# EDGAR Filing Document

**Accession Number:** 0000875186
**File Stem:** 0001003715-25-000985
**Filing Date:** 2025-10
**Character Count:** 174014
**Document Hash:** 88a449fe5015db154cdfaf28dad1aae5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001003715-25-000985.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001003715-25-000985

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY PATHWAY FUNDS
- **CENTRAL INDEX KEY:** 0000875186

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06318
- **FILM NUMBER:** 251421855

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 WESTCHESTER AVENUE
- **CITY:** PURCHASE
- **STATE:** NY
- **ZIP:** 10577
- **BUSINESS PHONE:** 8883749999

**MAIL ADDRESS:**
- **STREET 1:** 2000 WESTCHESTER AVENUE
- **CITY:** PURCHASE
- **STATE:** NY
- **ZIP:** 10577

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CONSULTING GROUP CAPITAL MARKETS FUNDS
- **DATE OF NAME CHANGE:** 19950125

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRUST FOR TRAK INVESTMENTS
- **DATE OF NAME CHANGE:** 19920929

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INSTITUTIONAL ADVISORS PORTFOLIOS
- **DATE OF NAME CHANGE:** 19600201

## Series and Classes Contracts Data

### Ultra-Short Term Fixed Income Fund (Series ID: S000052237)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000164313 | Ultra-Short Term Fixed Income Fund | TSDUX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** MORGAN STANLEY PATHWAY FUNDS

- **b. Investment Company Act file number:** 811-06318

- **c. CIK number of Registrant:** 0000875186

- **d. LEI of Registrant:** 549300P3RUTI9W6SLI87

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

  - **Street Address 1:** 2000 Westchester Avenue

  - **City:** Purchase

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10577

  - **Telephone number:** 888-454-3965

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

- **a. Name of Series:** Ultra-Short Term Fixed Income Fund

- **b. EDGAR series identifier (if any):** S000052237

- **c. LEI of Series:** 549300WRUOSKJP4FVL84

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-08-31

**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:** $475723685.94

**Total Liabilities:** $66337510.85

**Net Assets:** $409386175.09

**Cash Not Reported:** $5451640.05

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -4391.10964021 | **1-Year:** -22047.21941888 | **5-Year:** -12247.93125820 | **10-Year:** -7771.84279375 | **30-Year:** -1915.11315765

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

- **3-Month:** -26.82059244 | **1-Year:** -388.83645158 | **5-Year:** -271.50406583 | **10-Year:** -28.40979961 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000164313 | 0.50%                | 0.38%                | 0.47%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-639.22                 | $407738.68                                 |
| Month 2  | $-132132.36              | $-88889.46                                 |
| Month 3  | $47735.24                | $525327.10                                 |

**Designated Index Information**

- **Index Name:** Securities Portfolio

- **Index Identifier:** SEC_PORT

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| COOPERATIEVE RABO V/R 12/15/27 | COOPERATIEVE RABOBANK UA REGD V/R 144A P/P 1.98000000                                          | CUSIP: 74977RDL5<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $485635.48     | 0.12%             | 2027-12-15      | Variable      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| GSMBS 2021-RPL1  V/R 12/25/60  | GS MORTGAGE-BACKED SECURITIES CORP TRUST 2021 SER 2021-RPL1 CL A1 V/R REGD 144A P/P 1.75000000 | CUSIP: 36261WAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    966858 | PA      | $911188.42     | 0.22%             | 2060-12-25      | Variable      | 1.75%                 | Yes           |                  2 | On Loan: No      |
| SOUTHERN CAL ED 3.65% 03/01/28 | SOUTHERN CAL EDISON REGD SER B 3.65000000                                                      | CUSIP: 842400GJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $393674.99     | 0.10%             | 2028-03-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDE 1.849% 03/25/26 | BANCO SANTANDER SA REGD 1.84900000                                                             | CUSIP: 05964HAL9<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    800000 | PA      | $788965.05     | 0.19%             | 2026-03-25      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| FHR 5500 GF V/R 10/25/54       | FREDDIE MAC REMICS SER 5500 CL GF V/R 5.29839000                                               | CUSIP: 3137HJB30<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    274672 | PA      | $276398.65     | 0.07%             | 2054-10-25      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| SFAST 2024-2A  5.71% 10/20/27  | SFS AUTO RECEIVABLES SECURITIZATION TRUST 2 SER 2024-2A CL A2 REGD 144A P/P 5.71000000         | CUSIP: 78397XAB0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    163893 | PA      | $164144.51     | 0.04%             | 2027-10-20      | Fixed         | 5.71%                 | Yes           |                  2 | On Loan: No      |
| FNR 2025-6 FA V/R 02/25/55     | FANNIE MAE REMICS SER 2025-6 CL FA V/R 5.59839000                                              | CUSIP: 3136BUTN0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    261615 | PA      | $263783.18     | 0.06%             | 2055-02-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN V/R 07/31/26 | MERCEDES-BENZ FIN NA REGD V/R 144A P/P 4.99671000                                              | CUSIP: 58769JAV9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3400000 | PA      | $3409923.65    | 0.83%             | 2026-07-31      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CSMC 2022-RPL4 A V/R 03/01/62  | CSMC 2022-RPL4 TRUST SER 2022-RPL4 CL A1 V/R REGD 144A P/P 3.90435000                          | CUSIP: 12663TAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    146831 | PA      | $140419.48     | 0.03%             | 2062-04-25      | Variable      | 3.90%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO & COM V/R 01/24/28 | WELLS FARGO & COMPANY REGD V/R 5.14539200                                                      | CUSIP: 95000U3S0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1505475.81    | 0.37%             | 2028-01-24      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| TEVT 2023-1 A2B V/R 12/21/26   | TESLA ELECTRIC VEHICLE TRUST 2023-1 SER 2023-1 CL A2B V/R REGD 144A P/P 4.86503000             | CUSIP: 881943AC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    460461 | PA      | $460608.58     | 0.11%             | 2026-12-21      | Variable      | 4.87%                 | Yes           |                  2 | On Loan: No      |
| ROYAL BANK OF CAN V/R 03/27/28 | ROYAL BANK OF CANADA REGD V/R MTN SER GMTN 5.18791700                                          | CUSIP: 78017DAG3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   1765000 | PA      | $1771290.05    | 0.43%             | 2028-03-27      | Variable      | 5.19%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP 0.9% 09/15/25     | ENTERGY CORP REGD 0.90000000                                                                   | CUSIP: 29364GAM5<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |   1869000 | PA      | $1866439.94    | 0.46%             | 2025-09-15      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| KKR 36A AR V/R 10/15/34        | KKR CLO 36 LTD SER 36A CL AR V/R REGD 144A P/P 0.00000000                                      | CUSIP: 48255AAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2001500.00    | 0.49%             | 2034-10-15      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FNR 2024-101 FB V/R 01/25/55   | FANNIE MAE REMICS SER 2024-101 CL FB V/R 5.44839000                                            | CUSIP: 3136BUFJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    950601 | PA      | $953911.74     | 0.23%             | 2055-01-25      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| NRZT 2018-3A A1 V/R 05/25/58   | NEW RESIDENTIAL MORTGAGE LOAN TRUST 2018-3 SER 2018-3A CL A1 V/R REGD 144A P/P 4.50000000      | CUSIP: 64830KAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    127914 | PA      | $125322.73     | 0.03%             | 2058-05-25      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| CRVNA 2024-P1  5.05% 04/10/29  | CARVANA AUTO RECEIVABLES TRUST 2024-P1 SER 2024-P1 CL A3 REGD 144A P/P 5.05000000              | CUSIP: 14688NAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $2011749.20    | 0.49%             | 2029-04-10      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| GNR 2020-17 EU 2.5% 10/20/49   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2020-17 CL EU 2.50000000                          | CUSIP: 38382CP47<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     62198 | PA      | $55585.44      | 0.01%             | 2049-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ROLLS-ROYCE PL 3.625% 10/14/25 | ROLLS-ROYCE PLC REGD P/P 3.62500000                                                            | CUSIP: 77578JAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   1800000 | PA      | $1798275.24    | 0.44%             | 2025-10-14      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| SWEDBANK AB V/R 06/15/26       | SWEDBANK AB REGD V/R REG S 5.74047500                                                          | CUSIP: W9T23YJK0<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |    800000 | PA      | $806688.52     | 0.20%             | 2026-06-15      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE LTD 4.25% 06/15/26   | AIRCASTLE LTD REGD 4.25000000                                                                  | CUSIP: 00928QAS0<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | US        |   3800000 | PA      | $3789736.88    | 0.93%             | 2026-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TIA 2018-1A A1AR V/R 01/20/32  | TIAA CLO IV LTD SER 2018-1A CL A1AR V/R REGD 144A P/P 5.46549000                               | CUSIP: 88631YAL1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    676777 | PA      | $677312.64     | 0.17%             | 2032-01-20      | Variable      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| ATHENE GLOBAL FUN V/R 03/25/27 | ATHENE GLOBAL FUNDING REGD V/R 144A P/P 5.57693000                                             | CUSIP: 04685A3U3<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2720147.43    | 0.66%             | 2027-03-25      | Variable      | 5.58%                 | Yes           |                  2 | On Loan: No      |
| AIR LEASE CORP 1.875% 08/15/26 | AIR LEASE CORP REGD 1.87500000                                                                 | CUSIP: 00914AAM4<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    539000 | PA      | $526653.32     | 0.13%             | 2026-08-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| GSMBS 2021-INV1  V/R 12/25/43  | GS MORTGAGE-BACKED SECURITIES TRUST 2021-INV1 SER 2021-INV1 CL A9 V/R REGD 144A P/P 5.00000000 | CUSIP: 36263KAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    224890 | PA      | $208890.87     | 0.05%             | 2051-12-25      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA V/R 10/06/26           | BPCE SA REGD V/R P/P 1.65200000                                                                | CUSIP: 05583JAH5<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   2400000 | PA      | $2393314.39    | 0.58%             | 2026-10-06      | Variable      | 1.65%                 | Yes           |                  2 | On Loan: No      |
| FHR 5548 AF V/R 06/25/55       | FREDDIE MAC REMICS SER 5548 CL AF V/R 5.34839000                                               | CUSIP: 3137HLJG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1741361 | PA      | $1755584.32    | 0.43%             | 2055-06-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| OBX 2024-NQM5 A1 V/R 03/25/28  | OBX 2024-NQM5 TRUST SER 2024-NQM5 CL A1 V/R REGD 144A P/P 5.98800000                           | CUSIP: 67448NAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    259877 | PA      | $262115.77     | 0.06%             | 2064-01-25      | Variable      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| BVSTAT 2024-1A A V/R 07/20/32  | VERDELITE STATIC CLO 2024-1 LTD SER 2024-1A CL A V/R REGD 144A P/P 5.45549000                  | CUSIP: 92338VAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    950611 | PA      | $950586.85     | 0.23%             | 2032-07-20      | Variable      | 5.46%                 | Yes           |                  2 | On Loan: No      |
| GCCT 2022-1A A 1.97% 01/15/27  | GOLDEN CREDIT CARD TRUST SER 2022-1A CL A REGD 144A P/P 1.97000000                             | CUSIP: 380881FE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | CA        |   1100000 | PA      | $1068012.22    | 0.26%             | 2029-01-15      | Fixed         | 1.97%                 | Yes           |                  2 | On Loan: No      |
| ATHENE GLOBAL F 4.95% 01/07/27 | ATHENE GLOBAL FUNDING REGD 144A P/P 4.95000000                                                 | CUSIP: 04685A4E8<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    300000 | PA      | $302602.37     | 0.07%             | 2027-01-07      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| SUMITOMO MITSU 2.632% 07/14/26 | SUMITOMO MITSUI FINL GRP REGD 2.63200000                                                       | CUSIP: 86562MAF7<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    718000 | PA      | $708498.69     | 0.17%             | 2026-07-14      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL A V/R 03/25/27 | HYUNDAI CAPITAL AMERICA REGD V/R 144A P/P 5.35693000                                           | CUSIP: 44891ADS3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $501935.30     | 0.12%             | 2027-03-25      | Variable      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| ABN AMRO BANK NV V/R 10/13/26  | ABN AMRO BANK NV REGD V/R 144A P/P MTN 6.57500000                                              | CUSIP: 00084DBC3<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |   2400000 | PA      | $2405934.86    | 0.59%             | 2026-10-13      | Variable      | 6.58%                 | Yes           |                  2 | On Loan: No      |
| AIR LEASE CORP DISC 09/12/25   | AIR LEASE CORP DISC 09/12/25 0.00000000                                                        | CUSIP: 00913WWC5<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    300000 | PA      | $299561.84     | 0.07%             | 2025-09-12      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERE V/R 01/09/27 | STANDARD CHARTERED PLC REGD V/R 6.17000000                                                     | CUSIP: G84228FN3<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   3900000 | PA      | $3921967.88    | 0.96%             | 2027-01-09      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| CFII 2024-1A A 5.52% 09/15/27  | CHESAPEAKE FUNDING II LLC SER 2024-1A CL A1 REGD 144A P/P 5.52000000                           | CUSIP: 165183DE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    366841 | PA      | $371516.15     | 0.09%             | 2036-05-15      | Fixed         | 5.52%                 | Yes           |                  2 | On Loan: No      |
| CRVNA 2023-P1  5.94% 07/12/27  | CARVANA AUTO RECEIVABLES TRUST 2023-P1 SER 2023-P1 CL A4 REGD 144A P/P 5.94000000              | CUSIP: 14688EAD1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2769000 | PA      | $2818736.78    | 0.69%             | 2029-01-10      | Fixed         | 5.94%                 | Yes           |                  2 | On Loan: No      |
| AHART 2025-1A  4.48% 08/15/28  | AMERICAN HERITAGE AUTO RECEIVABLES ISSUER TR SER 2025-1A CL A2 REGD 144A P/P 4.48000000        | CUSIP: 02650VAB6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1000930.90    | 0.24%             | 2028-08-15      | Fixed         | 4.48%                 | Yes           |                  2 | On Loan: No      |
| DEUTSCHE BANK NY V/R 07/13/27  | DEUTSCHE BANK NY REGD V/R 7.14600000                                                           | CUSIP: 25160PAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2045583.14    | 0.50%             | 2027-07-13      | Variable      | 7.15%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LL V/R 08/13/26 | BMW US CAPITAL LLC REGD V/R 144A P/P 5.16514200                                                | CUSIP: 05565ECN3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3100000 | PA      | $3112215.67    | 0.76%             | 2026-08-13      | Variable      | 5.17%                 | Yes           |                  2 | On Loan: No      |
| ELFI 2021-A A 1.53% 12/26/46   | ELFI GRADUATE LOAN PROGRAM 2021-A LLC SER 2021-A CL A REGD 144A P/P 1.53000000                 | CUSIP: 28628BAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1294727 | PA      | $1168967.03    | 0.29%             | 2046-12-26      | Fixed         | 1.53%                 | Yes           |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP  V/R 03/20/26 | VOLKSWAGEN GROUP AMERICA REGD V/R 144A P/P 5.19389400                                          | CUSIP: 928668CD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2804399.78    | 0.69%             | 2026-03-20      | Variable      | 5.19%                 | Yes           |                  2 | On Loan: No      |
| SMB 2023-C A1B V/R 10/15/33    | SMB PRIVATE EDUCATION LOAN TRUST 2023-C SER 2023-C CL A1B V/R REGD 144A P/P 5.89270000         | CUSIP: 83207DAB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    404589 | PA      | $409045.91     | 0.10%             | 2052-11-15      | Variable      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| FHR 5496 AF V/R 01/25/55       | FREDDIE MAC REMICS SER 5496 CL AF V/R 5.44839000                                               | CUSIP: 3137HHZL8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    937105 | PA      | $940345.63     | 0.23%             | 2055-01-25      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| BCC 2021-2A A1R V/R 07/16/34   | BAIN CAPITAL CREDIT CLO 2021-2 LTD SER 2021-2A CL A1R V/R REGD 144A P/P 5.54777000             | CUSIP: 05684RAL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001827.00    | 0.24%             | 2034-07-16      | Variable      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| SBALT 2024-B A 5.56% 09/21/26  | SBNA AUTO LEASE TRUST 2024-B SER 2024-B CL A3 REGD 144A P/P 5.56000000                         | CUSIP: 78437VAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1300000 | PA      | $1309851.40    | 0.32%             | 2027-11-22      | Fixed         | 5.56%                 | Yes           |                  2 | On Loan: No      |
| DELL INT LLC /  6.02% 06/15/26 | DELL INT LLC / EMC CORP REGD 6.02000000                                                        | CUSIP: 24703TAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2371000 | PA      | $2391994.19    | 0.58%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC 4.375% 01/12/26   | BARCLAYS PLC REGD 4.37500000                                                                   | CUSIP: 06738EAN5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $499879.80     | 0.12%             | 2026-01-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| VENTR 2019-36A A V/R 04/20/32  | VENTURE 36 CLO LTD SER 2019-36A CL A1AR V/R REGD 144A P/P 5.71710000                           | CUSIP: 92332LAU3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    599949 | PA      | $600397.86     | 0.15%             | 2032-04-20      | Variable      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| GNR 2024-H01 FB V/R 01/20/74   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2024-H01 CL FB V/R 5.24503000                     | CUSIP: 38383KNN8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    769067 | PA      | $772379.86     | 0.19%             | 2074-01-20      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| BSABS 2005-CL1 A V/R 09/25/34  | BEAR STEARNS ASSET BACKED SECURITIES I TRUST 2005-CL1 SER 2005-CL1 CL A2 V/R REGD 4.93703000   | CUSIP: 073879V21<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    130632 | PA      | $130395.04     | 0.03%             | 2034-09-25      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| FHR 4344 FA V/R 12/15/37       | FREDDIE MAC REMICS SER 4344 CL FA V/R 4.87840000                                               | CUSIP: 3137BAJK9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    343352 | PA      | $336120.12     | 0.08%             | 2037-12-15      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| FNR 2025-40 FP V/R 10/25/54    | FANNIE MAE REMICS SER 2025-40 CL FP V/R 5.34839000                                             | CUSIP: 3136BWGV2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1175234 | PA      | $1184766.73    | 0.29%             | 2054-10-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS  3.5% 08/18/26 | LAS VEGAS SANDS CORP REGD 3.50000000                                                           | CUSIP: 517834AE7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297360.45     | 0.07%             | 2026-08-18      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZC V/R 09/14/26 | BANCO BILBAO VIZCAYA ARG REGD V/R 5.86200000                                                   | CUSIP: 05946KAK7<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $200090.00     | 0.05%             | 2026-09-14      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| GUGG 2022-2A A1R V/R 01/15/35  | GUGGENHEIM CLO 2022-2 LTD SER 2022-2A CL A1R V/R REGD 144A P/P 5.46755000                      | CUSIP: 40172PAL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1300000 | PA      | $1301725.10    | 0.32%             | 2035-01-15      | Variable      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| CNA FINANCIAL CO 4.5% 03/01/26 | CNA FINANCIAL CORP REGD 4.50000000                                                             | CUSIP: 126117AT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $799713.66     | 0.20%             | 2026-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NAVSL 2020-A A2B V/R 07/15/28  | NAVIENT PRIVATE EDUCATION LOAN TRUST 2020-A SER 2020-A CL A2B V/R REGD 144A P/P 5.37758000     | CUSIP: 63941FAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    182590 | PA      | $182193.82     | 0.04%             | 2068-11-15      | Variable      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| UNITEDHEALTH GROU V/R 07/15/26 | UNITEDHEALTH GROUP INC REGD V/R 4.86238500                                                     | CUSIP: 91324PFE7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    800000 | PA      | $800889.67     | 0.20%             | 2026-07-15      | Variable      | 4.86%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S V/R 09/11/26   | DANSKE BANK A/S REGD V/R 144A P/P 1.62100000                                                   | CUSIP: 23636AAZ4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   4100000 | PA      | $4097200.07    | 1.00%             | 2026-09-11      | Variable      | 1.62%                 | Yes           |                  2 | On Loan: No      |
| ABN AMRO BANK NV V/R 09/18/27  | ABN AMRO BANK NV REGD V/R 6.14340800                                                           | CUSIP: 00084EAF5<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    700000 | PA      | $707927.32     | 0.17%             | 2027-09-18      | Variable      | 6.14%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS  3.5% 07/26/26 | IMPERIAL BRANDS FIN PLC REGD 144A P/P 3.50000000                                               | CUSIP: 45262BAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    300000 | PA      | $297490.52     | 0.07%             | 2026-07-26      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| NSLT 2025-BA A1B V/R 05/17/55  | NELNET STUDENT LOAN TRUST 2025-B SER 2025-BA CL A1B V/R REGD 144A P/P 0.00000000               | CUSIP: 64032BAB9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1500000 | PA      | $1507465.65    | 0.37%             | 2055-05-17      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| ING GROEP NV V/R 09/11/27      | ING GROEP NV REGD V/R 5.91890200                                                               | CUSIP: 456837BJ1<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    629000 | PA      | $634645.36     | 0.16%             | 2027-09-11      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CAN V/R 07/20/26 | ROYAL BANK OF CANADA REGD V/R MTN SER GMTN 5.44314300                                          | CUSIP: 78016HZR4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    221000 | PA      | $222550.90     | 0.05%             | 2026-07-20      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GR V/R 08/07/27 | LLOYDS BANKING GROUP PLC REGD V/R 5.92627000                                                   | CUSIP: 53944YAW3<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $302800.13     | 0.07%             | 2027-08-07      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| TPMT 2025-CES3 A V/R 08/25/65  | TOWD POINT MORTGAGE TRUST 2025-CES3 SER 2025-CES3 CL A1A V/R REGD 144A P/P 5.27800000          | CUSIP: 891949BU2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $999978.00     | 0.24%             | 2065-08-25      | Variable      | 5.28%                 | Yes           |                  2 | On Loan: No      |
| GENERAL MOTORS FI V/R 05/08/27 | GENERAL MOTORS FINL CO REGD V/R 5.71583100                                                     | CUSIP: 37045XES1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $503060.07     | 0.12%             | 2027-05-08      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| CSMC 2021-RPL4 A V/R 12/27/60  | CSMC 2021-RPL4 TRUST SER 2021-RPL4 CL A1 V/R REGD 144A P/P 4.13438000                          | CUSIP: 12662GAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    590409 | PA      | $589041.44     | 0.14%             | 2060-12-27      | Variable      | 4.13%                 | Yes           |                  2 | On Loan: No      |
| ECMC 2018-1A A V/R 02/25/30    | ECMC GROUP STUDENT LOAN TRUST 2018-1 SER 2018-1A CL A V/R 144A P/P 5.21287000                  | CUSIP: 26828HAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    300797 | PA      | $297023.26     | 0.07%             | 2068-02-27      | Variable      | 5.21%                 | Yes           |                  2 | On Loan: No      |
| GNR 2017-H15 FE V/R 07/20/67   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2017-H15 CL FE V/R 5.58070000                     | CUSIP: 38376R6F8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    629930 | PA      | $639365.56     | 0.16%             | 2067-07-20      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANI 5.4% 03/02/26 | WILLIAMS COMPANIES INC REGD 5.40000000                                                         | CUSIP: 969457CH1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    400000 | PA      | $401893.45     | 0.10%             | 2026-03-02      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FIN  5.35% 03/17/28 | STELLANTIS FIN US INC REGD 144A P/P 5.35000000                                                 | CUSIP: 85855CAM2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $202123.78     | 0.05%             | 2028-03-17      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEP 2% 03/09/26 | NISSAN MOTOR ACCEPTANCE REGD 144A P/P 2.00000000                                               | CUSIP: 654740BS7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $392457.30     | 0.10%             | 2026-03-09      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| SMB 2025-A A1B V/R 09/15/36    | SMB PRIVATE EDUCATION LOAN TRUST 2025-A SER 2025-A CL A1B V/R REGD 144A P/P 5.79270000         | CUSIP: 83207EAB2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    970834 | PA      | $983420.20     | 0.24%             | 2054-04-15      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| PACIFIC GAS & E 2.95% 03/01/26 | PACIFIC GAS & ELECTRIC REGD 2.95000000                                                         | CUSIP: 694308HP5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1188417.42    | 0.29%             | 2026-03-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| FNR 2019-9 FA V/R 03/25/49     | FANNIE MAE REMICS SER 2019-9 CL FA V/R 4.82840000                                              | CUSIP: 3136B33L2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    214040 | PA      | $212438.11     | 0.05%             | 2049-03-25      | Variable      | 4.83%                 | No            |                  2 | On Loan: No      |
| US TIPS 2.125% 04/15/29        | UNITED STATES TREASURY INFLATION INDEXED BONDS 2.12500000                                      | CUSIP: 91282CKL4<br>LEI: N/A                  | Long             | DBT              | UST               | US        |    948994 | PA      | $985892.10     | 0.24%             | 2029-04-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| NSLT 2019-3A A V/R 09/25/28    | NELNET STUDENT LOAN TRUST 2019-3 SER 2019-3A CL A V/R 144A P/P 5.23703000                      | CUSIP: 64031DAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    353465 | PA      | $353845.27     | 0.09%             | 2067-08-25      | Variable      | 5.24%                 | Yes           |                  2 | On Loan: No      |
| FHR 5532 FA V/R 04/25/55       | FREDDIE MAC REMICS SER 5532 CL FA V/R 5.29839000                                               | CUSIP: 3137HKPJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2338049 | PA      | $2352129.68    | 0.57%             | 2055-04-25      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| ESA 2021-ESH A V/R 07/15/26    | EXTENDED STAY AMERICA TRUST 2021-ESH SER 2021-ESH CL A V/R REGD 144A P/P 5.55748000            | CUSIP: 30227FAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1786881 | PA      | $1787766.82    | 0.44%             | 2038-07-15      | Variable      | 5.56%                 | Yes           |                  2 | On Loan: No      |
| HCA INC 5.375% 09/01/26        | HCA INC REGD 5.37500000                                                                        | CUSIP: 404121AH8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $501902.27     | 0.12%             | 2026-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UMBS P#SD8012 4% 09/01/49      | FREDDIE MAC POOL UMBS P#SD8012 4.00000000                                                      | CUSIP: 3132DV3V5<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    286315 | PA      | $271624.21     | 0.07%             | 2049-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS  6.05% 10/10/25 | GENERAL MOTORS FINL CO REGD 6.05000000                                                         | CUSIP: 37045XDZ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $300407.38     | 0.07%             | 2025-10-10      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| OCTR 2021-11A AR V/R 07/20/34  | OCEAN TRAILS CLO XI SER 2021-11A CL AR V/R REGD 144A P/P 5.35549000                            | CUSIP: 67514VAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $999555.00     | 0.24%             | 2034-07-20      | Variable      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO & COM V/R 04/22/28 | WELLS FARGO & COMPANY REGD V/R MTN 5.43393400                                                  | CUSIP: 95000U3M3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1510534.52    | 0.37%             | 2028-04-22      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| TPMT 2018-3 A1 V/R 05/25/58    | TOWD POINT MORTGAGE TRUST 2018-3 SER 2018-3 CL A1 V/R REGD 144A P/P 3.75000000                 | CUSIP: 89175MAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    212409 | PA      | $208981.36     | 0.05%             | 2058-05-25      | Variable      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| UMBS P#SD0251 4% 06/01/49      | FREDDIE MAC POOL UMBS P#SD0251 4.00000000                                                      | CUSIP: 3132DMH40<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     50731 | PA      | $48221.79      | 0.01%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BAXTER INTERNATI 2.6% 08/15/26 | BAXTER INTERNATIONAL INC REGD 2.60000000                                                       | CUSIP: 071813BQ1<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2165785.97    | 0.53%             | 2026-08-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC V/R 03/12/28      | BARCLAYS PLC REGD V/R 5.84945200                                                               | CUSIP: 06738ECQ6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1500000 | PA      | $1518122.54    | 0.37%             | 2028-03-12      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP DISC 09/11/25   | AIR LEASE CORP DISC 09/11/25 0.00000000                                                        | CUSIP: 00913WWB7<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   1500000 | PA      | $1498008.33    | 0.37%             | 2025-09-11      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FI V/R 12/11/26 | AMERICAN HONDA FINANCE REGD V/R MTN 4.97967200                                                 | CUSIP: 02665WGA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1001034.10    | 0.24%             | 2026-12-11      | Variable      | 4.98%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC 4.65% 09/09/26    | ILLUMINA INC REGD 4.65000000                                                                   | CUSIP: 452327AQ2<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300820.39     | 0.07%             | 2026-09-09      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| SMB 2021-D A1A 1.34% 08/15/30  | SMB PRIVATE EDUCATION LOAN TRUST 2021-D SER 2021-D CL A1A REGD 144A P/P 1.34000000             | CUSIP: 78449MAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    134400 | PA      | $126082.93     | 0.03%             | 2053-03-17      | Fixed         | 1.34%                 | Yes           |                  2 | On Loan: No      |
| THE CAMPBELLS CO 5.3% 03/20/26 | THE CAMPBELLS COMPANY REGD 5.30000000                                                          | CUSIP: 134429BL2<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1808286.93    | 0.44%             | 2026-03-20      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS  V/R 11/04/26 | AMERICAN EXPRESS CO REGD V/R 5.01626800                                                        | CUSIP: 025816CL1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1003069.58    | 0.25%             | 2026-11-04      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS  5.5% 01/15/26 | AVOLON HOLDINGS FNDG LTD REGD 144A P/P 5.50000000                                              | CUSIP: 05401AAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1100000 | PA      | $1101877.95    | 0.27%             | 2026-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| TOYOTA MOTOR CRED V/R 04/10/26 | TOYOTA MOTOR CREDIT CORP REGD V/R MTN 4.81211000                                               | CUSIP: 89236TMR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    167000 | PA      | $167257.57     | 0.04%             | 2026-04-10      | Variable      | 4.81%                 | No            |                  2 | On Loan: No      |
| DNB BANK ASA V/R 05/25/27      | DNB BANK ASA REGD V/R 144A P/P 1.53500000                                                      | CUSIP: 23329PAG5<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |    600000 | PA      | $588220.48     | 0.14%             | 2027-05-25      | Variable      | 1.53%                 | Yes           |                  2 | On Loan: No      |
| DELL INT LLC / E 4.9% 10/01/26 | DELL INT LLC / EMC CORP REGD 4.90000000                                                        | CUSIP: 24703TAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1592000 | PA      | $1598903.98    | 0.39%             | 2026-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROU V/R 11/21/26 | SANTANDER UK GROUP HLDGS REGD V/R 6.83300000                                                   | CUSIP: 80281LAS4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   3000000 | PA      | $3014695.05    | 0.74%             | 2026-11-21      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| CHAOT 2024-2A  5.66% 12/25/25  | CHASE AUTO OWNER TRUST 2024-2 SER 2024-2A CL A2 REGD 144A P/P 5.66000000                       | CUSIP: 16144CAB2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    118102 | PA      | $118257.69     | 0.03%             | 2027-05-26      | Fixed         | 5.66%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA C V/R 07/22/27 | BANK OF AMERICA CORP REGD V/R 5.33539200                                                       | CUSIP: 06051GJV2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2430000 | PA      | $2440380.67    | 0.60%             | 2027-07-22      | Variable      | 5.34%                 | No            |                  2 | On Loan: No      |
| LMAT 2021-GS5 A1 V/R 07/25/67  | LEGACY MORTGAGE ASSET TRUST 2021-GS5 SER 2021-GS5 CL A1 V/R REGD 144A P/P 5.25000000           | CUSIP: 52475XAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    237073 | PA      | $237308.42     | 0.06%             | 2067-07-25      | Variable      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| SYMP 2020-24A A1 V/R 10/23/35  | SYMPHONY CLO XXIV LTD SER 2020-24A CL A1R V/R REGD 144A P/P 0.00000000                         | CUSIP: 87167QAQ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2001500.00    | 0.49%             | 2035-10-23      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| TAOT 2022-C A3 3.76% 12/15/25  | TOYOTA AUTO RECEIVABLES 2022-C OWNER TRUST SER 2022-C CL A3 REGD 3.76000000                    | CUSIP: 89231CAD9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    467977 | PA      | $467171.24     | 0.11%             | 2027-04-15      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDI 4.4% 09/06/26 | SOUTHERN CAL EDISON REGD 4.40000000                                                            | CUSIP: 842400JF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $200167.42     | 0.05%             | 2026-09-06      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| FHR 5481 FJ V/R 12/25/54       | FREDDIE MAC REMICS SER 5481 CL FJ V/R 5.49839000                                               | CUSIP: 3137HHQ95<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    791473 | PA      | $795642.44     | 0.19%             | 2054-12-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI F V/R 07/13/26 | SUMITOMO MITSUI FINL GRP REGD V/R 5.66171900                                                   | CUSIP: 86562MCZ1<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   2000000 | PA      | $2017353.02    | 0.49%             | 2026-07-13      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERG 1.4% 08/15/26 | EVERSOURCE ENERGY REGD SER U 1.40000000                                                        | CUSIP: 30040WAN8<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1459188.44    | 0.36%             | 2026-08-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| NAVSL 2020-IA  1.33% 12/15/29  | NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2020-H SER 2020-IA CL A1A REGD 144A P/P 1.33000000   | CUSIP: 63942AAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    168109 | PA      | $155861.70     | 0.04%             | 2069-04-15      | Fixed         | 1.33%                 | Yes           |                  2 | On Loan: No      |
| ROYAL CARIBBEAN  7.5% 10/15/27 | ROYAL CARIBBEAN CRUISES REGD 7.50000000                                                        | CUSIP: 780153AG7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | US        |    200000 | PA      | $211626.99     | 0.05%             | 2027-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE V/R 12/14/26  | SOCIETE GENERALE REGD V/R 144A P/P 1.48800000                                                  | CUSIP: 83368RAZ5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   1800000 | PA      | $1783704.08    | 0.44%             | 2026-12-14      | Variable      | 1.49%                 | Yes           |                  2 | On Loan: No      |
| CMLTI 2021-INV3  V/R 05/25/51  | CITIGROUP MORTGAGE LOAN TRUST 2021-INV3 SER 2021-INV3 CL A11 V/R REGD 144A P/P 5.00000000      | CUSIP: 17329VDF3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1350410 | PA      | $1254344.50    | 0.31%             | 2051-05-25      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| TCCT 2024-1A A V/R 12/26/25    | TRILLIUM CREDIT CARD TRUST II SER 2024-1A CL A V/R REGD 144A P/P 5.07051800                    | CUSIP: 89621ABZ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | CA        |   3000000 | PA      | $3005295.60    | 0.73%             | 2028-12-26      | Variable      | 5.07%                 | Yes           |                  2 | On Loan: No      |
| F/C US ULTRA BOND CBT DEC25    | FUTURE CONTRACT ON           US ULTRA BOND CBT DEC25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       -56 | NC      | $-6527500.00   | -1.59%            |  |  |  | No            |                  1 | On Loan: No      |
| DLLST 2024-1A  5.33% 07/20/25  | DLLST 2024-1 LLC SER 2024-1A CL A2 REGD 144A P/P 5.33000000                                    | CUSIP: 23346HAB3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     25475 | PA      | $25484.01      | 0.01%             | 2026-01-20      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| GNR 2016-H06 FD V/R 07/20/65   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2016-H06 CL FD V/R 5.36166000                     | CUSIP: 38376RSG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    367591 | PA      | $369316.75     | 0.09%             | 2065-07-20      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| M360 2021-CRE3 A V/R 11/22/38  | M360 2021-CRE3 LTD SER 2021-CRE3 CL A V/R REGD 144A P/P 5.95357000                             | CUSIP: 55379AAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    158575 | PA      | $158473.53     | 0.04%             | 2038-11-22      | Variable      | 5.95%                 | Yes           |                  2 | On Loan: No      |
| WELF 2021-1A A1R V/R 04/20/34  | WELLFLEET CLO 2021-1 LTD SER 2021-1A CL A1R V/R REGD 144A P/P 5.50549000                       | CUSIP: 94950CAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2000630.00    | 0.49%             | 2034-04-20      | Variable      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| NHEL 2005-4 M1 V/R 01/25/36    | NOVASTAR MORTGAGE FUNDING TRUST SERIES 2005-4 SER 2005-4 CL M1 V/R REGD 5.09703000             | CUSIP: 66987WDE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |       917 | PA      | $915.36        | 0.00%             | 2036-01-25      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| CHAOT 2024-3A  5.22% 01/25/28  | CHASE AUTO OWNER TRUST 2024-3 SER 2024-3A CL A3 REGD 144A P/P 5.22000000                       | CUSIP: 16144LAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $2026365.80    | 0.49%             | 2029-07-25      | Fixed         | 5.22%                 | Yes           |                  2 | On Loan: No      |
| FIRSTENERGY PEN 5.15% 03/30/26 | FIRSTENERGY PENN ELECTRI REGD 144A P/P 5.15000000                                              | CUSIP: 708696CA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2695000 | PA      | $2705384.29    | 0.66%             | 2026-03-30      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| ROYAL CARIBBEAN 4.25% 07/01/26 | ROYAL CARIBBEAN CRUISES REGD 144A P/P 4.25000000                                               | CUSIP: 780153BH4<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998824.60     | 0.24%             | 2026-07-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| BERRY GLOBAL IN 1.57% 01/15/26 | BERRY GLOBAL INC REGD 1.57000000                                                               | CUSIP: 08576PAH4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2964824.43    | 0.72%             | 2026-01-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| TPMT 2019-HY2 A1 V/R 05/25/58  | TOWD POINT MORTGAGE TRUST 2019-HY2 SER 2019-HY2 CL A1 V/R REGD 144A P/P 5.43703000             | CUSIP: 89177HAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    108895 | PA      | $111342.46     | 0.03%             | 2058-05-25      | Variable      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| NAVSL 2015-BA A3 V/R 05/15/27  | NAVIENT PRIVATE EDUCATION LOAN TRUST 2015-B SER 2015-BA CL A3 V/R REGD 144A P/P 5.92758000     | CUSIP: 63939KAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    323641 | PA      | $325159.66     | 0.08%             | 2040-07-16      | Variable      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| SUMITOMO MITSUI F V/R 01/14/27 | SUMITOMO MITSUI FINL GRP REGD V/R 5.24171900                                                   | CUSIP: 86562MCL2<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   1025000 | PA      | $1031906.66    | 0.25%             | 2027-01-14      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| F/C US 5YR NOTE (CBT) DEC25    | FUTURE CONTRACT ON           US 5YR NOTE (CBT) DEC25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       572 | NC      | $62616125.00   | 15.30%            |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN NATUR  DISC  09/25/25 | CANADIAN NATURAL RESOU________  DISCOUNT COMMERCIAL PAPER 0.00000000                           | CUSIP: 13638WWR9<br>LEI: N/A                  | Long             | STIV             | CORP              | CA        |   4000000 | PA      | $3987493.33    | 0.97%             | 2025-09-25      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CRE 3.375% 11/13/25 | FORD MOTOR CREDIT CO LLC REGD 3.37500000                                                       | CUSIP: 345397B28<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $199347.00     | 0.05%             | 2025-11-13      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GR V/R 11/26/28 | LLOYDS BANKING GROUP PLC REGD V/R 5.42487200                                                   | CUSIP: 539439BB4<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   1200000 | PA      | $1208096.52    | 0.30%             | 2028-11-26      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| FHR 5508 QF V/R 02/25/55       | FREDDIE MAC REMICS SER 5508 CL QF V/R 5.29839000                                               | CUSIP: 3137HJVX2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    932346 | PA      | $937531.16     | 0.23%             | 2055-02-25      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| CARMX 2024-3 A2B V/R 05/15/26  | CARMAX AUTO OWNER TRUST 2024-3 SER 2024-3 CL A2B V/R REGD 4.81270000                           | CUSIP: 14319GAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    955342 | PA      | $955678.23     | 0.23%             | 2027-09-15      | Variable      | 4.81%                 | No            |                  2 | On Loan: No      |
| FHR 5511 FG V/R 03/25/55       | FREDDIE MAC REMICS SER 5511 CL FG V/R 5.49839000                                               | CUSIP: 3137HKKP8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    341418 | PA      | $343179.97     | 0.08%             | 2055-03-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| PACIFIC LIFE GF I V/R 02/04/27 | PACIFIC LIFE GF II REGD V/R 144A P/P 4.84627100                                                | CUSIP: 6944PL3G2<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2002953.32    | 0.49%             | 2027-02-04      | Variable      | 4.85%                 | Yes           |                  2 | On Loan: No      |
| BMWLT 2023-2 A 5.99% 12/26/25  | BMW VEHICLE LEASE TRUST 2023-2 SER 2023-2 CL A3 REGD 5.99000000                                | CUSIP: 055979AC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     45934 | PA      | $46047.00      | 0.01%             | 2026-09-25      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| HCA INC DISC 09/22/25          | HCA INC DISC 09/22/25 0.00000000                                                               | CUSIP: 40412BWN9<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   3600000 | PA      | $3589815.00    | 0.88%             | 2025-09-22      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NSLT 2017-3A A V/R 06/25/37    | NELNET STUDENT LOAN TRUST 2017-3 SER 2017-3A CL A V/R 144A P/P 5.31287000                      | CUSIP: 64032KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    450004 | PA      | $450615.55     | 0.11%             | 2066-02-25      | Variable      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| CRVNA 2023-P2  5.42% 07/10/26  | CARVANA AUTO RECEIVABLES TRUST 2023-P2 SER 2023-P2 CL A3 REGD 144A P/P 5.42000000              | CUSIP: 14686TAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1454078 | PA      | $1460045.21    | 0.36%             | 2028-04-10      | Fixed         | 5.42%                 | Yes           |                  2 | On Loan: No      |
| GCBSL 2020-50A A V/R 04/20/35  | GOLUB CAPITAL PARTNERS CLO 50B-R LTD SER 2020-50A CL A1R2 V/R REGD 144A P/P 0.00000000         | CUSIP: 38178DAN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1300000 | PA      | $1300975.00    | 0.32%             | 2035-04-20      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| SOUTHERN CAL EDI 1.2% 02/01/26 | SOUTHERN CAL EDISON REGD SER 20C 1.20000000                                                    | CUSIP: 842400GV9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2168306.65    | 0.53%             | 2026-02-01      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| HALST 2024-A A2B V/R 09/15/25  | HYUNDAI AUTO LEASE SECURITIZATION TR SER 2024-A CL A2B V/R REGD 144A P/P 4.84270000            | CUSIP: 448988AC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     47757 | PA      | $47766.92      | 0.01%             | 2026-06-15      | Variable      | 4.84%                 | Yes           |                  2 | On Loan: No      |
| ROGERS COMMUNI 3.625% 12/15/25 | ROGERS COMMUNICATIONS IN REGD 3.62500000                                                       | CUSIP: 775109BE0<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $1994263.44    | 0.49%             | 2025-12-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY V/R 11/24/26  | DEUTSCHE BANK NY REGD V/R 2.12900000                                                           | CUSIP: 251526CE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $497185.37     | 0.12%             | 2026-11-24      | Variable      | 2.13%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LI 5.875% 06/30/26 | SABINE PASS LIQUEFACTION REGD 5.87500000                                                       | CUSIP: 785592AV8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     37000 | PA      | $37147.47      | 0.01%             | 2026-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| US T BILL ZCP 12/04/25         | UNITED STATES TREASURY BILL ZCP 0.00000000                                                     | CUSIP: 912797QS9<br>LEI: N/A                  | Long             | STIV             | UST               | US        |   3000000 | PA      | $2969173.75    | 0.73%             | 2025-12-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEA 5.375% 07/15/27 | ROYAL CARIBBEAN CRUISES REGD 144A P/P 5.37500000                                               | CUSIP: 780153BK7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | US        |    600000 | PA      | $605311.80     | 0.15%             | 2027-07-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO 2.6% 10/30/25        | BOEING CO REGD 2.60000000                                                                      | CUSIP: 097023BP9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    400000 | PA      | $398683.31     | 0.10%             | 2025-10-30      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| BARC 2024-NQM1 A V/R 01/25/28  | BARCLAYS MORTGAGE LOAN TRUST 2024-NQM1 SER 2024-NQM1 CL A1 V/R REGD 144A P/P 5.90300000        | CUSIP: 06745AAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    497602 | PA      | $500870.47     | 0.12%             | 2064-01-25      | Variable      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| VERUS 2023-5 A1 V/R 06/25/68   | VERUS SECURITIZATION TRUST 2023-5 SER 2023-5 CL A1 V/R REGD 144A P/P 6.47600000                | CUSIP: 924934AA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    149089 | PA      | $150294.85     | 0.04%             | 2068-06-25      | Variable      | 6.48%                 | Yes           |                  2 | On Loan: No      |
| GCAT 2022-HX1 A1 V/R 12/27/66  | GCAT 2022-CM1 TRUST SER 2022-HX1 CL A1 V/R REGD 144A P/P 2.88500000                            | CUSIP: 36168XAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    682850 | PA      | $643785.63     | 0.16%             | 2066-12-27      | Variable      | 2.88%                 | Yes           |                  2 | On Loan: No      |
| COOPERATIEVE RABO V/R 02/24/27 | COOPERATIEVE RABOBANK UA REGD V/R 144A P/P 1.10600000                                          | CUSIP: 74977RDK7<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   5700000 | PA      | $5612880.12    | 1.37%             | 2027-02-24      | Variable      | 1.11%                 | Yes           |                  2 | On Loan: No      |
| OBX 2024-NQM6 A1 V/R 02/25/64  | OBX 2024-NQM6 TRUST SER 2024-NQM6 CL A1 V/R REGD 144A P/P 6.44700000                           | CUSIP: 67118XAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    474304 | PA      | $481153.43     | 0.12%             | 2064-02-25      | Variable      | 6.45%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG V/R 02/02/27      | UBS GROUP AG REGD V/R 144A P/P 1.30500000                                                      | CUSIP: 225401AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   3000000 | PA      | $2962480.14    | 0.72%             | 2027-02-02      | Variable      | 1.30%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS PLC V/R 09/13/27      | BARCLAYS PLC REGD V/R 6.24011200                                                               | CUSIP: 06738ECM5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    640000 | PA      | $648044.79     | 0.16%             | 2027-09-13      | Variable      | 6.24%                 | No            |                  2 | On Loan: No      |
| CARMX 2024-1 A2B V/R 11/15/25  | CARMAX AUTO OWNER TRUST 2024-1 SER 2024-1 CL A2B V/R REGD 4.96270000                           | CUSIP: 14318WAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    187789 | PA      | $187863.63     | 0.05%             | 2027-03-15      | Variable      | 4.96%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP  V/R 08/14/26 | VOLKSWAGEN GROUP AMERICA REGD V/R 144A P/P 5.42538600                                          | CUSIP: 928668CJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $250650.07     | 0.06%             | 2026-08-14      | Variable      | 5.43%                 | Yes           |                  2 | On Loan: No      |
| GNR 2025-135 FE V/R 08/20/55   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2025-135 CL FE V/R 5.46000000                     | CUSIP: 38381QDY4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   8000000 | PA      | $7997500.00    | 1.95%             | 2055-08-20      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| FNR 2024-90 FB V/R 11/25/53    | FANNIE MAE REMICS SER 2024-90 CL FB V/R 5.59839000                                             | CUSIP: 3136BTXD0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    804512 | PA      | $808119.95     | 0.20%             | 2053-11-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL A V/R 06/24/27 | HYUNDAI CAPITAL AMERICA REGD V/R REG S 5.40576300                                              | CUSIP: 44891CDE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1505591.04    | 0.37%             | 2027-06-24      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| NRZT 2018-RPL1 A V/R 12/25/57  | NEW RESIDENTIAL MORTGAGE LOAN TRUST 2018-RPL1 SER 2018-RPL1 CL A1 V/R REGD 144A P/P 3.50000000 | CUSIP: 64829VAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     38766 | PA      | $37688.63      | 0.01%             | 2057-12-25      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| MCMLT 2019-GS2 A V/R 08/25/59  | MILL CITY MORTGAGE LOAN TRUST 2019-GS2 SER 2019-GS2 CL A1 V/R REGD 144A P/P 2.75000000         | CUSIP: 59981TAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    326480 | PA      | $317121.15     | 0.08%             | 2059-08-25      | Variable      | 2.75%                 | Yes           |                  2 | On Loan: No      |
| F/C US 10YR ULTRA FUT DEC25    | FUTURE CONTRACT ON           US 10YR ULTRA FUT DEC25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       -10 | NC      | $-1144062.50   | -0.28%            |  |  |  | No            |                  1 | On Loan: No      |
| GNR 2020-21 AC 2.5% 01/20/49   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2020-21 CL AC 2.50000000                          | CUSIP: 38382DMC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     44272 | PA      | $39756.45      | 0.01%             | 2049-01-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SEMT 2024-HYB1 A V/R 09/25/38  | SEQUOIA MORTGAGE TRUST 2024-HYB1 SER 2024-HYB1 CL A1A V/R REGD 144A P/P 4.39674000             | CUSIP: 81749EAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    596708 | PA      | $600433.90     | 0.15%             | 2063-11-25      | Variable      | 4.40%                 | Yes           |                  2 | On Loan: No      |
| UPXHI 2025-1 A 5.16% 06/25/32  | UPX HIL 2025-1 ISSUER TRUST SER 2025-1 CL A REGD 144A P/P 5.16000000                           | CUSIP: 916925AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    300000 | PA      | $300887.09     | 0.07%             | 2047-01-25      | Fixed         | 5.16%                 | Yes           |                  2 | On Loan: No      |
| SYMP 2022-32A AR V/R 10/23/35  | SYMPHONY CLO XXXII LTD SER 2022-32A CL AR V/R REGD 144A P/P 5.41874000                         | CUSIP: 87168NAU8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |    900000 | PA      | $901024.20     | 0.22%             | 2035-10-23      | Variable      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS GRO V/R 03/09/27 | GOLDMAN SACHS GROUP INC REGD V/R 1.43100000                                                    | CUSIP: 38141GYA6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    500000 | PA      | $492258.47     | 0.12%             | 2027-03-09      | Variable      | 1.43%                 | No            |                  2 | On Loan: No      |
| RTX CORP DISC 09/09/25         | RTX CORP DISC 09/09/25 0.00000000                                                              | CUSIP: 78109FW99<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    800000 | PA      | $799191.11     | 0.20%             | 2025-09-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL F 1.45% 01/08/26 | ATHENE GLOBAL FUNDING REGD 144A P/P 1.45000000                                                 | CUSIP: 04685A2U4<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    400000 | PA      | $395714.91     | 0.10%             | 2026-01-08      | Fixed         | 1.45%                 | Yes           |                  2 | On Loan: No      |
| LCMLF 1A A V/R 04/20/31        | LCM LOAN INCOME FUND I LTD SER 1A CL A V/R REGD 144A P/P 5.61710000                            | CUSIP: 50189XAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    386422 | PA      | $386810.22     | 0.09%             | 2031-04-20      | Variable      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| OSCAR 2024-1A  5.48% 01/12/26  | OSCAR US FUNDING XVI LLC SER 2024-1A CL A2 REGD 144A P/P 5.48000000                            | CUSIP: 68784GAB9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JP        |    278890 | PA      | $279156.23     | 0.07%             | 2027-02-10      | Fixed         | 5.48%                 | Yes           |                  2 | On Loan: No      |
| PACIFIC GAS & ELE V/R 09/04/25 | PACIFIC GAS & ELECTRIC REGD V/R 5.30593600                                                     | CUSIP: 694308KS5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2654000 | PA      | $2654578.08    | 0.65%             | 2025-09-04      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY COR 2.65% 09/01/26 | DUKE ENERGY CORP REGD 2.65000000                                                               | CUSIP: 26441CAS4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    304000 | PA      | $299505.22     | 0.07%             | 2026-09-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| NYO 2021-1290 A V/R 11/15/28   | NYO COMMERCIAL MORTGAGE TRUST 2021-1290 SER 2021-1290 CL A V/R REGD 144A P/P 5.57348000        | CUSIP: 62955HAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1800000 | PA      | $1797516.54    | 0.44%             | 2038-11-15      | Variable      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| ATHENE GLOBAL  5.684% 02/23/26 | ATHENE GLOBAL FUNDING REGD 144A P/P 5.68400000                                                 | CUSIP: 04685A3S8<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1610501.84    | 0.39%             | 2026-02-23      | Fixed         | 5.68%                 | Yes           |                  2 | On Loan: No      |
| MCMLT 2021-NMR1  V/R 11/25/60  | MILL CITY MORTGAGE LOAN TRUST 2021-NMR1 SER 2021-NMR1 CL A1 V/R REGD 144A P/P 1.12500000       | CUSIP: 59982HAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    232855 | PA      | $223226.46     | 0.05%             | 2060-11-25      | Variable      | 1.12%                 | Yes           |                  2 | On Loan: No      |
| F/C US 10YR NOTE (CBT)DEC25    | FUTURE CONTRACT ON           US 10YR NOTE (CBT)DEC25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       -56 | NC      | $-6300000.00   | -1.54%            |  |  |  | No            |                  1 | On Loan: No      |
| CSMC 2021-INV1 A V/R 07/25/56  | CSMC 2021-INV1TRUST SER 2021-INV1 CL A11 V/R REGD 144A P/P 5.00000000                          | CUSIP: 12661XBC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    208478 | PA      | $194029.96     | 0.05%             | 2056-07-25      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ING GROEP NV V/R 04/01/27      | ING GROEP NV REGD V/R 5.37748000                                                               | CUSIP: 456837AX1<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   2700000 | PA      | $2708162.21    | 0.66%             | 2027-04-01      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| SK HYNIX INC 5.5% 01/16/27     | SK HYNIX INC REGD 144A P/P 5.50000000                                                          | CUSIP: 78392BAG2<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |    300000 | PA      | $304944.60     | 0.07%             | 2027-01-16      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| MOLSON COORS BEVER 3% 07/15/26 | MOLSON COORS BEVERAGE REGD 3.00000000                                                          | CUSIP: 60871RAG5<br>LEI: 54930073LBBH6ZCBE225 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2471783.80    | 0.60%             | 2026-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA P 1.2% 09/02/25 | ROYALTY PHARMA PLC REGD SER WI 1.20000000                                                      | CUSIP: 78081BAH6<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | US        |    176000 | PA      | $176000.00     | 0.04%             | 2025-09-02      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITA 1.95% 09/20/26 | AVIATION CAPITAL GROUP REGD 144A P/P 1.95000000                                                | CUSIP: 05369AAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2420000 | PA      | $2358389.85    | 0.58%             | 2026-09-20      | Fixed         | 1.95%                 | Yes           |                  2 | On Loan: No      |
| US T BILL ZCP 10/21/25         | UNITED STATES TREASURY BILL ZCP 0.00000000                                                     | CUSIP: 912797RD1<br>LEI: N/A                  | Long             | STIV             | UST               | US        |   8500000 | PA      | $8450151.05    | 2.06%             | 2025-10-21      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UMBS P#SD8006 4% 08/01/49      | FREDDIE MAC POOL UMBS P#SD8006 4.00000000                                                      | CUSIP: 3132DV3P8<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    343569 | PA      | $326260.25     | 0.08%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CRVNA 2021-P2 A 0.8% 09/10/25  | CARVANA AUTO RECEIVABLES TRUST 2021-P2 SER 2021-P2 CL A4 REGD 0.80000000                       | CUSIP: 14687TAD9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     47312 | PA      | $47110.13      | 0.01%             | 2027-01-10      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| TRAL 2018-5A A1R V/R 10/20/34  | TRALEE CLO V LTD SER 2018-5A CL A1RR V/R REGD 144A P/P 5.40549000                              | CUSIP: 89300JBA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001345.00    | 0.24%             | 2034-10-20      | Variable      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| DLLAD 2024-1A A 5.5% 06/20/26  | DLLAD 2024-1 LLC SER 2024-1A CL A2 REGD 144A P/P 5.50000000                                    | CUSIP: 23346MAB2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    588591 | PA      | $591713.77     | 0.14%             | 2027-08-20      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| BWAY 2021-1450 A V/R 09/15/23  | BWAY 2021-1450 MORTGAGE TRUST SER 2021-1450 CL A V/R REGD 144A P/P 5.72759000                  | CUSIP: 12430YAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1600000 | PA      | $1551122.24    | 0.38%             | 2036-09-15      | Variable      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| CREDIT AGRICOLE S V/R 07/05/26 | CREDIT AGRICOLE SA REGD V/R 144A P/P 5.65308400                                                | CUSIP: 22534PAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |    625000 | PA      | $629968.61     | 0.15%             | 2026-07-05      | Variable      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| DEUTSCHE BANK NY 4.1% 01/13/26 | DEUTSCHE BANK NY REGD SER * 4.10000000                                                         | CUSIP: 251526BZ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $299402.13     | 0.07%             | 2026-01-13      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| FINA 2004-2 M1 V/R 08/25/34    | FINANCE AMERICA MORTGAGE LOAN TRUST 2004-2 SER 2004-2 CL M1 V/R REGD 5.26203000                | CUSIP: 317350BD7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    123522 | PA      | $117945.61     | 0.03%             | 2034-08-25      | Variable      | 5.26%                 | No            |                  2 | On Loan: No      |
| MCCT 2024-1A A V/R 01/21/26    | MASTER CREDIT CARD TRUST II SER 2024-1A CL A V/R REGD 144A P/P 5.09270000                      | CUSIP: 576339DZ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | CA        |   2200000 | PA      | $2204783.24    | 0.54%             | 2028-01-21      | Variable      | 5.09%                 | Yes           |                  2 | On Loan: No      |
| JPMCC 2019-FL12  V/R 04/15/21  | JP MORGAN CHASE COMMERCIAL MORTGAGE SE SER 2019-FL12 CL A V/R REGD 144A P/P 5.86101000         | CUSIP: 46651QAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    137825 | PA      | $137332.44     | 0.03%             | 2031-12-15      | Variable      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| BRIGHTHSE FIN G 5.55% 04/09/27 | BRIGHTHSE FIN GLBL FUND REGD 144A P/P MTN 5.55000000                                           | CUSIP: 10921U2J6<br>LEI: 549300BLFX3KJ2IFOA78 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1016358.70    | 0.25%             | 2027-04-09      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| DLLAA 2025-1A A 4.7% 10/20/27  | DLLAA 2025-1 LLC SER 2025-1A CL A2 REGD 144A P/P 4.70000000                                    | CUSIP: 233249AB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1100000 | PA      | $1103309.46    | 0.27%             | 2027-10-20      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| NOMURA HOLDINGS I V/R 07/02/27 | NOMURA HOLDINGS INC REGD V/R 5.61791900                                                        | CUSIP: 65535HBQ1<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    300000 | PA      | $302848.08     | 0.07%             | 2027-07-02      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE S V/R 01/26/27 | CREDIT AGRICOLE SA REGD V/R 144A P/P 1.24700000                                                | CUSIP: 22535WAH0<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |    575000 | PA      | $567426.61     | 0.14%             | 2027-01-26      | Variable      | 1.25%                 | Yes           |                  2 | On Loan: No      |
| JACKSON NATL LIFE V/R 01/14/28 | JACKSON NATL LIFE GLOBAL REGD V/R 144A P/P 5.33205200                                          | CUSIP: 46849CJN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $301040.46     | 0.07%             | 2028-01-14      | Variable      | 5.33%                 | Yes           |                  2 | On Loan: No      |
| ARES 2022-65A A1 V/R 07/25/34  | ARES LXV CLO LTD SER 2022-65A CL A1R V/R REGD 144A P/P 0.00000000                              | CUSIP: 04019FAL1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2001500.00    | 0.49%             | 2034-07-25      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| CASH COLLATERAL CME WFS        | CASH COLLATERAL CME WFS        /CCWFSXUS7 4.23000000                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |   1110000 | PA      | $1110000.00    | 0.27%             | 2049-12-31      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE S V/R 07/05/26 | CREDIT AGRICOLE SA REGD V/R REG S 5.65308400                                                   | CUSIP: 22535EAF4<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |    600000 | PA      | $604769.86     | 0.15%             | 2026-07-05      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| BECTON DICKINSON DISC 09/30/25 | BECTON DICKINSON & CO DISCOUNT  COMMERCIAL PAPER 0.00000000                                    | CUSIP: 07588LWW4<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   4000000 | PA      | $3985435.55    | 0.97%             | 2025-09-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC V/R 11/02/26      | BARCLAYS PLC REGD V/R 7.32500000                                                               | CUSIP: 06738ECC7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $502172.14     | 0.12%             | 2026-11-02      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & E 3.15% 01/01/26 | PACIFIC GAS & ELECTRIC REGD 3.15000000                                                         | CUSIP: 694308JP3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1292264.10    | 0.32%             | 2026-01-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI T V/R 09/14/26 | SUMITOMO MITSUI TR BK LT REGD V/R REG S 5.50890300                                             | CUSIP: J7771YSN8<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |    350000 | PA      | $352687.21     | 0.09%             | 2026-09-14      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| MMAF 2024-A A2 5.2% 09/13/27   | MMAF EQUIPMENT FINANCE LLC 2024-A SER 2024-A CL A2 REGD 144A P/P 5.20000000                    | CUSIP: 55318CAB0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    463657 | PA      | $465235.92     | 0.11%             | 2027-09-13      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDING 2.125% 02/21/26 | AVOLON HOLDINGS FNDG LTD REGD 144A P/P 2.12500000                                              | CUSIP: 05401AAM3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    441000 | PA      | $435793.25     | 0.11%             | 2026-02-21      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA V/R 01/18/27           | BPCE SA REGD V/R 144A P/P MTN 5.97500000                                                       | CUSIP: 05583JAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   1500000 | PA      | $1507532.36    | 0.37%             | 2027-01-18      | Variable      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| FHR 5495 AF V/R 01/25/55       | FREDDIE MAC REMICS SER 5495 CL AF V/R 5.49839000                                               | CUSIP: 3137HJ2H9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    918073 | PA      | $922888.95     | 0.23%             | 2055-01-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE &  V/R 01/29/27 | JPMORGAN CHASE & CO REGD V/R 3.96000000                                                        | CUSIP: 46647PBA3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998544.66     | 0.24%             | 2027-01-29      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL A V/R 01/08/27 | HYUNDAI CAPITAL AMERICA REGD V/R 144A P/P 5.85969600                                           | CUSIP: 44891ACW5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    700000 | PA      | $707496.84     | 0.17%             | 2027-01-08      | Variable      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| FHR 4351 FA V/R 05/15/38       | FREDDIE MAC REMICS SER 4351 CL FA V/R 4.87840000                                               | CUSIP: 3137BBQ37<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    400329 | PA      | $393033.69     | 0.10%             | 2038-05-15      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| SO CALIF EDISO DISC 09/18/25   | SO CALIF EDISO DISC 09/18/25 0.00000000                                                        | CUSIP: 8424C0WJ5<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    600000 | PA      | $598654.17     | 0.15%             | 2025-09-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CRED 6.95% 06/10/26 | FORD MOTOR CREDIT CO LLC REGD 6.95000000                                                       | CUSIP: 345397D26<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $607924.88     | 0.15%             | 2026-06-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| ECMC 2017-2A A V/R 05/25/67    | ECMC GROUP STUDENT LOAN TRUST 2017-2 SER 2017-2A CL A V/R 144A P/P 5.51287000                  | CUSIP: 26828VAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    414210 | PA      | $415906.43     | 0.10%             | 2067-05-25      | Variable      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| BANQUE FED CRED M V/R 01/23/27 | BANQUE FED CRED MUTUEL REGD V/R 144A P/P 5.49473200                                            | CUSIP: 06675DCH3<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |    680000 | PA      | $685853.59     | 0.17%             | 2027-01-23      | Variable      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| SMB 2020-PTA A2 1.6% 09/15/54  | SMB PRIVATE EDUCATION LOAN TRUST 2020-PT-A SER 2020-PTA CL A2A REGD 144A P/P 1.60000000        | CUSIP: 78449VAB2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    161350 | PA      | $152245.37     | 0.04%             | 2054-09-15      | Fixed         | 1.60%                 | Yes           |                  2 | On Loan: No      |
| BAYER US FINANC 4.25% 12/15/25 | BAYER US FINANCE II LLC REGD 144A P/P 4.25000000                                               | CUSIP: 07274NAJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3993999.12    | 0.98%             | 2025-12-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| NEXTERA ENERGY DISC 09/26/25   | NEXTERA ENERGY DISC 09/26/25 0.00000000                                                        | CUSIP: 65339MWS1<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    600000 | PA      | $598091.67     | 0.15%             | 2025-09-26      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIE 4.5% 08/15/29 | UBER TECHNOLOGIES INC REGD 144A P/P 4.50000000                                                 | CUSIP: 90353TAK6<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2302454.79    | 0.56%             | 2029-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| GNR 2023-H27 FD V/R 11/20/73   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2023-H27 CL FD V/R 5.44503000                     | CUSIP: 38383KHV7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    191599 | PA      | $194544.97     | 0.05%             | 2073-11-20      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| VZMT 2024-1 A1B V/R 12/20/28   | VERIZON MASTER TRUST SER 2024-1 CL A1B V/R REGD 4.99270000                                     | CUSIP: 92348KCM3<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-CBDO         | CORP              | US        |   3000000 | PA      | $3003512.40    | 0.73%             | 2028-12-20      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| NATWEST MARKETS P V/R 09/29/26 | NATWEST MARKETS PLC REGD V/R REG S 5.12747700                                                  | CUSIP: G6382GWU2<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    200000 | PA      | $200642.82     | 0.05%             | 2026-09-29      | Variable      | 5.13%                 | No            |                  2 | On Loan: No      |
| ONEOK INC 5.85% 01/15/26       | ONEOK INC REGD 5.85000000                                                                      | CUSIP: 682680BD4<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   3800000 | PA      | $3814051.03    | 0.93%             | 2026-01-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| DRSLF 2021-95A A V/R 08/20/34  | DRYDEN 95 CLO LTD SER 2021-95A CL AR V/R REGD 144A P/P 5.24354000                              | CUSIP: 262487AJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $399304.00     | 0.10%             | 2034-08-20      | Variable      | 5.24%                 | Yes           |                  2 | On Loan: No      |
| SCCU 2023-1A A3 5.7% 01/15/27  | SCCU AUTO RECEIVABLES TRUST 2023-1 SER 2023-1A CL A3 REGD 144A P/P 5.70000000                  | CUSIP: 805922AE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    599060 | PA      | $604046.59     | 0.15%             | 2028-10-16      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| BCC 2022-2A A1R V/R 04/22/35   | BAIN CAPITAL CREDIT CLO 2022-2 LTD SER 2022-2A CL A1R V/R REGD 144A P/P 5.48199000             | CUSIP: 05682GAQ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   2500000 | PA      | $2501035.00    | 0.61%             | 2035-04-22      | Variable      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| TOYOTA MOTOR CRED V/R 05/18/26 | TOYOTA MOTOR CREDIT CORP REGD V/R 5.25527400                                                   | CUSIP: 89236TKV6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $60264.19      | 0.01%             | 2026-05-18      | Variable      | 5.26%                 | No            |                  2 | On Loan: No      |
| MSAC 2004-HE4 M1 V/R 05/25/34  | MORGAN STANLEY ABS CAPITAL I INC TRUST 2004-HE4 SER 2004-HE4 CL M1 V/R REGD 5.33703000         | CUSIP: 61746RGK1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    331766 | PA      | $350551.58     | 0.09%             | 2034-05-25      | Variable      | 5.34%                 | No            |                  2 | On Loan: No      |
| RTX CORP DISC 09/22/25         | RTX CORP DISC 09/22/25 0.00000000                                                              | CUSIP: 78109FWN8<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | STIV             | CORP              | US        |   4200000 | PA      | $4188852.50    | 1.02%             | 2025-09-22      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN  5.5% 08/31/26 | ROYAL CARIBBEAN CRUISES REGD 144A P/P 5.50000000                                               | CUSIP: 780153BJ0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1004613.00    | 0.25%             | 2026-08-31      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CCG 2025-1 A2 4.48% 10/14/32   | CCG RECEIVABLES TRUST 2025-1 SER 2025-1 CL A2 REGD 144A P/P 4.48000000                         | CUSIP: 12515XAB6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    400000 | PA      | $401891.40     | 0.10%             | 2032-10-14      | Fixed         | 4.48%                 | Yes           |                  2 | On Loan: No      |
| DRSLF 2017-54A A V/R 10/19/29  | DRYDEN 54 SENIOR LOAN FUND SER 2017-54A CL AR V/R REGD 144A P/P 5.47549000                     | CUSIP: 26244RAF8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    179047 | PA      | $179134.35     | 0.04%             | 2029-10-19      | Variable      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| NISSAN MOTOR AC 1.85% 09/16/26 | NISSAN MOTOR ACCEPTANCE REGD 144A P/P MTN 1.85000000                                           | CUSIP: 65480CAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $288704.22     | 0.07%             | 2026-09-16      | Fixed         | 1.85%                 | Yes           |                  2 | On Loan: No      |
| BANK OF MONTREAL V/R 09/10/27  | BANK OF MONTREAL REGD V/R MTN 5.23790500                                                       | CUSIP: 06368L8M1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $502146.24     | 0.12%             | 2027-09-10      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| FNR 2025-4 FB V/R 12/25/53     | FANNIE MAE REMICS SER 2025-4 CL FB V/R 5.54839000                                              | CUSIP: 3136BUU65<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    341544 | PA      | $343840.01     | 0.08%             | 2053-12-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| SVENSKA HANDELSBA V/R 06/15/26 | SVENSKA HANDELSBANKEN AB REGD V/R 144A P/P 5.61047400                                          | CUSIP: 86959LAN3<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | DBT              | CORP              | SE        |     75000 | PA      | $75609.98      | 0.02%             | 2026-06-15      | Variable      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| GALL 2017-1A A1R V/R 07/15/31  | GALLATIN CLO VIII 2017-1 LTD SER 2017-1A CL A1R V/R REGD 144A P/P 5.66916000                   | CUSIP: 36361UAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    404109 | PA      | $404630.55     | 0.10%             | 2031-07-15      | Variable      | 5.67%                 | Yes           |                  2 | On Loan: No      |
| SMB 2024-D A1B V/R 07/15/53    | SMB PRIVATE EDUCATION LOAN TRUST 2024-D SER 2024-D CL A1B V/R REGD 144A P/P 5.44270000         | CUSIP: 83207QAB5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    868088 | PA      | $869224.96     | 0.21%             | 2053-07-15      | Variable      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| FHLT 2005-A M3 V/R 01/25/35    | FREMONT HOME LOAN TRUST 2005-A SER 2005-A CL M3 V/R REGD 5.17203000                            | CUSIP: 35729PHN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     35604 | PA      | $35281.74      | 0.01%             | 2035-01-25      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| TPAT 2021-SL1 A2 V/R 11/20/26  | TOWD POINT ASSET TRUST 2021-SL1 SER 2021-SL1 CL A2 V/R REGD 144A P/P 5.15490000                | CUSIP: 89179XAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    230932 | PA      | $230143.69     | 0.06%             | 2061-11-20      | Variable      | 5.15%                 | Yes           |                  2 | On Loan: No      |
| TPMT 2019-HY3 A1 V/R 07/25/27  | TOWD POINT MORTGAGE TRUST 2019-HY3 SER 2019-HY3 CL A1A V/R REGD 144A P/P 5.43703000            | CUSIP: 89177XAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    128521 | PA      | $129229.09     | 0.03%             | 2059-10-25      | Variable      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| GCAT 2021-NQM3 A V/R 05/25/66  | GCAT 2021-NQM3 TRUST SER 2021-NQM3 CL A1 V/R REGD 144A P/P 1.09100000                          | CUSIP: 36167HAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    558386 | PA      | $488717.56     | 0.12%             | 2066-05-25      | Variable      | 1.09%                 | Yes           |                  2 | On Loan: No      |
| TPMT 2020-1 A1 V/R 01/25/60    | TOWD POINT MORTGAGE TRUST 2020-1 SER 2020-1 CL A1 V/R REGD 144A P/P 2.71000000                 | CUSIP: 89178WAU2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    377040 | PA      | $364072.65     | 0.09%             | 2060-01-25      | Variable      | 2.71%                 | Yes           |                  2 | On Loan: No      |
| ATCLO 2021-18A A V/R 01/18/35  | ATLAS SENIOR LOAN FUND XVIII LTD SER 2021-18A CL A1R V/R REGD 144A P/P 5.43900000              | CUSIP: 04943EAQ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $999405.00     | 0.24%             | 2035-01-18      | Variable      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| MICROCHIP TECHN 4.25% 09/01/25 | MICROCHIP TECHNOLOGY INC REGD 4.25000000                                                       | CUSIP: 595017BA1<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4000000.00    | 0.98%             | 2025-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SMB 2022-B A1B V/R 02/16/55    | SMB PRIVATE EDUCATION LOAN TRUST 2022-B SER 2022-B CL A1B V/R REGD 144A P/P 5.79270000         | CUSIP: 83206NAB3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1031913 | PA      | $1042375.40    | 0.25%             | 2055-02-16      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| ARIFL 2024-B A 5.54% 02/15/27  | ARI FLEET LEASE TRUST 2024-B SER 2024-B CL A2 REGD 144A P/P 5.54000000                         | CUSIP: 04033HAB1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1337181 | PA      | $1347400.68    | 0.33%             | 2033-04-15      | Fixed         | 5.54%                 | Yes           |                  2 | On Loan: No      |
| VOLKSWAGEN GROU 1.25% 11/24/25 | VOLKSWAGEN GROUP AMERICA REGD 144A P/P 1.25000000                                              | CUSIP: 928668BL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1985150.24    | 0.48%             | 2025-11-24      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| MTLRF 2025-1A A 4.7% 08/16/27  | M&T EQUIPMENT 2025-LEAF1 NOTES SER 2025-1A CL A2 REGD 144A P/P 4.70000000                      | CUSIP: 55340QAB1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $2011638.80    | 0.49%             | 2027-12-16      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| JPMORGAN CHASE &  V/R 11/19/26 | JPMORGAN CHASE & CO REGD V/R 1.04500000                                                        | CUSIP: 46647PBT2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    700000 | PA      | $694900.84     | 0.17%             | 2026-11-19      | Variable      | 1.04%                 | No            |                  2 | On Loan: No      |
| LADAR 2024-3A  4.52% 08/15/27  | LAD AUTO RECEIVABLES TRUST 2024-3 SER 2024-3A CL A3 REGD 144A P/P 4.52000000                   | CUSIP: 505709AC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1975000 | PA      | $1981417.17    | 0.48%             | 2029-03-15      | Fixed         | 4.52%                 | Yes           |                  2 | On Loan: No      |
| GNR 2021-122 FA V/R 07/20/51   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2021-122 CL FA V/R 3.00000000                     | CUSIP: 38382WCY1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2775884 | PA      | $2399822.14    | 0.59%             | 2051-07-20      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| BXMT 2020-FL3 A V/R 11/15/37   | BXMT 2020-FL3 LTD SER 2020-FL3 CL A V/R REGD 144A P/P 6.37758000                               | CUSIP: 05608XAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    496646 | PA      | $496146.01     | 0.12%             | 2037-11-15      | Variable      | 6.38%                 | Yes           |                  2 | On Loan: No      |
| WAMU 2005-AR13 A V/R 10/25/45  | WAMU MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005- SER 2005-AR13 CL A1A1 V/R REGD 5.01703000 | CUSIP: 92922F4M7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    231410 | PA      | $232349.01     | 0.06%             | 2045-10-25      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN  5.5% 04/01/28 | ROYAL CARIBBEAN CRUISES REGD 144A P/P 5.50000000                                               | CUSIP: 780153BG6<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | US        |    600000 | PA      | $611113.80     | 0.15%             | 2028-04-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| BANK OF MONTREAL V/R 06/04/27  | BANK OF MONTREAL REGD V/R MTN 5.11593600                                                       | CUSIP: 06368L3M6<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    319000 | PA      | $320836.81     | 0.08%             | 2027-06-04      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| SBALT 2024-B A 5.67% 10/20/25  | SBNA AUTO LEASE TRUST 2024-B SER 2024-B CL A2 REGD 144A P/P 5.67000000                         | CUSIP: 78437VAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    111469 | PA      | $111556.14     | 0.03%             | 2026-11-20      | Fixed         | 5.67%                 | Yes           |                  2 | On Loan: No      |
| TPMT 2025-CES2 A V/R 07/25/65  | TOWD POINT MORTGAGE TRUST 2025-CES2 SER 2025-CES2 CL A1 V/R REGD 144A P/P 5.34800000           | CUSIP: 89183KAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    195263 | PA      | $196668.40     | 0.05%             | 2065-07-25      | Variable      | 5.35%                 | Yes           |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC V/R 09/12/26 | HSBC HOLDINGS PLC REGD V/R 5.96573000                                                          | CUSIP: 404280BW8<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1500000 | PA      | $1500620.42    | 0.37%             | 2026-09-12      | Variable      | 5.97%                 | No            |                  2 | On Loan: No      |
| FHR 5567 FB V/R 08/25/55       | FREDDIE MAC REMICS SER 5567 CL FB V/R 5.34839000                                               | CUSIP: 3137HMEX4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    888130 | PA      | $895384.67     | 0.22%             | 2055-08-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| PAID 2024-1 A 6.66% 07/15/31   | PAGAYA AI DEBT TRUST 2024-1 SER 2024-1 CL A REGD 144A P/P 6.66000000                           | CUSIP: 69548AAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     26495 | PA      | $26692.69      | 0.01%             | 2031-07-15      | Fixed         | 6.66%                 | Yes           |                  2 | On Loan: No      |
| CHASE 2024-9 A11 V/R 04/25/47  | CHASE HOME LENDING MORTGAGE TRUST 2024-9 SER 2024-9 CL A11 V/R REGD 144A P/P 5.59839000        | CUSIP: 16160QAX2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    508685 | PA      | $508216.89     | 0.12%             | 2055-09-25      | Variable      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| GSMBS 2021-GR2 A V/R 02/25/52  | GS MORTGAGE-BACKED SECURITIES TRUST 2021-GR2 SER 2021-GR2 CL A9 V/R REGD 144A P/P 5.00000000   | CUSIP: 36262JAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    657785 | PA      | $610805.62     | 0.15%             | 2052-02-25      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NATIONAL BANK OF  V/R 03/25/27 | NATIONAL BANK OF CANADA REGD V/R MTN SER GMTN 5.26692800                                       | CUSIP: 63307A2Y0<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   1100000 | PA      | $1101940.55    | 0.27%             | 2027-03-25      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| F/C US 2YR NOTE (CBT) DEC25    | FUTURE CONTRACT ON           US 2YR NOTE (CBT) DEC25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |      -805 | NC      | $-167873944.91 | -41.01%           |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NOVA SCOT V/R 03/02/26 | BANK OF NOVA SCOTIA REGD V/R 4.90104900                                                        | CUSIP: 0641593V6<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    462000 | PA      | $462724.72     | 0.11%             | 2026-03-02      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GRO V/R 10/21/27 | GOLDMAN SACHS GROUP INC REGD V/R 1.94800000                                                    | CUSIP: 38141GYM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $973924.49     | 0.24%             | 2027-10-21      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI T V/R 03/09/26 | SUMITOMO MITSUI TR BK LT REGD V/R REG S EMTN 5.47593600                                        | CUSIP: J7771YRY5<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |    640000 | PA      | $642810.84     | 0.16%             | 2026-03-09      | Variable      | 5.48%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC V/R 11/10/26 | NATWEST GROUP PLC REGD V/R 7.47200000                                                          | CUSIP: 639057AG3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    900000 | PA      | $904836.67     | 0.22%             | 2026-11-10      | Variable      | 7.47%                 | No            |                  2 | On Loan: No      |
| NCMS 2021-APPL A V/R 08/15/23  | NATIXIS COMMERCIAL MORTGAGE SECURITIES  SER 2021-APPL CL A V/R REGD 144A P/P 5.57848000        | CUSIP: 63874AAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1600000 | PA      | $1553593.44    | 0.38%             | 2038-08-15      | Variable      | 5.58%                 | Yes           |                  2 | On Loan: No      |
| TOYOTA MOTOR CRED V/R 05/15/26 | TOYOTA MOTOR CREDIT CORP REGD V/R 4.81516600                                                   | CUSIP: 89236TME2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $35032.90      | 0.01%             | 2026-05-15      | Variable      | 4.82%                 | No            |                  2 | On Loan: No      |
| OCT39 2018-3A AR V/R 10/20/30  | OCTAGON INVESTMENT PARTNERS 39 LTD SER 2018-3A CL AR V/R REGD 144A P/P 5.47549000              | CUSIP: 67592CAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    173710 | PA      | $173794.13     | 0.04%             | 2030-10-20      | Variable      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| BVINV 2025-3 AF1 V/R 11/25/27  | OCEANVIEW MORTGAGE TRUST 2025-INV3 SER 2025-3 CL AF1 V/R REGD 144A P/P 5.29973000              | CUSIP: 67648CAU4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    544056 | PA      | $545414.09     | 0.13%             | 2055-05-25      | Variable      | 5.30%                 | Yes           |                  2 | On Loan: No      |
| SYMP 2021-29A AR V/R 10/15/35  | SYMPHONY CLO XXIX LTD SER 2021-29A CL AR V/R REGD 144A P/P 5.43307000                          | CUSIP: 87168GAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    800000 | PA      | $800259.20     | 0.20%             | 2035-10-15      | Variable      | 5.43%                 | Yes           |                  2 | On Loan: No      |
| SK HYNIX INC 6.25% 01/17/26    | SK HYNIX INC REGD REG S 6.25000000                                                             | CUSIP: Y8085FBJ8<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |    400000 | PA      | $403223.20     | 0.10%             | 2026-01-17      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CRE 4.389% 01/08/26 | FORD MOTOR CREDIT CO LLC REGD MTN SER GMTN 4.38900000                                          | CUSIP: 345397XU2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $599049.27     | 0.15%             | 2026-01-08      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| NSLT 2019-2A A V/R 09/25/32    | NELNET STUDENT LOAN TRUST 2019-2 SER 2019-2A CL A V/R 144A P/P 5.36287000                      | CUSIP: 64034NAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    445959 | PA      | $446001.04     | 0.11%             | 2067-06-27      | Variable      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| JPMMT 2021-12 A1 V/R 02/25/52  | JP MORGAN MORTGAGE TRUST 2021-12 SER 2021-12 CL A11 V/R REGD 144A P/P 5.00000000               | CUSIP: 46592WBE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    282276 | PA      | $262136.85     | 0.06%             | 2052-02-25      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| GNR 2023-H11 FC V/R 05/20/73   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2023-H11 CL FC V/R 5.44503000                     | CUSIP: 38382Y5C3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    192736 | PA      | $195742.53     | 0.05%             | 2073-05-20      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR C 3.522% 09/17/25 | NISSAN MOTOR CO REGD REG S 3.52200000                                                          | CUSIP: J57160DX8<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    400000 | PA      | $400332.00     | 0.10%             | 2025-09-17      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC V/R 05/09/27      | BARCLAYS PLC REGD V/R 5.82900000                                                               | CUSIP: 06738ECF0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    700000 | PA      | $706438.28     | 0.17%             | 2027-05-09      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LL V/R 03/21/28 | BMW US CAPITAL LLC REGD V/R 144A P/P 5.28395500                                                | CUSIP: 05565ECX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    700000 | PA      | $703614.04     | 0.17%             | 2028-03-21      | Variable      | 5.28%                 | Yes           |                  2 | On Loan: No      |
| AVIATION CAPITA 1.95% 01/30/26 | AVIATION CAPITAL GROUP REGD 144A P/P 1.95000000                                                | CUSIP: 05369AAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $197954.85     | 0.05%             | 2026-01-30      | Fixed         | 1.95%                 | Yes           |                  2 | On Loan: No      |
| ECMC 2019-1A A1B V/R 04/25/30  | ECMC GROUP STUDENT LOAN TRUST 2019-1 SER 2019-1A CL A1B V/R 144A P/P 5.46287000                | CUSIP: 26829XAB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    452659 | PA      | $452678.14     | 0.11%             | 2069-07-25      | Variable      | 5.46%                 | Yes           |                  2 | On Loan: No      |
| FNR 2024-103 FC V/R 01/25/55   | FANNIE MAE REMICS SER 2024-103 CL FC V/R 5.49839000                                            | CUSIP: 3136BUQH6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    457461 | PA      | $459854.56     | 0.11%             | 2055-01-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV V/R 09/18/27  | ABN AMRO BANK NV REGD V/R 144A P/P 6.14340800                                                  | CUSIP: 00084DBB5<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    800000 | PA      | $809059.79     | 0.20%             | 2027-09-18      | Variable      | 6.14%                 | Yes           |                  2 | On Loan: No      |
| BMW US CAPITAL LL V/R 03/19/27 | BMW US CAPITAL LLC REGD V/R 144A P/P 5.14362500                                                | CUSIP: 05565ECV5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $200797.04     | 0.05%             | 2027-03-19      | Variable      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| PENSKE TRUCK LE 5.75% 05/24/26 | PENSKE TRUCK LEASING/PTL REGD 144A P/P 5.75000000                                              | CUSIP: 709599BU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2263000 | PA      | $2281000.45    | 0.56%             | 2026-05-24      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| BERRY GLOBAL I 4.875% 07/15/26 | BERRY GLOBAL INC REGD 144A P/P 4.87500000                                                      | CUSIP: 085770AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1119000 | PA      | $1118274.33    | 0.27%             | 2026-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| SWEDBANK AB 5.337% 09/20/27    | SWEDBANK AB REGD REG S 5.33700000                                                              | CUSIP: W94239AE5<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |   1000000 | PA      | $1023400.12    | 0.25%             | 2027-09-20      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| GWOLF 2020-3RA A V/R 04/22/33  | GREYWOLF CLO III LTD SER 2020-3RA CL A1R2 V/R REGD 144A P/P 5.56199000                         | CUSIP: 39809CAY0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1267784 | PA      | $1269413.52    | 0.31%             | 2033-04-22      | Variable      | 5.56%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO 2.196% 02/04/26      | BOEING CO REGD 2.19600000                                                                      | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1088958.43    | 0.27%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS  5.25% 03/01/26 | GENERAL MOTORS FINL CO REGD 5.25000000                                                         | CUSIP: 37045XBG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3005280.99    | 0.73%             | 2026-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AG 2024-NLP A V/R 08/15/26     | AG TRUST 2024-NLP SER 2024-NLP CL A V/R REGD 144A P/P 6.37874000                               | CUSIP: 00792MAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     95033 | PA      | $95506.99      | 0.02%             | 2041-07-15      | Variable      | 6.38%                 | Yes           |                  2 | On Loan: No      |
| WOODSIDE FINANCE 3.7% 09/15/26 | WOODSIDE FINANCE LTD REGD 144A P/P 3.70000000                                                  | CUSIP: 980236AN3<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |   2000000 | PA      | $1985329.54    | 0.48%             | 2026-09-15      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| SALTT 2021-1A 2.301% 12/15/27  | STONEPEAK 2021-1 ABS SER 2021-1A CL AA REGD 144A P/P 2.30100000                                | CUSIP: 78433XAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     90338 | PA      | $86647.28      | 0.02%             | 2033-02-28      | Fixed         | 2.30%                 | Yes           |                  2 | On Loan: No      |
| CENTERPOINT ENE 1.45% 06/01/26 | CENTERPOINT ENERGY INC REGD 1.45000000                                                         | CUSIP: 15189TBA4<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1957028.62    | 0.48%             | 2026-06-01      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| NEUB 2021-43A AR V/R 07/17/36  | NEUBERGER BERMAN LOAN ADVISERS CLO 4 SER 2021-43A CL AR V/R REGD 144A P/P 5.37240000           | CUSIP: 64134AAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $400693.60     | 0.10%             | 2036-07-17      | Variable      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| EXELON CORP 3.4% 04/15/26      | EXELON CORP REGD 3.40000000                                                                    | CUSIP: 30161NAU5<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    816000 | PA      | $811297.98     | 0.20%             | 2026-04-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| NEUB 2021-45A AR V/R 10/14/36  | NEUBERGER BERMAN LOAN ADVISERS CLO 4 SER 2021-45A CL AR V/R REGD 144A P/P 5.38027000           | CUSIP: 64134MAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $399605.20     | 0.10%             | 2036-10-14      | Variable      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| MFRA 2020-NQM2 A V/R 04/25/65  | MFA 2020-NQM2 TRUST SER 2020-NQM2 CL A1 V/R REGD 144A P/P 1.38100000                           | CUSIP: 552751AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     90210 | PA      | $88180.19      | 0.02%             | 2065-04-25      | Variable      | 1.38%                 | Yes           |                  2 | On Loan: No      |
| F&G GLOBAL FUND 1.75% 06/30/26 | F&G GLOBAL FUNDING REGD 144A P/P 1.75000000                                                    | CUSIP: 30321L2A9<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3419839.22    | 0.84%             | 2026-06-30      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| MPLX LP 1.75% 03/01/26         | MPLX LP REGD 1.75000000                                                                        | CUSIP: 55336VBR0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3400000 | PA      | $3354573.42    | 0.82%             | 2026-03-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| ALGONQUIN PWR &  S/UP 06/15/26 | ALGONQUIN PWR & UTILITY REGD S/UP 5.36500000                                                   | CUSIP: 015857AF2<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |   1236000 | PA      | $1245029.09    | 0.30%             | 2026-06-15      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL V/R 10/02/26 | CANADIAN IMPERIAL BANK REGD V/R 5.58539200                                                     | CUSIP: 13607LWU3<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    700000 | PA      | $706249.29     | 0.17%             | 2026-10-02      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF  V/R 07/02/27 | NATIONAL BANK OF CANADA REGD V/R 5.39539100                                                    | CUSIP: 63307A2Z7<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   2400000 | PA      | $2408585.42    | 0.59%             | 2027-07-02      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| ACREC 2023-FL2 A V/R 05/19/27  | ACREC 2023-FL2 LLC SER 2023-FL2 CL A V/R REGD 144A P/P 6.59310000                              | CUSIP: 00501BAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    208883 | PA      | $208890.95     | 0.05%             | 2038-02-19      | Variable      | 6.59%                 | Yes           |                  2 | On Loan: No      |
| LCM 31A AR V/R 07/20/34        | LCM 31 LTD SER 31A CL AR V/R REGD 144A P/P 5.60549000                                          | CUSIP: 50201QAL8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000451.00    | 0.24%             | 2034-07-20      | Variable      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| FNMA 30YR TBA 5.5% OCT 25      | FNMA 30YR TBA 5.5% OCT 25     TO BE ANNOUNCED 5.50000000                                       | CUSIP: 01F0526A5<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   7200000 | PA      | $7235451.58    | 1.77%             | 2055-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TLOT 2024-B A2B V/R 07/20/26   | TOYOTA LEASE OWNER TRUST 2024-B SER 2024-B CL A2B V/R REGD 144A P/P 4.78503000                 | CUSIP: 891943AC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    304932 | PA      | $305153.37     | 0.07%             | 2027-02-22      | Variable      | 4.79%                 | Yes           |                  2 | On Loan: No      |
| MIZUHO FINANCIAL  V/R 05/13/31 | MIZUHO FINANCIAL GROUP REGD V/R 5.44558900                                                     | CUSIP: 60687YDK2<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |   2700000 | PA      | $2705987.12    | 0.66%             | 2031-05-13      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| COX COMMUNICATI 3.35% 09/15/26 | COX COMMUNICATIONS INC REGD 144A P/P 3.35000000                                                | CUSIP: 224044CG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $217572.07     | 0.05%             | 2026-09-15      | Fixed         | 3.35%                 | Yes           |                  2 | On Loan: No      |
| TPMT 2024-CES1 A V/R 09/25/31  | TOWD POINT MORTGAGE TRUST 2024-CES1 SER 2024-CES1 CL A1A V/R REGD 144A P/P 5.84800000          | CUSIP: 89183CAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    195294 | PA      | $196441.49     | 0.05%             | 2064-01-25      | Variable      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| DNB BANK ASA V/R 10/09/26      | DNB BANK ASA REGD V/R 144A P/P 5.89600000                                                      | CUSIP: 23341CAC7<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |    805000 | PA      | $806051.13     | 0.20%             | 2026-10-09      | Variable      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| SUMITOMO MITSUI F V/R 04/15/30 | SUMITOMO MITSUI FINL GRP REGD V/R 5.41183000                                                   | CUSIP: 86562MDR8<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    181000 | PA      | $181627.29     | 0.04%             | 2030-04-15      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GR V/R 01/05/28 | LLOYDS BANKING GROUP PLC REGD V/R 5.94748500                                                   | CUSIP: 53944YAY9<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   1275000 | PA      | $1289421.35    | 0.31%             | 2028-01-05      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| VMWARE LLC 1.4% 08/15/26       | VMWARE LLC REGD 1.40000000                                                                     | CUSIP: 928563AJ4<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |    700000 | PA      | $680771.91     | 0.17%             | 2026-08-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| JERSEY CENTRAL P 4.3% 01/15/26 | JERSEY CENTRAL PWR & LT REGD 144A P/P 4.30000000                                               | CUSIP: 476556DC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1328000 | PA      | $1326230.81    | 0.32%             | 2026-01-15      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| FHR 5484 FA V/R 12/25/54       | FREDDIE MAC REMICS SER 5484 CL FA V/R 5.54839000                                               | CUSIP: 3137HHKS9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     83353 | PA      | $83913.95      | 0.02%             | 2054-12-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC V/R 09/12/26 | HSBC HOLDINGS PLC REGD V/R 4.29200000                                                          | CUSIP: 404280BX6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   2500000 | PA      | $2499859.10    | 0.61%             | 2026-09-12      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS V/R 01/13/27       | BNP PARIBAS REGD V/R 144A P/P 1.32300000                                                       | CUSIP: 09659W2N3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1500000 | PA      | $1482601.55    | 0.36%             | 2027-01-13      | Variable      | 1.32%                 | Yes           |                  2 | On Loan: No      |
| COREBRIDGE GLOB F V/R 01/07/28 | COREBRIDGE GLOB FUNDING REGD V/R 144A P/P 5.11335600                                           | CUSIP: 00138CBE7<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998563.39     | 0.24%             | 2028-01-07      | Variable      | 5.11%                 | Yes           |                  2 | On Loan: No      |
| FNR 2025-19 FC V/R 03/25/55    | FANNIE MAE REMICS SER 2025-19 CL FC V/R 5.50839000                                             | CUSIP: 3136BVBY3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    466756 | PA      | $469479.06     | 0.11%             | 2055-03-25      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| UNICREDIT SPA V/R 09/22/26     | UNICREDIT SPA REGD V/R 144A P/P 2.56900000                                                     | CUSIP: 904678AU3<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    500000 | PA      | $499420.45     | 0.12%             | 2026-09-22      | Variable      | 2.57%                 | Yes           |                  2 | On Loan: No      |
| FNR 2024-103 FJ V/R 01/25/55   | FANNIE MAE REMICS SER 2024-103 CL FJ V/R 5.54839000                                            | CUSIP: 3136BUPN4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    638889 | PA      | $643384.12     | 0.16%             | 2055-01-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| FHR 5513 MF V/R 11/25/54       | FREDDIE MAC REMICS SER 5513 CL MF V/R 5.28839000                                               | CUSIP: 3137HKEX8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3508367 | PA      | $3528540.18    | 0.86%             | 2054-11-25      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| MMAF 2023-A A2 5.79% 12/13/25  | MMAF EQUIPMENT FINANCE LLC 2023-A SER 2023-A CL A2 REGD 144A P/P 5.79000000                    | CUSIP: 55317WAB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     80646 | PA      | $80835.90      | 0.02%             | 2026-11-13      | Fixed         | 5.79%                 | Yes           |                  2 | On Loan: No      |
| DLLAA 2023-1A  5.93% 07/20/26  | DLLAA 2023-1 LLC SER 2023-1A CL A2 REGD 144A P/P 5.93000000                                    | CUSIP: 23292HAB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |        80 | PA      | $79.91         | 0.00%             | 2026-07-20      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| BANK OF MONTREAL V/R 06/05/26  | BANK OF MONTREAL REGD V/R 5.68582400                                                           | CUSIP: 06368LNU6<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   3100000 | PA      | $3124349.82    | 0.76%             | 2026-06-05      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| FNR 2025-16 FA V/R 03/25/55    | FANNIE MAE REMICS SER 2025-16 CL FA V/R 5.49839000                                             | CUSIP: 3136BU5D8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    458924 | PA      | $461359.90     | 0.11%             | 2055-03-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINE 4.375% 04/15/26 | UNITED AIRLINES INC REGD 144A P/P 4.37500000                                                   | CUSIP: 90932LAG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2094432.88    | 0.51%             | 2026-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| CRVNA 2023-P4  6.16% 10/10/28  | CARVANA AUTO RECEIVABLES TRUST 2023-P4 SER 2023-P4 CL A3 REGD 144A P/P 6.16000000              | CUSIP: 14687NAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1441290 | PA      | $1457735.22    | 0.36%             | 2028-10-10      | Fixed         | 6.16%                 | Yes           |                  2 | On Loan: No      |
| MABS 2004-OPT2 A V/R 09/25/34  | MASTR ASSET BACKED SECURITIES TRUST 2004-OPT2 SER 2004-OPT2 CL A1 V/R REGD 5.13703000          | CUSIP: 57643LFG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    126425 | PA      | $116184.55     | 0.03%             | 2034-09-25      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP  V/R 09/12/25 | VOLKSWAGEN GROUP AMERICA REGD V/R 144A P/P 5.28945200                                          | CUSIP: 928668BY7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    725000 | PA      | $725147.83     | 0.18%             | 2025-09-12      | Variable      | 5.29%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN HONDA FI V/R 08/13/27 | AMERICAN HONDA FINANCE REGD V/R MTN SER GMTN 5.09489800                                        | CUSIP: 02665WGH8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2900000 | PA      | $2905505.48    | 0.71%             | 2027-08-13      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED M V/R 07/13/26 | BANQUE FED CRED MUTUEL REGD V/R 144A P/P 5.76205100                                            | CUSIP: 06675DCG5<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |    875000 | PA      | $881753.71     | 0.22%             | 2026-07-13      | Variable      | 5.76%                 | Yes           |                  2 | On Loan: No      |
| IMPERIAL BRANDS  3.5% 07/26/26 | IMPERIAL BRANDS FIN PLC REGD REG S 3.50000000                                                  | CUSIP: G471ABNV8<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    361000 | PA      | $357980.25     | 0.09%             | 2026-07-26      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHR 4906 WF V/R 12/15/38       | FREDDIE MAC REMICS SER 4906 CL WF V/R 4.82840000                                               | CUSIP: 3137FNWL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    864593 | PA      | $853966.62     | 0.21%             | 2038-12-15      | Variable      | 4.83%                 | No            |                  2 | On Loan: No      |
| 7-ELEVEN INC 0.95% 02/10/26    | 7-ELEVEN INC REGD 144A P/P 0.95000000                                                          | CUSIP: 817826AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $590521.91     | 0.14%             | 2026-02-10      | Fixed         | 0.95%                 | Yes           |                  2 | On Loan: No      |
| ROYAL BANK OF CAN V/R 10/18/28 | ROYAL BANK OF CANADA REGD V/R MTN SER GMTN 5.22341100                                          | CUSIP: 78017FZU0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   1700000 | PA      | $1707003.52    | 0.42%             | 2028-10-18      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| TPMT 2021-SJ2 A1 V/R 12/25/61  | TOWD POINT MORTGAGE TRUST 2021-SJ2 SER 2021-SJ2 CL A1A V/R REGD 144A P/P 2.25000000            | CUSIP: 89180LAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    562477 | PA      | $546570.06     | 0.13%             | 2061-12-25      | Variable      | 2.25%                 | Yes           |                  2 | On Loan: No      |
| BLUEM 2018-3A A1 V/R 10/25/30  | BLUEMOUNTAIN CLO 2018-3 LTD SER 2018-3A CL A1R V/R REGD 144A P/P 5.50846000                    | CUSIP: 09630AAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    313248 | PA      | $313440.65     | 0.08%             | 2030-10-25      | Variable      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| NSLT 2018-3A A2 V/R 10/25/24   | NELNET STUDENT LOAN TRUST 2018-3 SER 2018-3A CL A2 V/R 144A P/P 4.87703000                     | CUSIP: 64034AAB9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     10987 | PA      | $10985.14      | 0.00%             | 2066-09-27      | Variable      | 4.88%                 | Yes           |                  2 | On Loan: No      |
| ROCKT 2021-2A A1 V/R 07/20/34  | ROCKFORD TOWER CLO 2021-2 LTD SER 2021-2A CL A1R V/R REGD 144A P/P 0.00000000                  | CUSIP: 77341LAQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2001500.00    | 0.49%             | 2034-07-20      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| BAT INTL FINAN 1.668% 03/25/26 | BAT INTL FINANCE PLC REGD 1.66800000                                                           | CUSIP: 05530QAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   1600000 | PA      | $1575484.80    | 0.38%             | 2026-03-25      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDING V/R 09/09/26 | SANTANDER HOLDINGS USA REGD V/R 5.80700000                                                     | CUSIP: 80282KBE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $300059.33     | 0.07%             | 2026-09-09      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| ARCLO 2021-FL3 A V/R 07/15/26  | ARBOR REALTY COMMERCIAL REAL ESTATE NOTES 20 SER 2021-FL3 CL A V/R REGD 144A P/P 5.54758000    | CUSIP: 03880KAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    289304 | PA      | $289691.51     | 0.07%             | 2034-08-15      | Variable      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| MF1 2020-FL4 A V/R 10/15/25    | MF1 2020-FL4 LTD SER 2020-FL4 CL A V/R REGD 144A P/P 6.17758000                                | CUSIP: 58003UAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    160258 | PA      | $160296.52     | 0.04%             | 2035-12-15      | Variable      | 6.18%                 | Yes           |                  2 | On Loan: No      |
| CONAGRA BRANDS 7.125% 10/01/26 | CONAGRA BRANDS INC REGD 7.12500000                                                             | CUSIP: 205887AF9<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1026546.76    | 0.25%             | 2026-10-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY V/R 11/16/27  | DEUTSCHE BANK NY REGD V/R 5.58402800                                                           | CUSIP: 251526CN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    935000 | PA      | $940018.79     | 0.23%             | 2027-11-16      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| TAOT 2025-B A2 4.46% 03/15/28  | TOYOTA AUTO RECEIVABLES 2025-B OWNER TRUST SER 2025-B CL A2A REGD 4.46000000                   | CUSIP: 89231HAB2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4000000 | PA      | $4008374.40    | 0.98%             | 2028-03-15      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| NOMURA HOLDING 5.709% 01/09/26 | NOMURA HOLDINGS INC REGD 5.70900000                                                            | CUSIP: 65535HBG3<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |   2000000 | PA      | $2008435.52    | 0.49%             | 2026-01-09      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA IN 2.25% 02/15/26 | T-MOBILE USA INC REGD 2.25000000                                                               | CUSIP: 87264ABR5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4100000 | PA      | $4057110.68    | 0.99%             | 2026-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| PROTECTIVE LIFE G V/R 07/22/26 | PROTECTIVE LIFE GLOBAL REGD V/R 144A P/P 4.86393400                                            | CUSIP: 743672AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $200119.13     | 0.05%             | 2026-07-22      | Variable      | 4.86%                 | Yes           |                  2 | On Loan: No      |
| OSCAR 2023-1A  5.81% 11/10/26  | OSCAR US FUNDING XV LLC SER 2023-1A CL A3 REGD 144A P/P 5.81000000                             | CUSIP: 68785CAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JP        |    185496 | PA      | $186920.07     | 0.05%             | 2027-12-10      | Fixed         | 5.81%                 | Yes           |                  2 | On Loan: No      |
| NATWEST MARKETS P V/R 05/17/27 | NATWEST MARKETS PLC REGD V/R 144A P/P 5.26502800                                               | CUSIP: 63906YAK4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    750000 | PA      | $754550.16     | 0.18%             | 2027-05-17      | Variable      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| SNDPT 2020-3A A1 V/R 01/25/32  | SOUND POINT CLO XXVIII LTD SER 2020-3A CL A1R V/R REGD 144A P/P 5.59846000                     | CUSIP: 83615CAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    508777 | PA      | $509535.43     | 0.12%             | 2032-01-25      | Variable      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| NTT FINANCE CO 1.162% 04/03/26 | NTT FINANCE CORP REGD 144A P/P 1.16200000                                                      | CUSIP: 62954WAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |   4000000 | PA      | $3927667.88    | 0.96%             | 2026-04-03      | Fixed         | 1.16%                 | Yes           |                  2 | On Loan: No      |
| GNR 2023-H24 FA V/R 10/20/73   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2023-H24 CL FA V/R 5.29503000                     | CUSIP: 38383KGP1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    371472 | PA      | $374262.57     | 0.09%             | 2073-10-20      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| BACARDI MARTINI DISC 10/16/25  | BACARDI MARTINI B V DISCOUNT__  COMMERCIAL PAPER_ 0.00000000                                   | CUSIP: 05634EXG2<br>LEI: N/A                  | Long             | STIV             | CORP              | NL        |   4000000 | PA      | $3976100.00    | 0.97%             | 2025-10-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NATWEST MARKETS P V/R 09/29/26 | NATWEST MARKETS PLC REGD V/R 144A P/P 5.12747700                                               | CUSIP: 63906YAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    300000 | PA      | $300964.24     | 0.07%             | 2026-09-29      | Variable      | 5.13%                 | Yes           |                  2 | On Loan: No      |
| GSMBS 2024-PJ7 A V/R 07/25/44  | GS MORTGAGE-BACKED SECURITIES TRUST 2024-PJ7 SER 2024-PJ7 CL A25 V/R REGD 144A P/P 5.69973000  | CUSIP: 362949BR9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    499169 | PA      | $500482.66     | 0.12%             | 2054-11-25      | Variable      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| HCA INC DISC 09/11/25          | HCA INC DISC 09/11/25 0.00000000                                                               | CUSIP: 40412BWB5<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   1000000 | PA      | $998638.89     | 0.24%             | 2025-09-11      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| HERTZ 2023-1A  5.49% 06/25/26  | HERTZ VEHICLE FINANCING III LLC SER 2023-1A CL A REGD 144A P/P 5.49000000                      | CUSIP: 42806MBS7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1005083.40    | 0.25%             | 2027-06-25      | Fixed         | 5.49%                 | Yes           |                  2 | On Loan: No      |
| SAMMONS FINANCIAL V/R 09/02/27 | SAMMONS FINANCIAL GLOBAL REGD V/R 144A P/P 0.00000000                                          | CUSIP: 79587J2D4<br>LEI: 635400IPRNPM6HDHRS48 | Long             | DBT              | CORP              | US        |    600000 | PA      | $600766.73     | 0.15%             | 2027-09-02      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| ARES 2017-44A A1 V/R 04/15/34  | ARES XLIV CLO LTD SER 2017-44A CL A1RR V/R REGD 144A P/P 5.42401000                            | CUSIP: 04016NBH5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2100000 | PA      | $2101026.90    | 0.51%             | 2034-04-15      | Variable      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| AIR LEASE CORP DISC 09/03/25   | AIR LEASE CORP DISCOUNT_______  COMMERCIAL PAPER_ 0.00000000                                   | CUSIP: 00913WW35<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    300000 | PA      | $299920.50     | 0.07%             | 2025-09-03      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF G 2.6% 06/15/26 | SOUTHERN CALIF GAS CO REGD SER TT 2.60000000                                                   | CUSIP: 842434CQ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1036132.47    | 0.25%             | 2026-06-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| FHR 5491 FL V/R 01/25/55       | FREDDIE MAC REMICS SER 5491 CL FL V/R 5.54839000                                               | CUSIP: 3137HJ5P8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    273786 | PA      | $275731.53     | 0.07%             | 2055-01-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDING 4.375% 05/01/26 | AVOLON HOLDINGS FNDG LTD REGD 144A P/P 4.37500000                                              | CUSIP: 05401AAG6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    200000 | PA      | $199694.34     | 0.05%             | 2026-05-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| KKR 11 AR V/R 01/15/31         | KKR CLO 11 LTD SER 11 CL AR V/R REGD 144A P/P 5.75916000                                       | CUSIP: 48250MAK3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    149694 | PA      | $149851.42     | 0.04%             | 2031-01-15      | Variable      | 5.76%                 | Yes           |                  2 | On Loan: No      |
| HARBOUR ENERGY P 5.5% 10/15/26 | HARBOUR ENERGY PLC REGD 144A P/P 5.50000000                                                    | CUSIP: 411618AB7<br>LEI: 213800YPC42DYBKVPF97 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $296640.69     | 0.07%             | 2026-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CITIBANK NA V/R 08/06/26       | CITIBANK NA REGD V/R 5.07372100                                                                | CUSIP: 17325FBH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $250761.39     | 0.06%             | 2026-08-06      | Variable      | 5.07%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIE 7.5% 09/15/27 | UBER TECHNOLOGIES INC REGD 144A P/P 7.50000000                                                 | CUSIP: 90353TAE0<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    400000 | PA      | $400171.95     | 0.10%             | 2027-09-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| ROYAL BANK OF CAN V/R 07/23/27 | ROYAL BANK OF CANADA REGD V/R MTN SER GMTN 5.15473200                                          | CUSIP: 78016HZY9<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    293000 | PA      | $294011.51     | 0.07%             | 2027-07-23      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| DEFT 2024-2 A2 4.69% 08/22/30  | DELL EQUIPMENT FINANCE TRUST 2024-2 SER 2024-2 CL A2 REGD 144A P/P 4.69000000                  | CUSIP: 24704EAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1776874 | PA      | $1779919.48    | 0.43%             | 2030-08-22      | Fixed         | 4.69%                 | Yes           |                  2 | On Loan: No      |
| JPMORGAN CHASE &  V/R 02/24/28 | JPMORGAN CHASE & CO REGD V/R SER . 5.54480600                                                  | CUSIP: 46647PCY0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    339000 | PA      | $342454.17     | 0.08%             | 2028-02-24      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| MFRA 2020-NQM1 A V/R 03/25/65  | MFA 2020-NQM1 TRUST SER 2020-NQM1 CL A1 V/R REGD 144A P/P 2.47900000                           | CUSIP: 552754AA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    109203 | PA      | $105855.37     | 0.03%             | 2065-03-25      | Variable      | 2.48%                 | Yes           |                  2 | On Loan: No      |
| BAAT 2023-1A A 5.53% 02/15/28  | BANK OF AMERICA AUTO TRUST 2023-1 SER 2023-1A CL A3 REGD 144A P/P 5.53000000                   | CUSIP: 06428AAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1334435 | PA      | $1344915.91    | 0.33%             | 2028-02-15      | Fixed         | 5.53%                 | Yes           |                  2 | On Loan: No      |
| ENERGY TRANSFER 5.95% 12/01/25 | ENERGY TRANSFER LP REGD 5.95000000                                                             | CUSIP: 86765BAS8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500448.17     | 0.12%             | 2025-12-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BPCE SA V/R 01/18/27           | BPCE SA REGD V/R REG S EMTN 5.97500000                                                         | CUSIP: 05584KAN8<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |    250000 | PA      | $251255.39     | 0.06%             | 2027-01-18      | Variable      | 5.97%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE &  V/R 10/22/28 | JPMORGAN CHASE & CO REGD V/R 5.22393400                                                        | CUSIP: 46647PEN2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    800000 | PA      | $807415.48     | 0.20%             | 2028-10-22      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SP 7% 11/21/25 | INTESA SANPAOLO SPA REGD 144A P/P 7.00000000                                                   | CUSIP: 46115HBU0<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |   3500000 | PA      | $3516491.51    | 0.86%             | 2025-11-21      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| US T BILL ZCP 09/30/25         | UNITED STATES TREASURY BILL ZCP 0.00000000                                                     | CUSIP: 912797QW0<br>LEI: N/A                  | Long             | STIV             | UST               | US        |  24100000 | PA      | $24020605.65   | 5.87%             | 2025-09-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| JPMMT 2019-INV3  V/R 06/01/42  | JP MORGAN MORTGAGE TRUST 2019-INV3 SER 2019-INV3 CL A3 V/R REGD 144A P/P 3.50000000            | CUSIP: 46591LAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    142163 | PA      | $128643.46     | 0.03%             | 2050-05-25      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| AIR LEASE CORP 2.875% 01/15/26 | AIR LEASE CORP REGD MTN 2.87500000                                                             | CUSIP: 00914AAJ1<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    627000 | PA      | $622832.79     | 0.15%             | 2026-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDI 5.3% 03/01/28 | SOUTHERN CAL EDISON REGD 5.30000000                                                            | CUSIP: 842400HU0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $613620.57     | 0.15%             | 2028-03-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| FNR 2017-108 AF V/R 01/25/48   | FANNIE MAE REMICS SER 2017-108 CL AF V/R 4.76287000                                            | CUSIP: 3136B0SA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    662440 | PA      | $652759.72     | 0.16%             | 2048-01-25      | Variable      | 4.76%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC V/R 03/01/28 | NATWEST GROUP PLC REGD V/R 5.60069800                                                          | CUSIP: 639057AM0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   1510000 | PA      | $1521656.10    | 0.37%             | 2028-03-01      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG 4.1% 01/13/26 | DEUTSCHE BANK AG REGD SER 1254 4.10000000                                                      | CUSIP: 25152R2Y8<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $199645.54     | 0.05%             | 2026-01-13      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE &  V/R 04/22/28 | JPMORGAN CHASE & CO REGD V/R SER . 5.28393400                                                  | CUSIP: 46647PEF9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    600000 | PA      | $603656.98     | 0.15%             | 2028-04-22      | Variable      | 5.28%                 | No            |                  2 | On Loan: No      |
| F/C 3 MONTH SOFR FUT  MAR27    | FUTURE CONTRACT ON           3 MONTH SOFR FUT  MAR27 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       108 | NC      | $26204850.00   | 6.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CITZN 2024-1 A2B V/R 07/15/25  | CITIZENS AUTO RECEIVABLES TRUST 2024-1 SER 2024-1 CL A2B V/R REGD 144A P/P 4.94270000          | CUSIP: 17331QAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     73542 | PA      | $73559.78      | 0.02%             | 2026-10-15      | Variable      | 4.94%                 | Yes           |                  2 | On Loan: No      |
| US T BILL ZCP 12/09/25         | UNITED STATES TREASURY BILL ZCP 0.00000000                                                     | CUSIP: 912797RW9<br>LEI: N/A                  | Long             | STIV             | UST               | US        |   2000000 | PA      | $1977408.75    | 0.48%             | 2025-12-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SKYWORKS SOLUTIO 1.8% 06/01/26 | SKYWORKS SOLUTIONS INC REGD 1.80000000                                                         | CUSIP: 83088MAK8<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195863.61     | 0.05%             | 2026-06-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| NAVSL 2020-GA  1.17% 02/15/28  | NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2020-G SER 2020-GA CL A REGD 144A P/P 1.17000000     | CUSIP: 63941UAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    112717 | PA      | $105743.44     | 0.03%             | 2069-09-16      | Fixed         | 1.17%                 | Yes           |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Morgan Stanley Pathway Funds

**Signature:** Francis Smith

**Name of Signer:** Francis Smith

**Title:** Chief Financial Officer