPORATE BONDS (Cost $64,110,634)** |  |  | 61691589 |
|  | **U.S. GOVERNMENT & AGENCIES — 15.7%** | **U.S. GOVERNMENT & AGENCIES — 15.7%** |  |  |  |
|  | **AGENCY FIXED RATE** — **0.0%<sup>(g)</sup>** |  |  |  |  |
| 63697 | Ginnie Mae II Pool 786928 |  | 6.5000 | &nbsp;&nbsp;09/20/53 | 66696 |
|  | **AGENCY MBS OTHER** — **0.0%<sup>(g)</sup>** |  |  |  |  |
| 31716 | Fannie Mae Pool 257064 |  | 4.5000 | &nbsp;&nbsp;11/01/37 | 31756 |
| 2088 | Ginnie Mae II Pool BU6365<sup>(b)</sup> |  | 4.6760 | &nbsp;&nbsp;04/20/70 | 2090 |
|  |  |  |  |  | 33846 |
|  |  |  | **Discount Rate (%)** |  |  |
|  | **U.S. TREASURY BILLS — 15.7%** |  |  |  |  |
| 10000000 | U.S. Treasury Bill<sup>(f)</sup> |  | 2.8175 | &nbsp;&nbsp;12/04/25 | 9996870 |
| 10000000 | United States Treasury Bill<sup>(f)</sup> |  | 3.6390 | &nbsp;&nbsp;12/16/25 | 9983827 |
| 10000000 | United States Treasury Bill<sup>(f)</sup> |  | 3.6724 | &nbsp;&nbsp;12/18/25 | 9981638 |
| 5000000 | United States Treasury Bill<sup>(f)</sup> |  | 3.7143 | &nbsp;&nbsp;12/23/25 | 4988135 |
| 10010000 | United States Treasury Bill<sup>(f)</sup> |  | 3.7357 | &nbsp;&nbsp;12/30/25 | 9978838 |
| 15000000 | United States Treasury Bill<sup>(f)</sup> |  | 3.7229 | &nbsp;&nbsp;01/20/26 | 14920889 |
| 5000000 | United States Treasury Bill<sup>(f)</sup> |  | 3.7368 | &nbsp;&nbsp;01/27/26 | 4969898 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | |
|:---|:---|
|  | **Fair Value** |
| **U.S. GOVERNMENT & AGENCIES — 15.7% (Continued)** |  |
| **U.S. TREASURY BILLS — 15.7% (Continued)** |  |
|  | $64820095 |
| **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $64,914,719)** | 64920637 |
| **TOTAL INVESTMENTS - 90.2% (Cost $382,709,400)** | $372179545 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES- 9.8%** | 40425014 |
| **NET ASSETS - 100.0%** | $412604559 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(h)</sup>** | **Value and <br> Unrealized <br> Appreciation<br> (Depreciation)** |
| 220 | CBOT 10 Year US Treasury Note Future | 03/23/2026 | $24935625 | $2487 |
| 100 | CBOT 3 Year US Treasury Note Future | 04/01/2026 | 21363281 | (136) |
| 70 | CBOT 5 Year US Treasury Note Future | 04/01/2026 | 7683594 | (292) |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $2059 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** |
| <br>**Description** | <br>**Counterparty** | <br>**Fixed Deal**<br>**(Pay) Rate** | <br>**Maturity Date** |<br>**Notional Value (1)** |<br>**Fair Value** | **Amortized**<br>**Upfront Payments**<br>**Paid/ (Received)** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| CDX.NA.HY Series 43 Annual<sup>(2)</sup> | GS | 5.00% | 12/20/2029 | $55000000 | $(4694966) | $(3435367) | $(1259599) |
| CDX.NA.HY Series 44 Annual<sup>(3)</sup> | GS | (5.00%) | 6/20/2030 | (5000000) | 438144 | 111325 | 326819 |
| **TOTAL** |  |  |  |  | $**(4256822)** | $**(3324042)** | $**(932780)** |

---

<sup>(1)</sup> The maximum potential amount the Fund may pay or receive should a credit event take place as defined under the terms of the contract.

<sup>(2)</sup> Buy Protection

<sup>(3)</sup> Sell Protection

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2025 (Unaudited)** |

---

---

| | |
|:---|:---|
| GS | - Goldman Sachs |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REMIC | - Real Estate Mortgage Investment Conduit |
| S.A. | - Société Anonyme |
| 12MTA | Federal Reserve US 12 Month Cumulative Avg 1 Year Constant Maturity Treasury |
| CMS2 | 2 Year Constant Maturity Swap Rate |
| CMS5 | 5 Year Constant Maturity Swap Rate |
| CMS30 | 30 Year Constant Maturity Swap Rate |
| ECOFC | Enterprise 11<sup>th</sup> District Cost of Funds Index |
| EUR003M | Euribor 3 Month |
| EUR006M | Euribor 6 Month |
| PRIME | Prime Rate by U.S. |
| SOFR30A | United States 30 Day Average Secured Overnight Financing Rate |
| SOFR90A | United States 90 Day Average Secured Overnight Financing Rate |
| TSFR1M | Secured Overnight Financing Rate 1 Month |
| TSFR3M | Secured Overnight Financing Rate 3 Month |
| TSFR6M | Secured Overnight Financing Rate 6 Month |
| USISOA02 | USD SOFR Spread-Adj. ICE Swap Rate 2Y |
| USISOA05 | USD SOFR Spread-Adj. ICE Swap Rate 5Y |
| USISOA10 | USD SOFR Spread-Adj. ICE Swap Rate 10Y |
| USISOA30 | USD SOFR Spread-Adj. ICE Swap Rate 30Y |

---

<sup>(a)</sup> Interest only securities.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on November 30, 2025.

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of November 30, 2025 the total market value of 144A securities is $172,960,902 or 41.9% of net assets.

<sup>(d)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<sup>(e)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at November 30, 2025.

<sup>(f)</sup> Zero coupon bond.

<sup>(g)</sup> Percentage rounds to less than 0.1%.

<sup>(h)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** James Alpha Funds Trust

- **b. Investment Company Act file number:** 811-23611

- **c. CIK number of Registrant:** 0001829774

- **d. LEI of Registrant:** 5493007JDS1R5QEQGK05

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

  - **Street Address 1:** 515 Madison Ave

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10022

  - **Telephone number:** 646-201-4042

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

- **a. Name of Series:** Easterly Income Opportunity Fund

- **b. EDGAR series identifier (if any):** S000070607

- **c. LEI of Series:** 5493001V2WFB1F6L7V25

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

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $412646751.96

**Total Liabilities:** $42192.96

**Net Assets:** $412604559.00

**Cash Not Reported:** $19852377.02

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1244.99391800 | **1-Year:** 5376.59380200 | **5-Year:** 18603.39243100 | **10-Year:** 54370.59136900 | **30-Year:** 11454.63309900

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

- **3-Month:** 375.40841100 | **1-Year:** -2141.14982500 | **5-Year:** -7333.52962700 | **10-Year:** 21668.64374200 | **30-Year:** 15387.27542000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000224285 | 0.57%                | 0.78%                | 0.61%                |
| Class ID C000224287 | 0.68%                | 0.79%                | 0.62%                |
| Class ID C000224286 | 0.52%                | 0.74%                | 0.47%                |
| Class ID C000224288 | 0.61%                | 0.82%                | 0.54%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $404740.67               | $682952.91                                 |
| Month 2  | $514415.06               | $1080609.62                                |
| Month 3  | $167686.85               | $675678.62                                 |

**Designated Index Information**

- **Index Name:** U.S. Aggregate

- **Index Identifier:** I00001US-USD

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CSMC TRUST 2021-RPL2                                                                                     | CSMC 2021-RPL2 M3         | CUSIP: 12656TAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    279423 | PA      | $195097.79    | 0.05%             | 2060-01-25      | Floating      | 3.55%                 | Yes           |                  2 | On Loan: No      |
| UBS AG, London Branch                                                                                    | UBS Float 01/29/31        | CUSIP: 22546VTV8<br>LEI: N/A                  | Long             | DBT              | CORP              | CH        |   1220000 | PA      | $1046150.00   | 0.25%             | 2031-01-29      | Floating      | 10.00%                | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                                                   | US 3YR NOTE (CBT) Mar26   | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DIR              | CORP              | US        |       100 | NC      | $-135.80      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Washington Mutual Mortgage Securities Corp.                                                              | WAMMS 2003-AR3 B1         | CUSIP: 939336H30<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    142283 | PA      | $123245.10    | 0.03%             | 2033-06-25      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| Salomon Brothers Mortgage Securities VII Inc.                                                            | CBASS 2003-CB1 M1         | CUSIP: 79549ARX9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     44202 | PA      | $44106.86     | 0.01%             | 2033-01-25      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| Indymac Indx Mortgage Loan Trust 2004-Ar14                                                               | RAST 2003-A10 A5          | CUSIP: 45660NUH6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    365208 | PA      | $363326.32    | 0.09%             | 2033-09-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust 2004 11                                                                           | SEMT 2017-1 B3            | CUSIP: 81746TCD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     64101 | PA      | $53812.23     | 0.01%             | 2047-02-25      | Floating      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Citicorp Mortgage Securities Trust                                                                       | CMSI 2006-3 1A9           | CUSIP: 17310BAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     23572 | PA      | $21578.77     | 0.01%             | 2036-06-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SHELLPOINT CO-ORIGINATOR TRUST                                                                           | SCOT 2017-1 B4            | CUSIP: 82280RCE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     64677 | PA      | $46378.30     | 0.01%             | 2047-04-25      | Floating      | 3.59%                 | Yes           |                  2 | On Loan: No      |
| Residential Asset Mortgage Products, Inc.                                                                | GMACM 2005-AR5 4A1        | CUSIP: 76112BYD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1228765 | PA      | $1019496.35   | 0.25%             | 2035-09-19      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| VELOCITY COM CAP LN TR 2021-4                                                                            | VCC 2021-4 M5             | CUSIP: 92258DAR8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1962190 | PA      | $1584684.78   | 0.38%             | 2051-12-26      | Floating      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| SLM Student Loan Trust                                                                                   | SLMA 2008-5 B             | CUSIP: 78444YAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    375000 | PA      | $394542.88    | 0.10%             | 2073-07-25      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Banc Of America Funding 2004-2 Trust                                                                     | BAFC 2010-R3 4A3          | CUSIP: 05955YAR0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    940564 | PA      | $814686.11    | 0.20%             | 2036-06-26      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS FLOAT 09/27/28         | CUSIP: 61760QDJ0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1015000 | PA      | $888125.00    | 0.22%             | 2028-09-27      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Chase Commercial Mortgage Securities Trust                                                   | JPMCC 2012-WLDN A         | CUSIP: 46637TAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1165069 | PA      | $1157070.76   | 0.28%             | 2030-05-05      | Fixed         | 3.91%                 | Yes           |                  2 | On Loan: No      |
| UBS AG, London Branch                                                                                    | UBS 8 10/31/31            | CUSIP: 22548QKB0<br>LEI: N/A                  | Long             | DBT              | CORP              | CH        |   1079000 | PA      | $936032.50    | 0.23%             | 2031-10-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                           | C FLOAT 12/29/34          | CUSIP: 1730T03J6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    507000 | PA      | $382785.00    | 0.09%             | 2034-12-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust 2004 11                                                                           | SEMT 2007-4 1A1           | CUSIP: 81744JAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    257492 | PA      | $196969.57    | 0.05%             | 2036-01-20      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Corp                                                                              | GSR 2004-7 1A1            | CUSIP: 36228F4P8<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |     87452 | PA      | $84372.91     | 0.02%             | 2034-06-25      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS Float 05/29/35         | CUSIP: 61760QGD0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92500.00     | 0.02%             | 2035-05-29      | Floating      | 9.00%                 | No            |                  2 | On Loan: No      |
| GE Capital Mortgage Services Inc                                                                         | GECMS 1999-HE1 A6         | CUSIP: 36157RD77<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30409 | PA      | $30685.75     | 0.01%             | 2029-04-25      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Corp.                                                                        | SASC 2004-4XS 1A5         | CUSIP: 86359BHL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     78288 | PA      | $77469.36     | 0.02%             | 2034-02-25      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| Cwalt Incorporation                                                                                      | CWALT 2004-28CB 3A1       | CUSIP: 12667FYS8<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-O            | CORP              | US        |     68744 | PA      | $61523.45     | 0.01%             | 2035-01-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS 10 12/31/34            | CUSIP: 61760QFN9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    230000 | PA      | $159275.00    | 0.04%             | 2034-12-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC.                                                                              | MS 9 01/31/37             | CUSIP: 61766YAZ4<br>LEI: 5493003FCPSE9RKT4B56 | Long             | DBT              | CORP              | US        |   1707000 | PA      | $1506427.50   | 0.37%             | 2037-01-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Alternative Loan Trust 2006-S3                                                                 | JPALT 2005-S1 1A8         | CUSIP: 46627MAH0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    244757 | PA      | $39912.82     | 0.01%             | 2035-12-25      | Floating      | 3.08%                 | No            |                  2 | On Loan: No      |
| Cwalt Incorporation                                                                                      | CWALT 2005-J11 1A3        | CUSIP: 12668AJB2<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-O            | CORP              | US        |     49780 | PA      | $26811.56     | 0.01%             | 2035-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS 10 09/30/30            | CUSIP: 61760QHJ6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    428000 | PA      | $374500.00    | 0.09%             | 2030-09-30      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust 2011-GC5                                                                    | GSMS 2011-GC5 AS          | CUSIP: 36191YAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     72943 | PA      | $72240.18     | 0.02%             | 2044-08-10      | Floating      | 5.21%                 | Yes           |                  2 | On Loan: No      |
| Structured Adjustable Rate Mortgage Loan Trust                                                           | SARM 2005-4 1A1           | CUSIP: 863579MP0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    173905 | PA      | $146036.78    | 0.04%             | 2035-03-25      | Floating      | 4.24%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust 2004 11                                                                           | SEMT 2013-8 A1            | CUSIP: 81745EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10409 | PA      | $9559.04      | 0.00%             | 2043-06-25      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors Trust 2006 Rm2                                                          | MLCC 2007-3 2A2           | CUSIP: 59022XAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     39133 | PA      | $29402.28     | 0.01%             | 2037-09-25      | Floating      | 3.97%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS FLOAT 06/29/29         | CUSIP: 61761JRD3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97500.00     | 0.02%             | 2029-06-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust 2018-2                                                            | VCC 2018-2 M6             | CUSIP: 92259BAU4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1014516 | PA      | $896373.30    | 0.22%             | 2048-10-26      | Floating      | 7.05%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS FLOAT 03/31/35         | CUSIP: 61760QFU3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    888000 | PA      | $643800.00    | 0.16%             | 2035-03-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Nomura America Finance LLC                                                                               | NOMURA FLOAT 02/28/34     | CUSIP: 65539ABB5<br>LEI: 549300U646RSSKIVOJ29 | Long             | DBT              | CORP              | US        |     65000 | PA      | $51898.47     | 0.01%             | 2034-02-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS FLOAT 04/30/30         | CUSIP: 61760QFX7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   4385000 | PA      | $3836875.00   | 0.93%             | 2030-04-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| WinWater Mortgage Loan Trust 2015-4                                                                      | WIN 2015-1 B2             | CUSIP: 97652TBC6<br>LEI: 549300PWVP7DMQC42S40 | Long             | ABS-O            | CORP              | US        |    190075 | PA      | $179849.49    | 0.04%             | 2045-01-20      | Floating      | 3.87%                 | Yes           |                  2 | On Loan: No      |
| CWMBS Inc                                                                                                | CWALT 2003-J3 2A1         | CUSIP: 12669FFD0<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |     33670 | PA      | $35613.64     | 0.01%             | 2033-12-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| National City Mortgage Capital Trust                                                                     | NATCM 2008-1 2A2          | CUSIP: 635419AF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     24818 | PA      | $25295.84     | 0.01%             | 2038-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc.                                                                       | CMLTI 2009-10 6A2         | CUSIP: 17316AAZ3<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-O            | CORP              | US        |    136888 | PA      | $126129.07    | 0.03%             | 2034-09-25      | Floating      | 6.29%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley ABS Capital I Inc                                                                         | MSAC 2003-SD1 M2          | CUSIP: 61746RCG4<br>LEI: 549300RLSHIMYD3FZB52 | Long             | ABS-O            | CORP              | US        |    252736 | PA      | $228781.82    | 0.06%             | 2033-03-25      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Alt-A Trust 2004-12                                                                         | BALTA 2004-11 2A1         | CUSIP: 07386HMV0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3365 | PA      | $3157.19      | 0.00%             | 2034-11-25      | Floating      | 3.10%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust 2011-C2                                                                   | MSC 2014-150E B           | CUSIP: 61764BAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    172000 | PA      | $144714.22    | 0.04%             | 2032-09-09      | Fixed         | 4.26%                 | Yes           |                  2 | On Loan: No      |
| Bear Stearns Arm Trust                                                                                   | BSARM 2004-1 21A1         | CUSIP: 07384MK27<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8665 | PA      | $8598.43      | 0.00%             | 2034-04-25      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| 1ST Horizon 06-Ar3                                                                                       | FHASI 2006-AR3 1A1        | CUSIP: 32052EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     77386 | PA      | $35147.96     | 0.01%             | 2036-11-25      | Floating      | 3.73%                 | No            |                  2 | On Loan: No      |
| MASTR Alternative Loan Trust                                                                             | MALT 2003-7 6A1           | CUSIP: 576434HH0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     36425 | PA      | $37347.42     | 0.01%             | 2033-12-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Np Spe X Lp 2019-2                                                                                       | NPRL 2019-2A A2           | CUSIP: 62947AAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    541992 | PA      | $478125.20    | 0.12%             | 2049-11-19      | Fixed         | 3.10%                 | Yes           |                  2 | On Loan: No      |
| CREDIT SUISSE FIRST BOSTON MOR                                                                           | CSFB 2005-10 2A1          | CUSIP: 225470DV2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5706 | PA      | $0.60         | 0.00%             | 2025-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOFI PERSONAL LN TR 2024-1                                                                               | SPLT 2024-1A A            | CUSIP: 83407RAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     79131 | PA      | $79831.67     | 0.02%             | 2031-02-12      | Fixed         | 6.06%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                                                                                   | US 10YR NOTE (CBT)Mar26   | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DIR              | CORP              | US        |       220 | NC      | $2487.10      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTR Alternative Loan Trust                                                                             | MALT 2004-3 2A1           | CUSIP: 576434NV2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     42487 | PA      | $43670.48     | 0.01%             | 2034-04-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Mastr Adjustable Rate Mortgages Trust 2002-3                                                             | MARM 2003-7 B1            | CUSIP: 576433HV1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     34092 | PA      | $33814.83     | 0.01%             | 2034-01-25      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS 9 11/30/35             | CUSIP: 61760QJD7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    176000 | PA      | $162800.00    | 0.04%             | 2035-11-30      | Floating      | 7.40%                 | No            |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities Corp.                                                     | CSFB 2005-8 9A9           | CUSIP: 2254582T4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100037 | PA      | $65416.63     | 0.02%             | 2035-09-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| BBH                                                                                                      | BBH SWEEP VEHICLE         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |  18698879 | PA      | $18698878.79  | 4.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Finance LLC.                                                                              | MS 14 04/30/33            | CUSIP: 61766YCR0<br>LEI: 5493003FCPSE9RKT4B56 | Long             | DBT              | CORP              | US        |    737000 | PA      | $649481.25    | 0.16%             | 2033-04-30      | Floating      | 15.21%                | No            |                  2 | On Loan: No      |
| CBA Commercial Assets Small Balance Commercial Mortgage Pass-Through Certificates Series 2006-2          | CBAC 2007-1A A            | CUSIP: 14984WAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1463875 | PA      | $1356283.16   | 0.33%             | 2039-07-25      | Floating      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| Galton Funding Mortgage Trust 2017-1                                                                     | GFMT 2017-1 A22           | CUSIP: 36416UAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     17331 | PA      | $15699.01     | 0.00%             | 2056-07-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Csmc Ser 2014-10r                                                                                        | CSMC 2014-10R 1A2         | CUSIP: 12649BAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2157137 | PA      | $485930.30    | 0.12%             | 2036-05-27      | Floating      | 7.41%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS FLOAT 04/30/35         | CUSIP: 61760QFY5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    921000 | PA      | $854227.50    | 0.21%             | 2035-04-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Alternative Loan Trust 2006-S3                                                                 | JPALT 2006-A1 1A2         | CUSIP: 46627MCT2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    706970 | PA      | $604473.13    | 0.15%             | 2036-03-25      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| STWD 2022-FL3 LTD                                                                                        | STWD 2022-FL3 A           | CUSIP: 78485KAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    238962 | PA      | $239140.71    | 0.06%             | 2038-11-15      | Floating      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| First Franklin Mortgage Loan Trust                                                                       | SASC 2005-RF2 A           | CUSIP: 86359DEX1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     64904 | PA      | $59120.70     | 0.01%             | 2035-04-25      | Floating      | 4.42%                 | Yes           |                  2 | On Loan: No      |
| Cendant Mortgage Corp. & Bishops Gate Residential Mortgage Trust Pass Through Certificates Series 2002 2 | CDMC 2004-1 A7            | CUSIP: 151314GB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    872490 | PA      | $875168.21    | 0.21%             | 2034-02-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MOSAIC SOLAR LOAN TRUST 2024-1                                                                           | MSAIC 2024-1A C           | CUSIP: 618937AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $219565.06    | 0.05%             | 2049-09-20      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Residential Asset Mortgage Products, Inc.                                                                | RAMP 2002-SL1 AII4        | CUSIP: 760985LJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    231695 | PA      | $202118.81    | 0.05%             | 2032-06-25      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| GOODGREEN TRUST 2021-1                                                                                   | GOODG 2021-1A C           | CUSIP: 38217UAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1504827 | PA      | $1103519.90   | 0.27%             | 2056-10-15      | Fixed         | 5.74%                 | Yes           |                  2 | On Loan: No      |
| CWMBS Inc                                                                                                | CWHL 2005-J2 3A12         | CUSIP: 12669GW31<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |    473384 | PA      | $288113.19    | 0.07%             | 2035-08-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| First Horizon Mortgage Pass Through Trust 2006 3                                                         | FHAMS 2004-AA4 A1         | CUSIP: 32051GAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15352 | PA      | $15130.67     | 0.00%             | 2034-10-25      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Mastr Seasoned Securitization Trust 2005-1                                                               | MSSTR 2004-1 4A1          | CUSIP: 55265WBD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     45375 | PA      | $44630.73     | 0.01%             | 2032-10-25      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| Cwalt Incorporation                                                                                      | CWALT 2005-12R A3         | CUSIP: 12667GAR4<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-O            | CORP              | US        |     29972 | PA      | $29834.04     | 0.01%             | 2034-11-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lehman Mortgage Trust                                                                                    | LMT 2006-2 2A3            | CUSIP: 52520MGL1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    115644 | PA      | $117524.36    | 0.03%             | 2036-04-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS 0 03/31/35             | CUSIP: 61760QFV1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    346000 | PA      | $243497.50    | 0.06%             | 2035-03-31      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Lloyds Bank plc                                                                                          | LLOYDS FLOAT 11/27/33     | CUSIP: 5394E8CE7<br>LEI: H7FNTJ4851HG0EXQ1Z70 | Long             | DBT              | CORP              | GB        |    655000 | PA      | $440143.63    | 0.11%             | 2033-11-27      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Global Markets Holdings Inc.                                                                   | C 10 03/29/34             | CUSIP: 17326YL95<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |    200000 | PA      | $189500.00    | 0.05%             | 2034-03-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust 2011-C2                                                                   | MSC 2014-150E AS          | CUSIP: 61764BAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    420000 | PA      | $367590.83    | 0.09%             | 2032-09-09      | Fixed         | 4.01%                 | Yes           |                  2 | On Loan: No      |
| Cwalt Incorporation                                                                                      | CWALT 2005-54CB 1A11      | CUSIP: 12668APD1<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-O            | CORP              | US        |     27829 | PA      | $21472.39     | 0.01%             | 2035-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan Trust                                                                       | MSM 2006-8AR 4A2          | CUSIP: 61749LAK7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8732 | PA      | $7817.23      | 0.00%             | 2036-06-25      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| Nomura Home Equity Loan Trust Series 2006-Wf1                                                            | NHELI 2006-HE2 M1         | CUSIP: 65536MAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     72631 | PA      | $68906.22     | 0.02%             | 2036-03-25      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| First Horizon Mortgage Pass Through Trust 2006 3                                                         | FHAMS 2004-AA1 A1         | CUSIP: 32051D3G5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    104731 | PA      | $104595.00    | 0.03%             | 2034-06-25      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| Benchmark 2020-B16 Mortgage Trust                                                                        | BMARK 2020-B19 B          | CUSIP: 08162WBG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $393544.90    | 0.10%             | 2053-09-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| ACHM TRUST 2023-HE2                                                                                      | ACHM 2023-HE2 A           | CUSIP: 00111NAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    989603 | PA      | $1021863.08   | 0.25%             | 2038-10-25      | Floating      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| ML-Cfc Commercial Mortgage Trust 2007-8                                                                  | MLCFC 2007-5 AJ           | CUSIP: 55312YAH5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3081441 | PA      | $519348.40    | 0.13%             | 2048-08-12      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Corp                                                                              | GSMPS 1998-1 A            | CUSIP: 36228FAA4<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |     14816 | PA      | $14525.79     | 0.00%             | 2027-09-19      | Floating      | 8.00%                 | Yes           |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST 2021-                                                                      | CBSLT 2021-BGS B          | CUSIP: 20268AAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    887636 | PA      | $733502.73    | 0.18%             | 2051-09-25      | Fixed         | 1.64%                 | Yes           |                  2 | On Loan: No      |
| Impac Secured Assets Corp Mortgage Pass-Through Certificates Series 2006-1                               | IMSA 2006-1 2A1           | CUSIP: 45254TTN4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     76235 | PA      | $74458.51     | 0.02%             | 2036-05-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Cendant Mortgage Capital Llc                                                                             | CDMC 2004-4 A8            | CUSIP: 15132EJW9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     61735 | PA      | $61820.22     | 0.01%             | 2034-09-25      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Barclays Bank plc                                                                                        | BACR 10 10/18/28          | CUSIP: 06741TS24<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | CORP              | GB        |     50000 | PA      | $43000.00     | 0.01%             | 2028-10-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust 2004 11                                                                           | SEMT 2013-6 B1            | CUSIP: 81745BAM7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     73485 | PA      | $72373.33     | 0.02%             | 2043-05-25      | Floating      | 3.52%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities Corp.                                                     | CSFB 2002-9 1A2           | CUSIP: 22540VG71<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    361932 | PA      | $326149.07    | 0.08%             | 2032-03-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank plc                                                                                        | BACR FLOAT 08/15/33       | CUSIP: 06741TZW0<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | CORP              | GB        |     75000 | PA      | $51937.50     | 0.01%             | 2033-08-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Southern Pacific Secured Assets Corp.                                                                    | SPSAC 1997-2 M1F          | CUSIP: 843590BQ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    103555 | PA      | $151069.91    | 0.04%             | 2027-05-25      | Fixed         | 7.32%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2023-3                                                                        | VERUS 2023-3 A3           | CUSIP: 92539GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    162056 | PA      | $162290.63    | 0.04%             | 2068-03-25      | Floating      | 6.74%                 | Yes           |                  2 | On Loan: No      |
| VELOCITY COMM CAP TR 2019-3                                                                              | VCC 2019-3 M6             | CUSIP: 92257HAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    373028 | PA      | $318299.48    | 0.08%             | 2049-10-25      | Floating      | 6.03%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association                                                                | CHASE 2020-CL1 M3         | CUSIP: 46591HAJ9<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | ABS-O            | CORP              | US        |    127009 | PA      | $136384.02    | 0.03%             | 2057-10-25      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Corp.                                                                        | SASC 2004-4XS 1M1         | CUSIP: 86359BHR5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    391934 | PA      | $410970.10    | 0.10%             | 2034-02-25      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust 2011-C2                                                                   | MSC 2018-BOP A            | CUSIP: 61768FAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    124657 | PA      | $98942.95     | 0.02%             | 2033-08-15      | Floating      | 4.86%                 | Yes           |                  2 | On Loan: No      |
| New Economy Assets Phase 1 Issuer LLC                                                                    | USRE 2021-1 B1            | CUSIP: 643821AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $170638.88    | 0.04%             | 2061-10-20      | Fixed         | 2.41%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Corp                                                                              | GSR 2005-AR3 2A1          | CUSIP: 36242D4S9<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |     13619 | PA      | $11129.31     | 0.00%             | 2035-05-25      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| Master Asset Securitization Trust                                                                        | MASTR 2003-11 8A1         | CUSIP: 55265K2N8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    155109 | PA      | $141939.17    | 0.03%             | 2033-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities Corp.                                                     | CSFB 2003-25 1A8          | CUSIP: 22541QYL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     41776 | PA      | $41304.13     | 0.01%             | 2033-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC.                                                                              | MS 9 09/30/36             | CUSIP: 61766YAP6<br>LEI: 5493003FCPSE9RKT4B56 | Long             | DBT              | CORP              | US        |   1143000 | PA      | $1007268.75   | 0.24%             | 2036-09-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SUNNOVA HELIOS X ISSUER LLC                                                                              | SNVA 2022-C A             | CUSIP: 86744WAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    487737 | PA      | $458048.74    | 0.11%             | 2049-11-22      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan Trust                                                                       | MSM 2004-8AR 2A           | CUSIP: 61748HED9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     18035 | PA      | $16560.63     | 0.00%             | 2034-10-25      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS Float 08/31/26         | CUSIP: 61745E7E5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    125000 | PA      | $119687.50    | 0.03%             | 2026-08-31      | Floating      | 3.98%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS Float 10/30/30         | CUSIP: 61760QHW7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    151000 | PA      | $125518.75    | 0.03%             | 2030-10-30      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| Lehman Abs 07-1                                                                                          | LABSM 2007-1 2A2          | CUSIP: 52521MAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    579757 | PA      | $373410.32    | 0.09%             | 2037-06-25      | Floating      | 4.27%                 | Yes           |                  2 | On Loan: No      |
| Lehman Abs Corp                                                                                          | MSDWC 2003-HYB1 A3        | CUSIP: 61746WB90<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     40613 | PA      | $36449.94     | 0.01%             | 2033-03-25      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| CARVAL CLO XI-C LTD /LLC                                                                                 | CARVL 2024-3A A1          | CUSIP: 14688RAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    180000 | PA      | $180331.76    | 0.04%             | 2037-10-20      | Floating      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS Float 02/27/35         | CUSIP: 61760QFS8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     40000 | PA      | $28150.00     | 0.01%             | 2035-02-27      | Floating      | 3.23%                 | No            |                  2 | On Loan: No      |
| Societe Generale S.A.                                                                                    | SOCGEN 21 10/29/32        | CUSIP: 83369EE55<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    744000 | PA      | $663090.00    | 0.16%             | 2032-10-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust 2015-Ms1                                                                  | MSC 2015-MS1 D            | CUSIP: 61765DAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $163600.35    | 0.04%             | 2048-05-15      | Floating      | 4.29%                 | Yes           |                  2 | On Loan: No      |
| RBSSP RESECURITIZATION TRUST SECURI                                                                      | RBSSP 2013-5 2A2          | CUSIP: 74932HAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4554093 | PA      | $3976865.40   | 0.96%             | 2033-07-26      | Floating      | 4.72%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS FLOAT 09/16/31         | CUSIP: 61745EL58<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    268200 | PA      | $215230.50    | 0.05%             | 2031-09-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MILL CTY SOLAR LN 2019-1                                                                                 | MCSLT 2019-1A A           | CUSIP: 59982WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    421019 | PA      | $398404.97    | 0.10%             | 2043-03-20      | Fixed         | 4.34%                 | Yes           |                  2 | On Loan: No      |
| Mosaic Solar Loan Trust 2018-1                                                                           | MSAIC 2018-1A B           | CUSIP: 61946FAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     94188 | PA      | $78458.18     | 0.02%             | 2043-06-22      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust 2018-1                                                            | VCC 2018-1 M6             | CUSIP: 92257AAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    807590 | PA      | $736073.67    | 0.18%             | 2048-04-25      | Fixed         | 7.26%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS 10 10/30/30            | CUSIP: 61760QHY3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    171000 | PA      | $117867.74    | 0.03%             | 2030-10-30      | Floating      | 2.03%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Securities I Trust 2004 Ac5                                                    | BSABS 2006-AC2 21A6       | CUSIP: 07387UGU9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    582637 | PA      | $224775.08    | 0.05%             | 2036-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CSAIL 2017-C8 Commercial Mortgage Trust                                                                  | CSAIL 2015-C2 C           | CUSIP: 12634NAZ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2634000 | PA      | $2427754.64   | 0.59%             | 2057-06-15      | Floating      | 4.18%                 | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                                                                        | NWG FLOAT 08/26/31        | CUSIP: 78009PBK6<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $75500.00     | 0.02%             | 2031-08-26      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| USASF RECEIVABLES LLC 21-1A                                                                              | USAUT 2021-1A D           | CUSIP: 90355EAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $29035.65     | 0.01%             | 2027-03-15      | Fixed         | 4.36%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank Of America Merrill Lynch Trust                                                       | MSBAM 2015-C22 AS         | CUSIP: 61690FAP8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    460000 | PA      | $443230.98    | 0.11%             | 2048-04-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| Financial Asset Securities Corp.                                                                         | AAA 2005-2 A3             | CUSIP: 31738PBG2<br>LEI: 213800MPFYUR94LO7914 | Long             | ABS-O            | CORP              | US        |     41117 | PA      | $38347.86     | 0.01%             | 2035-11-26      | Floating      | 4.35%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS FLOAT 10/31/34         | CUSIP: 61760QFE9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    295000 | PA      | $219037.50    | 0.05%             | 2034-10-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Benchmark 2020-B16 Mortgage Trust                                                                        | BMARK 2020-B17 E          | CUSIP: 08162MAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    900000 | PA      | $507545.10    | 0.12%             | 2053-03-15      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Corp                                                                              | GSMPS 2005-RP2 1AF        | CUSIP: 36242DT52<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |     25713 | PA      | $24240.52     | 0.01%             | 2035-03-25      | Floating      | 4.42%                 | Yes           |                  2 | On Loan: No      |
| Structured Asset Securities Corp.                                                                        | SASC 2004-4XS A3A         | CUSIP: 86359BHJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    397604 | PA      | $393570.90    | 0.10%             | 2034-02-25      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities Corp.                                                     | CSFB 2003-23 1A11         | CUSIP: 22541QVP4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     70693 | PA      | $66768.13     | 0.02%             | 2033-10-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                                                                            | JEF 8 08/31/37            | CUSIP: 47233JAV0<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |   1071000 | PA      | $820653.75    | 0.20%             | 2037-08-31      | Floating      | 2.86%                 | No            |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities Corp.                                                     | CSFB 2003-25 1A11         | CUSIP: 22541QF56<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    125329 | PA      | $124045.79    | 0.03%             | 2033-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bayview Financial Mortgage Pass Through Trust 2005 B                                                     | BAYV 2006-A B1            | CUSIP: 07325NDC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700822 | PA      | $702618.22    | 0.17%             | 2041-02-28      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| Cwalt Incorporation                                                                                      | CWALT 2004-J8 2A1         | CUSIP: 12667FSH9<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-O            | CORP              | US        |    125894 | PA      | $134777.93    | 0.03%             | 2034-08-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                           | C 10 08/31/35             | CUSIP: 1730T3AV5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     55000 | PA      | $39737.50     | 0.01%             | 2035-08-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                                                                         | DB FLOAT 11/26/34         | CUSIP: 25152RXG3<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    961000 | PA      | $700328.75    | 0.17%             | 2034-11-26      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS 8 12/23/35             | CUSIP: 61760QJF2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    241000 | PA      | $223527.50    | 0.05%             | 2035-12-23      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| C-Bass ABS LLC                                                                                           | CBASS 2004-RP1 B1         | CUSIP: 124860EL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1360918 | PA      | $1359142.62   | 0.33%             | 2050-05-25      | Floating      | 7.82%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust 2015-1                                                            | VCC 2020-1 M2             | CUSIP: 92259LAH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     58934 | PA      | $47414.21     | 0.01%             | 2050-02-25      | Floating      | 2.98%                 | Yes           |                  2 | On Loan: No      |
| Structured Asset Securities Corp.                                                                        | SARM 2004-2 4A1           | CUSIP: 86359BLE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     37552 | PA      | $36098.04     | 0.01%             | 2034-03-25      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Benchmark 2020-B16 Mortgage Trust                                                                        | BMARK 2020-B17 C          | CUSIP: 08162MBD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    470000 | PA      | $369542.72    | 0.09%             | 2053-03-15      | Floating      | 3.37%                 | No            |                  2 | On Loan: No      |
| Master Asset Securitization Trust                                                                        | MASTR 2003-11 9A6         | CUSIP: 55265K2U2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     42649 | PA      | $43616.41     | 0.01%             | 2033-12-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Navient Private Education Loan Trust 2016-A                                                              | NAVSL 2020-FA B           | CUSIP: 63941XAB3<br>LEI: 549300JSCKIU587G1R13 | Long             | ABS-O            | CORP              | US        |    165000 | PA      | $146103.99    | 0.04%             | 2069-07-15      | Fixed         | 2.69%                 | Yes           |                  2 | On Loan: No      |
| Banc Of America Mortgage Securities Inc.                                                                 | BOAMS 2003-L 2A1          | CUSIP: 05948XQ95<br>LEI: 549300IE5TDZLY0T0V30 | Long             | ABS-O            | CORP              | US        |     26396 | PA      | $26321.90     | 0.01%             | 2034-01-25      | Floating      | 6.64%                 | No            |                  2 | On Loan: No      |
| Citigroup Global Markets Holdings Inc.                                                                   | C FLOAT 11/22/32          | CUSIP: 17324CP34<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |     35000 | PA      | $30625.00     | 0.01%             | 2032-11-22      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Mellon Residential Funding Corp.                                                                         | MRFC 2000-TBC3 B4         | CUSIP: 585525EU8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     73252 | PA      | $68975.78     | 0.02%             | 2030-12-15      | Floating      | 5.20%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Corp                                                                              | GSMPS 2004-4 1A3          | CUSIP: 36242DJT1<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |    266634 | PA      | $264742.29    | 0.06%             | 2034-06-25      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS Float 12/03/28         | CUSIP: 61760QDT8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    125000 | PA      | $110625.00    | 0.03%             | 2028-12-03      | Floating      | 2.64%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Arm Trust                                                                                   | BSARM 2003-4 B1           | CUSIP: 07384MVW9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     54087 | PA      | $49238.17     | 0.01%             | 2033-07-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors, Inc.                                                                   | MLMI 2003-A4 3A           | CUSIP: 589929W87<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     24581 | PA      | $24181.92     | 0.01%             | 2033-05-25      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                                                   | US 5YR NOTE (CBT) Mar26   | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DIR              | CORP              | US        |        70 | NC      | $-291.90      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies Financial Group Inc                                                                            | JEF FLOAT 02/28/38        | CUSIP: 47233JBJ6<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    762000 | PA      | $634365.00    | 0.15%             | 2038-02-28      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                 | GNR 2022-216 IO           | CUSIP: 38381HK26<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    681621 | PA      | $37570.59     | 0.01%             | 2065-07-16      | Floating      | 0.75%                 | No            |                  2 | On Loan: No      |
| Napier Park Global Capital                                                                               | NPRL 2017-1A A2           | CUSIP: 62946AAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3198000 | PA      | $2760214.91   | 0.67%             | 2047-10-21      | Fixed         | 4.22%                 | Yes           |                  2 | On Loan: No      |
| First Horizon Mortgage Pass Through Trust 2006 3                                                         | FHAMS 2004-AA3 A1         | CUSIP: 32051D6B3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6596 | PA      | $6744.34      | 0.00%             | 2034-09-25      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| Impac CMB Trust                                                                                          | IMM 2003-4 3M2            | CUSIP: 45254NEK9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     35982 | PA      | $35726.53     | 0.01%             | 2033-07-25      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| CHNGE MORTGAGE TRUST 2023-2                                                                              | CHNGE 2023-2 M1           | CUSIP: 169926AE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2020619.80   | 0.49%             | 2058-06-25      | Floating      | 8.01%                 | Yes           |                  2 | On Loan: No      |
| Navient Private Education Loan Trust 2016-A                                                              | NAVSL 2019-FA B           | CUSIP: 63935CAC5<br>LEI: 549300JSCKIU587G1R13 | Long             | ABS-O            | CORP              | US        |    225000 | PA      | $202601.71    | 0.05%             | 2068-08-15      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Impac CMB Trust                                                                                          | IMM 2005-4 2M1            | CUSIP: 45254NPN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    168181 | PA      | $163432.70    | 0.04%             | 2035-05-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                                                 | JPMMT 2006-A7 2A1R        | CUSIP: 46629DAH8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    121047 | PA      | $97150.84     | 0.02%             | 2037-01-25      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| EVERBRIGHT SOLAR TRUST 2024-A                                                                            | EVBRT 2024-A A            | CUSIP: 29977FAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    839090 | PA      | $808121.49    | 0.20%             | 2054-06-22      | Fixed         | 6.43%                 | Yes           |                  2 | On Loan: No      |
| Master Asset Securitization Trust                                                                        | MASTR 2005-1 2A9          | CUSIP: 57643MKL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     55395 | PA      | $42454.65     | 0.01%             | 2035-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLT FUND                                                                                                | COLT 2021-3R A2           | CUSIP: 19688DAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     23476 | PA      | $21825.97     | 0.01%             | 2064-12-25      | Floating      | 1.26%                 | Yes           |                  2 | On Loan: No      |
| Ocwen Residential                                                                                        | OCMBS 1999-R2 B2          | CUSIP: 675748CF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     38543 | PA      | $556.21       | 0.00%             | 2039-06-25      | Floating      | 0.56%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS FLOAT 01/21/26         | CUSIP: 61745E2K6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69650.00     | 0.02%             | 2026-01-21      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Securities Corp.                                                              | WAMMS 2005-RA1 3B4        | CUSIP: 9393364V2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3632 | PA      | $2981.56      | 0.00%             | 2035-01-25      | Floating      | 3.81%                 | Yes           |                  2 | On Loan: No      |
| Indymac Indx Mortgage Loan Trust 2004-Ar14                                                               | INDX 2004-AR11 2A         | CUSIP: 45660N6S9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     16995 | PA      | $16075.03     | 0.00%             | 2034-12-25      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS FLOAT 03/31/31         | CUSIP: 61745E6X4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17150.00     | 0.00%             | 2031-03-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                                                                         | DB 7 1/2 01/31/33         | CUSIP: 25152RUV3<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    120000 | PA      | $84300.00     | 0.02%             | 2033-01-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                                                 | JPMMT 2004-S2 4A5         | CUSIP: 466247JV6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     17688 | PA      | $16304.05     | 0.00%             | 2034-11-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Arm Trust                                                                                   | BSARM 2003-5 1A1          | CUSIP: 07384MWF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     22065 | PA      | $21623.24     | 0.01%             | 2033-08-25      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| GCAT 2024-INV1                                                                                           | GCAT 2024-INV1 1A2        | CUSIP: 36831BAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     93496 | PA      | $94153.49     | 0.02%             | 2054-01-25      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc.                                                                       | CMLTI 2015-RP2 A          | CUSIP: 17323TAC4<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-O            | CORP              | US        |     34155 | PA      | $33581.96     | 0.01%             | 2053-01-25      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS Float 11/28/34         | CUSIP: 61760QFJ8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     60000 | PA      | $44400.00     | 0.01%             | 2034-11-28      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| Bayview Commercial Asset Trust 2006-SP2                                                                  | BAYC 2007-1 M2            | CUSIP: 07325MAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     58515 | PA      | $55595.22     | 0.01%             | 2037-03-25      | Floating      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Salomon Brothers Mortgage Securities VII Inc.                                                            | SBM7 2002-WMC1 M1         | CUSIP: 79549AKF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2297 | PA      | $2294.99      | 0.00%             | 2032-01-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Impac CMB Trust                                                                                          | IMM 2005-8 2B             | CUSIP: 45254NRY5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     57716 | PA      | $57682.21     | 0.01%             | 2036-02-25      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| CWMBS Inc                                                                                                | CWALT 2003-J2 A1          | CUSIP: 12669E4A1<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |     82707 | PA      | $84804.69     | 0.02%             | 2033-10-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Delta Funding Home Equity Loan Trust 1998-1                                                              | DELHE 1999-3 A2F          | CUSIP: 24763LFV7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    101275 | PA      | $96575.14     | 0.02%             | 2029-09-15      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                                                                   | SLMA 2005-8 B             | CUSIP: 78442GQT6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     53254 | PA      | $51186.83     | 0.01%             | 2055-01-25      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| VELOCITY COMMERCIAL CAPITAL LOAN TR                                                                      | VCC 2022-1 M5             | CUSIP: 92258XAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1703968 | PA      | $1267719.09   | 0.31%             | 2052-02-25      | Floating      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| TRESTLES CLO VII LTD /LLC                                                                                | TREST 2024-7A A1          | CUSIP: 89532XAC1<br>LEI: 254900F81BZ53L0B6092 | Long             | ABS-CBDO         | CORP              | KY        |    120000 | PA      | $120221.52    | 0.03%             | 2037-10-25      | Floating      | 5.24%                 | Yes           |                  2 | On Loan: No      |
| CWMBS Inc                                                                                                | CWHL 2004-J9 2A6          | CUSIP: 12669GFL0<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |     45838 | PA      | $45547.62     | 0.01%             | 2035-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CASCADE MH ASSET TRUST                                                                                   | CMHAT 2019-MH1 M          | CUSIP: 14732FAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1348110.00   | 0.33%             | 2044-11-01      | Floating      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| Nomura Asset Acceptance Corp Alternative Loan Trust Series 2004-Ap2                                      | NAA 2007-1 1A3            | CUSIP: 65538PAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     64514 | PA      | $61561.67     | 0.01%             | 2047-03-25      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| PHH Mortgage Trust Series 2008-Cim1                                                                      | PHHMC 2008-CIM1 21A1      | CUSIP: 69337LAJ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     60064 | PA      | $60897.97     | 0.01%             | 2038-05-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Arm Trust                                                                                   | BSARM 2004-6 3A           | CUSIP: 07384MW81<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     82301 | PA      | $79731.87     | 0.02%             | 2034-09-25      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS 10 08/29/34            | CUSIP: 61760QES9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    450000 | PA      | $316125.00    | 0.08%             | 2034-08-29      | Floating      | 10.00%                | No            |                  2 | On Loan: No      |
| Ryland Mortgage Securities Corp.                                                                         | RYMS 1994-1 B             | CUSIP: 783766QB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1414 | PA      | $0.00         | 0.00%             | 2030-04-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Citicorp Mortgage Securities Trust                                                                       | CMSI 2007-4 1A5           | CUSIP: 17312XAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    169362 | PA      | $149874.25    | 0.04%             | 2037-05-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HSI As Ln 2007-Ar2                                                                                       | HALO 2007-AR2 4A1         | CUSIP: 44329EAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150883 | PA      | $115651.02    | 0.03%             | 2037-09-25      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through Certificates                                                     | WAMU 2003-S3 1A4          | CUSIP: 929227T30<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     68850 | PA      | $68431.98     | 0.02%             | 2033-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                                                 | JPMMT 2019-8 B4           | CUSIP: 46591KBW2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    168289 | PA      | $156808.42    | 0.04%             | 2050-03-25      | Floating      | 4.14%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Alternative Loan Trust                                                                       | WFALT 2007-PA1 A7         | CUSIP: 94984TAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    137861 | PA      | $128813.39    | 0.03%             | 2037-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                                                                            | JEF 10 10/31/37           | CUSIP: 47233JBB3<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    240000 | PA      | $183900.00    | 0.04%             | 2037-10-31      | Floating      | 3.17%                 | No            |                  2 | On Loan: No      |
| Kgs-Alpha Sba Coof Tr 2014-4                                                                             | KSBA 2014-5 A             | CUSIP: 48249WAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000141 | PA      | $28942.98     | 0.01%             | 2040-10-25      | Floating      | 1.90%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC.                                                                              | MS 9 08/31/36             | CUSIP: 61766YAL5<br>LEI: 5493003FCPSE9RKT4B56 | Long             | DBT              | CORP              | US        |     70000 | PA      | $61775.00     | 0.01%             | 2036-08-31      | Floating      | 9.00%                 | No            |                  2 | On Loan: No      |
| CSAIL 2017-C8 Commercial Mortgage Trust                                                                  | CSAIL 2015-C2 B           | CUSIP: 12634NAY4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130577 | PA      | $124323.14    | 0.03%             | 2057-06-15      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| Cwalt Incorporation                                                                                      | CWALT 2004-J11 3A1        | CUSIP: 12667FXN0<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-O            | CORP              | US        |     14342 | PA      | $14554.28     | 0.00%             | 2032-08-25      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Structured Adjustable Rate Mortgage Loan Trust                                                           | SARM 2007-4 1A1           | CUSIP: 86363LAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    411882 | PA      | $376967.57    | 0.09%             | 2037-05-25      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| Security National Mortgage Loan Tst                                                                      | SNMLT 2005-2A A4          | CUSIP: 81441PCT6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1535044.35   | 0.37%             | 2035-02-25      | Floating      | 7.72%                 | Yes           |                  2 | On Loan: No      |
| Strats (SM) Trust For Goldman Sachs Capital I Securities Series 2005-1                                   | STRATS FLOAT 02/15/34     | CUSIP: 86312BAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $107255.30    | 0.03%             | 2034-02-15      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| Newtek Small Business Loan Trust 2017-1                                                                  | NWSB 2021-1 A             | CUSIP: 65253MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     24148 | PA      | $24138.46     | 0.01%             | 2048-12-25      | Floating      | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Adjustable Rate Mortgage Trust 2005-8                                                                    | ARMT 2005-6A 2A2          | CUSIP: 007036PH3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    447362 | PA      | $123148.31    | 0.03%             | 2035-11-25      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust 2004 11                                                                           | SEMT 2005-3 B1            | CUSIP: 81744FHP5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    255788 | PA      | $164928.42    | 0.04%             | 2035-05-20      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| Harborview Mtg Loan Trust                                                                                | HVMLT 2003-1 A            | CUSIP: 41161PBM4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    132397 | PA      | $121387.49    | 0.03%             | 2033-05-19      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC.                                                                              | MS 8 09/29/37             | CUSIP: 61766YBY6<br>LEI: 5493003FCPSE9RKT4B56 | Long             | DBT              | CORP              | US        |    168000 | PA      | $148050.00    | 0.04%             | 2037-09-29      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| CWMBS Inc                                                                                                | CWHL 2003-R4 2A           | CUSIP: 12669FFS7<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |     94811 | PA      | $86867.42     | 0.02%             | 2034-01-25      | Floating      | 4.76%                 | Yes           |                  2 | On Loan: No      |
| BFLD TRUST 2020-EYP                                                                                      | BFLD 2020-EYP A           | CUSIP: 05493AAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $273840.88    | 0.07%             | 2035-10-15      | Floating      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Commercial Mortgage Finance Corp                                                               | JPMCC 2013-LC11 E         | CUSIP: 46639YAC1<br>LEI: 5LF85PMAL00WH73NTQ43 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $13174.33     | 0.00%             | 2046-04-15      | Floating      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Mortgageit Mortgage Loan Trust 2006-1                                                                    | MHL 2005-2 2A             | CUSIP: 61915RAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     56400 | PA      | $55336.21     | 0.01%             | 2035-05-25      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Global Mortgage Securitization Ltd.                                                                      | GMSL 2004-A A3            | CUSIP: 378961AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    345618 | PA      | $347834.35    | 0.08%             | 2032-11-25      | Floating      | 8.56%                 | Yes           |                  2 | On Loan: No      |
| SLM Student Loan Trust                                                                                   | SLMA 2008-3 B             | CUSIP: 78444GAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    375000 | PA      | $386329.67    | 0.09%             | 2083-04-26      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Banc Of America Mortgage Securities Inc.                                                                 | BOAA 2003-8 1CB1          | CUSIP: 05948XTV3<br>LEI: 549300IE5TDZLY0T0V30 | Long             | ABS-O            | CORP              | US        |    131569 | PA      | $133375.21    | 0.03%             | 2033-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc.                                                                       | CMLTI 2004-UST1 A4        | CUSIP: 17307GLB2<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-O            | CORP              | US        |     51437 | PA      | $48630.90     | 0.01%             | 2034-08-25      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| Cwalt Incorporation                                                                                      | CWALT 2005-12R A4         | CUSIP: 12667GAS2<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-O            | CORP              | US        |    738357 | PA      | $735967.67    | 0.18%             | 2034-11-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                                                                      | BNS FLOAT 06/27/33        | CUSIP: 064159CK0<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    190000 | PA      | $126587.50    | 0.03%             | 2033-06-27      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| GSR Mtg Loan Trust                                                                                       | GSR 2006-10F 4A1          | CUSIP: 36266WAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2336685 | PA      | $307036.71    | 0.07%             | 2037-01-25      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                    | FN 257064                 | CUSIP: 31371NQR9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     31716 | PA      | $31756.24     | 0.01%             | 2037-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Corp                                                                              | GSR 2005-AR3 1A1          | CUSIP: 36242D4R1<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |     18888 | PA      | $17922.52     | 0.00%             | 2035-05-25      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| PRKCM 2023-AFC1 TRUST                                                                                    | PRKCM 2023-AFC1 A3        | CUSIP: 693981AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    772649 | PA      | $773568.43    | 0.19%             | 2058-02-25      | Floating      | 7.30%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group PLC                                                                                        | NWG FLOAT 08/18/31        | CUSIP: 78009PBE0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    125000 | PA      | $99062.50     | 0.02%             | 2031-08-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Citicorp Mortgage Securities Inc.                                                                        | CMSI 2005-4 1A5           | CUSIP: 172973W47<br>LEI: 549300ISEJNGWSXAKR30 | Long             | ABS-O            | CORP              | US        |     87535 | PA      | $87563.69     | 0.02%             | 2035-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chase Funding Trust Series 2003 3                                                                        | CFAB 2002-4 2A1           | CUSIP: 161546DQ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4476 | PA      | $4496.26      | 0.00%             | 2032-10-25      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| Alternative Loan Trust 2006-Hy12                                                                         | CWALT 2006-40T1 2A1       | CUSIP: 02148KAQ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    105105 | PA      | $28717.31     | 0.01%             | 2036-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEWTEK SML BUS LN TR 2022-1                                                                              | NWSB 2022-1 A             | CUSIP: 65254BAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30643 | PA      | $30848.73     | 0.01%             | 2049-10-25      | Floating      | 6.30%                 | Yes           |                  2 | On Loan: No      |
| Fresb Mortgage Trust                                                                                     | FRESB 2018-SB48 B         | CUSIP: 30296RAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    824433 | PA      | $494873.90    | 0.12%             | 2038-02-25      | Floating      | 4.35%                 | Yes           |                  2 | On Loan: No      |
| SG Structured Products, Inc.                                                                             | SOCGEN FLOAT 03/31/26     | CUSIP: 78423AJ45<br>LEI: 549300D8JJ608SOIGA98 | Long             | DBT              | CORP              | US        |    202000 | PA      | $196697.50    | 0.05%             | 2026-03-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust 2004 11                                                                           | SEQUOIA MORTGAGE TRUST    | CUSIP: 81745LAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    228378 | PA      | $214409.06    | 0.05%             | 2044-11-25      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| CSMC Trust                                                                                               | CSMC 2007-5R A5           | CUSIP: 12640QAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    309602 | PA      | $64459.84     | 0.02%             | 2036-07-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors, Inc.                                                                   | MLCC 2004-HB1 A3          | CUSIP: 59020UEV3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     87240 | PA      | $74386.12     | 0.02%             | 2029-04-25      | Floating      | 3.66%                 | No            |                  2 | On Loan: No      |
| Conseco Finance Corp.                                                                                    | GT 1996-5 B1              | CUSIP: 393505ND0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     87573 | PA      | $88499.68     | 0.02%             | 2026-07-15      | Floating      | 8.10%                 | No            |                  2 | On Loan: No      |
| Access Group Inc                                                                                         | ACCSS 2004-2 B            | CUSIP: 00432CBZ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25249 | PA      | $23092.37     | 0.01%             | 2043-01-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust 2018 C5                                                              | CGCMT 2015-GC35 C         | CUSIP: 17324KAT5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    900000 | PA      | $678069.27    | 0.16%             | 2048-11-10      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                 | GNR 2008-92 Z             | CUSIP: 38373M4S6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   1432850 | PA      | $1384717.46   | 0.34%             | 2048-10-16      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Impac CMB Trust                                                                                          | IMM 2003-2F M2            | CUSIP: 45254NDT1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     21197 | PA      | $21178.30     | 0.01%             | 2033-01-25      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                 | GNR 2022-55 IO            | CUSIP: 38381EX94<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   7468245 | PA      | $300219.70    | 0.07%             | 2063-01-16      | Floating      | 0.56%                 | No            |                  2 | On Loan: No      |
| Nomura Asset Acceptance Corp Alternative Loan Trust Series 2004-Ap2                                      | NAA 2005-AR3 1A1          | CUSIP: 65535VMJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    380675 | PA      | $350039.55    | 0.08%             | 2035-07-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust 2022-4                                                            | VCC 2022-4 M4             | CUSIP: 92259KAN0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    664271 | PA      | $648717.83    | 0.16%             | 2052-08-25      | Floating      | 7.53%                 | Yes           |                  2 | On Loan: No      |
| CDX.NA.HY SERIES 44                                                                                      | MARKIT CDX.NA.HY.44 06/30 | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       |  -5000000 | PA      | $389533.31    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                 | GNR 2022-82 Z             | CUSIP: 38381HCN9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   1820124 | PA      | $879978.14    | 0.21%             | 2064-02-16      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust 2019-2                                                            | VCC 2019-2 M6             | CUSIP: 92257NAU0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1232726 | PA      | $938924.49    | 0.23%             | 2049-07-25      | Floating      | 6.30%                 | Yes           |                  2 | On Loan: No      |
| Nomura America Finance LLC                                                                               | NOMURA FLOAT 12/31/33     | CUSIP: 655365AA2<br>LEI: 549300U646RSSKIVOJ29 | Long             | DBT              | CORP              | US        |    274000 | PA      | $192485.00    | 0.05%             | 2033-12-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities Corp.                                                     | CSFB 2001-26 5A1          | CUSIP: 22540VFQ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    108117 | PA      | $107884.07    | 0.03%             | 2031-11-25      | Floating      | 3.58%                 | No            |                  2 | On Loan: No      |
| Benchmark 2020-B16 Mortgage Trust                                                                        | BMARK 2020-IG3 A4         | CUSIP: 08162QAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $217026.94    | 0.05%             | 2048-09-15      | Fixed         | 2.44%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC.                                                                              | MS 9 08/31/37             | CUSIP: 61766YBW0<br>LEI: 5493003FCPSE9RKT4B56 | Long             | DBT              | CORP              | US        |    869000 | PA      | $736477.50    | 0.18%             | 2037-08-31      | Floating      | 9.95%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS FLOAT 07/31/28         | CUSIP: 61760QCY8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $84915.50     | 0.02%             | 2028-07-31      | Floating      | 2.47%                 | No            |                  2 | On Loan: No      |
| American Home Mortgage Investment Trust 2004-2                                                           | AHM 2004-1 2M1            | CUSIP: 02660TAK9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     74799 | PA      | $70322.97     | 0.02%             | 2044-04-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| CWMBS Inc                                                                                                | CWHL 2005-R2 2A4          | CUSIP: 12669GP47<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |      2269 | PA      | $2436.16      | 0.00%             | 2035-06-25      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Cwalt Incorporation                                                                                      | CWALT 2004-16CB 1A1       | CUSIP: 12667FLT0<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-O            | CORP              | US        |      6761 | PA      | $6732.36      | 0.00%             | 2034-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities Corp 2005-11                                              | CSFB 2004-6 1A3           | CUSIP: 2254W0GW9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    129626 | PA      | $126276.58    | 0.03%             | 2034-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WF-RBS Commercial Mortgage Trust                                                                         | WFRBS 2011-C4 D           | CUSIP: 92936CAW9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    195348 | PA      | $189651.98    | 0.05%             | 2044-06-15      | Floating      | 5.15%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Corp II                                                                           | GSMS 2013-PEMB A          | CUSIP: 36197VAA6<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-O            | CORP              | US        |   5970000 | PA      | $4594661.25   | 1.11%             | 2033-03-05      | Floating      | 3.67%                 | Yes           |                  2 | On Loan: No      |
| College Avenue Student Loans 2021-A Llc                                                                  | CASL 2021-A D             | CUSIP: 19424KAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     45571 | PA      | $43880.63     | 0.01%             | 2051-07-25      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust 2018 C5                                                              | CGCMT 2015-GC35 D         | CUSIP: 17324KAU2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $379290.83    | 0.09%             | 2048-11-10      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS Float 01/30/35         | CUSIP: 61760QFP4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    567000 | PA      | $426667.50    | 0.10%             | 2035-01-30      | Floating      | 3.16%                 | No            |                  2 | On Loan: No      |
| Natixis US Medium Term Note Program LLC                                                                  | KNFP FLOAT 07/31/34       | CUSIP: 63873HLU6<br>LEI: 549300MPTYP2BAQOK371 | Long             | DBT              | CORP              | US        |   1414000 | PA      | $995102.50    | 0.24%             | 2034-07-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Lstar Commercial Mortgage Trust                                                                          | LNSTR 2016-4 C            | CUSIP: 50219QAL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    381000 | PA      | $373912.98    | 0.09%             | 2049-03-10      | Floating      | 4.82%                 | Yes           |                  2 | On Loan: No      |
| RAAC Series 2007 RP3 Trust                                                                               | RAAC 2007-RP3 A           | CUSIP: 74978BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    430989 | PA      | $425941.62    | 0.10%             | 2046-10-25      | Floating      | 4.83%                 | Yes           |                  2 | On Loan: No      |
| Sunrun Inc.                                                                                              | SUNRN 2021-2A A           | CUSIP: 86772HAA5<br>LEI: 54930007SJ77CI66U531 | Long             | ABS-O            | CORP              | US        |    118623 | PA      | $108085.59    | 0.03%             | 2057-01-30      | Fixed         | 2.27%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Corp                                                                              | GSMPS 2006-RP1 1A2        | CUSIP: 3623413E7<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |     98274 | PA      | $88133.51     | 0.02%             | 2036-01-25      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Rbsgc Structured T                                                                                       | RBSGC 2008-A A1           | CUSIP: 74928AAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    257765 | PA      | $216835.94    | 0.05%             | 2035-11-25      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Mastr Adjustable Rate Mortgages Trust 2002-3                                                             | MARM 2003-2 4A1           | CUSIP: 576433DJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     16062 | PA      | $15254.67     | 0.00%             | 2033-07-25      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| CSMC Trust 2013-7                                                                                        | CSMC 2013-7 A2            | CUSIP: 12647PAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     94952 | PA      | $87013.76     | 0.02%             | 2043-08-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| First Franklin Mortgage Loan Trust 2005-FF4                                                              | FFML 2002-FF1 M2          | CUSIP: 32027NAS0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    362293 | PA      | $365687.83    | 0.09%             | 2032-04-25      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Securities Corp.                                                              | WAMMS 2004-RA3 CB1        | CUSIP: 939336T37<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     90010 | PA      | $85616.37     | 0.02%             | 2038-08-25      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Citigroup Global Markets Holdings Inc.                                                                   | C FLOAT 04/01/41          | CUSIP: 17329F6J8<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |    553000 | PA      | $488713.75    | 0.12%             | 2041-04-01      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust 2019-1                                                            | VCC 2019-1 M5             | CUSIP: 92257CAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    362642 | PA      | $329459.22    | 0.08%             | 2049-03-25      | Floating      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities Corp.                                                     | CSFB 2003-11 1A31         | CUSIP: 22541QBS0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     54482 | PA      | $55040.70     | 0.01%             | 2033-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Vivint Solar Licensing LLC                                                                               | VSLR 2020-1A A            | CUSIP: 92855HAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    104223 | PA      | $97504.01     | 0.02%             | 2051-07-31      | Fixed         | 2.21%                 | Yes           |                  2 | On Loan: No      |
| Natixis Commercial Mortgage Securities Trust 2018-Alxa                                                   | NCMS 2017-75B A           | CUSIP: 63874EAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $883089.95    | 0.21%             | 2037-04-10      | Fixed         | 3.86%                 | Yes           |                  2 | On Loan: No      |
| Bayview Financial Revolving Asset Trust                                                                  | BAYV 2004-B A1            | CUSIP: 073250BE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2700299 | PA      | $2213479.10   | 0.54%             | 2039-05-28      | Floating      | 5.03%                 | Yes           |                  2 | On Loan: No      |
| Cwabs Asset Backed Certificates Series 2002-4                                                            | CWL 2005-13 AF4           | CUSIP: 126670GR3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     79468 | PA      | $74628.42     | 0.02%             | 2036-04-25      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Amresco Residential Securities Corporation                                                               | AMRES 1999-1 A            | CUSIP: 03215PFN4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    388011 | PA      | $405530.69    | 0.10%             | 2029-06-25      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust 2011-C2                                                                   | MSC 2015-420 A            | CUSIP: 61765BAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4236067 | PA      | $4336400.39   | 1.05%             | 2050-10-12      | Floating      | 7.98%                 | Yes           |                  2 | On Loan: No      |
| Adjustable Rate Mortgage Trust 2005-8                                                                    | ARMT 2005-7 2A21          | CUSIP: 007036MT0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    106854 | PA      | $93785.79     | 0.02%             | 2035-10-25      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust 2018-3Inv                                                                        | FSMT 2018-3INV B4         | CUSIP: 33851JAV1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    317935 | PA      | $301516.33    | 0.07%             | 2048-05-25      | Floating      | 4.44%                 | Yes           |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors, Inc.                                                                   | MLMI 2006-A1 1A1          | CUSIP: 59020U5U5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    132680 | PA      | $70809.06     | 0.02%             | 2036-03-25      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| MASTR Alternative Loan Trust                                                                             | MALT 2007-HF1 4PO         | CUSIP: 55291YAN7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    866079 | PA      | $8.66         | 0.00%             | 2047-10-25      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                                                 | JPMMT 2008-R2 2A          | CUSIP: 46632TAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    187325 | PA      | $160279.70    | 0.04%             | 2035-12-27      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| VELOCIT COM CAP LN TR 2022-2                                                                             | VCC 2022-2 M5             | CUSIP: 92259UAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2570353 | PA      | $2195336.51   | 0.53%             | 2052-04-25      | Floating      | 5.74%                 | Yes           |                  2 | On Loan: No      |
| VELOCITY COMMERCIAL CAPITAL LOAN TR                                                                      | VCC 2021-3 M6             | CUSIP: 92258RAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1371697 | PA      | $1079157.15   | 0.26%             | 2051-10-25      | Floating      | 5.03%                 | Yes           |                  2 | On Loan: No      |
| CNL Commercial Mortgage Loan Trust 2001-1                                                                | CNL 2003-1A A1            | CUSIP: 12614MAS3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    186259 | PA      | $184590.93    | 0.04%             | 2031-05-15      | Floating      | 4.57%                 | Yes           |                  2 | On Loan: No      |
| Gmacm Mortgage Loan Trust                                                                                | GMACM 2004-J2 A8          | CUSIP: 36185N2E9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     60923 | PA      | $61288.37     | 0.01%             | 2034-06-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CPS AUTO SECURITIZATION TRUST 2021-                                                                      | CPS 2021-1A A             | CUSIP: 12657TAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    643926 | PA      | $643036.72    | 0.16%             | 2026-06-16      | Fixed         | 7.86%                 | Yes           |                  2 | On Loan: No      |
| CWMBS Inc                                                                                                | CWALT 1998-4 IIA3         | CUSIP: 12669ATG9<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |     20574 | PA      | $20357.91     | 0.00%             | 2028-08-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Securities Corp.                                                              | WAMMS 2003-MS7 A12        | CUSIP: 939336TS2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    142841 | PA      | $144076.04    | 0.03%             | 2033-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cwalt Inc Resecuritization Pass-Through Certificates Series 2008-2R                                      | CWALT 2008-2R 2A1         | CUSIP: 021482AC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    367484 | PA      | $160063.49    | 0.04%             | 2037-08-25      | Floating      | 3.79%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Corp                                                                              | GSMPS 2004-4 1A2          | CUSIP: 36242DJS3<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |   1346508 | PA      | $1343405.92   | 0.33%             | 2034-06-25      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities Corp.                                                     | HEAT 2002-2 A2            | CUSIP: 22541NCP2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    236013 | PA      | $234554.01    | 0.06%             | 2032-06-25      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| CWMBS Inc                                                                                                | CWHL 2004-R1 2A           | CUSIP: 12669F7L1<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |     10564 | PA      | $10375.10     | 0.00%             | 2034-11-25      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                    | FNGT 2004-T5 AB1          | CUSIP: 31394AXP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    537497 | PA      | $511991.59    | 0.12%             | 2035-05-28      | Floating      | 4.36%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS 10 01/30/35            | CUSIP: 61760QFQ2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    450000 | PA      | $316687.50    | 0.08%             | 2035-01-30      | Floating      | 3.32%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through Certificates                                                     | WAMU 2003-AR9 1A7         | CUSIP: 92922FBW7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    184225 | PA      | $182777.50    | 0.04%             | 2033-09-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| GC FTPYME Pastor 4 FTA                                                                                   | PAST 4 E                  | CUSIP: E5650RAB3<br>LEI: 54930081SHHWJEY6G124 | Long             | ABS-O            | CORP              | ES        |    200000 | PA      | $45006.26     | 0.01%             | 2045-07-15      | Floating      | 4.46%                 | No            |                  2 | On Loan: No      |
| UNIT AUTO CR SEC TR 2022-2                                                                               | UACST 2022-2 D            | CUSIP: 90944KAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2367265 | PA      | $2373298.22   | 0.58%             | 2028-01-10      | Fixed         | 6.84%                 | Yes           |                  2 | On Loan: No      |
| Banc Of America Alternative Loan Trust                                                                   | BOAA 2007-1 1A1           | CUSIP: 059496AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     41005 | PA      | $37940.70     | 0.01%             | 2057-02-25      | Floating      | 3.79%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc.                                                                       | CMLTI 2004-NCM2 1CB2      | CUSIP: 17307GGY8<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-O            | CORP              | US        |     34623 | PA      | $35628.01     | 0.01%             | 2034-08-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                                                                | COMM 2014-CR16 B          | CUSIP: 12591VAH4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130938 | PA      | $127029.00    | 0.03%             | 2047-04-10      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Tiaa Bank Mortgage Loan Trust 2018-3                                                                     | TBMLT 2018-3 B4           | CUSIP: 88632ACE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    233635 | PA      | $186311.87    | 0.05%             | 2048-11-25      | Floating      | 4.07%                 | Yes           |                  2 | On Loan: No      |
| COUNTRYWIDE ALTERNATIVE LOAN T                                                                           | CWALT 2007-9T1 3A1        | CUSIP: 02150JBA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     18394 | PA      | $9948.62      | 0.00%             | 2022-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities Corp.                                                     | CSFB 2003-AR24 3A1        | CUSIP: 22541QUP5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     72195 | PA      | $70095.89     | 0.02%             | 2033-10-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Bayview Financial Revolving Asset Trust                                                                  | BAYV 2005-A M1            | CUSIP: 073250BQ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1074034 | PA      | $1034448.86   | 0.25%             | 2040-02-28      | Floating      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| HUNDRED ACRE WOOD TR 2021-INV3                                                                           | HAWT 2021-INV3 B3         | CUSIP: 44555QCF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    131751 | PA      | $113720.20    | 0.03%             | 2051-12-25      | Floating      | 3.31%                 | Yes           |                  2 | On Loan: No      |
| VCC 2025-MC1 TRUST                                                                                       | VCC 2025-MC1 A1           | CUSIP: 91825JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1197397 | PA      | $1216046.43   | 0.29%             | 2055-05-25      | Floating      | 8.16%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Global Markets Holdings Inc.                                                                   | C FLOAT 03/29/34          | CUSIP: 17326YVR4<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58275.00     | 0.01%             | 2034-03-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC.                                                                              | MS 13 05/26/37            | CUSIP: 61766YBM2<br>LEI: 5493003FCPSE9RKT4B56 | Long             | DBT              | CORP              | US        |   1215000 | PA      | $908212.50    | 0.22%             | 2037-05-26      | Floating      | 7.73%                 | No            |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities Corp.                                                     | CSFB 2004-4 1A5           | CUSIP: 22541STP3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350622 | PA      | $357369.28    | 0.09%             | 2034-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Mortgageit Mortgage Loan Trust 2006-1                                                                    | MHL 2004-2 B2             | CUSIP: 61913PAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     92545 | PA      | $93165.05     | 0.02%             | 2034-12-25      | Floating      | 7.29%                 | No            |                  2 | On Loan: No      |
| Ready Capital Mortgage Trust 2019-5                                                                      | RCMT 2019-5 E             | CUSIP: 75575MAN8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2250000 | PA      | $2062902.94   | 0.50%             | 2052-02-25      | Floating      | 5.24%                 | Yes           |                  2 | On Loan: No      |
| Navient Pvt Education Loan Trust 2023-B                                                                  | NAVSL 2023-BA A1B         | CUSIP: 63942TAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    102687 | PA      | $103665.84    | 0.03%             | 2072-03-15      | Floating      | 5.84%                 | Yes           |                  2 | On Loan: No      |
| RMF BUYOUT ISSUANCE TR2022-HB1                                                                           | RBIT 2022-HB1 M4          | CUSIP: 76970HAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1350000 | PA      | $1187942.83   | 0.29%             | 2032-04-25      | Floating      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                 | GNR 2016-H24 AI           | CUSIP: 38376RE85<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    538068 | PA      | $26878.18     | 0.01%             | 2066-11-20      | Floating      | 2.03%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through Certificates                                                     | WAMU 2002-AR2 A           | CUSIP: 929227LE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12710 | PA      | $12431.18     | 0.00%             | 2034-02-27      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| Bayview Commercial Asset Trust 2008-1                                                                    | BAYC 2008-1 M1            | CUSIP: 07324AAG6<br>LEI: 549300DNB16HFXTEDZ43 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $468911.35    | 0.11%             | 2038-01-25      | Floating      | 7.22%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS FLOAT 06/30/31         | CUSIP: 61745EX63<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    125000 | PA      | $118437.50    | 0.03%             | 2031-06-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BANK 2019-BNK20                                                                                          | BANK 2019-BN20 B          | CUSIP: 06540AAH4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    980000 | PA      | $858012.05    | 0.21%             | 2062-09-15      | Floating      | 3.40%                 | No            |                  2 | On Loan: No      |
| Mastr Reperforming Loan Trust 2005-2                                                                     | MARP 2006-2 2A1           | CUSIP: 57645LAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    114280 | PA      | $105356.34    | 0.03%             | 2036-05-25      | Floating      | 3.80%                 | Yes           |                  2 | On Loan: No      |
| CWMBS Inc                                                                                                | CWHL 2004-HYB2 2A         | CUSIP: 12669FTH6<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |     16432 | PA      | $15771.10     | 0.00%             | 2034-07-20      | Floating      | 6.99%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust 2004 11                                                                           | SEMT 2007-3 1A1           | CUSIP: 81744MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    124934 | PA      | $108721.29    | 0.03%             | 2036-07-20      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Corp.                                                                        | SASC 2003-37A B1I         | CUSIP: 86359BCP4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       666 | PA      | $643.12       | 0.00%             | 2033-12-25      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| Delta Funding Home Equity Loan Trust 1998-1                                                              | DELHE 1999-2 A1A          | CUSIP: 24763LFS4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     69813 | PA      | $69759.60     | 0.02%             | 2030-08-15      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC.                                                                              | MS 9 06/30/37             | CUSIP: 61766YBQ3<br>LEI: 5493003FCPSE9RKT4B56 | Long             | DBT              | CORP              | US        |    333000 | PA      | $282217.50    | 0.07%             | 2037-06-30      | Floating      | 9.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                    | FNR 2002-26 A1            | CUSIP: 31392CR30<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     71667 | PA      | $74734.72     | 0.02%             | 2048-01-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Banc America Funding 2007-2 Trust                                                                        | BAFC 2007-2 1A8           | CUSIP: 05951GAW2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     72610 | PA      | $13473.17     | 0.00%             | 2037-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COLLEGE AVE STUDENT LOANS 2023-A LL                                                                      | CASL 2023-A A1            | CUSIP: 193938AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    252612 | PA      | $257165.81    | 0.06%             | 2055-05-25      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| Chase Funding Trust Series 2003 3                                                                        | CFAB 2004-1 1A7           | CUSIP: 161546HU3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     26477 | PA      | $26267.69     | 0.01%             | 2033-11-25      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| SBALR COMML MTG 2020-RR1 TRUST                                                                           | SBALR 2020-RR1 D          | CUSIP: 78397EAU0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6075000 | PA      | $379687.50    | 0.09%             | 2053-02-13      | Floating      | 4.17%                 | Yes           |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE TRUST 2022-SJ1                                                                       | TPMT 2022-SJ1 B1          | CUSIP: 89180GAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $494625.60    | 0.12%             | 2062-03-25      | Floating      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| CWMBS Inc                                                                                                | CWHL 2004-3 A4            | CUSIP: 12669FPC1<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |     21477 | PA      | $21526.48     | 0.01%             | 2034-04-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                                                                             | B 12/18/25                | CUSIP: 912797QZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9981638.00   | 2.42%             | 2025-12-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS 10 11/30/30            | CUSIP: 61760QJC9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     50000 | PA      | $40312.50     | 0.01%             | 2030-11-30      | Floating      | 2.03%                 | No            |                  2 | On Loan: No      |
| RBSSP Resecuritization Trust                                                                             | RBSSP 2010-4 6A2          | CUSIP: 74927DAM8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     42595 | PA      | $42154.24     | 0.01%             | 2036-02-26      | Floating      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Corp                                                                              | GSR 2006-1F 2A16          | CUSIP: 362334AN4<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |    104852 | PA      | $43154.22     | 0.01%             | 2036-02-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Corp                                                                              | GSR 2005-6F 1A7           | CUSIP: 362341DR7<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |      2085 | PA      | $1954.47      | 0.00%             | 2035-07-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust 2004 11                                                                           | SEMT 2003-4 1A1           | CUSIP: 81743PBH8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    198750 | PA      | $186935.37    | 0.05%             | 2033-07-20      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Securities Trust 2019-Icon                                           | JPMCC 2019-UES B          | CUSIP: 46651CAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $98767.86     | 0.02%             | 2032-05-05      | Fixed         | 4.14%                 | Yes           |                  2 | On Loan: No      |
| Cwalt Incorporation                                                                                      | CWALT 2004-28CB 2A4       | CUSIP: 12667FYL3<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-O            | CORP              | US        |    357429 | PA      | $334232.85    | 0.08%             | 2035-01-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust 2015-1                                                            | VCC 2020-1 M5             | CUSIP: 92259LAR9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    158936 | PA      | $124696.42    | 0.03%             | 2050-02-25      | Floating      | 4.29%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole Corporate and Investment Bank                                                            | ACAFP 10 04/22/36         | CUSIP: 22533ADJ3<br>LEI: 1VUV7VQFKUOQSJ21A208 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $398750.00    | 0.10%             | 2036-04-22      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Indymac Indx Mortgage Loan Trust 2004-Ar14                                                               | RAST 2003-A9 A3           | CUSIP: 45660NSY2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1164416 | PA      | $1073461.27   | 0.26%             | 2033-08-25      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Corp.                                                                        | SASC 2003-40A 3A2         | CUSIP: 86359BEK3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     21213 | PA      | $20564.57     | 0.00%             | 2034-01-25      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Banc of America Funding Corp.                                                                            | BAFC 2005-E 8A1           | CUSIP: 05946XXW8<br>LEI: 54930023UHZHF7UJ8596 | Long             | ABS-O            | CORP              | US        |     40186 | PA      | $32151.99     | 0.01%             | 2035-06-20      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| E3 2019-1                                                                                                | E3 2019-1 A               | CUSIP: 269330AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    414102 | PA      | $365560.53    | 0.09%             | 2055-09-20      | Fixed         | 3.10%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS FLOAT 07/31/35         | CUSIP: 61760QGS7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    458000 | PA      | $423650.00    | 0.10%             | 2035-07-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MASTR Alternative Loan Trust                                                                             | MALT 2004-6 6A1           | CUSIP: 576434SJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    571668 | PA      | $577261.05    | 0.14%             | 2034-07-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS FLOAT 10/15/28         | CUSIP: 61760QDM3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    772000 | PA      | $661025.00    | 0.16%             | 2028-10-15      | Floating      | 2.97%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC.                                                                              | MS Float 11/22/37         | CUSIP: 61766YCA7<br>LEI: 5493003FCPSE9RKT4B56 | Long             | DBT              | CORP              | US        |    422000 | PA      | $336545.00    | 0.08%             | 2037-11-22      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| Cwalt Incorporation                                                                                      | CWALT 2005-6CB 1A6        | CUSIP: 12667F5H4<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-O            | CORP              | US        |    106190 | PA      | $91198.38     | 0.02%             | 2035-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                                                 | JPMMT 2005-A7 1A4         | CUSIP: 466247WL3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     20804 | PA      | $20075.04     | 0.00%             | 2035-10-25      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| AAMC Inc.                                                                                                | AMAC 2003-11 A4           | CUSIP: 000780MP8<br>LEI: 549300VR53X8N2B19L97 | Long             | ABS-O            | CORP              | US        |     65293 | PA      | $65727.63     | 0.02%             | 2033-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors, Inc.                                                                   | MLMI 2005-A4 1A           | CUSIP: 59020UXH3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    149559 | PA      | $65410.14     | 0.02%             | 2035-07-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| HSI Asset Loan Obligation Trust 2006-2                                                                   | HALO 2007-AR1 4A1         | CUSIP: 40431LAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    157333 | PA      | $119248.57    | 0.03%             | 2037-01-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Saxon Asset Securities Trust 2004-2                                                                      | SAST 2003-3 M2            | CUSIP: 805564PF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30005 | PA      | $28022.69     | 0.01%             | 2033-12-25      | Floating      | 4.01%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS FLOAT 08/19/30         | CUSIP: 61760QGY4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    390000 | PA      | $331987.50    | 0.08%             | 2030-08-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS Float 09/30/35         | CUSIP: 61760QHH0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    287000 | PA      | $265475.00    | 0.06%             | 2035-09-30      | Floating      | 7.39%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Corp.                                                                        | SASC 2002-AL1 A3          | CUSIP: 86358RXZ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    748646 | PA      | $141631.61    | 0.03%             | 2032-02-25      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Benchmark 2020-B16 Mortgage Trust                                                                        | BMARK 2019-B9 B           | CUSIP: 08160JAJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130000 | PA      | $121933.32    | 0.03%             | 2052-03-15      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| Renaissance Mortgage Acceptance Corp.                                                                    | RAMC 2002-3 M2            | CUSIP: 75970NAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     83936 | PA      | $73866.94     | 0.02%             | 2032-12-25      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| MOSAIC SOLAR LOAN TRUST 2023-4                                                                           | MSAIC 2023-4A C           | CUSIP: 618934AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    435000 | PA      | $182902.73    | 0.04%             | 2053-05-20      | Fixed         | 8.80%                 | Yes           |                  2 | On Loan: No      |
| GSR Mortgage Loan Trust 2007 Ar2                                                                         | GSR 2007-AR2 2A1          | CUSIP: 3622N6AC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     70609 | PA      | $35889.25     | 0.01%             | 2037-05-25      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                                                                         | DB FLOAT 06/30/34         | CUSIP: 25152RXB4<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    245000 | PA      | $167825.00    | 0.04%             | 2034-06-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Cwalt Incorporation                                                                                      | CWALT 2005-J8 1A5         | CUSIP: 12667GJ46<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-O            | CORP              | US        |    129765 | PA      | $89590.00     | 0.02%             | 2035-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through Certificates                                                     | WFMBS 2018-1 B4           | CUSIP: 94989UBL4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    234000 | PA      | $150400.77    | 0.04%             | 2047-07-25      | Floating      | 3.65%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC.                                                                              | MS Float 11/29/36         | CUSIP: 61766YAV3<br>LEI: 5493003FCPSE9RKT4B56 | Long             | DBT              | CORP              | US        |   3883000 | PA      | $3426747.50   | 0.83%             | 2036-11-29      | Floating      | 9.00%                 | No            |                  2 | On Loan: No      |
| CHL Mortgage Pass-Through Trust                                                                          | CWHL 2006-R2 AF1          | CUSIP: 125435AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     54016 | PA      | $51235.18     | 0.01%             | 2036-07-25      | Floating      | 4.49%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan Trust                                                                       | MSM 2004-8AR 4A1          | CUSIP: 61748HEF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     14293 | PA      | $13880.30     | 0.00%             | 2034-10-25      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Napier Park Global Capital                                                                               | NPRL 2017-1A B1           | CUSIP: 62946AAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1272819.45   | 0.31%             | 2047-10-21      | Fixed         | 5.61%                 | Yes           |                  2 | On Loan: No      |
| USQ RAIL III LLC/ LLP                                                                                    | STEAM 2024-1A A           | CUSIP: 912928AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    233349 | PA      | $235011.84    | 0.06%             | 2054-09-28      | Fixed         | 4.99%                 | Yes           |                  2 | On Loan: No      |
| BEAR STEARNS ASSET BACKED SECU                                                                           | BSABS 2001-A B            | CUSIP: 07384JAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     90985 | PA      | $86647.92     | 0.02%             | 2031-02-15      | Floating      | 10.50%                | No            |                  2 | On Loan: No      |
| Halcyon Loan Advisors Funding 2013-2 Ltd.                                                                | HLA 2013-2A D             | CUSIP: 40537YAN3<br>LEI: 5493007BSG4LRQVLD578 | Long             | ABS-CBDO         | CORP              | KY        |    172349 | PA      | $97377.01     | 0.02%             | 2026-08-01      | Floating      | 7.92%                 | Yes           |                  2 | On Loan: No      |
| SLM Student Loan Trust                                                                                   | SLMA 2005-5 B             | CUSIP: 78442GPS9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     11472 | PA      | $10915.64     | 0.00%             | 2040-10-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| CDX.NA.HY SERIES 43                                                                                      | CDX.NA.HY SERIES 43 12/29 | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       |  55000000 | PA      | $-4160244.00  | -1.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ELFI Graduate Ln Program 2020-A LLC                                                                      | ELFI 2020-A A             | CUSIP: 26857LAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    137775 | PA      | $127070.91    | 0.03%             | 2045-08-25      | Fixed         | 1.73%                 | Yes           |                  2 | On Loan: No      |
| Barclays Bank plc                                                                                        | BACR Float 07/31/34       | CUSIP: 06741UFM1<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | CORP              | GB        |     70000 | PA      | $50662.50     | 0.01%             | 2034-07-31      | Floating      | 4.14%                 | No            |                  2 | On Loan: No      |
| SOHO TR 2021-SOHO                                                                                        | SOHO 2021-SOHO B          | CUSIP: 83410JAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    110000 | PA      | $86504.39     | 0.02%             | 2038-08-10      | Floating      | 2.79%                 | Yes           |                  2 | On Loan: No      |
| SLM Private Education Loan Trust 2012-E                                                                  | SLMA 2004-B A4            | CUSIP: 78443CBP8<br>LEI: 5493003X0C7VZW0ZBI42 | Long             | ABS-O            | CORP              | US        |    251818 | PA      | $249115.52    | 0.06%             | 2033-09-15      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS Float 06/30/30         | CUSIP: 61760QGJ7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    508000 | PA      | $443230.00    | 0.11%             | 2030-06-30      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                                                                         | DB FLOAT 12/23/35         | CUSIP: 25152R2W2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     75000 | PA      | $54187.50     | 0.01%             | 2035-12-23      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ASSET TRUST                                                                                              | AASET 2020-1A A           | CUSIP: 00255UAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     51784 | PA      | $51260.14     | 0.01%             | 2040-01-16      | Fixed         | 3.35%                 | Yes           |                  2 | On Loan: No      |
| CDC Mortgage Capital Trust 2002-He2                                                                      | CDCMC 2004-HE3 M3         | CUSIP: 12506YDH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1194986 | PA      | $1144282.59   | 0.28%             | 2034-11-25      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| CWMBS Inc                                                                                                | CWHL 2004-14 4A1          | CUSIP: 12669FT52<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |     31528 | PA      | $29819.70     | 0.01%             | 2034-08-25      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| College Avenue Student Loans 2019-A LLC                                                                  | CASL 2019-A A1            | CUSIP: 19421UAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     59437 | PA      | $59685.85     | 0.01%             | 2048-12-28      | Floating      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                                         | STACR 2019-DNA3 B2        | CUSIP: 35564TBE9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   1000000 | PA      | $1124096.55   | 0.27%             | 2049-07-25      | Floating      | 12.34%                | Yes           |                  2 | On Loan: No      |
| Bear Stearns Alt-A Trust 2004-12                                                                         | BALTA 2005-4 23A2         | CUSIP: 07386HSZ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     21311 | PA      | $20452.33     | 0.00%             | 2035-05-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC.                                                                              | MS 8 07/31/37             | CUSIP: 61766YBS9<br>LEI: 5493003FCPSE9RKT4B56 | Long             | DBT              | CORP              | US        |    290000 | PA      | $255562.50    | 0.06%             | 2037-07-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CSAIL 2017-C8 Commercial Mortgage Trust                                                                  | CSAIL 2015-C3 D           | CUSIP: 12635FBA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    420000 | PA      | $272414.73    | 0.07%             | 2048-08-15      | Floating      | 3.19%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors, Inc.                                                                   | MLCC 2005-B B1            | CUSIP: 59020UWZ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    180729 | PA      | $159185.62    | 0.04%             | 2030-07-25      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                                                   | CSMC 2015-6R 9A3          | CUSIP: 12650ECU9<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | ABS-O            | CORP              | CH        |    878990 | PA      | $895859.36    | 0.22%             | 2036-11-27      | Floating      | 11.52%                | Yes           |                  2 | On Loan: No      |
| Rmf Buyout Issuance Tr 2018                                                                              | RBIT 2020-HB1 M4          | CUSIP: 76971EAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2529000 | PA      | $2424053.96   | 0.59%             | 2050-10-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Saxon Asset Securities Trust 2004-2                                                                      | SAST 2001-2 AF5           | CUSIP: 805564JL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15862 | PA      | $17272.24     | 0.00%             | 2029-03-25      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| Chevy Chase Funding Llc                                                                                  | CCMFC 2005-4A A2          | CUSIP: 16678REU7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    149670 | PA      | $113568.95    | 0.03%             | 2036-10-25      | Floating      | 4.32%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bills                                                                             | B 12/23/25                | CUSIP: 912797RY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4988134.75   | 1.21%             | 2025-12-23      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                 | G2 BU6365                 | CUSIP: 3617N8CA1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2088 | PA      | $2089.79      | 0.00%             | 2070-04-20      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS Float 02/29/36         | CUSIP: 61760QJN5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    909000 | PA      | $720382.50    | 0.17%             | 2036-02-29      | Floating      | 10.00%                | No            |                  2 | On Loan: No      |
| Master Asset Securitization Trust                                                                        | MASTR 2004-9 4A1          | CUSIP: 57643MFQ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2156282 | PA      | $1496440.66   | 0.36%             | 2034-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Cwalt Incorporation                                                                                      | CWALT 2004-28CB 6A1       | CUSIP: 12667FYV1<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-O            | CORP              | US        |     28678 | PA      | $26963.18     | 0.01%             | 2035-01-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CWMBS Inc                                                                                                | CWHL 2004-6 2A1           | CUSIP: 12669FVH3<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |     44132 | PA      | $43152.97     | 0.01%             | 2034-05-25      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| VELOCITY COMMERCIAL CAPITAL LOAN TR                                                                      | VCC 2023-1 M1             | CUSIP: 92259VAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    374846 | PA      | $373970.99    | 0.09%             | 2053-01-25      | Floating      | 7.15%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Corp                                                                              | GSR 2003-3F 1A6           | CUSIP: 36228FPE0<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |     61706 | PA      | $62536.41     | 0.02%             | 2033-04-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GS MTG SEC CORP 2021-ROSS TR                                                                             | GSMS 2021-ROSS A          | CUSIP: 36264YAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1470000 | PA      | $1395616.24   | 0.34%             | 2026-05-15      | Floating      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| Countrywide Home Loans, Inc.                                                                             | CWHL 2007-HY1 2A1         | CUSIP: 12544EAC1<br>LEI: 5493008WNOU8I3M5WW38 | Long             | ABS-O            | CORP              | US        |     63106 | PA      | $56420.76     | 0.01%             | 2037-03-25      | Floating      | 4.04%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                                                 | JPMMT 2006-A2 5A4         | CUSIP: 466247L27<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     18933 | PA      | $18770.97     | 0.00%             | 2033-11-25      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Corp                                                                              | GSMPS 2005-RP3 1AF        | CUSIP: 362341LL1<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |    139082 | PA      | $119860.29    | 0.03%             | 2035-09-25      | Floating      | 4.42%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust 2020-EXP1                                                                  | CMLTI 2020-EXP1 B1        | CUSIP: 17328JAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $261570.86    | 0.06%             | 2060-05-25      | Floating      | 4.47%                 | Yes           |                  2 | On Loan: No      |
| Washington Mutual Mortgage Securities Corp.                                                              | WAMMS 2003-MS9 2A         | CUSIP: 939336N66<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     33685 | PA      | $34301.55     | 0.01%             | 2033-04-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SFS AUTO RECV SEC TR 2023-1                                                                              | SFAST 2023-1A C           | CUSIP: 78398AAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $102946.20    | 0.02%             | 2031-02-20      | Fixed         | 5.97%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities Corp.                                                     | CSFB 2003-27 4A4          | CUSIP: 22541QL75<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     70084 | PA      | $72627.20     | 0.02%             | 2033-11-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Corp                                                                              | GSMPS 2000-1 A            | CUSIP: 36228FCQ7<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |    775355 | PA      | $757655.84    | 0.18%             | 2029-06-19      | Floating      | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Residential Accredit Loans Inc                                                                           | RALI 2005-QA12 CB1        | CUSIP: 761118MY1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    102755 | PA      | $37995.86     | 0.01%             | 2035-12-25      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Corp.                                                                        | SASC 2003-40A 3A1         | CUSIP: 86359BEJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    120206 | PA      | $116526.54    | 0.03%             | 2034-01-25      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                 | GNR 2012-27 IO            | CUSIP: 38378BQJ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     52503 | PA      | $109.82       | 0.00%             | 2053-04-16      | Floating      | 0.20%                 | No            |                  2 | On Loan: No      |
| Cwalt Incorporation                                                                                      | CWALT 2005-61 2A1         | CUSIP: 12668AVP7<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-O            | CORP              | US        |     83344 | PA      | $79593.49     | 0.02%             | 2035-12-25      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| CFCRE 2016-C6 Mortgage Trust                                                                             | CFCRE 2011-C2 D           | CUSIP: 12527DAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    131402 | PA      | $129563.87    | 0.03%             | 2047-12-15      | Floating      | 5.08%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bills                                                                             | B 01/27/26                | CUSIP: 912797SH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4969898.25   | 1.20%             | 2026-01-27      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Cwalt Incorporation                                                                                      | CWALT 2005-3CB 1A9        | CUSIP: 12667FX75<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-O            | CORP              | US        |     25891 | PA      | $21564.27     | 0.01%             | 2035-03-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Trust 2018-Rpl5                                                                          | LMAT 2019-SL2 A           | CUSIP: 52473FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    302356 | PA      | $293717.45    | 0.07%             | 2059-02-25      | Floating      | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS Float 12/27/26         | CUSIP: 61745E3T6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    138000 | PA      | $131445.00    | 0.03%             | 2026-12-27      | Floating      | 3.56%                 | No            |                  2 | On Loan: No      |
| UBS AG, London Branch                                                                                    | UBS Float 09/30/30        | CUSIP: 22546VLJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | CH        |    627000 | PA      | $538436.25    | 0.13%             | 2030-09-30      | Floating      | 4.01%                 | No            |                  2 | On Loan: No      |
| First Horizon Mortgage Pass Through Trust 2006 3                                                         | FHASI 2005-AR5 1A1        | CUSIP: 32051GXN0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       501 | PA      | $2.50         | 0.00%             | 2035-11-25      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Napier Park Global Capital                                                                               | NPRL 2017-1A A1           | CUSIP: 62946AAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     79362 | PA      | $76727.91     | 0.02%             | 2047-10-21      | Fixed         | 3.37%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS FLOAT 06/28/28         | CUSIP: 61760QCQ5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     56000 | PA      | $49140.00     | 0.01%             | 2028-06-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS Float 06/30/34         | CUSIP: 61760QEH3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    485000 | PA      | $340623.26    | 0.08%             | 2034-06-30      | Floating      | 2.02%                 | No            |                  2 | On Loan: No      |
| Jpmdb Commercial Mortgage Secu                                                                           | JPMDB 2017-C5 AS          | CUSIP: 46590TAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    210000 | PA      | $193576.79    | 0.05%             | 2050-03-15      | Floating      | 3.86%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through Certificates                                                     | WAMU 2002-AR18 A          | CUSIP: 929227ZC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30987 | PA      | $30981.49     | 0.01%             | 2033-01-25      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Kgs-Alpha Sba Coof Tr 2014-4                                                                             | KSBA 2015-1 A             | CUSIP: 49374FAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1316671 | PA      | $35934.46     | 0.01%             | 2035-10-25      | Floating      | 1.37%                 | Yes           |                  2 | On Loan: No      |
| Cwalt Incorporation                                                                                      | CWALT 2004-J10 2CB1       | CUSIP: 12667FVB8<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-O            | CORP              | US        |     19264 | PA      | $19619.93     | 0.00%             | 2034-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust 2017-2                                                            | VCC 2017-2 M6             | CUSIP: 92258VAH0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1539808 | PA      | $1358458.10   | 0.33%             | 2047-11-25      | Floating      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS Float 07/31/30         | CUSIP: 61760QGR9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    221000 | PA      | $190060.00    | 0.05%             | 2030-07-31      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Csmc                                                                                                     | CSMC 2010-18R 4A4         | CUSIP: 22944JDG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     29249 | PA      | $29079.39     | 0.01%             | 2038-04-26      | Floating      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Prime Mortgage Trust 2003 1                                                                              | PRIME 2003-3 A9           | CUSIP: 74160MCS9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    254705 | PA      | $254287.48    | 0.06%             | 2034-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Harborview Mtg Loan Trust                                                                                | HVMLT 2004-7 4A           | CUSIP: 41161PGM9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    881702 | PA      | $809160.73    | 0.20%             | 2034-11-19      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Indymac Indx Mortgage Loan Trust 2004-Ar14                                                               | INDX 2005-AR13 1A1        | CUSIP: 45660LQW2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    183987 | PA      | $80545.41     | 0.02%             | 2035-08-25      | Floating      | 3.98%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust 2019-1                                                            | VCC 2019-1 M6             | CUSIP: 92257CAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    875096 | PA      | $777783.89    | 0.19%             | 2049-03-25      | Floating      | 6.79%                 | Yes           |                  2 | On Loan: No      |
| Master Asset Securitization Trust                                                                        | MASTR 2004-1 1A12         | CUSIP: 55265K5N5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6115 | PA      | $6063.03      | 0.00%             | 2034-02-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS Float 06/30/35         | CUSIP: 61760QGK4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    366000 | PA      | $339465.00    | 0.08%             | 2035-06-30      | Floating      | 7.40%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                    | FNW 2004-W14 3A           | CUSIP: 31394BT79<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     90728 | PA      | $94101.12     | 0.02%             | 2044-07-25      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC.                                                                              | MS 9 06/30/36             | CUSIP: 61766YAE1<br>LEI: 5493003FCPSE9RKT4B56 | Long             | DBT              | CORP              | US        |    541000 | PA      | $429418.75    | 0.10%             | 2036-06-30      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| GS Finance Corp                                                                                          | GS 6 03/24/31             | CUSIP: 40057FSG0<br>LEI: 549300FR80KBVO6DRL61 | Long             | DBT              | CORP              | US        |    500000 | PA      | $381250.00    | 0.09%             | 2031-03-24      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                    | FNW 2005-W3 3A            | CUSIP: 31394FSD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    147398 | PA      | $145759.83    | 0.04%             | 2045-04-25      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Impac CMB Trust                                                                                          | IMM 2005-8 2M1            | CUSIP: 45254NRV1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    294626 | PA      | $281237.76    | 0.07%             | 2036-02-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| RBSGC Mortgage Loan Trust 2007-B                                                                         | RBSGC 2007-B 3B1          | CUSIP: 74927XAR3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9037 | PA      | $9081.10      | 0.00%             | 2035-07-25      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                                                 | JPMMT 2006-A7 2A4R        | CUSIP: 46629DAW5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    147414 | PA      | $118331.97    | 0.03%             | 2037-01-25      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| Residential Asset Mortgage Products, Inc.                                                                | RAAC 2004-SP1 AII         | CUSIP: 7609855V9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     22503 | PA      | $22471.10     | 0.01%             | 2034-03-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| MASTR Alternative Loan Trust                                                                             | MALT 2007-1 30PO          | CUSIP: 55275SAW0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     22151 | PA      | $12082.80     | 0.00%             | 2036-10-25      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MELLO MTG CAP ACCPT 2018-MTG2                                                                            | MELLO 2018-MTG2 B5        | CUSIP: 585499BU9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    880000 | PA      | $711609.80    | 0.17%             | 2048-10-25      | Floating      | 4.36%                 | Yes           |                  2 | On Loan: No      |
| TRUPS FINCLS NT SEC LTD 2019-2                                                                           | TFINS 2019-2A A1          | CUSIP: 87268RAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2718151 | PA      | $2738994.05   | 0.66%             | 2039-02-28      | Floating      | 6.77%                 | Yes           |                  2 | On Loan: No      |
| CWMBS Inc                                                                                                | CWHL 2005-14 A2           | CUSIP: 12669GK67<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |    407029 | PA      | $152492.25    | 0.04%             | 2035-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MOSAIC SOLAR LOAN TRUST 2024-2                                                                           | MSAIC 2024-2A A           | CUSIP: 61947BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     67210 | PA      | $65448.96     | 0.02%             | 2052-04-22      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Coml Tr 2016-C36                                                                             | WFCM 2016-C36 C           | CUSIP: 95000MBV2<br>LEI: 549300BSYX29G4VVM177 | Long             | ABS-O            | CORP              | US        |    505000 | PA      | $448629.91    | 0.11%             | 2059-11-15      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS Float 10/31/34         | CUSIP: 61760QFF6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    169000 | PA      | $118933.75    | 0.03%             | 2034-10-31      | Floating      | 3.32%                 | No            |                  2 | On Loan: No      |
| CWMBS Inc                                                                                                | CWHL 2004-J5 A4           | CUSIP: 12669FF24<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |     89288 | PA      | $88805.39     | 0.02%             | 2034-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Preferred Term Securities X, Ltd.                                                                        | PRETSL FLOAT 07/03/33     | CUSIP: 74040YAB8<br>LEI: 549300FIXBQYXV3XRC38 | Long             | ABS-CBDO         | CORP              | KY        |     25433 | PA      | $25093.81     | 0.01%             | 2033-07-03      | Floating      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| ANGEL OAK SB COMMERCIAL MORTGAGE TR                                                                      | AOMT 2020-SBC1 B1         | CUSIP: 03465BAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3204350 | PA      | $2602197.52   | 0.63%             | 2050-05-25      | Floating      | 3.65%                 | Yes           |                  2 | On Loan: No      |
| Ready Capital Mortgage Trust 2018-4                                                                      | RCMT 2018-4 E             | CUSIP: 75575KAW2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2885174.70   | 0.70%             | 2051-02-27      | Floating      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| SUNNOVA HELIOS ISSUER 2022-B                                                                             | SNVA 2022-B A             | CUSIP: 86744VAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    422744 | PA      | $381165.58    | 0.09%             | 2049-08-20      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| EDVESTINU PVT ED LN 2021-A LLC                                                                           | EDVES 2021-A A            | CUSIP: 28166LAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     53455 | PA      | $50193.01     | 0.01%             | 2045-11-25      | Fixed         | 1.80%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS FLOAT 11/30/30         | CUSIP: 61760QJB1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     66000 | PA      | $57585.00     | 0.01%             | 2030-11-30      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Flagstar Mtg Tr 2017-1                                                                                   | FSMT 2021-13IN B5         | CUSIP: 33853HBF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     91671 | PA      | $75290.50     | 0.02%             | 2051-12-30      | Floating      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| CHL Mortgage Pass-Through Trust                                                                          | CWHL 2007-15 2A2          | CUSIP: 17025TBJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    288688 | PA      | $103021.49    | 0.02%             | 2037-09-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HSBC USA, Inc.                                                                                           | HSBC Float 05/21/29       | CUSIP: 40432XZ79<br>LEI: 549300LBOHZ4QSIWU288 | Long             | DBT              | CORP              | US        |    100000 | PA      | $87000.00     | 0.02%             | 2029-05-21      | Floating      | 3.91%                 | No            |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities Corp.                                                     | CSFB 2003-19 1A19         | CUSIP: 22541QMR0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    292722 | PA      | $293909.73    | 0.07%             | 2033-07-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mid Ocean Cbo 2001-1 Ltd. / Mid Ocean Cbo 2001-1 Del Corp.                                               | MID 2001-1X A1L           | CUSIP: G6106WAB8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3417418 | PA      | $334831.73    | 0.08%             | 2036-11-05      | Floating      | 2.39%                 | Yes           |                  2 | On Loan: No      |
| COLT 2022-9 MORTGAGE LOAN TRUST                                                                          | COLT 2022-9 A1            | CUSIP: 19688PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3493891 | PA      | $3484547.03   | 0.84%             | 2067-12-25      | Floating      | 6.79%                 | Yes           |                  2 | On Loan: No      |
| GE WMC Mortgage Securities LLC                                                                           | GEWMC 2005-2 M1           | CUSIP: 367910AW6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     87045 | PA      | $70867.73     | 0.02%             | 2035-12-25      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| Worldwide Plaza Tst                                                                                      | WPT 2017-WWP A            | CUSIP: 98162JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    900000 | PA      | $732298.41    | 0.18%             | 2036-11-10      | Fixed         | 3.53%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC.                                                                              | MS 9 08/31/36             | CUSIP: 61766YAM3<br>LEI: 5493003FCPSE9RKT4B56 | Long             | DBT              | CORP              | US        |   3863000 | PA      | $3409097.50   | 0.83%             | 2036-08-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Corp.                                                                        | SASC 2007-WF1 A1          | CUSIP: 86358BAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    246391 | PA      | $244602.69    | 0.06%             | 2037-02-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| CD 2017 Cd3 Mortgage Trust                                                                               | CD 2017-CD3 D             | CUSIP: 12515GAM9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     72000 | PA      | $2184.84      | 0.00%             | 2050-02-10      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS 10 05/29/30            | CUSIP: 61760QGC2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1628000 | PA      | $1424500.00   | 0.35%             | 2030-05-29      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO MTG SEC 2019-4                                                                               | WFMBS 2019-4 A2           | CUSIP: 95002FAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     51560 | PA      | $45687.81     | 0.01%             | 2049-09-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities Corp.                                                     | CSFB 2002-NP14 M1         | CUSIP: 22541NDH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    216743 | PA      | $99125.09     | 0.02%             | 2031-11-25      | Floating      | 5.08%                 | Yes           |                  2 | On Loan: No      |
| Structured Adjustable Rate Mortgage Loan Trust                                                           | SARM 2004-18 1A3          | CUSIP: 863579FS2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     54915 | PA      | $49164.70     | 0.01%             | 2034-12-25      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Corp.                                                                        | SASC 2000-5 B3            | CUSIP: 8635722B8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     13189 | PA      | $10430.04     | 0.00%             | 2030-11-25      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| CHNGE MORTGAGE TRUST 2023-1                                                                              | CHNGE 2023-1 M1           | CUSIP: 12547QAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $250633.54    | 0.06%             | 2058-03-25      | Floating      | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Delta Funding Home Equity Loan Trust 1998-1                                                              | DELHE 2000-1 M2           | CUSIP: 24763LGL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    235239 | PA      | $226140.74    | 0.05%             | 2030-05-15      | Floating      | 8.59%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST 2021-                                                                      | CBSLT 2021-BGS A          | CUSIP: 20268AAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    104597 | PA      | $92684.31     | 0.02%             | 2051-09-25      | Fixed         | 1.17%                 | Yes           |                  2 | On Loan: No      |
| Master Asset Securitization Trust                                                                        | MASTR 2003-11 2A10        | CUSIP: 55265KX61<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3357 | PA      | $3430.88      | 0.00%             | 2033-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| National City Mortgage Capital Trust                                                                     | NATCM 2008-1 2A1          | CUSIP: 635419AE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    508902 | PA      | $519279.21    | 0.13%             | 2038-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                                                 | JPMMT 2018-8 A3           | CUSIP: 46650MAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     16911 | PA      | $15948.44     | 0.00%             | 2049-01-25      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust 2012-Lc5                                                           | WELLS FARGO COMMERCIAL MR | CUSIP: 95000DBK6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $233508.14    | 0.06%             | 2049-06-15      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| J P Morgan Chase Coml Mtg Secs Tr 2018-Minn                                                              | JPMCC 2018-MINN A         | CUSIP: 46650GAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    387000 | PA      | $371589.74    | 0.09%             | 2035-11-15      | Floating      | 5.28%                 | Yes           |                  2 | On Loan: No      |
| First Franklin Mortgage Loan Trust                                                                       | SASC 2005-RF3 2A          | CUSIP: 86359DME4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     68379 | PA      | $62143.35     | 0.02%             | 2035-06-25      | Floating      | 4.42%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                 | G2 786928                 | CUSIP: 3622ACSR2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     63697 | PA      | $66695.85     | 0.02%             | 2053-09-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DSLA Mortgage Loan Trust 2004-Ar4                                                                        | DSLA 2004-AR4 2A1A        | CUSIP: 23332UBV5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    253017 | PA      | $193932.09    | 0.05%             | 2045-01-19      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| Lstar Commercial Mortgage Trust 2017-5                                                                   | LNSTR 2017-5 D            | CUSIP: 54910TAS1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1271141.10   | 0.31%             | 2050-03-10      | Floating      | 4.84%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                                         | FHMS K092 X3              | CUSIP: 3137FLYY4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    847054 | PA      | $58837.22     | 0.01%             | 2047-05-25      | Floating      | 2.25%                 | No            |                  2 | On Loan: No      |
| HUNDRED ACRES WD TR 2021-INV1                                                                            | HAWT 2021-INV1 B2         | CUSIP: 44590HCC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    157810 | PA      | $138479.04    | 0.03%             | 2051-07-25      | Floating      | 3.23%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Alternative Loan Trust 2006-S3                                                                 | JPALT 2008-R4 1A1         | CUSIP: 466309AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    904450 | PA      | $434854.83    | 0.11%             | 2036-12-27      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Impac CMB Trust                                                                                          | IMM 2004-10 3M3           | CUSIP: 45254NLT2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     26087 | PA      | $24645.58     | 0.01%             | 2035-03-25      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Mastr Adjustable Rate Mortgages Trust 2002-3                                                             | MARM 2004-10 B1           | CUSIP: 576433TB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25723 | PA      | $21975.28     | 0.01%             | 2034-10-25      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Impac CMB Trust                                                                                          | IMM 2004-8 3B             | CUSIP: 45254NKW6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     39973 | PA      | $40690.38     | 0.01%             | 2034-08-25      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS FLOAT 03/21/27         | CUSIP: 61760QAJ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    115000 | PA      | $113275.00    | 0.03%             | 2027-03-21      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Mastr Reperforming Loan Trust 2005-2                                                                     | MARP 2005-2 1A4           | CUSIP: 57643QAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     14276 | PA      | $10091.39     | 0.00%             | 2035-05-25      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Indymac Indx Mortgage Loan Trust 2004-Ar14                                                               | INDX 2004-AR15 3A1        | CUSIP: 45660LBG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    196174 | PA      | $190216.86    | 0.05%             | 2035-02-25      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| First Horizon Mortgage Pass Through Trust 2006 3                                                         | FHAMS 2004-AA7 2A2        | CUSIP: 32051GFC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     45738 | PA      | $42071.63     | 0.01%             | 2035-02-25      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Corp                                                                              | GSMS 2000-1A A            | CUSIP: 36228FCU8<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |    102096 | PA      | $71542.97     | 0.02%             | 2024-09-20      | Floating      | 4.79%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust 2004 11                                                                           | SEMT 2007-2 1B1           | CUSIP: 81744LAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    231314 | PA      | $204511.32    | 0.05%             | 2036-06-20      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Chevy Chase Funding Llc                                                                                  | CCMFC 2004-3A A1          | CUSIP: 16678RBU0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    296788 | PA      | $291221.73    | 0.07%             | 2035-08-25      | Floating      | 4.32%                 | Yes           |                  2 | On Loan: No      |
| Suntrust Alternative Loan Trust Series 2006-1F                                                           | STALT 2005-1F 1A1         | CUSIP: 86789MAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     46406 | PA      | $40511.16     | 0.01%             | 2035-12-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| Jpmdb Commercial Mortgage Secu                                                                           | JPMDB 2017-C5 B           | CUSIP: 46590TAK1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1165000 | PA      | $990552.96    | 0.24%             | 2050-03-15      | Floating      | 4.01%                 | No            |                  2 | On Loan: No      |
| Steele Creek Clo 2018-2                                                                                  | STCR 2018-2A D            | CUSIP: 85816LAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500783.50    | 0.12%             | 2031-08-18      | Floating      | 7.54%                 | Yes           |                  2 | On Loan: No      |
| CONTINENTAL FIN CRC MT TR 20-A                                                                           | CFCC 2022-A A             | CUSIP: 66981PAH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    820637 | PA      | $822400.89    | 0.20%             | 2030-10-15      | Fixed         | 6.19%                 | Yes           |                  2 | On Loan: No      |
| Mastr Asset Sec Tr                                                                                       | MASTR 2006-3 2A1          | CUSIP: 55274SAM3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2174712 | PA      | $320381.50    | 0.08%             | 2036-10-25      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| CWMBS Inc                                                                                                | CWHL 2002-39 A37          | CUSIP: 12669DVM7<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |     68870 | PA      | $68168.29     | 0.02%             | 2033-02-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                                                 | JPMMT 2020-5 A3           | CUSIP: 46653JAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     35264 | PA      | $31157.83     | 0.01%             | 2050-12-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank AG                                                                                         | DB FLOAT 03/27/35         | CUSIP: 25152RYF4<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    738000 | PA      | $581175.00    | 0.14%             | 2035-03-27      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS FLOAT 01/29/31         | CUSIP: 61760QJG0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     70000 | PA      | $61075.00     | 0.01%             | 2031-01-29      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                                         | FSPC T-61 1A1             | CUSIP: 31395A3J2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    109923 | PA      | $106884.50    | 0.03%             | 2044-07-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Corp                                                                              | GSMPS 2004-4 1AF          | CUSIP: 36242DJQ7<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |    832601 | PA      | $752385.16    | 0.18%             | 2034-06-25      | Floating      | 4.47%                 | Yes           |                  2 | On Loan: No      |
| Comm 2016 Cor1 Mgt                                                                                       | COMM 2016-COR1 C          | CUSIP: 12594MBF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    175500 | PA      | $148754.14    | 0.04%             | 2049-10-10      | Floating      | 4.46%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Seasoned Credit Risk Transfer Trust Series 2017-2                                            | SCRT 2017-3 B             | CUSIP: 35563PCG2<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |     45784 | PA      | $7560.02      | 0.00%             | 2056-07-25      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Arm Trust                                                                                   | BSARM 2004-10 12A5        | CUSIP: 07384M5Y4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     35810 | PA      | $34647.62     | 0.01%             | 2035-01-25      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Mortgageit Mortgage Loan Trust 2006-1                                                                    | MHL 2005-3 M2             | CUSIP: 61915RAN6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    145805 | PA      | $143040.05    | 0.03%             | 2035-08-25      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| Structured Adjustable Rate Mortgage Loan Trust                                                           | SARM 2004-17 A1           | CUSIP: 863579DQ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    240827 | PA      | $214597.76    | 0.05%             | 2034-11-25      | Floating      | 4.19%                 | No            |                  2 | On Loan: No      |
| CWMBS Inc                                                                                                | CWHL 2004-HYB5 6A2        | CUSIP: 12669F3H4<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |     39072 | PA      | $36239.57     | 0.01%             | 2035-04-20      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| SLM Private Education Loan Trust 2014-A                                                                  | SLMA 2010-C A5            | CUSIP: 78445QAE1<br>LEI: 549300XEL6YCZ2OF2E98 | Long             | ABS-O            | CORP              | US        |    337025 | PA      | $354625.32    | 0.09%             | 2041-10-15      | Floating      | 8.82%                 | Yes           |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                                                                            | JEF Float 01/31/38        | CUSIP: 47233JBG2<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    110000 | PA      | $84150.00     | 0.02%             | 2038-01-31      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust 2021-2                                                            | VCC 2021-2 M4             | CUSIP: 92259MAP1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    396889 | PA      | $308589.79    | 0.07%             | 2051-08-25      | Floating      | 3.08%                 | Yes           |                  2 | On Loan: No      |
| CSAIL 2017-C8 Commercial Mortgage Trust                                                                  | CSAIL 2015-C2 D           | CUSIP: 12634NBA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    391000 | PA      | $290317.54    | 0.07%             | 2057-06-15      | Floating      | 4.18%                 | No            |                  2 | On Loan: No      |
| Mastr Seasoned Securitization Trust 2005-1                                                               | MSSTR 2003-1 2A1          | CUSIP: 55265WAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    317726 | PA      | $319606.71    | 0.08%             | 2033-02-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Trust Series 2007 S3                                                              | CHASE 2007-S3 AP          | CUSIP: 16163HBE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    469816 | PA      | $3376.64      | 0.00%             | 2037-05-25      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                                           | BNP FLOAT 04/30/33        | CUSIP: 05574LHR2<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    177000 | PA      | $126776.25    | 0.03%             | 2033-04-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Securities I Trust 2004 Ac5                                                    | BSABS 2004-FR2 M4         | CUSIP: 073879FJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     14211 | PA      | $14231.60     | 0.00%             | 2034-06-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| OCWEN RESIDENTIAL MBS CORPORAT                                                                           | OCMBS 1998-R3 AWAC        | CUSIP: 675748BD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3401647 | PA      | $85041.17     | 0.02%             | 2038-09-25      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| MASTR Alternative Loan Trust                                                                             | MALT 2004-1 2A1           | CUSIP: 576434LT9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     91603 | PA      | $92437.41     | 0.02%             | 2034-01-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Equity One, Inc.                                                                                         | EQABS 2004-3 M1           | CUSIP: 294751EZ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    109307 | PA      | $102288.27    | 0.02%             | 2034-07-25      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Banc Of America Mortgage Securities Inc.                                                                 | BOAMS 2005-E 2A1          | CUSIP: 05949A6C9<br>LEI: 549300IE5TDZLY0T0V30 | Long             | ABS-O            | CORP              | US        |     31063 | PA      | $28448.60     | 0.01%             | 2035-06-25      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Banc Of America Mortgage Securities Inc.                                                                 | BOAMS 2005-H 2A1          | CUSIP: 05949CFW1<br>LEI: 549300IE5TDZLY0T0V30 | Long             | ABS-O            | CORP              | US        |     18622 | PA      | $16631.57     | 0.00%             | 2035-09-25      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Structured Adjustable Rate Mortgage Loan Trust                                                           | SARM 2006-1 2A2           | CUSIP: 863579P28<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    427846 | PA      | $384593.37    | 0.09%             | 2036-02-25      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| ONITY LN INVT TR 2024-HB2                                                                                | OLIT 2024-HB2 M2          | CUSIP: 68278DAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    270000 | PA      | $267300.68    | 0.06%             | 2037-08-25      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Bcap Llc Trust                                                                                           | BCAP 2011-RR10 1A2        | CUSIP: 05537LAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    627137 | PA      | $481192.04    | 0.12%             | 2037-03-26      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS Float 08/29/34         | CUSIP: 61760QEP5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    133000 | PA      | $93598.75     | 0.02%             | 2034-08-29      | Floating      | 3.32%                 | No            |                  2 | On Loan: No      |
| BANK 2020-BNK27                                                                                          | BANK 2020-BN27 B          | CUSIP: 06539XAV6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    474000 | PA      | $416594.59    | 0.10%             | 2063-04-15      | Floating      | 2.91%                 | No            |                  2 | On Loan: No      |
| VELOCITY COMMERCIAL CAPITAL LOAN TR                                                                      | VCC 2023-3 M3             | CUSIP: 92258WAK1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    820491 | PA      | $845308.77    | 0.20%             | 2053-08-25      | Floating      | 9.32%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities Corp.                                                     | CSFB 2005-3 7A5           | CUSIP: 225458LM8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     14683 | PA      | $14594.42     | 0.00%             | 2035-07-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Global Markets Holdings Inc.                                                                   | C FLOAT 04/25/32          | CUSIP: 17324CHH2<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |     41000 | PA      | $39465.90     | 0.01%             | 2032-04-25      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| FREMF MTG TR 2020-                                                                                       | FREMF 2020-KF76 B         | CUSIP: 30316EAE5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    120313 | PA      | $117957.50    | 0.03%             | 2030-01-25      | Floating      | 7.07%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc.                                                                       | CMLTI 2014-10 4A1         | CUSIP: 17323FAH3<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-O            | CORP              | US        |     13627 | PA      | $13593.38     | 0.00%             | 2037-02-25      | Floating      | 4.27%                 | Yes           |                  2 | On Loan: No      |
| CWMBS Inc                                                                                                | CWHL 2003-60 2A1          | CUSIP: 12669FJD6<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |     95898 | PA      | $91827.00     | 0.02%             | 2034-02-25      | Floating      | 6.49%                 | No            |                  2 | On Loan: No      |
| NEWTEK SMALL BUSI LN TR 2023-1                                                                           | NWSB 2023-1 A             | CUSIP: 65254RAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    288006 | PA      | $290541.38    | 0.07%             | 2050-07-25      | Floating      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| CSAIL 2017-C8 Commercial Mortgage Trust                                                                  | CSAIL 2015-C3 C           | CUSIP: 12635FAZ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190000 | PA      | $162676.74    | 0.04%             | 2048-08-15      | Floating      | 4.19%                 | No            |                  2 | On Loan: No      |
| Ellington Clo I Limted                                                                                   | ECLO 2018-3A D            | CUSIP: 28852LAL7<br>LEI: 254900V20GCNJI0I7591 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $517926.50    | 0.13%             | 2030-07-20      | Floating      | 7.89%                 | Yes           |                  2 | On Loan: No      |
| Impac Secured Assets Corp Mortgage Pass-Through Certificates Series 2006-1                               | IMSA 2003-2 A2            | CUSIP: 45254TMT8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    168888 | PA      | $132799.10    | 0.03%             | 2033-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FORTIFI 2023-1                                                                                           | FORTI 2023-1A A           | CUSIP: 34964YAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    451489 | PA      | $455509.82    | 0.11%             | 2059-09-20      | Fixed         | 6.23%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale S.A.                                                                                    | SOCGEN 12 1/2 01/31/35    | CUSIP: 83369FHQ3<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    203000 | PA      | $194880.00    | 0.05%             | 2035-01-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS FLOAT 02/28/34         | CUSIP: 61760QDY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    130000 | PA      | $93275.00     | 0.02%             | 2034-02-28      | Floating      | 2.27%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust 2015-Gs1                                                                    | GSMS 2015-GC32 D          | CUSIP: 36250PAM7<br>LEI: 549300WZ62L3Y22NOZ64 | Long             | ABS-O            | CORP              | US        |     10781 | PA      | $10447.53     | 0.00%             | 2048-07-10      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Trust Series 2007 S3                                                              | CHASE 2007-S3 1A17        | CUSIP: 16163HAS0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    264259 | PA      | $73060.92     | 0.02%             | 2037-05-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Impac CMB Trust                                                                                          | IMM 2004-10 3M2           | CUSIP: 45254NLS4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25724 | PA      | $24772.57     | 0.01%             | 2035-03-25      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Arm Trust                                                                                   | BSARM 2004-8 13A1         | CUSIP: 07384M2C5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    809414 | PA      | $717286.30    | 0.17%             | 2034-11-25      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS Float 09/30/34         | CUSIP: 61760QEW0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    160000 | PA      | $112600.00    | 0.03%             | 2034-09-30      | Floating      | 2.84%                 | No            |                  2 | On Loan: No      |
| DSLA Mortgage Loan Trust 2004-Ar4                                                                        | DSLA 2005-AR5 2A1A        | CUSIP: 23332UFF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    133663 | PA      | $70701.08     | 0.02%             | 2045-09-19      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| Bmd 2 Re-Remic Tr 2019-Frr1                                                                              | BMD2 2019-FRR1 5A1        | CUSIP: 055631BQ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    555000 | PA      | $526611.75    | 0.13%             | 2052-05-25      | Floating      | 3.42%                 | Yes           |                  2 | On Loan: No      |
| Harborview Mtg Loan Trust                                                                                | HVMLT 2005-4 3A1          | CUSIP: 41161PMX8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     90716 | PA      | $67480.60     | 0.02%             | 2035-07-19      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                                                                      | BNS Float 01/30/34        | CUSIP: 064159DF0<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    120000 | PA      | $83400.00     | 0.02%             | 2034-01-30      | Floating      | 1.67%                 | No            |                  2 | On Loan: No      |
| Times Square Hotel Tr                                                                                    | TIMSQU 8.528 08/01/26     | CUSIP: 887367AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    550141 | PA      | $551690.36    | 0.13%             | 2026-08-01      | Fixed         | 8.53%                 | Yes           |                  2 | On Loan: No      |
| Banc Of America Alternative Loan Trust                                                                   | BOAA 2004-6 3A1           | CUSIP: 05948KSJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     87147 | PA      | $87928.20     | 0.02%             | 2034-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Master Asset Securitization Trust                                                                        | MASTR 2003-11 7A5         | CUSIP: 55265K2K4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     31721 | PA      | $32245.63     | 0.01%             | 2033-12-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc.                                                                       | CBASS 2004-CB3 B1         | CUSIP: 17307GES3<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-O            | CORP              | US        |     87027 | PA      | $116167.78    | 0.03%             | 2034-03-25      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| Asset Backed Funding Corp                                                                                | ABFC 2004-OPT2 A2         | CUSIP: 04542BFV9<br>LEI: 5493009YQSUTUX056896 | Long             | ABS-O            | CORP              | US        |     53547 | PA      | $53019.76     | 0.01%             | 2033-10-25      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| Structured Adjustable Rate Mortgage Loan Trust                                                           | SARM 2005-15 1A1          | CUSIP: 863579UL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    305812 | PA      | $154189.67    | 0.04%             | 2035-07-25      | Floating      | 4.16%                 | No            |                  2 | On Loan: No      |
| UBS AG, London Branch                                                                                    | UBS 10 04/29/31           | CUSIP: 22548Q2R5<br>LEI: N/A                  | Long             | DBT              | CORP              | CH        |    791000 | PA      | $678282.50    | 0.16%             | 2031-04-29      | Floating      | 10.00%                | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust 2015-C32                                                      | JPMBB 2015-C32 D          | CUSIP: 46590JBE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    345000 | PA      | $34431.86     | 0.01%             | 2048-11-15      | Floating      | 4.36%                 | No            |                  2 | On Loan: No      |
| First Horizon Mortgage Pass Through Trust 2006 3                                                         | FHASI 2007-AR3 1A1        | CUSIP: 32056JAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    216286 | PA      | $83020.68     | 0.02%             | 2037-11-25      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                                         | FSPC T-60 2A1             | CUSIP: 31394XVP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     87835 | PA      | $82915.07     | 0.02%             | 2044-03-25      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| Sutherland Coml Mtg Tr 2019-Sbc8                                                                         | SCML 2019-SBC8 A          | CUSIP: 86935CAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     31669 | PA      | $30394.65     | 0.01%             | 2041-04-25      | Floating      | 2.86%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Alt-B Securities Mortgage Loan Trust Series 2007-AB1                                            | DBALT 2007-AB1 PO         | CUSIP: 25151WAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    417948 | PA      | $205364.56    | 0.05%             | 2037-04-25      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Arm Trust                                                                                   | BSARM 2003-1 1A1          | CUSIP: 07384MTH5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    576844 | PA      | $490927.60    | 0.12%             | 2033-04-25      | Floating      | 3.93%                 | No            |                  2 | On Loan: No      |
| HARVEST COMMERCIAL CAPITAL LOAN TRU                                                                      | HCCLT 2020-1 M5           | CUSIP: 41754FAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1865152.40   | 0.45%             | 2052-04-25      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Bear Stearns Arm Trust                                                                                   | BSARM 2004-1 124M         | CUSIP: 07384MG89<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     89208 | PA      | $78506.36     | 0.02%             | 2034-04-25      | Floating      | 2.16%                 | No            |                  2 | On Loan: No      |
| Bank 2017 Bnk8                                                                                           | BANK 2017-BNK8 C          | CUSIP: 06650AAK3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    825000 | PA      | $664216.16    | 0.16%             | 2050-11-15      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| Chec Loan Trust                                                                                          | CHEC 2004-1 M2            | CUSIP: 162765AE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    136197 | PA      | $135871.83    | 0.03%             | 2034-07-25      | Floating      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Navient Pvt Education Loan Trust 2023-B                                                                  | NAVSL 2021-DA A           | CUSIP: 63942CAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    235548 | PA      | $231321.40    | 0.06%             | 2060-04-15      | Floating      | 5.01%                 | Yes           |                  2 | On Loan: No      |
| SUNNOVA HELIOS X ISSUER LLC                                                                              | SNVA 2022-C C             | CUSIP: 86744WAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    145465 | PA      | $57018.18     | 0.01%             | 2049-11-22      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| CHASE HOME LND MTG TR 2019-1                                                                             | CHASE 2019-1 B4           | CUSIP: 16159WBZ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     85646 | PA      | $76499.68     | 0.02%             | 2050-03-25      | Floating      | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust 2021-2                                                            | VCC 2021-2 M1             | CUSIP: 92259MAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1618033 | PA      | $1217188.25   | 0.30%             | 2051-08-25      | Floating      | 1.82%                 | Yes           |                  2 | On Loan: No      |
| Fna VII LLC                                                                                              | FNH 2023-1A A1            | CUSIP: 30327HAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    110481 | PA      | $111053.38    | 0.03%             | 2038-04-15      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bills                                                                             | B 12/30/25                | CUSIP: 912797RZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10010000 | PA      | $9978838.37   | 2.42%             | 2025-12-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                                                                             | B 01/20/26                | CUSIP: 912797SG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15000000 | PA      | $14920889.25  | 3.62%             | 2026-01-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CWMBS Inc                                                                                                | CWALT 2003-J3 1A3         | CUSIP: 12669FEZ2<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |     73661 | PA      | $73905.19     | 0.02%             | 2033-11-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CWMBS Inc                                                                                                | CWHL 2002-19 1A1          | CUSIP: 12669DBA5<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |    332331 | PA      | $283347.35    | 0.07%             | 2032-11-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Wachovia Bank Commercial Mortgage Trust                                                                  | WBCMT 2004-C12 IO         | CUSIP: 929766SJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    176348 | PA      | $1873.27      | 0.00%             | 2041-07-15      | Floating      | 1.09%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                                         | FSPC T-62 1A1             | CUSIP: 31395HHV5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    126040 | PA      | $116080.42    | 0.03%             | 2044-10-25      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| J P Morgan Tax Exempt Pass Thru Tr Ser 2012-3                                                            | JPTEP 2012-3 A            | CUSIP: 46637UAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100560 | PA      | $93716.11     | 0.02%             | 2042-10-27      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                                                                            | JEF 9 08/31/37            | CUSIP: 47233JAX6<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    150000 | PA      | $113812.50    | 0.03%             | 2037-08-31      | Floating      | 3.17%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                                      | OWSCRE 2025-MARG2 A       | CUSIP: 67121XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1001505.60   | 0.24%             | 2027-08-15      | Floating      | 7.96%                 | Yes           |                  2 | On Loan: No      |
| Navient Private Education Refi Loan Trust 2019-E                                                         | NAVSL 2021-FA B           | CUSIP: 63942GAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    235000 | PA      | $173284.44    | 0.04%             | 2070-02-18      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| COLT 2023-2 MORTGAGE LOAN TRUST                                                                          | COLT 2023-2 B1            | CUSIP: 12598UAE6<br>LEI: 213800IHRVKO9R6JZ883 | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $404718.24    | 0.10%             | 2068-07-25      | Floating      | 7.94%                 | Yes           |                  2 | On Loan: No      |
| Jpmdb Commercial Mortgage Securities Trust 2016 C4                                                       | JPMDB 2020-COR7 B         | CUSIP: 46652JBB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    165000 | PA      | $117404.05    | 0.03%             | 2053-05-13      | Floating      | 3.29%                 | No            |                  2 | On Loan: No      |
| Banc Of America Mortgage Securities Inc.                                                                 | BOAMS 2005-L 2A4          | CUSIP: 05949CPK6<br>LEI: 549300IE5TDZLY0T0V30 | Long             | ABS-O            | CORP              | US        |    108355 | PA      | $98784.66     | 0.02%             | 2036-01-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                 | GNR 2012-H27 AI           | CUSIP: 38375BZC9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     87963 | PA      | $1302.79      | 0.00%             | 2062-10-20      | Floating      | 1.81%                 | No            |                  2 | On Loan: No      |
| Fremf 2012 Kf01 Mortgage Trust                                                                           | FREMF 2018-KF52 B         | CUSIP: 30297KAG9<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    368477 | PA      | $354853.18    | 0.09%             | 2028-09-25      | Floating      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| Washington Mutual Mortgage Securities Corp.                                                              | WAMU 2002-AR14 B1         | CUSIP: 939336DA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     37578 | PA      | $34462.16     | 0.01%             | 2032-11-25      | Floating      | 4.29%                 | No            |                  2 | On Loan: No      |
| Deutsche Mortgage Securities Inc Mortgage Loan Trust                                                     | DMSI 2004-1 1A1           | CUSIP: 251563CG5<br>LEI: 529900RSBMUF46QF5O69 | Long             | ABS-O            | CORP              | US        |     25858 | PA      | $26424.59     | 0.01%             | 2033-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through Certificates                                                     | WAMU 2003-S5 1A13         | CUSIP: 9292272R6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     27681 | PA      | $27945.30     | 0.01%             | 2033-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Arm Trust                                                                                   | BSARM 2003-8 2A1          | CUSIP: 07384MZS4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     36371 | PA      | $34825.38     | 0.01%             | 2034-01-25      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS 10 08/31/30            | CUSIP: 61760QHC1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    216000 | PA      | $185760.00    | 0.05%             | 2030-08-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust 2011-C2                                                                   | MSC 2014-150E D           | CUSIP: 61764BAN3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    347000 | PA      | $261743.09    | 0.06%             | 2032-09-09      | Floating      | 4.44%                 | Yes           |                  2 | On Loan: No      |
| STWD 2022-FL3 LTD                                                                                        | STWD 2022-FL3 C           | CUSIP: 78485KAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    408500 | PA      | $404627.26    | 0.10%             | 2038-11-15      | Floating      | 6.34%                 | Yes           |                  2 | On Loan: No      |
| Impac CMB Trust                                                                                          | IMM 2005-4 2M2            | CUSIP: 45254NPP6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    427773 | PA      | $429533.22    | 0.10%             | 2035-05-25      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Corp                                                                              | GSR 2005-8F 3A4           | CUSIP: 362341WA3<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |     27458 | PA      | $9389.13      | 0.00%             | 2035-11-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY RESIDENTIAL MORTGAGE                                                                      | MSRM 2023-NQM1 B1         | CUSIP: 61775VAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1007931.70   | 0.24%             | 2068-09-25      | Floating      | 7.38%                 | Yes           |                  2 | On Loan: No      |
| CWMBS Inc                                                                                                | CWHL 2004-5 2A9           | CUSIP: 12669FWD1<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |     47965 | PA      | $47331.74     | 0.01%             | 2034-05-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mastr Adjustable Rate Mortgages Trust 2002-3                                                             | MARM 2006-2 5A1           | CUSIP: 576438AH8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     90962 | PA      | $27924.81     | 0.01%             | 2036-05-25      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| HARVEST SBA LOAN TRUST 2023-1                                                                            | HSLT 2023-1 C             | CUSIP: 41757BAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1811597 | PA      | $1943016.88   | 0.47%             | 2050-10-25      | Floating      | 12.61%                | Yes           |                  2 | On Loan: No      |
| NAAC Reperforming Loan Remic Trust Certificates Series 2004-R2                                           | NAA 2004-R1 A2            | CUSIP: 62951MAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    119689 | PA      | $113670.75    | 0.03%             | 2034-03-25      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| UBS AG, London Branch                                                                                    | UBS Float 09/30/30        | CUSIP: 22546VMD5<br>LEI: N/A                  | Long             | DBT              | CORP              | CH        |    300000 | PA      | $248250.00    | 0.06%             | 2030-09-30      | Floating      | 3.04%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Corp                                                                              | GSMPS 2004-2R A           | CUSIP: 36228FF35<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |     56172 | PA      | $10040.78     | 0.00%             | 2034-02-25      | Floating      | 7.14%                 | Yes           |                  2 | On Loan: No      |
| Lstar Commercial Mortgage Trust                                                                          | LNSTR 2016-4 D            | CUSIP: 50219QAN4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $951457.00    | 0.23%             | 2049-03-10      | Floating      | 4.82%                 | Yes           |                  2 | On Loan: No      |
| Residential Asset Mortgage Products, Inc.                                                                | RAAC 2005-SP1 4A1         | CUSIP: 76112BQY9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12725 | PA      | $12810.57     | 0.00%             | 2034-09-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SBALR COMML MTG 2020-RR1 TRUST                                                                           | SBALR 2020-RR1 C          | CUSIP: 78397EAS5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4349000 | PA      | $2562220.31   | 0.62%             | 2053-02-13      | Floating      | 3.98%                 | Yes           |                  2 | On Loan: No      |
| Cwalt Incorporation                                                                                      | CWALT 2004-J10 5CB1       | CUSIP: 12667FVG7<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-O            | CORP              | US        |    481344 | PA      | $491426.86    | 0.12%             | 2034-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                                                                            | JEF 8 09/30/37            | CUSIP: 47233JAY4<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    248000 | PA      | $184760.00    | 0.04%             | 2037-09-30      | Floating      | 2.54%                 | No            |                  2 | On Loan: No      |
| Saxon Asset Securities Trust 2004-2                                                                      | SAST 2003-3 AF5           | CUSIP: 805564PA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    164887 | PA      | $157067.59    | 0.04%             | 2033-12-25      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Arm Trust                                                                                   | BSARM 2003-7 6A           | CUSIP: 07384MYW6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3655 | PA      | $3551.41      | 0.00%             | 2033-10-25      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Lloyds Bank plc                                                                                          | LLOYDS 10 10/25/33        | CUSIP: 5394E8CC1<br>LEI: H7FNTJ4851HG0EXQ1Z70 | Long             | DBT              | CORP              | GB        |    136000 | PA      | $97580.00     | 0.02%             | 2033-10-25      | Floating      | 1.41%                 | No            |                  2 | On Loan: No      |
| First Horizon Alt                                                                                        | FHAMS 2007-FA4 1A8        | CUSIP: 32052WAH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     69611 | PA      | $23523.24     | 0.01%             | 2037-08-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS 10 03/31/34            | CUSIP: 61760QEE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    209000 | PA      | $143948.75    | 0.03%             | 2034-03-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Arm Trust                                                                                   | BSARM 2004-5 2A           | CUSIP: 07384MS78<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     82326 | PA      | $77733.52     | 0.02%             | 2034-07-25      | Floating      | 4.19%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                                                                            | JEF Float 10/31/37        | CUSIP: 47233JBC1<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $1755000.00   | 0.43%             | 2037-10-31      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| MASTR Asset Backed Securities Trust                                                                      | MABS 2004-FRE1 M7         | CUSIP: 57643LEA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    868775 | PA      | $828717.90    | 0.20%             | 2034-07-25      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| HSI Asset Loan Obligation Trust 2006-2                                                                   | HALO 2007-1 2A12          | CUSIP: 40431TAP6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    192909 | PA      | $72765.00     | 0.02%             | 2037-06-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan Trust                                                                       | MSM 2005-10 5A1           | CUSIP: 61748HSL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     73872 | PA      | $26658.34     | 0.01%             | 2035-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AFC Mortgage Loan                                                                                        | AFC 1999-3 1A             | CUSIP: 00105HEB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    135014 | PA      | $117627.92    | 0.03%             | 2029-09-28      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| Salomon Brothers Mortgage Securities VII Inc.                                                            | SBM7 1997-HUD2 B2         | CUSIP: 79548KXR4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     84232 | PA      | $47.53        | 0.00%             | 2027-11-25      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| Galleria Cdo V Ltd.                                                                                      | GALLA 5A B                | CUSIP: 073605AC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2409910 | PA      | $2388092.80   | 0.58%             | 2037-09-19      | Floating      | 7.48%                 | Yes           |                  2 | On Loan: No      |
| Structured Asset Investment Loan Trust 2006-Bnc3                                                         | SAIL 2003-BC9 M3          | CUSIP: 86358EDM5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    527273 | PA      | $501970.35    | 0.12%             | 2033-08-25      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC.                                                                              | MS 10 12/30/36            | CUSIP: 61766YAY7<br>LEI: 5493003FCPSE9RKT4B56 | Long             | DBT              | CORP              | US        |     40000 | PA      | $35300.00     | 0.01%             | 2036-12-30      | Floating      | 10.00%                | No            |                  2 | On Loan: No      |
| United States Treasury Bills                                                                             | B 12/04/25                | CUSIP: 912797QS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9996869.50   | 2.42%             | 2025-12-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Np Spe X Lp 2019-2                                                                                       | NPRL 2021-1A A1           | CUSIP: 62947AAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3988830 | PA      | $3477654.23   | 0.84%             | 2051-03-19      | Fixed         | 2.23%                 | Yes           |                  2 | On Loan: No      |
| Home Partners Of America 2020-2 Trust                                                                    | HPA 2020-2 F              | CUSIP: 437301AF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    139255 | PA      | $130311.02    | 0.03%             | 2041-01-17      | Fixed         | 4.05%                 | Yes           |                  2 | On Loan: No      |
| Cwalt Incorporation                                                                                      | CWALT 2005-72 A3          | CUSIP: 12668A3Q6<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-O            | CORP              | US        |     97119 | PA      | $99984.00     | 0.02%             | 2036-01-25      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Belvedere SPV S.r.l.                                                                                     | BLVDR 1 A                 | CUSIP: T30242AA8<br>LEI: 815600EE6F87DF1A1266 | Long             | ABS-O            | CORP              | IT        |   7187676 | PA      | $947088.87    | 0.23%             | 2038-12-31      | Floating      | 5.29%                 | Yes           |                  2 | On Loan: No      |
| ACHM TRUST 2023-HE1                                                                                      | ACHM 2023-HE1 B           | CUSIP: 00092AAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1074286.10   | 0.26%             | 2037-11-25      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Mastr Adjustable Rate Mortgages Trust 2002-3                                                             | MARM 2003-6 7A1           | CUSIP: 576433GN0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15698 | PA      | $15581.57     | 0.00%             | 2033-12-25      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Corp                                                                              | GSR 2004-12 1B1           | CUSIP: 36242DLG6<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |    557965 | PA      | $111387.00    | 0.03%             | 2034-12-25      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust 2019-1                                                                | EFMT 2022-1 B2            | CUSIP: 31573CAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $291257.80    | 0.07%             | 2067-01-25      | Floating      | 3.86%                 | Yes           |                  2 | On Loan: No      |
| New Century Home Equity Loan Trust 2005-1                                                                | NCHET 2003-5 AII          | CUSIP: 64352VEG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     21112 | PA      | $13740.13     | 0.00%             | 2033-11-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Novastar Mortgage Funding Trust Series 2005-1                                                            | NHEL 2003-4 A1            | CUSIP: 66987XDE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    164556 | PA      | $165903.29    | 0.04%             | 2034-02-25      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| HERO FUNDING 2021-1                                                                                      | HERO 2021-1A B            | CUSIP: 42770AAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    177411 | PA      | $168527.03    | 0.04%             | 2051-09-20      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Indymac Indx Mortgage Loan Trust 2004-Ar14                                                               | INDX 2005-AR8 2A1A        | CUSIP: 45660LJJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    149648 | PA      | $144018.35    | 0.03%             | 2035-04-25      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| Bayview Commercial Asset Trust 2006-SP2                                                                  | BAYC 2005-2A M1           | CUSIP: 07324SBQ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     22011 | PA      | $21341.14     | 0.01%             | 2035-08-25      | Floating      | 4.71%                 | Yes           |                  2 | On Loan: No      |
| Security National Mortgage Loan Tst                                                                      | SNMLT 2005-2A A3          | CUSIP: 81441PCP4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    197145 | PA      | $199225.66    | 0.05%             | 2036-02-25      | Floating      | 6.21%                 | Yes           |                  2 | On Loan: No      |
| Lehman Brothers Small Balance Commercial Mortgage Pass-Through Certificates Series 2007-3                | LBSBC 2007-3A M2          | CUSIP: 52521UAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    544000 | PA      | $492810.14    | 0.12%             | 2037-10-25      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance 2018-Mtg1                                                              | MELLO 2021-MTG1 B1        | CUSIP: 585495EC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    529263 | PA      | $442657.35    | 0.11%             | 2051-04-25      | Floating      | 2.65%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                                                 | JPMMT 2004-A3 3A3         | CUSIP: 466247CZ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1918 | PA      | $1891.65      | 0.00%             | 2034-07-25      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Nomura Asset Acceptance Corp Alternative Loan Trust Series 2006-Af1                                      | NAA 2006-AF1 4A1          | CUSIP: 65536PAP5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    389313 | PA      | $359137.05    | 0.09%             | 2036-06-25      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Alternative Note Asset Trust Series 2007-A2                                                | MANA 2007-A2 A3B          | CUSIP: 59024FAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    311821 | PA      | $73221.00     | 0.02%             | 2037-03-25      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Corp II                                                                           | GSMSC 2008-2R 2A1         | CUSIP: 3622X1AC3<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-O            | CORP              | US        |    782774 | PA      | $85540.05     | 0.02%             | 2036-10-25      | Floating      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Securities Trust 2018 Phh                                            | JPMCC 2018-PHH A          | CUSIP: 46650FAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1453629 | PA      | $1234704.78   | 0.30%             | 2035-06-15      | Floating      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Cwalt Incorporation                                                                                      | CWALT 2004-27CB A1        | CUSIP: 12667FWU5<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-O            | CORP              | US        |    246180 | PA      | $222480.50    | 0.05%             | 2034-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| J G Wentworth Xlii Llc                                                                                   | HENDR 2018-2A B           | CUSIP: 46590UAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     46336 | PA      | $42608.61     | 0.01%             | 2077-10-15      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| Structured Adjustable Rate Mortgage Loan Trust                                                           | SARM 2007-9 2A1           | CUSIP: 86364JAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    287765 | PA      | $180023.40    | 0.04%             | 2047-10-25      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Nomura America Finance LLC                                                                               | NOMURA FLOAT 07/29/34     | CUSIP: 65539ABE9<br>LEI: 549300U646RSSKIVOJ29 | Long             | DBT              | CORP              | US        |    890000 | PA      | $620775.00    | 0.15%             | 2034-07-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Gmacm Mortgage Loan Trust                                                                                | GMACM 2006-AR1 1A1        | CUSIP: 36185MDN9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     97952 | PA      | $81213.50     | 0.02%             | 2036-04-19      | Floating      | 3.76%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities 2006 Ar2 Trust                                                    | WFMBS 2007-7 A6           | CUSIP: 94985JAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     54932 | PA      | $50415.34     | 0.01%             | 2037-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VELOCITY COMMERCIAL CAPITAL LOAN TR                                                                      | VCC 2023-2 M4             | CUSIP: 92260AAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1028993 | PA      | $1054702.23   | 0.26%             | 2053-05-25      | Floating      | 10.43%                | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust 2004 11                                                                           | SEMT 2004-10 A1A          | CUSIP: 81744FET0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     22796 | PA      | $21864.21     | 0.01%             | 2034-11-20      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust 2004 11                                                                           | SEMT 2005-2 A1            | CUSIP: 81744FGY7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     41932 | PA      | $38984.65     | 0.01%             | 2035-03-20      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| Master Asset Securitization Trust                                                                        | MASTR 2003-12 6A1         | CUSIP: 55265K3Z0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     11419 | PA      | $9870.65      | 0.00%             | 2033-12-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust 2023-INV3                                                                     | VERUS 2023-INV3 B1        | CUSIP: 92540CAE7<br>LEI: 9845008F97BFO762AF95 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1014610.15   | 0.25%             | 2068-11-25      | Floating      | 8.18%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities Corp.                                                     | CSFB 2003-21 1A4          | CUSIP: 22541QPB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15809 | PA      | $15896.96     | 0.00%             | 2033-09-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc.                                                                       | CMLTI 2005-2 2A11         | CUSIP: 17307GRM2<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-O            | CORP              | US        |     31222 | PA      | $31389.58     | 0.01%             | 2035-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Global Markets Holdings Inc.                                                                   | C Float 01/22/35          | CUSIP: 17327TC95<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1299375.00   | 0.31%             | 2035-01-22      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Sutherland Coml Mtg Tr 2019-Sbc8                                                                         | SCML 2021-SB10 C          | CUSIP: 86935JAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    351445 | PA      | $325832.15    | 0.08%             | 2041-12-25      | Floating      | 2.64%                 | Yes           |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                                                                            | JEF 9 07/31/37            | CUSIP: 47233JAT5<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $800000.00    | 0.19%             | 2037-07-31      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS FLOAT 09/30/34         | CUSIP: 61760QEV2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    231000 | PA      | $156010.70    | 0.04%             | 2034-09-30      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through Certificates                                                     | WAMU 2006-AR8 1A1         | CUSIP: 93362FAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     94296 | PA      | $98769.83     | 0.02%             | 2046-08-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| MASTR Alternative Loan Trust                                                                             | MALT 2004-6 7A1           | CUSIP: 576434SK1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    135141 | PA      | $133254.28    | 0.03%             | 2034-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Mastr Specialized Loan Trust 2006-03                                                                     | MASD 2005-3 M1            | CUSIP: 576436CP2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     49720 | PA      | $48083.90     | 0.01%             | 2035-11-25      | Floating      | 5.19%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC.                                                                              | MS 9 03/31/37             | CUSIP: 61766YBC4<br>LEI: 5493003FCPSE9RKT4B56 | Long             | DBT              | CORP              | US        |    100000 | PA      | $83125.00     | 0.02%             | 2037-03-31      | Floating      | 9.00%                 | No            |                  2 | On Loan: No      |
| SLM Private Education Loan Trust 2012-E                                                                  | SLMA 2006-B A5            | CUSIP: 78443CCU6<br>LEI: 5493003X0C7VZW0ZBI42 | Long             | ABS-O            | CORP              | US        |     51668 | PA      | $50545.53     | 0.01%             | 2039-12-15      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Citicorp Mortgage Securities Trust                                                                       | CMSI 2006-6 A4            | CUSIP: 173100AD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     34590 | PA      | $35649.49     | 0.01%             | 2036-11-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through Certificates                                                     | WAMU 2004-CB3 2A          | CUSIP: 92922FXM5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     95382 | PA      | $99231.23     | 0.02%             | 2034-10-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SUNRUN VULCAN ISSUER LLC                                                                                 | SUNRN 2021-1A A           | CUSIP: 86773QAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    379528 | PA      | $351018.62    | 0.09%             | 2052-01-30      | Fixed         | 2.46%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS Float 01/30/34         | CUSIP: 61760QDW1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    247000 | PA      | $177531.25    | 0.04%             | 2034-01-30      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan Trust                                                                       | MSM 2004-2AR 2A           | CUSIP: 61748HAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9480 | PA      | $9154.58      | 0.00%             | 2034-02-25      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Structured Products Inc.                                                                    | BSSP 2007-R6 1A1          | CUSIP: 07402FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    119087 | PA      | $85905.90     | 0.02%             | 2036-01-26      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                           | C FLOAT 11/26/33          | CUSIP: 1730T0C56<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1037000 | PA      | $790712.50    | 0.19%             | 2033-11-26      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Blackrock Cap Fin                                                                                        | BCF 1997-R2 1B1           | CUSIP: 05535DBE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     51115 | PA      | $43703.44     | 0.01%             | 2035-12-25      | Floating      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Bayview Commercial Asset Trust 2006-SP2                                                                  | BAYC 2005-4A M1           | CUSIP: 07324SCT7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     17458 | PA      | $16753.93     | 0.00%             | 2036-01-25      | Floating      | 4.78%                 | Yes           |                  2 | On Loan: No      |
| Fort Knox Military Housing Privatization Project                                                         | FTKNOX FLOAT 02/15/52     | CUSIP: 347508AB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    178502 | PA      | $141494.98    | 0.03%             | 2052-02-15      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| Select Notes Trust                                                                                       | SELECT 5.91 02/22/33      | CUSIP: 81619PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    634876 | PA      | $592145.64    | 0.14%             | 2033-02-22      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                 | GNR 2022-4 Z              | CUSIP: 38381EQD3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    214758 | PA      | $91048.74     | 0.02%             | 2064-03-16      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                                                                         | DB FLOAT 08/28/34         | CUSIP: 25152RXC2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1257000 | PA      | $883042.50    | 0.21%             | 2034-08-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Bayview Commercial Asset Trust 2006-SP2                                                                  | BAYC 2005-2A B1           | CUSIP: 07324SBW1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     34060 | PA      | $36424.07     | 0.01%             | 2035-08-25      | Floating      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| Cwalt Incorporation                                                                                      | CWALT 2005-J1 3A1         | CUSIP: 12667FU29<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-O            | CORP              | US        |     67387 | PA      | $68277.08     | 0.02%             | 2032-08-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Mastr Adjustable Rate Mortgages Trust 2002-3                                                             | MARM 2003-1 2A1           | CUSIP: 576433DA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     39773 | PA      | $37660.35     | 0.01%             | 2032-12-25      | Floating      | 4.28%                 | No            |                  2 | On Loan: No      |
| MASTR Alternative Loan Trust                                                                             | MALT 2004-3 6A1           | CUSIP: 576434NZ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    154221 | PA      | $154528.79    | 0.04%             | 2034-04-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Jp Morgan Chase Cmbs 2015-Fl7                                                                            | JPMCC 2015-FL7 D          | CUSIP: 46644PAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    434058 | PA      | $347065.75    | 0.08%             | 2028-05-15      | Floating      | 7.69%                 | Yes           |                  2 | On Loan: No      |
| CD 2017 Cd3 Mortgage Trust                                                                               | CD 2017-CD3 AS            | CUSIP: 12515GAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $940552.40    | 0.23%             | 2050-02-10      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc.                                                                       | CMLTI 2010-9 5A3          | CUSIP: 17317JBJ8<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-O            | CORP              | US        |         0 | PA      | $0.02         | 0.00%             | 2037-03-25      | Floating      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                                                                            | JEF Float 03/20/40        | CUSIP: 47233JDA3<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    280000 | PA      | $279847.83    | 0.07%             | 2040-03-20      | Floating      | 8.26%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan Trust                                                                       | MSM 2005-1 4A1            | CUSIP: 61748HJH5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    494881 | PA      | $471288.03    | 0.11%             | 2035-03-25      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| ACE Securities Corp Home Equity Loan Trust                                                               | ACE 2004-IN1 A1           | CUSIP: 004421FD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    561164 | PA      | $538361.14    | 0.13%             | 2034-05-25      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| Impac CMB Trust                                                                                          | IMM 2005-8 2M3            | CUSIP: 45254NRX7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     63915 | PA      | $64986.95     | 0.02%             | 2036-02-25      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust 2022-NQM3                                                                | BRAVO 2023-NQM4 A1        | CUSIP: 10569YAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    405127 | PA      | $406993.51    | 0.10%             | 2063-05-25      | Floating      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole Corporate and Investment Bank                                                            | ACAFP Float 05/24/36      | CUSIP: 22533ADT1<br>LEI: 1VUV7VQFKUOQSJ21A208 | Long             | DBT              | CORP              | FR        |   1500000 | PA      | $1121250.00   | 0.27%             | 2036-05-24      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS FLOAT 11/28/34         | CUSIP: 61760QFL3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    185000 | PA      | $130193.75    | 0.03%             | 2034-11-28      | Floating      | 3.23%                 | No            |                  2 | On Loan: No      |
| MASTR Alternative Loan Trust                                                                             | MALT 2003-5 8A1           | CUSIP: 576434FK5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    468398 | PA      | $465710.28    | 0.11%             | 2033-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MM Community Funding III Ltd/Corp                                                                        | MMCFND FLOAT 05/01/32     | CUSIP: 55309YAD9<br>LEI: 54930037G3KLRZURXG36 | Long             | ABS-CBDO         | CORP              | KY        |   2538949 | PA      | $2478983.75   | 0.60%             | 2032-05-01      | Floating      | 6.21%                 | Yes           |                  2 | On Loan: No      |
| Bellavista Mortgage Trust 2005-1                                                                         | BVMBS 2004-1 1A           | CUSIP: 07820QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     16647 | PA      | $16577.25     | 0.00%             | 2034-11-20      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| MASTR Alternative Loan Trust                                                                             | MALT 2004-1 4A1           | CUSIP: 576434LV4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    111343 | PA      | $110756.19    | 0.03%             | 2034-02-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASTR Alternative Loan Trust                                                                             | MALT 2003-3 B2            | CUSIP: 576434ED2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     91217 | PA      | $85163.87     | 0.02%             | 2033-05-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Hero Funding Trust 2015-2                                                                                | HERO 2015-2A A            | CUSIP: 42770UAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     42659 | PA      | $41573.67     | 0.01%             | 2040-09-20      | Fixed         | 3.99%                 | Yes           |                  2 | On Loan: No      |
| WILLIS ENGINE STRUCTURED TRUST VII                                                                       | WESTF 2023-A A            | CUSIP: 97064YAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1013796 | PA      | $1042317.75   | 0.25%             | 2048-10-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2023-2                                                                        | VERUS 2023-2 A2           | CUSIP: 92539DAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2284620 | PA      | $2286889.57   | 0.55%             | 2068-03-25      | Floating      | 6.60%                 | Yes           |                  2 | On Loan: No      |
| Bcap Llc Trust                                                                                           | BCAP 2011-RR5 12A1        | CUSIP: 05534AAN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    797084 | PA      | $794764.87    | 0.19%             | 2037-03-26      | Floating      | 4.48%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS FLOAT 03/31/31         | CUSIP: 61745E7D7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    167000 | PA      | $157815.00    | 0.04%             | 2031-03-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                                                                   | SLMA 2008-2 B             | CUSIP: 784442AD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    375000 | PA      | $393860.01    | 0.10%             | 2083-01-25      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| CSMC Series 2014-2R                                                                                      | CSMC 2014-2R 28A1         | CUSIP: 12648ELW0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     19585 | PA      | $19213.18     | 0.00%             | 2037-06-27      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Corp II                                                                           | GSMS 2013-PEMB C          | CUSIP: 36197VAE8<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-O            | CORP              | US        |   1350000 | PA      | $304034.31    | 0.07%             | 2033-03-05      | Floating      | 3.67%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust 2012-Lc5                                                           | WFRBS 2012-C10 C          | CUSIP: 92890NAY5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    890000 | PA      | $768985.90    | 0.19%             | 2045-12-15      | Floating      | 4.46%                 | No            |                  2 | On Loan: No      |
| READYCAP LENDING                                                                                         | RCLT 2019-2 A             | CUSIP: 75576QAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     98229 | PA      | $98078.47     | 0.02%             | 2044-12-27      | Floating      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Natixis US Medium Term Note Program LLC                                                                  | KNFP Float 04/30/34       | CUSIP: 63873HKC7<br>LEI: 549300MPTYP2BAQOK371 | Long             | DBT              | CORP              | US        |    282000 | PA      | $200220.00    | 0.05%             | 2034-04-30      | Floating      | 4.36%                 | No            |                  2 | On Loan: No      |
| Cwabs Asset Backed Certificates Series 2002-4                                                            | CWL 2004-6 2A3            | CUSIP: 126673BA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     11961 | PA      | $12034.86     | 0.00%             | 2034-11-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Indymac Indx Mortgage Loan Trust 2004-Ar14                                                               | RAST 2002-A12 A4          | CUSIP: 45660NHW8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2032-11-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CSAIL 2017-Cx10 Commercial Mortgage Trust                                                                | CSAIL 2018-C14 D          | CUSIP: 12596GAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    265000 | PA      | $219311.62    | 0.05%             | 2051-11-15      | Floating      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Bank of Nova Scotia                                                                                      | BNS FLOAT 08/28/34        | CUSIP: 064159FM3<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $68375.00     | 0.02%             | 2034-08-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| HUNDRED ACRES WD TR 2021-INV1                                                                            | HAWT 2021-INV1 B1         | CUSIP: 44590HCA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250230 | PA      | $222278.16    | 0.05%             | 2051-07-25      | Floating      | 3.23%                 | Yes           |                  2 | On Loan: No      |
| Mastr Adjustable Rate Mortgages Trust 2002-3                                                             | MARM 2004-15 4A1          | CUSIP: 576433VN3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    155602 | PA      | $154025.51    | 0.04%             | 2034-12-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| CWMBS Inc                                                                                                | CWHL 2005-14 A1           | CUSIP: 12669GK59<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |   2971184 | PA      | $1144505.42   | 0.28%             | 2035-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Cwalt Incorporation                                                                                      | CWALT 2005-27 2A1         | CUSIP: 12667GN33<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-O            | CORP              | US        |    141547 | PA      | $123958.49    | 0.03%             | 2035-08-25      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| Cf 2019-Cf3 Mortgage Trust                                                                               | CF 2019-CF3 E             | CUSIP: 12529TAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $321198.53    | 0.08%             | 2053-01-15      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Salomon Brothers Mortgage Securities VII Inc.                                                            | CBASS 2002-CB3 B2         | CUSIP: 79549ARB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    513640 | PA      | $511903.51    | 0.12%             | 2032-06-25      | Floating      | 7.44%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                                                 | JPMMT 2005-S3 1A22        | CUSIP: 466247B36<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    818189 | PA      | $336332.88    | 0.08%             | 2036-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust 2017-2                                                            | VCC 2017-2 M5             | CUSIP: 92258VAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1588789 | PA      | $1417233.06   | 0.34%             | 2047-11-25      | Floating      | 6.42%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Securities Corp.                                                     | JPMCC 2018-PTC A          | CUSIP: 46649GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1900000 | PA      | $911829.00    | 0.22%             | 2031-04-15      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Cwalt Incorporation                                                                                      | CWALT 2005-14 2A1         | CUSIP: 12667GCB7<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-O            | CORP              | US        |     46797 | PA      | $45707.32     | 0.01%             | 2035-05-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                                                                   | SLMA 2012-1 A3            | CUSIP: 78446WAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    289465 | PA      | $283315.79    | 0.07%             | 2028-09-25      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Mrcd 2019-Park Mortgage Trust                                                                            | MRCD 2019-PARK A          | CUSIP: 55348UAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    210000 | PA      | $178841.95    | 0.04%             | 2036-12-15      | Fixed         | 2.72%                 | Yes           |                  2 | On Loan: No      |
| MASTR Alternative Loan Trust                                                                             | MALT 2004-6 10A1          | CUSIP: 576434SN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     32827 | PA      | $33039.01     | 0.01%             | 2034-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MASTR Alternative Loan Trust                                                                             | MALT 2004-4 1A1           | CUSIP: 576434PX6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     19547 | PA      | $19295.54     | 0.00%             | 2034-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN HOME IMPROVEMENT TRUST 2022                                                                      | GHIT 2022-GRN1 D          | CUSIP: 38150YAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    331612 | PA      | $337523.19    | 0.08%             | 2052-06-25      | Fixed         | 7.30%                 | Yes           |                  2 | On Loan: No      |
| CFMT 2022-HB9 LLC                                                                                        | CFMT 2022-HB9 M3          | CUSIP: 12530GAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    230000 | PA      | $219471.62    | 0.05%             | 2037-09-25      | Floating      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan Trust                                                                       | MSM 2004-10AR 2A2         | CUSIP: 61748HFE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9114 | PA      | $8704.74      | 0.00%             | 2034-11-25      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mbs                                                                                            | JPMBS 2006-R1 6A1         | CUSIP: 46628AAK8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    304611 | PA      | $243993.05    | 0.06%             | 2044-09-28      | Floating      | 4.05%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc.                                                                       | CMLTI 2003-1 3A4          | CUSIP: 17307GBT4<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-O            | CORP              | US        |      7836 | PA      | $7780.34      | 0.00%             | 2033-09-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                    | CAS 2022-R01 1B1          | CUSIP: 20754LAF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    120000 | PA      | $122471.15    | 0.03%             | 2041-12-25      | Floating      | 7.22%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC.                                                                              | MS 9 04/28/37             | CUSIP: 61766YBH3<br>LEI: 5493003FCPSE9RKT4B56 | Long             | DBT              | CORP              | US        |    767000 | PA      | $675918.75    | 0.16%             | 2037-04-28      | Floating      | 9.00%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through Certificates                                                     | WAMU 2002-AR17 1A         | CUSIP: 929227XB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     71977 | PA      | $69954.15     | 0.02%             | 2042-11-25      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Brazos Higher Education Authority, Inc.                                                                  | BELA 2021-2 A1A           | CUSIP: 10620WAH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    311560 | PA      | $273831.60    | 0.07%             | 2072-01-25      | Fixed         | 2.06%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust 2013-CR                                                                        | COMM 2013-CR12 B          | CUSIP: 12591KAH8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3285000 | PA      | $947772.76    | 0.23%             | 2046-10-10      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Salomon Brothers Mortgage Securities VII Inc.                                                            | SBM7 2002-HYB1 B2         | CUSIP: 79549ARL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3452 | PA      | $3235.26      | 0.00%             | 2032-09-25      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| MASTR Alternative Loan Trust                                                                             | MALT 2004-7 10A1          | CUSIP: 576434TN4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     48893 | PA      | $49493.35     | 0.01%             | 2034-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| First Horizon Mortgage Pass Through Trust 2006 3                                                         | FHASI 2005-AR5 3A1        | CUSIP: 32051GXT7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     29935 | PA      | $0.00         | 0.00%             | 2035-10-25      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Securities Trust                                                               | BSABS 2003-AC7 A1         | CUSIP: 07384YPH3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    495392 | PA      | $416250.20    | 0.10%             | 2034-01-25      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                                                            | UBSCM 2019-C16 C          | CUSIP: 90276YAK9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    251000 | PA      | $229066.78    | 0.06%             | 2052-04-15      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                                         | FHR 4203 PS               | CUSIP: 3137B2DY3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     46601 | PA      | $3699.62      | 0.00%             | 2042-09-15      | Floating      | 1.99%                 | No            |                  2 | On Loan: No      |
| JP MRGN CHASE COM TR 2020                                                                                | JPMCC 2020-MKST A         | CUSIP: 46652DAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    560000 | PA      | $276920.00    | 0.07%             | 2036-12-15      | Floating      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                           | C Float 10/31/34          | CUSIP: 1730T02P3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    150000 | PA      | $116591.40    | 0.03%             | 2034-10-31      | Floating      | 2.26%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                 | GNR 2017-90 AC            | CUSIP: 38379RZN6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    131893 | PA      | $112858.45    | 0.03%             | 2058-06-16      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Waterfall Commercial Mortgage 2015-Sbc5                                                                  | WCMT 2015-SBC5 A          | CUSIP: 94132LAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     24144 | PA      | $23884.48     | 0.01%             | 2032-12-14      | Floating      | 4.10%                 | Yes           |                  2 | On Loan: No      |
| CWMBS Inc                                                                                                | CWHL 2006-J1 3A1          | CUSIP: 126694XX1<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |    118482 | PA      | $38299.16     | 0.01%             | 2036-02-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC.                                                                              | MS Float 09/29/37         | CUSIP: 61766YBX8<br>LEI: 5493003FCPSE9RKT4B56 | Long             | DBT              | CORP              | US        |   2014000 | PA      | $1601130.00   | 0.39%             | 2037-09-29      | Floating      | 16.00%                | No            |                  2 | On Loan: No      |
| Mastr Adjustable Rate Mortgages Trust 2002-3                                                             | MARM 2003-6 2A1           | CUSIP: 576433GC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     28116 | PA      | $26200.24     | 0.01%             | 2033-12-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc.                                                                       | CMLTI 2009-4 7A5          | CUSIP: 17315EAU7<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-O            | CORP              | US        |    118156 | PA      | $113036.57    | 0.03%             | 2035-05-25      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust 2012-Lc5                                                           | WFCM 2013-LC12 B          | CUSIP: 94988QAQ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     28646 | PA      | $28087.71     | 0.01%             | 2046-07-15      | Floating      | 3.91%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS Float 07/29/31         | CUSIP: 61745E3S8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    114000 | PA      | $106875.00    | 0.03%             | 2031-07-29      | Floating      | 8.50%                 | No            |                  2 | On Loan: No      |
| Long Beach Mortgage Loan Trust                                                                           | LBMLT 2003-2 M2           | CUSIP: 542514DV3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     53147 | PA      | $61428.79     | 0.01%             | 2033-06-25      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Corp                                                                              | GSR 2005-AR4 2A1          | CUSIP: 362341FH7<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |    527985 | PA      | $268094.55    | 0.06%             | 2035-07-25      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos Sa De CV                                                                             | PEMEX 10 02/07/33         | CUSIP: 71654QDN9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    250000 | PA      | $288790.40    | 0.07%             | 2033-02-07      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Mastr Seasoned Securitization Trust 2005-1                                                               | MSSTR 2005-1 3A1          | CUSIP: 55265WCJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9309 | PA      | $8633.41      | 0.00%             | 2032-10-25      | Floating      | 4.11%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                 | GNR 2022-4 B              | CUSIP: 38381EPU6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    200000 | PA      | $122337.70    | 0.03%             | 2061-02-16      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| READYCAP LENDING                                                                                         | RCLT 2023-3 A             | CUSIP: 75576AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    361604 | PA      | $366364.41    | 0.09%             | 2048-04-25      | Floating      | 7.07%                 | Yes           |                  2 | On Loan: No      |
| Bcap Llc Trust                                                                                           | BCAP 2014-RR2 7A2         | CUSIP: 05543DBG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    279129 | PA      | $278801.79    | 0.07%             | 2038-01-26      | Floating      | 4.19%                 | Yes           |                  2 | On Loan: No      |
| J.P. Morgan Chase Commercial Mortgage Securities Trust                                                   | JPMCC 2007-LD11 AJ        | CUSIP: 46631BAK1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5845049 | PA      | $1083295.00   | 0.26%             | 2049-06-15      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL I                                                                                 | MSC 2019-H6 A2            | CUSIP: 61769JAX9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15218 | PA      | $15187.92     | 0.00%             | 2052-06-15      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| Mastr Adjustable Rate Mortgages Trust 2002-3                                                             | MARM 2005-7 3A1           | CUSIP: 576433D52<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    222107 | PA      | $132794.74    | 0.03%             | 2035-09-25      | Floating      | 3.54%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through Certificates                                                     | WAMU 2006-AR2 1A1         | CUSIP: 92925CDQ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     39405 | PA      | $35731.40     | 0.01%             | 2036-03-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| WF-RBS Commercial Mortgage Trust                                                                         | WFRBS 2014-C20 B          | CUSIP: 92890FAY2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    137723 | PA      | $115784.64    | 0.03%             | 2047-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors, Inc.                                                                   | MLMI 2003-A6 1A           | CUSIP: 5899294G0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     27128 | PA      | $26304.46     | 0.01%             | 2033-09-25      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| Navient Private Education Loan Trust 2016-A                                                              | NAVSL 2020-IA A1B         | CUSIP: 63942AAB2<br>LEI: 549300JSCKIU587G1R13 | Long             | ABS-O            | CORP              | US        |    122719 | PA      | $122083.70    | 0.03%             | 2069-04-15      | Floating      | 5.07%                 | Yes           |                  2 | On Loan: No      |
| Bear Stearns Arm Trust                                                                                   | BSARM 2004-8 2A1          | CUSIP: 07384M2E1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     27330 | PA      | $25441.25     | 0.01%             | 2034-11-25      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Banc Of America Funding 2006-I Trust                                                                     | BAFC 2006-I 4A1           | CUSIP: 05951VAH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    630086 | PA      | $529597.39    | 0.13%             | 2046-10-20      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Csmc                                                                                                     | CSMC 2014-USA D           | CUSIP: 12649AAN9<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-O            | CORP              | US        |   1640000 | PA      | $1359612.15   | 0.33%             | 2037-09-15      | Fixed         | 4.37%                 | Yes           |                  2 | On Loan: No      |
| CANAL CENTER ALEXANDRIA VA SENIOR NOTES LEASE BACKED PASS THROUGH TRUST                                  | CANAL 2021-1 A            | CUSIP: 13704PAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4290000 | PA      | $2725490.63   | 0.66%             | 2056-09-15      | Fixed         | 3.02%                 | Yes           |                  2 | On Loan: No      |
| First Franklin Mortgage Loan Trust                                                                       | SASC 2005-WF2 M7          | CUSIP: 86359DDH7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    145141 | PA      | $144836.77    | 0.04%             | 2035-05-25      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Trust                                                                             | CHASE 2004-S2 2A4         | CUSIP: 16162WGP8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    107425 | PA      | $108296.42    | 0.03%             | 2034-02-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VELOCITY COMM CAP TR 2019-3                                                                              | VCC 2019-3 M3             | CUSIP: 92257HAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    416848 | PA      | $383003.62    | 0.09%             | 2049-10-25      | Floating      | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Cendant Mortgage Capital Llc                                                                             | CDMC 2005-1 A4            | CUSIP: 15132ELB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     79974 | PA      | $79825.41     | 0.02%             | 2035-02-18      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corp.                                                                             | CHASE 2006-A1 2A3         | CUSIP: 16163CAH5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    229665 | PA      | $204520.03    | 0.05%             | 2036-09-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Renaissance Mortgage Acceptance Corp.                                                                    | RAMC 2002-3 M1            | CUSIP: 75970NAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    424761 | PA      | $401243.04    | 0.10%             | 2032-12-25      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust 2019-2                                                                | EFMT 2019-2 B2            | CUSIP: 31573TAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1967054.00   | 0.48%             | 2059-11-25      | Floating      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| La Hipotecaria Panamanian Mortgage Trust 2021-1                                                          | LHIPO 2021-1 GA           | CUSIP: 50347JAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2277598 | PA      | $2084758.43   | 0.51%             | 2051-06-13      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| CFK TRUST                                                                                                | CFK 2020-MF2 A            | CUSIP: 12529AAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $94805.29     | 0.02%             | 2039-03-15      | Fixed         | 2.39%                 | Yes           |                  2 | On Loan: No      |
| Benchmark 2020-B16 Mortgage Trust                                                                        | BMARK 2021-B31 C          | CUSIP: 08163MAK3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    328000 | PA      | $260721.05    | 0.06%             | 2054-12-15      | Floating      | 3.19%                 | No            |                  2 | On Loan: No      |
| ANGEL OAK SB COMMERCIAL MORTGAGE TR                                                                      | AOMT 2020-SBC1 B2         | CUSIP: 03465BAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2124264 | PA      | $1667792.38   | 0.40%             | 2050-05-25      | Floating      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Cd 2016-Cd2 Mortga                                                                                       | CD 2016-CD2 B             | CUSIP: 12515ABH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1400000 | PA      | $1111275.90   | 0.27%             | 2049-11-10      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| Carbon Capital Iv Commercial Mortgage Trust                                                              | CARB 2019-FL2 B           | CUSIP: 140817AC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2768639 | PA      | $1068722.34   | 0.26%             | 2035-10-15      | Floating      | 6.92%                 | Yes           |                  2 | On Loan: No      |
| Cwalt Incorporation                                                                                      | CWALT 2005-J11 2A1        | CUSIP: 12668AJP1<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-O            | CORP              | US        |     35750 | PA      | $16346.57     | 0.00%             | 2035-10-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Banc of America Funding Corp.                                                                            | BAFC 2004-B 3A2           | CUSIP: 05946XJC8<br>LEI: 54930023UHZHF7UJ8596 | Long             | ABS-O            | CORP              | US        |    989637 | PA      | $801719.67    | 0.19%             | 2034-12-20      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| FREMF MTG TR 2019-KF63                                                                                   | FREMF 2019-KF63 B         | CUSIP: 30311FAC1<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   2591589 | PA      | $2439010.83   | 0.59%             | 2029-05-25      | Floating      | 6.67%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS Float 05/30/34         | CUSIP: 61760QEG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    287000 | PA      | $197671.25    | 0.05%             | 2034-05-30      | Floating      | 1.61%                 | No            |                  2 | On Loan: No      |
| Bank 2017-Bnk4                                                                                           | BANK 2019-BN19 B          | CUSIP: 06540WBF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1625000 | PA      | $1422809.38   | 0.34%             | 2061-08-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC.                                                                              | MS 10 07/29/36            | CUSIP: 61766YAF8<br>LEI: 5493003FCPSE9RKT4B56 | Long             | DBT              | CORP              | US        |    242000 | PA      | $202675.00    | 0.05%             | 2036-07-29      | Floating      | 9.23%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Securities Corp.                                                     | JPMCC 2011-C3 E           | CUSIP: 46635TBD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    193000 | PA      | $137134.82    | 0.03%             | 2046-02-15      | Floating      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Global Markets Holdings Inc.                                                                   | C Float 09/03/41          | CUSIP: 17329QD98<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1491750.00   | 0.36%             | 2041-09-03      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| TPG TR 2024-WLSC                                                                                         | TPG 2024-WLSC A           | CUSIP: 872973AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2006253.60   | 0.49%             | 2029-11-15      | Floating      | 6.09%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                                                 | JPMMT 2006-A4 3A1         | CUSIP: 46628LAK4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12587 | PA      | $8222.88      | 0.00%             | 2036-06-25      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| RBSSP Resecuritization Trust                                                                             | RBSSP 2009-12 19A2        | CUSIP: 74928UCB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7660199 | PA      | $5588904.90   | 1.35%             | 2035-12-25      | Floating      | 4.96%                 | Yes           |                  2 | On Loan: No      |
| MASTR Alternative Loan Trust                                                                             | MALT 2005-2 6A1           | CUSIP: 576434K29<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300340 | PA      | $228825.27    | 0.06%             | 2043-03-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RMF BUYOUT ISSUANCE TR2022-HB1                                                                           | RBIT 2022-HB1 M3          | CUSIP: 76970HAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5210000 | PA      | $4914809.22   | 1.19%             | 2032-04-25      | Floating      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Barclays Bank plc                                                                                        | BACR FLOAT 09/13/28       | CUSIP: 06741TF85<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | CORP              | GB        |    525000 | PA      | $455437.50    | 0.11%             | 2028-09-13      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc.                                                                       | CMLTI 2004-UST1 A6        | CUSIP: 17307GLD8<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-O            | CORP              | US        |     15713 | PA      | $15044.42     | 0.00%             | 2034-08-25      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| CFMT 2023-HB11 LLC                                                                                       | CFMT 2023-HB11 A          | CUSIP: 12530KAA7<br>LEI: 635400ILLR3QXI1CS575 | Long             | ABS-O            | CORP              | US        |    231263 | PA      | $231093.95    | 0.06%             | 2037-02-25      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                 | GNR 2022-3 IO             | CUSIP: 38381ETV0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     92737 | PA      | $4156.42      | 0.00%             | 2061-02-16      | Floating      | 0.64%                 | No            |                  2 | On Loan: No      |
| WF-RBS Commercial Mortgage Trust                                                                         | WFRBS 2013-C15 C          | CUSIP: 92938CAJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    455000 | PA      | $410789.08    | 0.10%             | 2046-08-15      | Floating      | 4.28%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                    | FNGT 2003-T4 1A           | CUSIP: 31393AU96<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    170531 | PA      | $169425.17    | 0.04%             | 2033-09-26      | Floating      | 2.80%                 | No            |                  2 | On Loan: No      |
| SG Structured Products, Inc.                                                                             | SOCGEN 0 07/29/31         | CUSIP: 78423A2D3<br>LEI: 549300D8JJ608SOIGA98 | Long             | DBT              | CORP              | US        |    185000 | PA      | $151006.25    | 0.04%             | 2031-07-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Benchmark 2020-B16 Mortgage Trust                                                                        | BMARK 2021-B24 A2         | CUSIP: 08163CAZ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    495000 | PA      | $485457.91    | 0.12%             | 2054-03-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS 10 02/28/34            | CUSIP: 61760QDZ4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    345000 | PA      | $238912.50    | 0.06%             | 2034-02-28      | Floating      | 2.25%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust 2004 11                                                                           | SEMT 2004-10 A3B          | CUSIP: 81744FEX1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     33228 | PA      | $31177.17     | 0.01%             | 2034-11-20      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                                                                            | JEF 10 06/30/37           | CUSIP: 47233JAQ1<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |     30000 | PA      | $22762.50     | 0.01%             | 2037-06-30      | Floating      | 3.17%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust 2014-G                                                                      | GSMS 2014-GC22 AS         | CUSIP: 36253BAY9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3662000 | PA      | $3464321.94   | 0.84%             | 2047-06-10      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| CWMBS Inc                                                                                                | CWHL 2004-5 2A2           | CUSIP: 12669FVW0<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |     53765 | PA      | $53552.20     | 0.01%             | 2034-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank plc                                                                                        | BACR FLOAT 04/25/34       | CUSIP: 06741UBA1<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | CORP              | GB        |     58000 | PA      | $39657.50     | 0.01%             | 2034-04-25      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan Trust                                                                       | MSM 2007-15AR 5A1         | CUSIP: 61756XBT1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    271565 | PA      | $174077.38    | 0.04%             | 2037-12-25      | Floating      | 3.77%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                 | GNR 2023-91 BW            | CUSIP: 38381JJN8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    900000 | PA      | $431634.24    | 0.10%             | 2064-08-16      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Backed Securities Trust 2019-PJ1                                                             | GSMBS 2019-PJ1 B3         | CUSIP: 36257TAS9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    401423 | PA      | $365340.73    | 0.09%             | 2049-08-25      | Floating      | 4.01%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities 2006 Ar2 Trust                                                    | WFMBS 2006-AR14 2A1       | CUSIP: 94984MAM6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     41850 | PA      | $38477.06     | 0.01%             | 2036-10-25      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| Impac CMB Trust                                                                                          | IMM 2005-2 2B             | CUSIP: 45254NNN3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     16899 | PA      | $17119.97     | 0.00%             | 2035-04-25      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| Tiaa Bank Mortgage Loan Trust 2018-3                                                                     | TBMLT 2018-2 B3           | CUSIP: 886312CD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    188805 | PA      | $174132.25    | 0.04%             | 2048-07-25      | Floating      | 3.66%                 | Yes           |                  2 | On Loan: No      |
| UBS AG, London Branch                                                                                    | UBS Float 10/30/30        | CUSIP: 22546VNQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | CH        |     95000 | PA      | $78137.50     | 0.02%             | 2030-10-30      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| VELOCITY COMMERCIAL CAPITAL LOAN TR                                                                      | VCC 2024-1 M2             | CUSIP: 92261CAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    212158 | PA      | $213374.28    | 0.05%             | 2054-01-25      | Floating      | 7.23%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Corp                                                                              | GSR 2005-4F 6A1           | CUSIP: 36242DY31<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |     35831 | PA      | $35269.96     | 0.01%             | 2035-02-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                                                                   | SLMA 2008-4 B             | CUSIP: 78445AAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    262000 | PA      | $273972.67    | 0.07%             | 2073-04-25      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS FLOAT 10/08/34         | CUSIP: 61760QFB5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    279000 | PA      | $196346.25    | 0.05%             | 2034-10-08      | Floating      | 2.97%                 | No            |                  2 | On Loan: No      |
| NEW RESI MTG TR 2020-RPL1                                                                                | NRZT 2020-RPL1 B3         | CUSIP: 64828XAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    720000 | PA      | $578365.34    | 0.14%             | 2059-11-25      | Floating      | 3.83%                 | Yes           |                  2 | On Loan: No      |
| CWMBS Inc                                                                                                | CWALT 2003-22CB 1A1       | CUSIP: 12669FEE9<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |     39921 | PA      | $40796.64     | 0.01%             | 2033-12-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VERUS SEC TR 2023-5                                                                                      | VERUS 2023-5 B1           | CUSIP: 924934AE2<br>LEI: 984500BADC7CFE3B0756 | Long             | ABS-O            | CORP              | US        |    370000 | PA      | $373578.71    | 0.09%             | 2068-06-25      | Floating      | 7.99%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC.                                                                              | MS 7 09/30/36             | CUSIP: 61766YAR2<br>LEI: 5493003FCPSE9RKT4B56 | Long             | DBT              | CORP              | US        |     75000 | PA      | $62531.25     | 0.02%             | 2036-09-30      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                                                      | CGCMT 2015-GC31 B         | CUSIP: 17323YAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $37837.53     | 0.01%             | 2048-06-10      | Floating      | 3.81%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                                                                             | B 12/16/25                | CUSIP: 912797RX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9983826.50   | 2.42%             | 2025-12-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS FLOAT 10/31/34         | CUSIP: 61760QFC3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    279000 | PA      | $223200.00    | 0.05%             | 2034-10-31      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| MASTR Asset Backed Securities Trust                                                                      | MABS 2005-NC1 M2          | CUSIP: 57643LGG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    195121 | PA      | $200055.33    | 0.05%             | 2034-12-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Spruce Hill Mortgage Loan Trust 2020-Sh1                                                                 | SHMLT 2020-SH1 B2         | CUSIP: 85209FAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $95911.85     | 0.02%             | 2050-01-28      | Floating      | 4.68%                 | Yes           |                  2 | On Loan: No      |
| MULTIFAMILY CONNECTICUT AVENUE                                                                           | MCAS 2019-01 M10          | CUSIP: 62547NAB5<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-O            | CORP              | US        |    737176 | PA      | $749316.14    | 0.18%             | 2049-10-15      | Floating      | 7.44%                 | Yes           |                  2 | On Loan: No      |
| Banc Of America Mortgage Securities Inc.                                                                 | BOAMS 2002-L 1A1          | CUSIP: 05948JAA0<br>LEI: 549300IE5TDZLY0T0V30 | Long             | ABS-O            | CORP              | US        |     16352 | PA      | $13977.10     | 0.00%             | 2032-12-25      | Floating      | 3.20%                 | No            |                  2 | On Loan: No      |
| Citicorp Mortgage Securities Trust                                                                       | CMSI 2007-2 APO           | CUSIP: 173107AP8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     65052 | PA      | $35210.04     | 0.01%             | 2037-02-25      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Fremf 2017 Kf38 Mortgage Trust                                                                           | FREMF 2017-KF38 B         | CUSIP: 30305MAG5<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   1653298 | PA      | $1600972.48   | 0.39%             | 2024-09-25      | Floating      | 6.82%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS FLOAT 05/31/31         | CUSIP: 61745ER60<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     89000 | PA      | $83437.50     | 0.02%             | 2031-05-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Corevest American Finance Trust                                                                          | CAFL 2019-3 XA            | CUSIP: 21872NAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1819738 | PA      | $1095.48      | 0.00%             | 2052-10-15      | Floating      | 2.15%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Financial Co LLC                                                                          | JPM Float 10/21/36        | CUSIP: 48130UYR0<br>LEI: 549300NJFDJOFYVV6789 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $797500.00    | 0.19%             | 2036-10-21      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| Master Asset Securitization Trust                                                                        | MASTR 2006-2 2A2          | CUSIP: 55274QBN4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4115543 | PA      | $778994.14    | 0.19%             | 2036-06-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Banc Of America Mortgage Securities Inc.                                                                 | BOAMS 2005-F 3A1          | CUSIP: 05949CCD6<br>LEI: 549300IE5TDZLY0T0V30 | Long             | ABS-O            | CORP              | US        |     39909 | PA      | $33610.44     | 0.01%             | 2035-07-25      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| Structured Adjustable Rate Mortgage Loan Trust                                                           | SARM 2006-8 3AF           | CUSIP: 86361JAT7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6116 | PA      | $5593.76      | 0.00%             | 2036-09-25      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                           | MS 8 02/15/33             | CUSIP: 61760QCH5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    231000 | PA      | $159101.25    | 0.04%             | 2033-02-15      | Floating      | 2.87%                 | No            |                  2 | On Loan: No      |
| CHNGE MORTGAGE TRUST 2022-2                                                                              | CHNGE 2022-2 B2           | CUSIP: 12546YAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    225000 | PA      | $170723.15    | 0.04%             | 2067-03-25      | Floating      | 4.59%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-26

**Name of Applicant:** James Alpha Funds Trust

**Signature:** Erik Naviloff

**Name of Signer:** Erik Naviloff

**Title:** Asst Treasurer