# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0002048251-25-003788
**Filing Date:** 2025-12
**Character Count:** 157407
**Document Hash:** cccaf7307004b708ae622adbb27cca7f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-003788.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0002048251-25-003788

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund III
- **CENTRAL INDEX KEY:** 0001593547

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 251609680

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** (800) 342-5734

**MAIL ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

## Series and Classes Contracts Data

### MetLife Core Plus Fund (Series ID: S000047684)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000149725 | I Class Shares | LPCIX           |
| C000149726 | R Class Shares | LPCYX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** ADVISORS' INNER CIRCLE III

- **b. Investment Company Act file number:** 811-22920

- **c. CIK number of Registrant:** 0001593547

- **d. LEI of Registrant:** 549300TG800HOPJVWT31

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

  - **Street Address 1:** ONE FREEDOM VALLEY DRIVE

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

- **a. Name of Series:** MetLife Core Plus Bond Fund

- **b. EDGAR series identifier (if any):** S000047684

- **c. LEI of Series:** 549300C0FWBNF7X76S97

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $128973248.58

**Total Liabilities:** $1942437.27

**Net Assets:** $127030811.31

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -236.70517030 | **1-Year:** -3989.94499233 | **5-Year:** -14612.33660188 | **10-Year:** -23170.73626749 | **30-Year:** -6559.30683150

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

- **3-Month:** -63.88766583 | **1-Year:** -804.88651494 | **5-Year:** -1656.42392065 | **10-Year:** -1724.75121656 | **30-Year:** -398.19488159

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000149726 | 0.55%                | 0.61%                | 0.83%                |
| Class ID C000149725 | 0.69%                | 1.08%                | 1.16%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $90088.56                | $311589.04                                 |
| Month 2  | $173382.31               | $793385.07                                 |
| Month 3  | $4290.51                 | $1073472.22                                |

**Designated Index Information**

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

- **Index Identifier:** LEH_AGG

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BANK OF AMERICA CORPORATION                        | BANK OF AMERICA CORP 4.571000% 04/27/2033                                       | CUSIP: 06051GKQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    205000 | PA      | $204662.80    | 0.16%             | 2033-04-27      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| ARI FLEET LEASE TRUST                              | ARI FLEET LEASE TRUST 2023-A ARIFL 2023-A A3                                    | CUSIP: 00218GAC6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    100000 | PA      | $100642.36    | 0.08%             | 2032-02-17      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDINGS FUNDING LIMITED                    | AVOLON HOLDINGS FUNDING LTD 144A 5.750000% 11/15/2029                           | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | NUSS              | IE        |    410000 | PA      | $425101.17    | 0.33%             | 2029-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AT&T INC.                                          | AT&T INC 5.700000% 11/01/2054                                                   | CUSIP: 00206RNE8<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    215000 | PA      | $210581.72    | 0.17%             | 2054-11-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES, INC.                              | DELTA AIR LINES INC 5.250000% 07/10/2030                                        | CUSIP: 247361A32<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |    360000 | PA      | $367925.99    | 0.29%             | 2030-07-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORPORATION                            | HF SINCLAIR CORP 5.000000% 02/01/2028                                           | CUSIP: 403949AQ3<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100084.17    | 0.08%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VACATIONS TRUST                       | HILTON GRAND VACATIONS TRUST 2020-A HGVT 2020-AA A                              | CUSIP: 43285HAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     24926 | PA      | $24518.61     | 0.02%             | 2039-02-25      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD1381                                                      | CUSIP: 3132DNRA3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    542098 | PA      | $540815.71    | 0.43%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VIRGINIA POWER FUEL SECURITIZATION, LLC            | VIRGINIA POWER FUEL SECURITIZATION LLC 5.088000% 05/01/2027                     | CUSIP: 92808VAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    137072 | PA      | $138440.88    | 0.11%             | 2027-05-01      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US 2YR NOTE (CBT) DEC25 FINANCIAL COMMODITY FUTURE.                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        18 | NC      | $3748359.38   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MOTORS COMPANY                             | GENERAL MOTORS CO 5.350000% 04/15/2028                                          | CUSIP: 37045VBC3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    170000 | PA      | $174096.66    | 0.14%             | 2028-04-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| COLLEGE AVE STUDENT LOANS LLC                      | COLLEGE AVE STUDENT LOANS 2019-A LLC CASL 2019-A A2                             | CUSIP: 19421UAB0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    142183 | PA      | $136402.40    | 0.11%             | 2048-12-28      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 4.750000% 05/15/2055                                            | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3655000 | PA      | $3702971.88   | 2.92%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB0983                                                       | CUSIP: 3140QLCV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    722980 | PA      | $631343.59    | 0.50%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.625000% 10/31/2030                                            | CUSIP: 91282CPD7<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1590000 | PA      | $1584161.71   | 1.25%             | 2030-10-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FM2847                                                       | CUSIP: 3140X6EV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    737790 | PA      | $683411.93    | 0.54%             | 2048-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | MORGAN STANLEY MTN 5.831000% 04/19/2035                                         | CUSIP: 61747YFR1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    185000 | PA      | $197252.65    | 0.16%             | 2035-04-19      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG, INC.                           | VENTURE GLOBAL LNG INC 144A 9.875000% 02/01/2032                                | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    230000 | PA      | $245674.96    | 0.19%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC STRIPS FHS 356 300                                                  | CUSIP: 3132J0NU7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    110366 | PA      | $100587.30    | 0.08%             | 2047-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA5354                                                       | CUSIP: 31418E5Q9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    107799 | PA      | $110261.92    | 0.09%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB1805                                                       | CUSIP: 3140QMAF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    519252 | PA      | $450057.87    | 0.35%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Company                          | SAUDI ARABIAN OIL CO 144A 6.375000% 06/02/2055                                  | CUSIP: 80414L3F0<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | NUSS              | SA        |    200000 | PA      | $215618.79    | 0.17%             | 2055-06-02      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM CORPORATION                   | OCCIDENTAL PETROLEUM CORP 6.450000% 09/15/2036                                  | CUSIP: 674599DF9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    215000 | PA      | $228242.28    | 0.18%             | 2036-09-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| COLLEGE AVE STUDENT LOANS LLC                      | COLLEGE AVE STUDENT LOANS 2021-B LLC CASL 2021-B B                              | CUSIP: 19425AAC8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    160098 | PA      | $146827.95    | 0.12%             | 2052-06-25      | Fixed         | 2.42%                 | Yes           |                  2 | On Loan: No      |
| LOUISVILLE GAS AND ELECTRIC COMPANY                | LOUISVILLE GAS AND ELECTRIC CO 5.450000% 04/15/2033                             | CUSIP: 546676AZ0<br>LEI: KO3GRIB3RPH1XDX50U72 | Long             | DBT              | CORP              | US        |    205000 | PA      | $214903.30    | 0.17%             | 2033-04-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN BS2757                                                       | CUSIP: 3140LDB32<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    166357 | PA      | $144972.95    | 0.11%             | 2031-08-01      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| AT&T INC.                                          | AT&T INC 3.550000% 09/15/2055                                                   | CUSIP: 00206RLJ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    285000 | PA      | $195432.91    | 0.15%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.875000% 05/31/2027                                            | CUSIP: 91282CNE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |    700000 | PA      | $702460.93    | 0.55%             | 2027-05-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| HPEFS EQUIPMENT TRUST                              | HPEFS EQUIPMENT TRUST 2025-1 HPEFS 2025-1A C                                    | CUSIP: 40446EAE7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    100000 | PA      | $100532.32    | 0.08%             | 2032-09-20      | Fixed         | 4.79%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS1543                                                       | CUSIP: 3140XGWD7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    481204 | PA      | $421795.78    | 0.33%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST                   | SMB PRIVATE EDUCATION LOAN TRUST 2021-B SMB 2021-B A                            | CUSIP: 78449YAA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    233013 | PA      | $219816.70    | 0.17%             | 2051-07-17      | Fixed         | 1.31%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR RJ4778                                                      | CUSIP: 3142GVJY8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    626463 | PA      | $634932.73    | 0.50%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD4301                                                      | CUSIP: 3132E0X64<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    407663 | PA      | $426806.96    | 0.34%             | 2053-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PAYCHEX, INC.                                      | PAYCHEX INC 5.350000% 04/15/2032                                                | CUSIP: 704326AB3<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |    234000 | PA      | $242671.34    | 0.19%             | 2032-04-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS1442                                                       | CUSIP: 3140XGS83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1129693 | PA      | $1027696.49   | 0.81%             | 2050-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC.                                      | BROADCOM INC 144A 4.926000% 05/15/2037                                          | CUSIP: 11135FBV2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    277000 | PA      | $275804.95    | 0.22%             | 2037-05-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Estados Unidos Mexicanos                           | UNITED MEXICAN STATES 7.375000% 05/13/2055                                      | CUSIP: 91087BBD1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    275000 | PA      | $308506.72    | 0.24%             | 2055-05-13      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PEACEHEALTH                                        | PEACEHEALTH OBLIGATED GROUP 4.855000% 11/15/2032                                | CUSIP: 70462GAF5<br>LEI: PLDU35L52IYZUL5SMS69 | Long             | DBT              | CORP              | US        |    230000 | PA      | $232586.26    | 0.18%             | 2032-11-15      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS8749                                                       | CUSIP: 3140XQWK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    364923 | PA      | $372280.75    | 0.29%             | 2054-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE COMPANY OF OKLAHOMA                 | PUBLIC SERVICE CO OF OKLAHOMA 5.200000% 01/15/2035                              | CUSIP: 744533BR0<br>LEI: F3TJNSIZRGXRH8GEIK79 | Long             | DBT              | CORP              | US        |    167000 | PA      | $169020.58    | 0.13%             | 2035-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BBCMS TRUST                                        | BBCMS MORTGAGE TRUST 2020-C6 BBCMS 2020-C6 AS                                   | CUSIP: 05492TAG5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     75000 | PA      | $68546.39     | 0.05%             | 2053-02-15      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SL1480                                                      | CUSIP: 31427NUE7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    364754 | PA      | $373972.09    | 0.29%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                                 | BOEING CO/THE 2.196000% 02/04/2026                                              | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    265000 | PA      | $263581.20    | 0.21%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN BS2363                                                       | CUSIP: 3140LCTV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    230685 | PA      | $204029.17    | 0.16%             | 2035-09-01      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FUNDING LIMITED                    | AVOLON HOLDINGS FUNDING LTD 144A 5.750000% 03/01/2029                           | CUSIP: 05401AAU5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | NUSS              | IE        |    160000 | PA      | $165241.63    | 0.13%             | 2029-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA, INC.                                 | T-MOBILE USA INC 5.700000% 01/15/2056                                           | CUSIP: 87264ADY8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    355000 | PA      | $350901.15    | 0.28%             | 2056-01-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS COMPANY LLC                      | VISTRA OPERATIONS CO LLC 144A 5.700000% 12/30/2034                              | CUSIP: 92840VAU6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    290000 | PA      | $297872.34    | 0.23%             | 2034-12-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD8266                                                      | CUSIP: 3132DWFF5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    460212 | PA      | $450546.99    | 0.35%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                 | ORACLE CORP 5.950000% 09/26/2055                                                | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    195000 | PA      | $184878.42    | 0.15%             | 2055-09-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                             | CREDIT SUISSE GROUP AG 144A 7.500000% MATURITY: PERPETUAL                       | CUSIP: 22546DAB2<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | NUSS              | CH        |    725000 | PA      | $195750.00    | 0.15%             | 2174-06-11      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US 5YR NOTE (CBT) DEC25 FINANCIAL COMMODITY FUTURE.                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        80 | NC      | $8736875.00   | 6.88%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST              | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-5C4 WFCM 2025-5C4 A3                 | CUSIP: 949931AC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    175000 | PA      | $183023.16    | 0.14%             | 2058-05-15      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS, INC.                               | META PLATFORMS INC 5.625000% 11/15/2055                                         | CUSIP: 30303MAE2<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | NUSS              | US        |    170000 | PA      | $168721.23    | 0.13%             | 2055-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS INVESTMENT COMPANIES                | SBA SMALL BUSINESS INVESTMENT COS SBIC 2018-10B 1                               | CUSIP: 831641FL4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     23919 | PA      | $23557.26     | 0.02%             | 2028-09-10      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG NEW YORK BRANCH                   | DEUTSCHE BANK AG/NEW YORK NY 4.999000% 09/11/2030                               | CUSIP: 251526CX5<br>LEI: N/A                  | Long             | DBT              | NUSS              | DE        |    140000 | PA      | $141827.56    | 0.11%             | 2030-09-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA5341                                                       | CUSIP: 31418E5B2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    257623 | PA      | $244488.90    | 0.19%             | 2054-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Estados Unidos Mexicanos                           | UNITED MEXICAN STATES 5.375000% 03/22/2033                                      | CUSIP: 91087BBK5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    215000 | PA      | $214828.00    | 0.17%             | 2033-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA4599                                                       | CUSIP: 31418EDD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    615627 | PA      | $546680.05    | 0.43%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US 10YR NOTE (CBT)DEC25 FINANCIAL COMMODITY FUTURE.                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         9 | NC      | $1014046.88   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY                              | WELLS FARGO & CO VARIABLE RATE 01/15/2027                                       | CUSIP: 949746TG6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    205000 | PA      | $203452.52    | 0.16%             | 2027-01-15      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| SBNA AUTO LEASE TRUST                              | SBNA AUTO LEASE TRUST 2025-A SBALT 2025-A A3                                    | CUSIP: 78437KAC8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    175000 | PA      | $175968.89    | 0.14%             | 2028-04-20      | Fixed         | 4.83%                 | Yes           |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.125000% 05/15/2048                                            | CUSIP: 912810SC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2755000 | PA      | $2146640.05   | 1.69%             | 2048-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.625000% 09/30/2030                                            | CUSIP: 91282CPA3<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |    980000 | PA      | $976325.00    | 0.77%             | 2030-09-30      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS INVESTMENT COMPANIES                | SBA SMALL BUSINESS INVESTMENT COS SBIC 2025-10A 1                               | CUSIP: 831641FZ3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    300000 | PA      | $304046.58    | 0.24%             | 2035-03-10      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS0896                                                       | CUSIP: 3140XF7J4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    335956 | PA      | $301247.16    | 0.24%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BBCMS TRUST                                        | BBCMS MORTGAGE TRUST 2025-C32 BBCMS 2025-C32 A5                                 | CUSIP: 07337AAD8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    195000 | PA      | $208569.33    | 0.16%             | 2062-02-15      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| RATE MORTGAGE TRUST                                | RATE MORTGAGE TRUST 2024-J4 RATE 2024-J4 A4                                     | CUSIP: 75408TAD8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    203814 | PA      | $207285.52    | 0.16%             | 2054-12-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS1831                                                       | CUSIP: 3140XHA98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     98390 | PA      | $94607.80     | 0.07%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 5.000000% 05/15/2045                                            | CUSIP: 912810UL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    770000 | PA      | $805853.13    | 0.63%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST              | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-5C4 WFCM 2025-5C4 AS                 | CUSIP: 949931AF6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    160000 | PA      | $167671.58    | 0.13%             | 2058-05-15      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET RENTAL CAR FUNDING                     | AVIS BUDGET RENTAL CAR FUNDING AESOP LLC AESOP 2025-4A A                        | CUSIP: 05377RLA0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    105000 | PA      | $104603.27    | 0.08%             | 2032-02-20      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| CI FINANCIAL CORP.                                 | CI FINANCIAL CORP 3.200000% 12/17/2030                                          | CUSIP: 125491AN0<br>LEI: 549300M9W7JJQSVCEM78 | Long             | DBT              | NUSS              | CA        |    675000 | PA      | $607951.46    | 0.48%             | 2030-12-17      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| HCA INC.                                           | HCA INC 3.500000% 09/01/2030                                                    | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    240000 | PA      | $230588.80    | 0.18%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE OR FREDDIE MAC 30YR TBA (NOVEMBER)                                   | CUSIP: 01F0406B8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    263000 | PA      | $249510.07    | 0.20%             | 2055-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSMC TRUST                                         | CSMC 2014-USA OA LLC CSMC 2014-USA A2                                           | CUSIP: 12649AAC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    125000 | PA      | $113828.13    | 0.09%             | 2037-09-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| B.A.T CAPITAL CORPORATION                          | BAT CAPITAL CORP 4.390000% 08/15/2037                                           | CUSIP: 05526DBD6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | GB        |    430000 | PA      | $395082.83    | 0.31%             | 2037-08-15      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | MORGAN STANLEY 1.593000% 05/04/2027                                             | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    265000 | PA      | $261412.53    | 0.21%             | 2027-05-04      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| ENEL Finance International N.V.                    | ENEL FINANCE INTERNATIONAL NV 144A 5.000000% 09/30/2035                         | CUSIP: 29278GBH0<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | NUSS              | IT        |    200000 | PA      | $197919.84    | 0.16%             | 2035-09-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE GRANTOR TRUST 2001-T4 FNGT 2001-T4 A1                                | CUSIP: 31359SR69<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |       997 | PA      | $1022.39      | 0.00%             | 2041-07-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPECIAL OPPORTUNITIES FUND LP           | DRAWBRIDGE SPECIAL OPPORTUNITIES FUND LP / DRAWBRI 5.950000% 09/17/2030         | CUSIP: 26150TAF6<br>LEI: OTW7FAILU3FWEXAKRN53 | Long             | DBT              | CORP              | US        |    315000 | PA      | $305231.83    | 0.24%             | 2030-09-17      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS COMPANY LLC                      | VISTRA OPERATIONS CO LLC 144A 5.250000% 10/15/2035                              | CUSIP: 92840VAW2<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    235000 | PA      | $233422.99    | 0.18%             | 2035-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                   | PACIFIC GAS AND ELECTRIC CO 2.100000% 08/01/2027                                | CUSIP: 694308JF5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    355000 | PA      | $341202.60    | 0.27%             | 2027-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| HYUNDAI AUTO LEASE SECURITIZATION TRUST            | HYUNDAI AUTO LEASE SECURITIZATION TRUST 2025-A HALST 2025-A A3                  | CUSIP: 44935WAD9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    250000 | PA      | $252316.23    | 0.20%             | 2028-01-18      | Fixed         | 4.83%                 | Yes           |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                   | PARAMOUNT GLOBAL 6.250000% 02/28/2057                                           | CUSIP: 92553PBC5<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    225000 | PA      | $220500.00    | 0.17%             | 2057-02-28      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS, INC.                               | META PLATFORMS INC 4.600000% 11/15/2032                                         | CUSIP: 30303MAC6<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | NUSS              | US        |    220000 | PA      | $221105.87    | 0.17%             | 2032-11-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| BFLD TRUST                                         | BFLD COMMERCIAL MORTGAGE TRUST 2025-660F BFLD 2025-660F C                       | CUSIP: 05556QAE9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    125000 | PA      | $125273.44    | 0.10%             | 2042-11-15      | Floating      | 6.17%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2017-H16 PT                        | CUSIP: 38375UF62<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |        60 | PA      | $59.20        | 0.00%             | 2066-05-20      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| CHARTER COMMUNICATIONS OPERATING, LLC              | CHARTER COMMUNICATIONS OPERATING LLC / CHARTER COM 6.100000% 06/01/2029         | CUSIP: 161175CQ5<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    185000 | PA      | $193393.18    | 0.15%             | 2029-06-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 AY2220                                                    | CUSIP: 36196RPD4<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |     27763 | PA      | $27595.80     | 0.02%             | 2067-01-20      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| RESORTS WORLD LAS VEGAS LLC                        | RESORTS WORLD LAS VEGAS LLC / RWLV CAPITAL INC 144 4.625000% 04/06/2031         | CUSIP: 76120HAC1<br>LEI: 254900LHVH9D3APT8R82 | Long             | DBT              | CORP              | US        |    270000 | PA      | $230170.76    | 0.18%             | 2031-04-06      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AEP TEXAS INC.                                     | AEP TEXAS INC 5.850000% 10/15/2055                                              | CUSIP: 00108WAU4<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124936.64    | 0.10%             | 2055-10-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| FARMERS EXCHANGE CAPITAL III                       | FARMERS EXCHANGE CAPITAL III 144A 5.454000% 10/15/2054                          | CUSIP: 30958QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    405000 | PA      | $378283.61    | 0.30%             | 2054-10-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS HOLDINGS, LLC              | FRONTIER COMMUNICATIONS HOLDINGS LLC 144A 6.750000% 05/01/2029                  | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    106000 | PA      | $107067.74    | 0.08%             | 2029-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COLLEGE AVE STUDENT LOANS LLC                      | COLLEGE AVE STUDENT LOANS 2021-B LLC CASL 2021-B A2                             | CUSIP: 19425AAB0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     81842 | PA      | $74194.07     | 0.06%             | 2052-06-25      | Fixed         | 1.76%                 | Yes           |                  2 | On Loan: No      |
| CONSTELLATION INSURANCE, INC.                      | CONSTELLATION INSURANCE INC 144A 6.800000% 01/24/2030                           | CUSIP: 67740QAH9<br>LEI: 549300K609B872PZT291 | Long             | DBT              | CORP              | US        |    380000 | PA      | $384336.28    | 0.30%             | 2030-01-24      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| OCTANE RECEIVABLES TRUST                           | OCTANE RECEIVABLES TRUST 2023-1 OCTL 2023-1A A                                  | CUSIP: 67571BAA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     12022 | PA      | $12034.80     | 0.01%             | 2029-05-21      | Fixed         | 5.87%                 | Yes           |                  2 | On Loan: No      |
| SFS AUTO RECEIVABLES SECURITIZATION TRUST          | SFS AUTO RECEIVABLES SECURITIZATION TRUST 2025-3 SFAST 2025-3A B                | CUSIP: 78398KAE1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    250000 | PA      | $249327.68    | 0.20%             | 2031-11-20      | Fixed         | 4.44%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA4520                                                       | CUSIP: 31418EAW0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    277825 | PA      | $241844.99    | 0.19%             | 2042-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR RA8418                                                      | CUSIP: 3133KQK70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    346359 | PA      | $359408.84    | 0.28%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST                                | RCKT MORTGAGE TRUST 2025-CES10 RCKT 2025-CES10 A1A                              | CUSIP: 74939LAA2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    325000 | PA      | $324526.15    | 0.26%             | 2055-11-25      | Fixed         | 4.89%                 | Yes           |                  2 | On Loan: No      |
| DLLAA LLC                                          | DLLAA 2025-1 LLC DLLAA 2025-1A A3                                               | CUSIP: 233249AC5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    145000 | PA      | $147517.90    | 0.12%             | 2029-09-20      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDINGS FUNDING LIMITED                    | AVOLON HOLDINGS FUNDING LTD 144A 6.375000% 05/04/2028                           | CUSIP: 05401AAS0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | NUSS              | IE        |    160000 | PA      | $166684.20    | 0.13%             | 2028-05-04      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ONEOK, INC.                                        | ONEOK INC 5.400000% 10/15/2035                                                  | CUSIP: 682680DC4<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    270000 | PA      | $270994.92    | 0.21%             | 2035-10-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA STUDENT LOAN CORPORATION            | SOUTH CAROLINA STUDENT LOAN CORP 2015-A SCSLC 2015-A A                          | CUSIP: 83715RAH5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     66996 | PA      | $67009.98     | 0.05%             | 2036-01-25      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Reynolds American Inc.                             | REYNOLDS AMERICAN INC 8.125000% 05/01/2040                                      | CUSIP: 761713BV7<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | GB        |     45000 | PA      | $53875.28     | 0.04%             | 2040-05-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 MA6599                                                    | CUSIP: 36179VKL3<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    214733 | PA      | $193694.97    | 0.15%             | 2050-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AMGEN INC.                                         | AMGEN INC 6.375000% 06/01/2037                                                  | CUSIP: 031162AW0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    135000 | PA      | $150286.85    | 0.12%             | 2037-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORPORATION                            | NTT FINANCE CORP 144A 5.171000% 07/16/2032                                      | CUSIP: 62954WAU9<br>LEI: 3538007PR116187GD960 | Long             | DBT              | NUSS              | JP        |    540000 | PA      | $554872.61    | 0.44%             | 2032-07-16      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC GOLD POOL FG G61748                                                 | CUSIP: 31335B5H5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    240735 | PA      | $227344.14    | 0.18%             | 2048-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD6603                                                      | CUSIP: 3132DUKQ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    301404 | PA      | $302177.14    | 0.24%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 MA5876                                                    | CUSIP: 36179UQ54<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    218472 | PA      | $209578.65    | 0.16%             | 2049-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                               | JPMORGAN CHASE & CO 5.572000% 04/22/2036                                        | CUSIP: 46647PEX0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    225000 | PA      | $237177.47    | 0.19%             | 2036-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| OCEANVIEW MORTGAGE TRUST                           | OCEANVIEW MORTGAGE TRUST 2025-INV1 BVINV 2025-1 AF1                             | CUSIP: 67551WAU5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    163201 | PA      | $163320.27    | 0.13%             | 2054-11-25      | Floating      | 4.98%                 | Yes           |                  2 | On Loan: No      |
| Estados Unidos Mexicanos                           | UNITED MEXICAN STATES 6.625000% 01/29/2038                                      | CUSIP: 91087BBF6<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    315000 | PA      | $332640.00    | 0.26%             | 2038-01-29      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                | VIRGINIA ELECTRIC AND POWER CO 5.000000% 04/01/2033                             | CUSIP: 927804GK4<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    125000 | PA      | $127503.66    | 0.10%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.500000% 10/15/2028                                            | CUSIP: 91282CPC9<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   4205000 | PA      | $4193501.93   | 3.30%             | 2028-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT COMPANY LLC                      | FORD MOTOR CREDIT CO LLC 6.054000% 11/05/2031                                   | CUSIP: 345397G31<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    425000 | PA      | $434503.74    | 0.34%             | 2031-11-05      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                | PETROLEOS MEXICANOS 7.690000% 01/23/2050                                        | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    275000 | PA      | $249370.14    | 0.20%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES, INC.                        | CONTINENTAL RESOURCES INC/OK 144A 2.268000% 11/15/2026                          | CUSIP: 212015AU5<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |    320000 | PA      | $311955.23    | 0.25%             | 2026-11-15      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                              | DOMINION ENERGY INC 6.000000% 02/15/2056                                        | CUSIP: 25746UDZ9<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    275000 | PA      | $278592.04    | 0.22%             | 2056-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELEC AUTH GA                             | MUNI ELEC AUTH OF GEORGIA MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA               | CUSIP: 626207YF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    356000 | PA      | $391087.86    | 0.31%             | 2057-04-01      | Fixed         | 6.64%                 | No            |                  2 | On Loan: No      |
| DELL INTERNATIONAL L.L.C.                          | DELL INTERNATIONAL LLC / EMC CORP 5.100000% 02/15/2036                          | CUSIP: 24703DBU4<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    315000 | PA      | $311736.31    | 0.25%             | 2036-02-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS1482                                                       | CUSIP: 3140XGUG2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    593479 | PA      | $553331.91    | 0.44%             | 2049-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.000000% 02/15/2049                                            | CUSIP: 912810SF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2915000 | PA      | $2205038.08   | 1.74%             | 2049-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| THE BROOKLYN UNION GAS COMPANY                     | BROOKLYN UNION GAS CO/THE 144A 6.415000% 07/18/2054                             | CUSIP: 114259AY0<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |    275000 | PA      | $290315.30    | 0.23%             | 2054-07-18      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST                   | SMB PRIVATE EDUCATION LOAN TRUST 2020-A SMB 2020-A A2A                          | CUSIP: 78449UAB4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     58479 | PA      | $56668.81     | 0.04%             | 2037-09-15      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS LTD.                        | FIRST QUANTUM MINERALS LTD 144A 7.250000% 02/15/2034                            | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | NUSS              | ZM        |    225000 | PA      | $233664.98    | 0.18%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WORLDWIDE INC.                | ANHEUSER-BUSCH INBEV WORLDWIDE INC 5.450000% 01/23/2039                         | CUSIP: 03523TBU1<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | BE        |    125000 | PA      | $129807.10    | 0.10%             | 2039-01-23      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC.                                     | CITIGROUP INC 2.561000% 05/01/2032                                              | CUSIP: 172967MY4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    545000 | PA      | $492501.22    | 0.39%             | 2032-05-01      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS ADMINISTRATION GTD                  | UNITED STATES SMALL BUSINESS ADMINISTRATION SBAP 2025-25F 1                     | CUSIP: 83162C2J1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    200000 | PA      | $203696.06    | 0.16%             | 2050-06-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                             | SEQUOIA MORTGAGE TRUST 2018-CH4 SEMT 2018-CH4 B1B                               | CUSIP: 81747LCE9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    272815 | PA      | $273675.03    | 0.22%             | 2048-10-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD4705                                                      | CUSIP: 3132DSGN6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    572676 | PA      | $582216.78    | 0.46%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HESS CORPORATION                                   | HESS CORP 5.800000% 04/01/2047                                                  | CUSIP: 42809HAH0<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |    215000 | PA      | $224929.11    | 0.18%             | 2047-04-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 MA6476                                                    | CUSIP: 36179VFR6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    611314 | PA      | $586441.45    | 0.46%             | 2050-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE FLEET FINANCING LLC                     | ENTERPRISE FLEET FINANCING 2024-3 LLC EFF 2024-3 A2                             | CUSIP: 29375QAB4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     71445 | PA      | $71790.82     | 0.06%             | 2027-04-20      | Fixed         | 5.31%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB3771                                                       | CUSIP: 3140QPFM4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    307186 | PA      | $283765.77    | 0.22%             | 2052-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BENCHMARK MORTGAGE TRUST                           | BENCHMARK 2022-B33 MORTGAGE TRUST BMARK 2022-B33 A5                             | CUSIP: 08163PBG4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    185000 | PA      | $171876.49    | 0.14%             | 2055-03-15      | Fixed         | 3.46%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CA6943                                                       | CUSIP: 3140QEWD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1011600 | PA      | $828888.77    | 0.65%             | 2050-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                 | ALTRIA GROUP INC 5.250000% 08/06/2035                                           | CUSIP: 02209SBV4<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    210000 | PA      | $211796.26    | 0.17%             | 2035-08-06      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Company | AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL AVIATIO 6.500000% 01/31/2056         | CUSIP: 00774MBQ7<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | NUSS              | IE        |    215000 | PA      | $222120.16    | 0.17%             | 2056-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE FLEET FINANCING LLC                     | ENTERPRISE FLEET FINANCING 2023-2 LLC EFF 2023-2 A2                             | CUSIP: 29375NAB1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     88790 | PA      | $89311.21     | 0.07%             | 2030-04-22      | Fixed         | 5.56%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE OR FREDDIE MAC 30YR TBA (NOVEMBER)                                   | CUSIP: 01F0306B9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    715000 | PA      | $633445.31    | 0.50%             | 2055-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2022-57 FA                                                | CUSIP: 3136BN3C8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    664881 | PA      | $654960.55    | 0.52%             | 2052-09-25      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DESIGNATED ACTIVITY COMPANY       | FLUTTER TREASURY DAC 144A 6.375000% 04/29/2029                                  | CUSIP: 344045AA7<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | NUSS              | IE        |    135000 | PA      | $139871.21    | 0.11%             | 2029-04-29      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DLLAD LLC                                          | DLLAD 2024-1 LLC DLLAD 2024-1A A3                                               | CUSIP: 23346MAC0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    315000 | PA      | $321335.72    | 0.25%             | 2029-07-20      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| GENERAL MOTORS FINANCIAL COMPANY, INC.             | GENERAL MOTORS FINANCIAL CO INC 5.450000% 07/15/2030                            | CUSIP: 37045XFJ0<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    360000 | PA      | $373025.26    | 0.29%             | 2030-07-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SL1806                                                      | CUSIP: 31427PAG9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    378440 | PA      | $390592.00    | 0.31%             | 2055-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VERIZON MASTER TRUST                               | VERIZON MASTER TRUST VZMT 2025-5 B                                              | CUSIP: 92348KEH2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    130000 | PA      | $130183.22    | 0.10%             | 2031-06-20      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SL1254                                                      | CUSIP: 31427NMC0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    270267 | PA      | $279181.96    | 0.22%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                                 | BOEING CO/THE 6.298000% 05/01/2029                                              | CUSIP: 097023DQ5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    340000 | PA      | $360699.20    | 0.28%             | 2029-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| BAE SYSTEMS PLC                                    | BAE SYSTEMS PLC 144A 5.250000% 03/26/2031                                       | CUSIP: 05523RAK3<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | NUSS              | GB        |    220000 | PA      | $228672.35    | 0.18%             | 2031-03-26      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                   | PACIFIC GAS AND ELECTRIC CO 2.500000% 02/01/2031                                | CUSIP: 694308JG3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    205000 | PA      | $183486.25    | 0.14%             | 2031-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                               | JPMORGAN CHASE & CO 4.810000% 10/22/2036                                        | CUSIP: 46647PFE1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    320000 | PA      | $318978.91    | 0.25%             | 2036-10-22      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC.                                     | CITIGROUP INC 8.125000% 07/15/2039                                              | CUSIP: 172967EW7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    165000 | PA      | $211575.33    | 0.17%             | 2039-07-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| OCEANVIEW MORTGAGE TRUST                           | OCEANVIEW MORTGAGE TRUST 2025-INV2 BVINV 2025-2 AF1                             | CUSIP: 67647BAU7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    142283 | PA      | $142483.32    | 0.11%             | 2055-04-25      | Floating      | 5.03%                 | Yes           |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS HOLDINGS, LLC              | FRONTIER COMMUNICATIONS HOLDINGS LLC 144A 6.000000% 01/15/2030                  | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    374000 | PA      | $379251.33    | 0.30%             | 2030-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Samarco Mineracao S.A. - em Recuperacao Judicial   | SAMARCO MINERACAO SA 144A 9.000000% 06/30/2031                                  | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | NUSS              | BR        |    267296 | PA      | $267292.71    | 0.21%             | 2031-06-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | MORGAN STANLEY 5.466000% 01/18/2035                                             | CUSIP: 61747YFL4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    340000 | PA      | $353621.93    | 0.28%             | 2035-01-18      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE FLEET FINANCING LLC                     | ENTERPRISE FLEET FINANCING 2025-1 LLC EFF 2025-1 A3                             | CUSIP: 29390HAC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    195000 | PA      | $197836.41    | 0.16%             | 2029-02-20      | Fixed         | 4.82%                 | Yes           |                  2 | On Loan: No      |
| NELNET PRIVATE EDUCATION LOAN TRUST                | NELNET STUDENT LOAN TRUST 2021-B NSLT 2021-BA AFL                               | CUSIP: 64034QAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     43943 | PA      | $43903.72     | 0.03%             | 2062-04-20      | Floating      | 4.93%                 | Yes           |                  2 | On Loan: No      |
| M&T BANK AUTO RECEIVABLES TRUST                    | M&T BANK AUTO RECEIVABLES TRUST 2025-1 MTBAT 2025-1A A3                         | CUSIP: 55287XAD7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    190000 | PA      | $192314.81    | 0.15%             | 2030-06-17      | Fixed         | 4.73%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FA1103                                                       | CUSIP: 3140W1GM9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    720696 | PA      | $665523.92    | 0.52%             | 2052-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                            | MPLX LP 5.950000% 04/01/2055                                                    | CUSIP: 55336VBZ2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    190000 | PA      | $184747.01    | 0.15%             | 2055-04-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD3368                                                      | CUSIP: 3132DQW51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    877480 | PA      | $893080.48    | 0.70%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORPORATION                             | CVS HEALTH CORP 5.050000% 03/25/2048                                            | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    565000 | PA      | $505188.27    | 0.40%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| GPMT LTD                                           | GPMT 2021-FL3 LTD GPMT 2021-FL3 A                                               | CUSIP: 36264BAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     63857 | PA      | $63893.45     | 0.05%             | 2035-07-16      | Floating      | 5.64%                 | Yes           |                  2 | On Loan: No      |
| CENTENE CORPORATION                                | CENTENE CORP 4.625000% 12/15/2029                                               | CUSIP: 15135BAT8<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    485000 | PA      | $470480.94    | 0.37%             | 2029-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| WFRBS COMMERCIAL MORTGAGE TRUST                    | WFRBS COMMERCIAL MORTGAGE TRUST 2014-C22 WFRBS 2014-C22 B                       | CUSIP: 92890KBF1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    270000 | PA      | $245694.60    | 0.19%             | 2057-09-15      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST         | JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 2014-C2 JPMBB 2014-C25 B             | CUSIP: 46643PBK5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    215000 | PA      | $199956.45    | 0.16%             | 2047-11-15      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR RA8790                                                      | CUSIP: 3133KQXT8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    230890 | PA      | $231192.08    | 0.18%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 MA7051                                                    | CUSIP: 36179VZQ6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    449831 | PA      | $374284.42    | 0.29%             | 2050-12-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                        | BANK OF AMERICA CORP 5.288000% 04/25/2034                                       | CUSIP: 06051GLH0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206936.67    | 0.16%             | 2034-04-25      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| CITIGROUP COMMERCIAL MORTGAGE TRUST                | CITIGROUP COMMERCIAL MORTGAGE TRUST 2019-GC41 CGCMT 2019-GC41 A5                | CUSIP: 17328FAW5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    260000 | PA      | $244050.04    | 0.19%             | 2056-08-10      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance B.V.                   | BRASKEM NETHERLANDS FINANCE BV 144A 8.000000% 10/15/2034                        | CUSIP: 10554TAJ4<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | NUSS              | BR        |    150000 | PA      | $61687.50     | 0.05%             | 2034-10-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL PLC                         | ANGLO AMERICAN CAPITAL PLC 144A 5.750000% 04/05/2034                            | CUSIP: 034863BE9<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | NUSS              | ZA        |    325000 | PA      | $341350.09    | 0.27%             | 2034-04-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD1661                                                      | CUSIP: 3132DNZ22<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    654502 | PA      | $571236.73    | 0.45%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MAD COMMERCIAL MORTGAGE TRUST                      | MAD COMMERCIAL MORTGAGE TRUST 2025-11MD MAD 2025-11MD A                         | CUSIP: 55616AAA5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    190000 | PA      | $189744.37    | 0.15%             | 2042-10-15      | Floating      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| MARS, INCORPORATED                                 | MARS INC 144A 5.200000% 03/01/2035                                              | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    225000 | PA      | $230938.28    | 0.18%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA2956                                                       | CUSIP: 31418CJA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     61064 | PA      | $55509.62     | 0.04%             | 2047-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NAVIENT REFINANCE LOAN TRUST                       | NAVIENT REFINANCE LOAN TRUST 2025-B NAVRL 2025-B A                              | CUSIP: 63943NAA5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    130000 | PA      | $129969.35    | 0.10%             | 2055-09-15      | Fixed         | 4.72%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FA0373                                                       | CUSIP: 3140W0MX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    541349 | PA      | $549955.41    | 0.43%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CENTENE CORPORATION                                | CENTENE CORP 3.000000% 10/15/2030                                               | CUSIP: 15135BAW1<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    175000 | PA      | $156124.62    | 0.12%             | 2030-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS, INC.                               | META PLATFORMS INC 5.400000% 08/15/2054                                         | CUSIP: 30303M8V7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    155000 | PA      | $149256.44    | 0.12%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2010-H14 BI                        | CUSIP: 38375BCR1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |      1692 | PA      | $181.34       | 0.00%             | 2060-07-20      | Floating      | 1.52%                 | No            |                  2 | On Loan: No      |
| N/A                                                | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   3641295 | PA      | $3641294.57   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC CORPORATION                                    | FMC CORP 8.450000% 11/01/2055                                                   | CUSIP: 302491AZ8<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |    205000 | PA      | $198947.72    | 0.16%             | 2055-11-01      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| AQUA FINANCE TRUST                                 | AQUA FINANCE ISSUER TRUST 2025-B AQFIT 2025-B A                                 | CUSIP: 03837GAA5<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    227356 | PA      | $228561.57    | 0.18%             | 2051-05-17      | Fixed         | 4.79%                 | Yes           |                  2 | On Loan: No      |
| HIH TRUST                                          | HIH TRUST 2024-61P HIH 2024-61P A                                               | CUSIP: 40444VAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    334986 | PA      | $336033.12    | 0.26%             | 2041-10-15      | Floating      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| CARMAX AUTO OWNER TRUST                            | CARMAX AUTO OWNER TRUST 2025-4 CARMX 2025-4 B                                   | CUSIP: 14320HAF3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     90000 | PA      | $89764.50     | 0.07%             | 2031-07-15      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD1096                                                      | CUSIP: 3132DNGD9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    291662 | PA      | $239494.08    | 0.19%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN BT2371                                                       | CUSIP: 3140LQT59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   1427115 | PA      | $1174553.41   | 0.92%             | 2051-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE TRUST                          | TOWD POINT MORTGAGE TRUST 2020-3 TPMT 2020-3 A1                                 | CUSIP: 89178UAL6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     49056 | PA      | $47640.41     | 0.04%             | 2063-02-25      | Floating      | 3.09%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                               | JPMORGAN CHASE & CO 5.766000% 04/22/2035                                        | CUSIP: 46647PEH5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    400000 | PA      | $426593.27    | 0.34%             | 2035-04-22      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| CITIGROUP COMMERCIAL MORTGAGE TRUST                | CITIGROUP COMMERCIAL MORTGAGE TRUST 2016-P6 CGCMT 2016-P6 A5                    | CUSIP: 17291EAW1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     55000 | PA      | $53796.97     | 0.04%             | 2049-12-10      | Floating      | 3.72%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB7344                                                       | CUSIP: 3140QTES4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    787735 | PA      | $807992.28    | 0.64%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC.                                     | CITIGROUP INC 5.174000% 02/13/2030                                              | CUSIP: 172967PF2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    490000 | PA      | $502922.99    | 0.40%             | 2030-02-13      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS INVESTMENT COMPANIES                | SBA SMALL BUSINESS INVESTMENT COS SBIC 2025-10B 1                               | CUSIP: 831641GA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     90000 | PA      | $90302.46     | 0.07%             | 2035-09-10      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| DELL EQUIPMENT FINANCE TRUST                       | DELL EQUIPMENT FINANCE TRUST 2025-2 DEFT 2025-2 C                               | CUSIP: 24703VAJ0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    250000 | PA      | $249780.29    | 0.20%             | 2031-03-24      | Fixed         | 4.53%                 | Yes           |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.750000% 06/30/2027                                            | CUSIP: 91282CNL1<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1250000 | PA      | $1252343.75   | 0.99%             | 2027-06-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2005-24 ZE                                                | CUSIP: 31394CF98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      2050 | PA      | $2093.54      | 0.00%             | 2035-04-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                      | GOLDMAN SACHS GROUP INC/THE 4.939000% 10/21/2036                                | CUSIP: 38141GD43<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    190000 | PA      | $189072.10    | 0.15%             | 2036-10-21      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| TENNESSEE GAS PIPELINE COMPANY, L.L.C.             | TENNESSEE GAS PIPELINE CO LLC 8.375000% 06/15/2032                              | CUSIP: 880451AW9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $160226.54    | 0.13%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA5699                                                       | CUSIP: 31418FKM8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   2635238 | PA      | $2622377.98   | 2.06%             | 2055-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD5660                                                      | CUSIP: 3132DTJD3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    251522 | PA      | $258340.34    | 0.20%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORPORATION                             | CVS HEALTH CORP 6.750000% 12/10/2054                                            | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    140000 | PA      | $145491.92    | 0.11%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Chile Electricity Lux MPC S.a r.l.                 | CHILE ELECTRICITY LUX MPC SARL 144A 6.010000% 01/20/2033                        | CUSIP: 168829AA7<br>LEI: N/A                  | Long             | DBT              | NUSS              | CL        |    232700 | PA      | $243520.55    | 0.19%             | 2033-01-20      | Fixed         | 6.01%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN AN8044                                                       | CUSIP: 3138LL5E1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    157283 | PA      | $154025.05    | 0.12%             | 2028-01-01      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS, INC.                               | META PLATFORMS INC 5.550000% 08/15/2064                                         | CUSIP: 30303M8W5<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    180000 | PA      | $174292.38    | 0.14%             | 2064-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.875000% 09/30/2032                                            | CUSIP: 91282CNZ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |    750000 | PA      | $749531.25    | 0.59%             | 2032-09-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FARMERS INSURANCE EXCHANGE                         | FARMERS INSURANCE EXCHANGE 144A 7.000000% 10/15/2064                            | CUSIP: 309601AG7<br>LEI: 549300UWG2TLX1GZVT44 | Long             | DBT              | CORP              | US        |    170000 | PA      | $176245.46    | 0.14%             | 2064-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY                   | PACIFIC GAS AND ELECTRIC CO 6.100000% 01/15/2029                                | CUSIP: 694308KL0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    315000 | PA      | $328594.51    | 0.26%             | 2029-01-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 MA7705                                                    | CUSIP: 36179WR26<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    553951 | PA      | $479856.53    | 0.38%             | 2051-11-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS3396                                                       | CUSIP: 3140XJX24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    431608 | PA      | $436967.47    | 0.34%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES, INC.                            | AMERICAN AIRLINES INC 4.900000% 05/11/2038                                      | CUSIP: 02377NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165000 | PA      | $165307.99    | 0.13%             | 2038-05-11      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD5219                                                      | CUSIP: 3132DSYQ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    426574 | PA      | $441135.37    | 0.35%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                      | GOLDMAN SACHS GROUP INC/THE 2.383000% 07/21/2032                                | CUSIP: 38141GYJ7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    410000 | PA      | $365361.51    | 0.29%             | 2032-07-21      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CA7048                                                       | CUSIP: 3140QEZN5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    186247 | PA      | $167771.11    | 0.13%             | 2050-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corporation                          | REGAL REXNORD CORP 6.050000% 02/15/2026                                         | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300883.64    | 0.24%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS2446                                                       | CUSIP: 3140XHWG8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    263118 | PA      | $252614.22    | 0.20%             | 2052-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS, INC.                               | META PLATFORMS INC 4.875000% 11/15/2035                                         | CUSIP: 30303MAD4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | NUSS              | US        |    255000 | PA      | $256127.44    | 0.20%             | 2035-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Raizen Fuels Finance S.A.                          | RAIZEN FUELS FINANCE SA 144A 6.250000% 07/08/2032                               | CUSIP: 75102XAF3<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | NUSS              | BR        |    310000 | PA      | $263500.00    | 0.21%             | 2032-07-08      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR RC2401                                                      | CUSIP: 3133L8U29<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    272611 | PA      | $252889.37    | 0.20%             | 2037-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SMALL BUSINESS INVESTMENT COMPANIES                | SBA SMALL BUSINESS INVESTMENT COS SBIC 2022-10A 1                               | CUSIP: 831641FT7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     86116 | PA      | $82537.63     | 0.06%             | 2032-03-10      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORPORATION                             | CVS HEALTH CORP 1.875000% 02/28/2031                                            | CUSIP: 126650DQ0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    305000 | PA      | $266220.28    | 0.21%             | 2031-02-28      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SL1566                                                      | CUSIP: 31427NW47<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    471657 | PA      | $478828.54    | 0.38%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS7221                                                       | CUSIP: 3140XPAX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    142455 | PA      | $146968.72    | 0.12%             | 2054-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 MA7990                                                    | CUSIP: 36179W2X5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    285404 | PA      | $272218.25    | 0.21%             | 2052-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR RA8382                                                      | CUSIP: 3133KQJ31<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    817096 | PA      | $818164.48    | 0.64%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                  | HSBC HOLDINGS PLC 5.733000% 05/17/2032                                          | CUSIP: 404280EG0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | NUSS              | GB        |    370000 | PA      | $389641.04    | 0.31%             | 2032-05-17      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION LOAN TRUST               | NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2019-F NAVSL 2019-FA A2               | CUSIP: 63935CAB7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    168237 | PA      | $162839.30    | 0.13%             | 2068-08-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.875000% 07/15/2028                                            | CUSIP: 91282CNM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   2845000 | PA      | $2864781.63   | 2.26%             | 2028-07-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM LLC                     | SOFI CONSUMER LOAN PROGRAM 2025-3 TRUST SCLP 2025-3 C                           | CUSIP: 83390JAC6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    220000 | PA      | $220518.78    | 0.17%             | 2034-08-15      | Fixed         | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS4521                                                       | CUSIP: 3140XLAX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    380877 | PA      | $383543.42    | 0.30%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD7548                                                      | CUSIP: 3132DVL52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    431348 | PA      | $374441.04    | 0.29%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS CAPITAL I                            | GOLDMAN SACHS CAPITAL I 6.345000% 02/15/2034                                    | CUSIP: 38143VAA7<br>LEI: 5299005MCIJK7R2NP351 | Long             | DBT              | CORP              | US        |    340000 | PA      | $364221.08    | 0.29%             | 2034-02-15      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| B.A.T CAPITAL CORPORATION                          | BAT CAPITAL CORP 4.625000% 03/22/2033                                           | CUSIP: 054989AF5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | GB        |    255000 | PA      | $251922.27    | 0.20%             | 2033-03-22      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MERCURY GENERAL CORPORATION                        | MERCURY GENERAL CORP 4.400000% 03/15/2027                                       | CUSIP: 589400AB6<br>LEI: 5493001Q9EXPCEL4W527 | Long             | DBT              | CORP              | US        |    139000 | PA      | $138630.75    | 0.11%             | 2027-03-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE REMICS FNR 2012-121 TB                                               | CUSIP: 3136A9XP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     11156 | PA      | $11915.79     | 0.01%             | 2042-11-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 4.750000% 08/15/2055                                            | CUSIP: 912810UM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1125000 | PA      | $1140292.97   | 0.90%             | 2055-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NELNET STUDENT LOAN TRUST                          | NELNET STUDENT LOAN TRUST 2025-C NSLT 2025-CA A1A                               | CUSIP: 64035UAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    285000 | PA      | $283909.13    | 0.22%             | 2065-06-22      | Fixed         | 4.67%                 | Yes           |                  2 | On Loan: No      |
| SCENTRE GROUP TRUST 2                              | SCENTRE GROUP TRUST 2 144A 5.125000% 09/24/2080                                 | CUSIP: 76025LAB0<br>LEI: 549300VRF0U0JH8TBJ74 | Long             | DBT              | NUSS              | AU        |    305000 | PA      | $307257.00    | 0.24%             | 2080-09-24      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB8001                                                       | CUSIP: 3140QT3K3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    151089 | PA      | $155877.08    | 0.12%             | 2054-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHASE AUTO OWNER TRUST                             | CHASE AUTO OWNER TRUST 2025-2 CHAOT 2025-2A B                                   | CUSIP: 16144MAF1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    265000 | PA      | $263526.49    | 0.21%             | 2031-03-25      | Fixed         | 4.32%                 | Yes           |                  2 | On Loan: No      |
| B.A.T CAPITAL CORPORATION                          | BAT CAPITAL CORP 5.834000% 02/20/2031                                           | CUSIP: 05526DBY0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | GB        |    190000 | PA      | $200983.96    | 0.16%             | 2031-02-20      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS7502                                                       | CUSIP: 3140XPKQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    215902 | PA      | $221454.53    | 0.17%             | 2054-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST                                | RCKT MORTGAGE TRUST 2025-CES8 RCKT 2025-CES8 A1A                                | CUSIP: 74939WAA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    155753 | PA      | $156479.72    | 0.12%             | 2055-08-25      | Floating      | 5.15%                 | Yes           |                  2 | On Loan: No      |
| GreenSaif Pipelines Bidco S.a rl                   | GREENSAIF PIPELINES BIDCO SARL 144A 6.102700% 08/23/2042                        | CUSIP: 39541EAE3<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | NUSS              | SA        |    230000 | PA      | $244159.26    | 0.19%             | 2042-08-23      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST                   | SMB PRIVATE EDUCATION LOAN TRUST 2021-C SMB 2021-C APT1                         | CUSIP: 83208AAA1<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     97459 | PA      | $89910.61     | 0.07%             | 2053-01-15      | Fixed         | 1.39%                 | Yes           |                  2 | On Loan: No      |
| AT&T INC.                                          | AT&T INC 4.900000% 11/01/2035                                                   | CUSIP: 00206RNC2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    215000 | PA      | $211934.99    | 0.17%             | 2035-11-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS8469                                                       | CUSIP: 3140XQMT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    160253 | PA      | $163674.74    | 0.13%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST                   | SMB PRIVATE EDUCATION LOAN TRUST 2025-A SMB 2025-A A1A                          | CUSIP: 83207EAA4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    200172 | PA      | $203935.56    | 0.16%             | 2054-04-15      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN AB9953                                                       | CUSIP: 31417HBX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    558219 | PA      | $531192.81    | 0.42%             | 2043-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 785432                                                    | CUSIP: 3622AA4R2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    563379 | PA      | $486636.18    | 0.38%             | 2051-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CA7031                                                       | CUSIP: 3140QEY55<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    532726 | PA      | $463111.47    | 0.36%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA3306                                                       | CUSIP: 31418CU85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    224414 | PA      | $217462.39    | 0.17%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST | MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST MSBAM 2015-C24 C             | CUSIP: 61765LAY6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     92273 | PA      | $91627.88     | 0.07%             | 2048-05-15      | Floating      | 4.01%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 MA7192                                                    | CUSIP: 36179V7D6<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    404910 | PA      | $336947.94    | 0.27%             | 2051-02-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB4630                                                       | CUSIP: 3140QQEC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    156963 | PA      | $160796.97    | 0.13%             | 2052-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CE FHMS Q032 A                  | CUSIP: 3137HKQ23<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     94480 | PA      | $95730.46     | 0.08%             | 2054-11-25      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD0225                                                      | CUSIP: 3132DMHA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     54422 | PA      | $49599.20     | 0.04%             | 2047-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AON NORTH AMERICA, INC.                            | AON NORTH AMERICA INC 5.450000% 03/01/2034                                      | CUSIP: 03740MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    295000 | PA      | $307357.43    | 0.24%             | 2034-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| MF1 LTD                                            | MF1 2025-FL17 LLC MF1 2025-FL17 A                                               | CUSIP: 55287HAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    255000 | PA      | $255051.77    | 0.20%             | 2040-02-18      | Floating      | 5.35%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORPORATION                                 | ORACLE CORP 4.450000% 09/26/2030                                                | CUSIP: 68389XDH5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    315000 | PA      | $312398.33    | 0.25%             | 2030-09-26      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| SCF EQUIPMENT LEASING LLC                          | SCF EQUIPMENT TRUST 2016-1 LLC SCFET 2025-1A A2                                 | CUSIP: 78437DAB6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     66981 | PA      | $67160.81     | 0.05%             | 2030-07-22      | Fixed         | 4.82%                 | Yes           |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                      | GOLDMAN SACHS GROUP INC/THE 5.536000% 01/28/2036                                | CUSIP: 38141GC44<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    350000 | PA      | $364247.48    | 0.29%             | 2036-01-28      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR RA3053                                                      | CUSIP: 3133KJMA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    390241 | PA      | $320913.99    | 0.25%             | 2050-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD7552                                                      | CUSIP: 3132DVL94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    781818 | PA      | $676547.30    | 0.53%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS LTD.                        | FIRST QUANTUM MINERALS LTD 144A 8.625000% 06/01/2031                            | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | NUSS              | ZM        |    560000 | PA      | $586485.76    | 0.46%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                 | ORACLE CORP 5.375000% 09/27/2054                                                | CUSIP: 68389XCU7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    130000 | PA      | $114281.57    | 0.09%             | 2054-09-27      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                   | PARAMOUNT GLOBAL 5.900000% 10/15/2040                                           | CUSIP: 124857AF0<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    240000 | PA      | $221525.30    | 0.17%             | 2040-10-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| N/A                                                | US 10YR ULTRA FUT DEC25 FINANCIAL COMMODITY FUTURE.                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -48 | NC      | $-5543250.00  | -4.36%            |  |  |  | No            |                  1 | On Loan: No      |
| AMGEN INC.                                         | AMGEN INC 5.650000% 03/02/2053                                                  | CUSIP: 031162DT4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     95000 | PA      | $94808.85     | 0.07%             | 2053-03-02      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG NEW YORK BRANCH                   | DEUTSCHE BANK AG/NEW YORK NY 6.819000% 11/20/2029                               | CUSIP: 251526CU1<br>LEI: N/A                  | Long             | DBT              | NUSS              | DE        |    135000 | PA      | $144156.81    | 0.11%             | 2029-11-20      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                 | ORACLE CORP 3.800000% 11/15/2037                                                | CUSIP: 68389XBP9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    540000 | PA      | $456828.45    | 0.36%             | 2037-11-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE, LLC                             | TIME WARNER CABLE LLC 5.875000% 11/15/2040                                      | CUSIP: 88732JAY4<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |    380000 | PA      | $355411.41    | 0.28%             | 2040-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR RA9060                                                      | CUSIP: 3133KRB52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    289033 | PA      | $295729.80    | 0.23%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SD1093                                                      | CUSIP: 3132DNGA5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    342741 | PA      | $284123.56    | 0.22%             | 2052-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA2833                                                       | CUSIP: 31418CEF7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    591373 | PA      | $538953.29    | 0.42%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN BM5111                                                       | CUSIP: 3140J9VD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    285301 | PA      | $278207.85    | 0.22%             | 2033-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC.                                      | BROADCOM INC 4.900000% 07/15/2032                                               | CUSIP: 11135FCL3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    230000 | PA      | $235129.46    | 0.19%             | 2032-07-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| BENCHMARK MORTGAGE TRUST                           | BENCHMARK 2022-B35 MORTGAGE TRUST BMARK 2022-B35 AS                             | CUSIP: 08163RBT2<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    205000 | PA      | $192885.50    | 0.15%             | 2055-05-15      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| SOFI PROFESSIONAL LOAN PROGRAM                     | SOFI PROFESSIONAL LOAN PROGRAM 2018-C TRUST SOFI 2018-C A2FX                    | CUSIP: 78490DAB0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     65842 | PA      | $65377.45     | 0.05%             | 2048-01-25      | Fixed         | 3.59%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA4080                                                       | CUSIP: 31418DRA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    223010 | PA      | $207756.74    | 0.16%             | 2050-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BA CREDIT CARD TRUST                               | BA CREDIT CARD TRUST BACCT 2023-A2 A2                                           | CUSIP: 05522RDH8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    275000 | PA      | $277803.16    | 0.22%             | 2028-11-15      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC.                                      | BROADCOM INC 3.419000% 04/15/2033                                               | CUSIP: 11135FCU3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    109000 | PA      | $101639.96    | 0.08%             | 2033-04-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR QY1454                                                      | CUSIP: 31426KTL0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    364498 | PA      | $362965.69    | 0.29%             | 2055-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HORIZON MUTUAL HOLDINGS, INC.                      | HORIZON MUTUAL HOLDINGS INC 144A 6.200000% 11/15/2034                           | CUSIP: 43990FAA6<br>LEI: 254900R6BWV4LUXBN549 | Long             | DBT              | CORP              | US        |    365000 | PA      | $358536.44    | 0.28%             | 2034-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE, LLC                             | TIME WARNER CABLE LLC 6.550000% 05/01/2037                                      | CUSIP: 88732JAJ7<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |    470000 | PA      | $481720.83    | 0.38%             | 2037-05-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST                   | SMB PRIVATE EDUCATION LOAN TRUST 2024-E SMB 2024-E A1A                          | CUSIP: 78450XAA6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    194530 | PA      | $200484.78    | 0.16%             | 2056-10-16      | Fixed         | 5.09%                 | Yes           |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.500000% 09/30/2027                                            | CUSIP: 91282CPB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1908000 | PA      | $1904347.97   | 1.50%             | 2027-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance B.V.                   | BRASKEM NETHERLANDS FINANCE BV 144A 4.500000% 01/31/2030                        | CUSIP: 10554TAD7<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | NUSS              | BR        |    205000 | PA      | $82241.90     | 0.06%             | 2030-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BX TRUST                                           | BX TRUST 2025-GW BX 2025-GW A                                                   | CUSIP: 12433GAA4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    190000 | PA      | $190237.50    | 0.15%             | 2042-07-15      | Floating      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| SABRA HEALTH CARE LIMITED PARTNERSHIP              | SABRA HEALTH CARE LP 3.900000% 10/15/2029                                       | CUSIP: 78572XAG6<br>LEI: 549300OVKLRFSIQG0H81 | Long             | DBT              | CORP              | US        |    245000 | PA      | $238107.22    | 0.19%             | 2029-10-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| PSEG POWER LLC                                     | PSEG POWER LLC 144A 5.750000% 05/15/2035                                        | CUSIP: 69362BBE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    295000 | PA      | $308205.85    | 0.24%             | 2035-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB0985                                                       | CUSIP: 3140QLCX2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    581725 | PA      | $504881.98    | 0.40%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC STRIPS FHS 271 30                                                   | CUSIP: 3128HXTR6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     27399 | PA      | $25531.16     | 0.02%             | 2042-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HCA INC.                                           | HCA INC 3.500000% 07/15/2051                                                    | CUSIP: 404119CB3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    305000 | PA      | $211252.81    | 0.17%             | 2051-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Company | AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL AVIATIO 4.950000% 09/10/2034         | CUSIP: 00774MBM6<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | NUSS              | IE        |    375000 | PA      | $373321.08    | 0.29%             | 2034-09-10      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN AL9468                                                       | CUSIP: 3138ERQW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     77916 | PA      | $75996.19     | 0.06%             | 2031-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS2041                                                       | CUSIP: 3140XHHT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    725174 | PA      | $592299.77    | 0.47%             | 2051-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AT&T INC.                                          | AT&T INC 6.000000% 11/15/2034                                                   | CUSIP: 00206RGW6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20908.20     | 0.02%             | 2034-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CSMC TRUST                                         | CSMC 2021-RPL3 TRUST CSMC 2021-RPL3 A1                                          | CUSIP: 12661GAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    319283 | PA      | $283845.15    | 0.22%             | 2060-01-25      | Floating      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| SPRINT CAPITAL CORPORATION                         | SPRINT CAPITAL CORP 8.750000% 03/15/2032                                        | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |    195000 | PA      | $237227.06    | 0.19%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Company | AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL AVIATIO 3.000000% 10/29/2028         | CUSIP: 00774MAW5<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | NUSS              | IE        |    185000 | PA      | $178630.87    | 0.14%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | MORGAN STANLEY MTN 5.250000% 04/21/2034                                         | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    290000 | PA      | $299302.16    | 0.24%             | 2034-04-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                 | ORACLE CORP 4.800000% 09/26/2032                                                | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247426.11    | 0.19%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB2344                                                       | CUSIP: 3140QMTA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    818780 | PA      | $683800.43    | 0.54%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL HOLDINGS, INC.              | NEXTERA ENERGY CAPITAL HOLDINGS INC 5.450000% 03/15/2035                        | CUSIP: 65339KDL1<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    490000 | PA      | $507364.71    | 0.40%             | 2035-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| RWE FINANCE US, LLC                                | RWE FINANCE US LLC 144A 5.125000% 09/18/2035                                    | CUSIP: 749983AC6<br>LEI: 529900J7MYLKI84UP772 | Long             | DBT              | CORP              | DE        |    190000 | PA      | $187431.36    | 0.15%             | 2035-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA4306                                                       | CUSIP: 31418DYC0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    711526 | PA      | $606799.12    | 0.48%             | 2051-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AT&T INC.                                          | AT&T INC 3.500000% 06/01/2041                                                   | CUSIP: 00206RJZ6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    240000 | PA      | $189889.82    | 0.15%             | 2041-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FINANCE US INC.                         | STELLANTIS FINANCE US INC 144A 5.350000% 03/17/2028                             | CUSIP: 85855CAM2<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    200000 | PA      | $202987.25    | 0.16%             | 2028-03-17      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN MA3384                                                       | CUSIP: 31418CXN9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    126789 | PA      | $122614.69    | 0.10%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST                       | BX COMMERCIAL MORTGAGE TRUST 2024-AIRC BX 2024-AIRC A                           | CUSIP: 12433CAA3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    252773 | PA      | $253088.69    | 0.20%             | 2039-08-15      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST                                | RCKT MORTGAGE TRUST 2025-CES1 RCKT 2025-CES1 A1A                                | CUSIP: 749427AA8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    167908 | PA      | $169560.72    | 0.13%             | 2045-01-25      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| JACKSON FINANCIAL INC.                             | JACKSON FINANCIAL INC 3.125000% 11/23/2031                                      | CUSIP: 46817MAL1<br>LEI: 213800WXW2KG1N4CO374 | Long             | DBT              | CORP              | US        |    340000 | PA      | $308166.03    | 0.24%             | 2031-11-23      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS7252                                                       | CUSIP: 3140XPBW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    594224 | PA      | $593438.95    | 0.47%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE, LLC                             | TIME WARNER CABLE LLC 7.300000% 07/01/2038                                      | CUSIP: 88732JAN8<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |    115000 | PA      | $123467.06    | 0.10%             | 2038-07-01      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 4.250000% 08/15/2035                                            | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |    550000 | PA      | $556875.00    | 0.44%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Rakuten Group, Inc.                                | RAKUTEN GROUP INC 144A 9.750000% 04/15/2029                                     | CUSIP: 75102WAK4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | NUSS              | JP        |    445000 | PA      | $499125.26    | 0.39%             | 2029-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Citibank National Association                      | CITIBANK NA 5.570000% 04/30/2034                                                | CUSIP: 17325FBG2<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    170000 | PA      | $180327.34    | 0.14%             | 2034-04-30      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| BANK                                               | BANK 2022-BNK40 BANK 2022-BNK40 A4                                              | CUSIP: 06541LBG0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    115000 | PA      | $107169.12    | 0.08%             | 2064-03-15      | Floating      | 3.39%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                              | FOUNDRY JV HOLDCO LLC 144A 6.100000% 01/25/2036                                 | CUSIP: 350930AH6<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    400000 | PA      | $422544.08    | 0.33%             | 2036-01-25      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| HESS CORPORATION                                   | HESS CORP 6.000000% 01/15/2040                                                  | CUSIP: 42809HAC1<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |    485000 | PA      | $527984.12    | 0.42%             | 2040-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                                 | ROYALTY PHARMA PLC 5.200000% 09/25/2035                                         | CUSIP: 78081BAU7<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | NUSS              | US        |    310000 | PA      | $310568.49    | 0.24%             | 2035-09-25      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BIOCON BIOLOGICS GLOBAL PLC                        | BIOCON BIOLOGICS GLOBAL PLC 144A 6.670000% 10/09/2029                           | CUSIP: 090978AA5<br>LEI: 254900PMQN51VACG2D55 | Long             | DBT              | NUSS              | IN        |    240000 | PA      | $237314.21    | 0.19%             | 2029-10-09      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| MILL CITY MORTGAGE LOAN TRUST                      | MILL CITY MORTGAGE LOAN TRUST 2021-NMR1 MCMLT 2021-NMR1 A1                      | CUSIP: 59982HAC4<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    190377 | PA      | $182876.59    | 0.14%             | 2060-11-25      | Floating      | 1.12%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORPORATION                                 | ORACLE CORP 3.600000% 04/01/2040                                                | CUSIP: 68389XBW4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    110000 | PA      | $86144.15     | 0.07%             | 2040-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN AL6344                                                       | CUSIP: 3138EPBN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |      5402 | PA      | $5429.49      | 0.00%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB4613                                                       | CUSIP: 3140QQDT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    101549 | PA      | $99439.85     | 0.08%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC.                                      | NISOURCE INC 5.350000% 04/01/2034                                               | CUSIP: 65473PAQ8<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    245000 | PA      | $251954.11    | 0.20%             | 2034-04-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| B.A.T CAPITAL CORPORATION                          | BAT CAPITAL CORP 5.350000% 08/15/2032                                           | CUSIP: 05526DCB9<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | GB        |    260000 | PA      | $269013.28    | 0.21%             | 2032-08-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CB6484                                                       | CUSIP: 3140QSF22<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    444798 | PA      | $451854.83    | 0.36%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY COMPANY                                 | DTE ENERGY CO 5.050000% 10/01/2035                                              | CUSIP: 233331BP1<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    370000 | PA      | $368896.93    | 0.29%             | 2035-10-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN BM5227                                                       | CUSIP: 3140J9YZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |     86354 | PA      | $87822.39     | 0.07%             | 2039-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                   | PARAMOUNT GLOBAL 6.375000% 03/30/2062                                           | CUSIP: 92556HAE7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    470000 | PA      | $462969.18    | 0.36%             | 2062-03-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST                                | RCKT MORTGAGE TRUST 2025-CES2 RCKT 2025-CES2 A1A                                | CUSIP: 74942BAA9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    172291 | PA      | $173701.11    | 0.14%             | 2055-02-25      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ANHEUSER-BUSCH COMPANIES, LLC                      | ANHEUSER-BUSCH COS LLC / ANHEUSER-BUSCH INBEV WORL 4.900000% 02/01/2046         | CUSIP: 03522AAJ9<br>LEI: 5493002J2SVENP0PVK27 | Long             | DBT              | CORP              | BE        |    107000 | PA      | $100658.19    | 0.08%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                        | BANK OF AMERICA CORP 5.468000% 01/23/2035                                       | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    440000 | PA      | $459639.41    | 0.36%             | 2035-01-23      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC POOL FR SL0620                                                      | CUSIP: 31427MVN8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |    762733 | PA      | $778111.77    | 0.61%             | 2055-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                | VIRGINIA ELECTRIC AND POWER CO 5.000000% 01/15/2034                             | CUSIP: 927804GP3<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    457000 | PA      | $462408.37    | 0.36%             | 2034-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES, INC.                            | CIVITAS RESOURCES INC 144A 8.375000% 07/01/2028                                 | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    239000 | PA      | $246942.93    | 0.19%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN CA5968                                                       | CUSIP: 3140QDT20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    281701 | PA      | $244118.38    | 0.19%             | 2050-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC.                                      | BROADCOM INC 4.800000% 10/15/2034                                               | CUSIP: 11135FCD1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150718.25    | 0.12%             | 2034-10-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| SOUTHERN POWER COMPANY                             | SOUTHERN POWER CO 4.900000% 10/01/2035                                          | CUSIP: 843646AY6<br>LEI: 5LADC78JBG2BMZD5XF57 | Long             | DBT              | CORP              | US        |    180000 | PA      | $178087.77    | 0.14%             | 2035-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association 2         | GINNIE MAE II POOL G2 MA9016                                                    | CUSIP: 36179YAR5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    249169 | PA      | $249048.48    | 0.20%             | 2053-07-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 3.375000% 09/15/2028                                            | CUSIP: 91282CNY3<br>LEI: 254900HROIFWPRGM1V77 | Long             | SN               | UST               | US        |   1470000 | PA      | $1461042.19   | 1.15%             | 2028-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| United States of America                           | US TREASURY N/B 4.875000% 08/15/2045                                            | CUSIP: 912810UN6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3015000 | PA      | $3105450.00   | 2.44%             | 2045-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS1557                                                       | CUSIP: 3140XGWT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    834880 | PA      | $784137.66    | 0.62%             | 2052-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ INDL DEV AUTH ED REV            | MARICOPA CNTY AZ INDL DEV AUTH MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $204641.03    | 0.16%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST       | AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST AMXCA 2024-3 A                     | CUSIP: 02589BAE0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    265000 | PA      | $268466.76    | 0.21%             | 2029-07-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| IHS Holding Limited                                | IHS HOLDING LTD 144A 5.625000% 11/29/2026                                       | CUSIP: 44963HAA3<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | NUSS              | NG        |    250000 | PA      | $248336.06    | 0.20%             | 2026-11-29      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                | COMMONSPIRIT HEALTH 4.975000% 09/01/2035                                        | CUSIP: 20268JBD4<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |    245000 | PA      | $243774.74    | 0.19%             | 2035-09-01      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| ARI FLEET LEASE TRUST                              | ARI FLEET LEASE TRUST 2024-A ARIFL 2024-A A2                                    | CUSIP: 00218KAB9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |     49690 | PA      | $49978.35     | 0.04%             | 2032-11-15      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| HIN TIMESHARE TRUST                                | HIN TIMESHARE TRUST 2020-A HINTT 2020-A A                                       | CUSIP: 40439HAA7<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    172718 | PA      | $166923.51    | 0.13%             | 2039-10-09      | Fixed         | 1.39%                 | Yes           |                  2 | On Loan: No      |
| Dominion Energy, Inc.                              | DOMINION ENERGY INC 6.625000% 05/15/2055                                        | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    195000 | PA      | $203305.64    | 0.16%             | 2055-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| INTEL CORPORATION                                  | INTEL CORP 3.050000% 08/12/2051                                                 | CUSIP: 458140BW9<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    150000 | PA      | $95062.82     | 0.07%             | 2051-08-12      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| BFLD TRUST                                         | BFLD COMMERCIAL MORTGAGE TRUST 2025-660F BFLD 2025-660F B                       | CUSIP: 05556QAC3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    190000 | PA      | $190237.50    | 0.15%             | 2042-11-15      | Floating      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| GENERAL MOTORS FINANCIAL COMPANY, INC.             | GENERAL MOTORS FINANCIAL CO INC 5.950000% 04/04/2034                            | CUSIP: 37045XEV4<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    310000 | PA      | $324173.77    | 0.26%             | 2034-04-04      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association              | FANNIE MAE POOL FN FS2067                                                       | CUSIP: 3140XHJM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    625601 | PA      | $624120.77    | 0.49%             | 2052-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | FREDDIE MAC GOLD POOL FG G61605                                                 | CUSIP: 31335BYA8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGA              | US        |     48119 | PA      | $46587.29     | 0.04%             | 2048-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN, INC.                                | BROWN & BROWN INC 5.550000% 06/23/2035                                          | CUSIP: 115236AM3<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    270000 | PA      | $277896.55    | 0.22%             | 2035-06-23      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-31

**Name of Applicant:** THE ADVISORS' INNER CIRCLE III

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

**Title:** Treasurer, Controller and Chief Financial Officer