# EDGAR Filing Document

**Accession Number:** 0002038383
**File Stem:** 0001410368-26-039272
**Filing Date:** 2026-4
**Character Count:** 130119
**Document Hash:** c985632a582bf837eef8dc0b032cc379
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-039272.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0001410368-26-039272

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**PERIOD START**: 20260831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Thornburg ETF Trust
- **CENTRAL INDEX KEY:** 0002038383

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24005
- **FILM NUMBER:** 26886100

**BUSINESS ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506
- **BUSINESS PHONE:** 617-235-4739

**MAIL ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506

## Series and Classes Contracts Data

### Thornburg Core Plus Bond ETF (Series ID: S000089219)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000255734 | Thornburg Core Plus Bond ETF | TPLS            |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Thornburg ETF Trust

- **b. Investment Company Act file number:** 811-24005

- **c. CIK number of Registrant:** 0002038383

- **d. LEI of Registrant:** 254900IY5G5O8L5LH268

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

  - **Street Address 1:** 2300 NORTH RIDGETOP ROAD

  - **City:** SANTA FE

  - **State:** NM

  - **Foreign country:** US

  - **Zip / Postal Code:** 87506

  - **Telephone number:** 505-984-0200

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

- **a. Name of Series:** Thornburg Core Plus Bond ETF

- **b. EDGAR series identifier (if any):** S000089219

- **c. LEI of Series:** 2549007200VZNRTQ7D45

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

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

- **b. Date as of which information is reported:** 2026-02-28

**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:** $19448800.41

**Total Liabilities:** $77220.12

**Net Assets:** $19371580.29

**Cash Not Reported:** $13842.42

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -33.17000000 | **1-Year:** -460.81000000 | **5-Year:** -1382.50000000 | **10-Year:** -788.02000000 | **30-Year:** -80.41000000

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

- **3-Month:** -16.93000000 | **1-Year:** -174.83000000 | **5-Year:** -251.71000000 | **10-Year:** -99.76000000 | **30-Year:** -12.98000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000255734 | -0.32%               | 0.25%                | 1.76%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-23849.43               | $-109477.63                                |
| Month 2  | $2525.27                 | $-24872.24                                 |
| Month 3  | $-2876.22                | $265834.60                                 |

**Designated Index Information**

- **Index Name:** Bloomberg US Aggregate

- **Index Identifier:** LBUSTRUU Index

### Schedule of Portfolio Investments

| Name                                             | Title                                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BANK OF AMERICA CORP                             | Bank of America Corp                                                      | CUSIP: 06051GML0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     43000 | PA      | $44623.25     | 0.23%             | 2031-01-24      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 3140XLGX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    107817 | PA      | $93909.33     | 0.48%             | 2053-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom Inc                                                              | CUSIP: 11135FBQ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21557.50     | 0.11%             | 2036-11-15      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| NASDAQ INC                                       | Nasdaq Inc                                                                | CUSIP: 63111XAJ0<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26340.25     | 0.14%             | 2034-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| UNUM GROUP                                       | Unum Group                                                                | CUSIP: 91529YAU0<br>LEI: 549300E32YFDO6TZ8R31 | Long             | DBT              | CORP              | US        |     48000 | PA      | $47582.40     | 0.25%             | 2035-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                           | Santander Holdings USA Inc                                                | CUSIP: 80282KBQ8<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25998.50     | 0.13%             | 2031-03-20      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| CAMERON LNG LLC                                  | Cameron LNG LLC                                                           | CUSIP: 133434AC4<br>LEI: 549300C39FLHGVD73K22 | Long             | DBT              | CORP              | US        |     45000 | PA      | $40056.75     | 0.21%             | 2038-01-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| RGA GLOBAL FUNDING                               | RGA Global Funding                                                        | CUSIP: 76209PAB9<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28770.00     | 0.15%             | 2029-01-18      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                         | FirstEnergy Transmission LLC                                              | CUSIP: 33767BAG4<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10144.70     | 0.05%             | 2030-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| QORVO INC                                        | Qorvo Inc                                                                 | CUSIP: 74736KAJ0<br>LEI: 254900YAUJV2EUEVBR11 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46076.00     | 0.24%             | 2031-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                       | CUSIP: 91282CJQ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    160000 | PA      | $161600.00    | 0.83%             | 2030-12-31      | Fixed         | 3.75%                 | No            |                  1 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE                         | KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc     | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $26228.25     | 0.14%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC                            | SS&C Technologies Inc                                                     | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24978.50     | 0.13%             | 2027-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                     | CSMC Trust 2014-IVR1                                                      | CUSIP: 12648AAC4<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |     69657 | PA      | $65987.21     | 0.34%             | 2043-11-25      | Variable      | 3.61%                 | No            |                  2 | On Loan: No      |
| CNA FINANCIAL CORP                               | CNA Financial Corp                                                        | CUSIP: 126117AY6<br>LEI: 549300YX2GSZD7YG1R84 | Long             | DBT              | CORP              | US        |     71000 | PA      | $72160.14     | 0.37%             | 2034-02-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Bank of America Credit Card Trust                | BA Credit Card Trust                                                      | CUSIP: 05522RDG0<br>LEI: 5493006DQ60M1CRKHH19 | Long             | ABS-O            | CORP              | US        |    105000 | PA      | $105203.54    | 0.54%             | 2028-05-15      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 3140XRYN9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    200642 | PA      | $179451.69    | 0.93%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| VONTIER CORP                                     | Vontier Corp                                                              | CUSIP: 928881AD3<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24143.25     | 0.12%             | 2028-04-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION SOFTWARE                           | Constellation Software Inc/Canada                                         | CUSIP: 21037XAC4<br>LEI: 549300B6PYHMCTDWQV29 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $25393.00     | 0.13%             | 2029-02-16      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                           | Extra Space Storage LP                                                    | CUSIP: 30225VAH0<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |     33000 | PA      | $32815.53     | 0.17%             | 2029-04-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                       | CUSIP: 91282CPJ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    410000 | PA      | $411473.44    | 2.12%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  1 | On Loan: No      |
| LPL HOLDINGS INC                                 | LPL Holdings Inc                                                          | CUSIP: 50212YAP9<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30608.70     | 0.16%             | 2030-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                     | Veros Auto Receivables Trust 2025-1                                       | CUSIP: 92511BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     37983 | PA      | $38109.67     | 0.20%             | 2028-09-15      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                           | CCO Holdings LLC / CCO Holdings Capital Corp                              | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $61100.90     | 0.32%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| EQUIFAX INC                                      | Equifax Inc                                                               | CUSIP: 294429AL9<br>LEI: 5493004MCF8JDC86VS77 | Long             | DBT              | CORP              | US        |     31000 | PA      | $30915.99     | 0.16%             | 2026-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TPG OPERATING GROUP II                           | TPG Operating Group II LP                                                 | CUSIP: 87268QAA4<br>LEI: 2549001H9RJQNZT7MU11 | Long             | DBT              | CORP              | US        |     29000 | PA      | $29124.70     | 0.15%             | 2031-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                          | Hyundai Capital America                                                   | CUSIP: 44891ADF1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25109.50     | 0.13%             | 2027-09-24      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| PSEG POWER LLC                                   | PSEG Power LLC                                                            | CUSIP: 69362BBD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     44000 | PA      | $45404.92     | 0.23%             | 2030-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| LABORATORY CORP OF AMER                          | Laboratory Corp of America Holdings                                       | CUSIP: 50540RBA9<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25193.00     | 0.13%             | 2032-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                | Post Holdings Inc                                                         | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25720.50     | 0.13%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                              | Petroleos Mexicanos                                                       | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     20000 | PA      | $18200.20     | 0.09%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 31418FT64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29886 | PA      | $30392.95     | 0.16%             | 2056-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KORN/FERRY INTERNATIONAL                         | Korn Ferry                                                                | CUSIP: 50067PAA7<br>LEI: 549300FOD20OM0GT5G40 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24922.75     | 0.13%             | 2027-12-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Australia Government Bonds                       | Australia Government Bonds                                                | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |    100000 | PA      | $64403.62     | 0.33%             | 2033-11-21      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA                         | Blue Owl Technology Finance Corp                                          | CUSIP: 095924AB2<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24891.50     | 0.13%             | 2028-03-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 31418FGV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    251224 | PA      | $244237.36    | 1.26%             | 2055-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD ASSET MANAGEM                         | Brookfield Asset Management Ltd                                           | CUSIP: 113004AA3<br>LEI: 549300CZ84WPNJZKY093 | Long             | DBT              | CORP              | CA        |     46000 | PA      | $47758.58     | 0.25%             | 2035-04-24      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                          | CUSIP: 3132DPQ76<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    104618 | PA      | $94896.74     | 0.49%             | 2052-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET CAPITAL CORP                         | Main Street Capital Corp                                                  | CUSIP: 56035LAJ3<br>LEI: 5493001FS9QJLJNF3E20 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25414.00     | 0.13%             | 2027-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                           | WESCO Distribution Inc                                                    | CUSIP: 95081QAS3<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78250.50     | 0.40%             | 2033-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                       | US Bancorp                                                                | CUSIP: 91159HJS0<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25844.25     | 0.13%             | 2030-07-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| LKQ CORP                                         | LKQ Corp                                                                  | CUSIP: 501889AF6<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26497.75     | 0.14%             | 2033-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN PUBLIC SERV                         | Southwestern Public Service Co                                            | CUSIP: 845743BX0<br>LEI: OL6FE7QD5EQ3DOYEO258 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25925.25     | 0.13%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                  | CUSIP: 38376RPB6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     23687 | PA      | $23808.87     | 0.12%             | 2066-01-20      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| One Bryant Park Trust                            | One Bryant Park Trust 2019-OBP                                            | CUSIP: 68236JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     34000 | PA      | $31863.49     | 0.16%             | 2054-09-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom Inc                                                              | CUSIP: 11135FAQ4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     38000 | PA      | $38131.48     | 0.20%             | 2030-11-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME                           | Blue Owl Credit Income Corp                                               | CUSIP: 09581CAB7<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25257.00     | 0.13%             | 2029-09-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                                     | Illumina Inc                                                              | CUSIP: 452327AQ2<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25055.50     | 0.13%             | 2026-09-09      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                           | Bank of New York Mellon Corp/The                                          | CUSIP: 06406RBV8<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25728.25     | 0.13%             | 2030-03-14      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| PROLOGIS TARGETED US                             | Prologis Targeted US Logistics Fund LP                                    | CUSIP: 74350LAA2<br>LEI: 5493004DTBWUQ9F2VJ87 | Long             | DBT              |  | US        |     50000 | PA      | $51709.00     | 0.27%             | 2029-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EQUITABLE FINANCIAL LIFE                         | Equitable Financial Life Global Funding                                   | CUSIP: 29449WAT4<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35949.90     | 0.19%             | 2030-03-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                          | CUSIP: 3132DP3J5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    172464 | PA      | $150191.16    | 0.78%             | 2053-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                              | American Tower Corp                                                       | CUSIP: 03027XCN8<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |     30000 | PA      | $30827.70     | 0.16%             | 2030-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Retained Vantage Data Centers Issuer, LLC        | Retained Vantage Data Centers Issuer LLC                                  | CUSIP: 76134KAE4<br>LEI: 254900N4NW6XZ9B4HM15 | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $49742.73     | 0.26%             | 2048-09-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| GLOBE LIFE INC                                   | Globe Life Inc                                                            | CUSIP: 37959EAC6<br>LEI: 5493001JFHKQOPP6XA71 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26268.00     | 0.14%             | 2034-09-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| MUTUAL OF OMAHA GLOBAL                           | Mutual of Omaha Cos Global Funding                                        | CUSIP: 62829D2B5<br>LEI: 635400AL5J3F1ZPTAN95 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25830.75     | 0.13%             | 2028-12-12      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                        | CUSIP: 3137AYQS3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     19496 | PA      | $19165.45     | 0.10%             | 2028-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust           | Santander Drive Auto Receivables Trust 2024-4                             | CUSIP: 802919AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     58283 | PA      | $58413.11     | 0.30%             | 2029-01-16      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                         | MSCI Inc                                                                  | CUSIP: 55354GAM2<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |     26000 | PA      | $24439.22     | 0.13%             | 2031-11-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                   | Open Text Corp                                                            | CUSIP: 683715AD8<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $22500.00     | 0.12%             | 2029-12-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TUCSON ELECTRIC POWER CO                         | Tucson Electric Power Co                                                  | CUSIP: 898813AW0<br>LEI: YLF139GXSRKPBBTNZL03 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30943.50     | 0.16%             | 2034-09-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| PROTECTIVE LIFE CORP                             | Protective Life Corp                                                      | CUSIP: 743674BF9<br>LEI: 549300ZWIT8J8Y2EXL07 | Long             | DBT              | CORP              | US        |     29000 | PA      | $29261.00     | 0.15%             | 2031-01-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                               | Regal Rexnord Corp                                                        | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26705.50     | 0.14%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                  | CUSIP: 38381DME7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     27076 | PA      | $21295.79     | 0.11%             | 2062-10-16      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                         | Virginia Electric and Power Co                                            | CUSIP: 927804GR9<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     48000 | PA      | $48961.92     | 0.25%             | 2034-08-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                            | Tenet Healthcare Corp                                                     | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25960.75     | 0.13%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PPL CAPITAL FUNDING INC                          | PPL Capital Funding Inc                                                   | CUSIP: 69352PAT0<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25812.50     | 0.13%             | 2034-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MONONGAHELA POWER CO                             | Monongahela Power Co                                                      | CUSIP: 610202BR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $39811.60     | 0.21%             | 2027-05-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                    | DTE Energy Co                                                             | CUSIP: 233331BL0<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |     30000 | PA      | $32259.60     | 0.17%             | 2034-06-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                         | MSCI Inc                                                                  | CUSIP: 55354GAK6<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47779.00     | 0.25%             | 2030-09-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| FERGUSON ENTERPRISES INC                         | Ferguson Enterprises Inc                                                  | CUSIP: 31488VAB3<br>LEI: 2138003JYQMRP3SLX189 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50138.00     | 0.26%             | 2031-03-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bonds                                                       | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1009531.25   | 5.21%             | 2044-11-15      | Fixed         | 4.63%                 | No            |                  1 | On Loan: No      |
| New Residential Mortgage Loan Trust              | New Residential Mortgage Loan Trust 2017-1                                | CUSIP: 64829JAA1<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |     66179 | PA      | $65264.59     | 0.34%             | 2057-02-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| EQUIFAX INC                                      | Equifax Inc                                                               | CUSIP: 294429AV7<br>LEI: 5493004MCF8JDC86VS77 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25460.00     | 0.13%             | 2027-12-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                         | CUSIP: 31397Q5L8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     35475 | PA      | $35309.66     | 0.18%             | 2031-01-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                          | CUSIP: 3132DWDX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    111873 | PA      | $93201.22     | 0.48%             | 2052-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HORACE MANN EDUCATORS CO                         | Horace Mann Educators Corp                                                | CUSIP: 440327AL8<br>LEI: 254900G5YAV3A2YK8T32 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26768.25     | 0.14%             | 2028-09-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Towd Point Asset Trust                           | Towd Point Asset Trust 2021-SL1                                           | CUSIP: 89179XAD7<br>LEI: 54930022FYEFQVX02P24 | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $49243.19     | 0.25%             | 2061-11-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER TRUST I                           | American Tower Trust #1                                                   | CUSIP: 03027WAK8<br>LEI: 5493004YGM0MQZJOEJ36 | Long             | DBT              |  | US        |     50000 | PA      | $49793.23     | 0.26%             | 2028-03-23      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                                  | Fair Isaac Corp                                                           | CUSIP: 303250AF1<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68533.50     | 0.35%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                        | Towd Point Mortgage Trust                                                 | CUSIP: 89171DAE7<br>LEI: 25490010CSYSAQU59J50 | Long             | ABS-MBS          | CORP              | US        |     15256 | PA      | $15240.32     | 0.08%             | 2053-10-25      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                      | Southern Co/The                                                           | CUSIP: 842587DE4<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24615.00     | 0.13%             | 2030-04-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                 | LPL Holdings Inc                                                          | CUSIP: 50212YAD6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34525.75     | 0.18%             | 2029-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                         | Graphic Packaging International LLC                                       | CUSIP: 38869AAC1<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |     75000 | PA      | $71592.00     | 0.37%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust                            | Theorem Funding Trust 2022-3                                              | CUSIP: 882925AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     67124 | PA      | $68218.97     | 0.35%             | 2029-04-15      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I       | Research-Driven Pagaya Motor Trust 2025-5                                 | CUSIP: 76089KAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     48000 | PA      | $48050.98     | 0.25%             | 2034-06-26      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                             | Keurig Dr Pepper Inc                                                      | CUSIP: 49271VBA7<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21205.17     | 0.11%             | 2030-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT LIGHT & PWR                          | Connecticut Light and Power Co/The                                        | CUSIP: 207597ES0<br>LEI: 549300O45IUXEDS1VZ32 | Long             | DBT              | CORP              | US        |     48000 | PA      | $48930.24     | 0.25%             | 2034-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| DataBank Issuer LLC                              | DataBank Issuer                                                           | CUSIP: 23802WAN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $50108.12     | 0.26%             | 2054-01-26      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                       | GLS Auto Receivables Issuer Trust 2022-2                                  | CUSIP: 36265NAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     27389 | PA      | $27588.25     | 0.14%             | 2028-04-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                        | College Ave Student Loans 2019-A LLC                                      | CUSIP: 19421UAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     67655 | PA      | $68396.10     | 0.35%             | 2048-12-28      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| INSIGHT ENTERPRS                                 | Insight Enterprises Inc                                                   | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25064.75     | 0.13%             | 2032-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INFO MGMT                          | Iron Mountain Information Management Services Inc                         | CUSIP: 46285MAA8<br>LEI: N/A                  | Long             | DBT              |  | US        |     20000 | PA      | $19365.20     | 0.10%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STEWART INFORMATION SERV                         | Stewart Information Services Corp                                         | CUSIP: 86038AAA0<br>LEI: 529900TV1XI0PLKENU10 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22602.75     | 0.12%             | 2031-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                         | CUSIP: 3136BYVL3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     49719 | PA      | $49263.52     | 0.25%             | 2053-04-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                           | Motorola Solutions Inc                                                    | CUSIP: 620076CA5<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |     66000 | PA      | $67762.86     | 0.35%             | 2030-08-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 10YR NOTE (CBT)JUN26                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         2 | NC      | $1156.20      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| US FOODS INC                                     | US Foods Inc                                                              | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24869.75     | 0.13%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                            | Wells Fargo & Co                                                          | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54954.90     | 0.28%             | 2026-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds                                     | CUSIP: 912810SV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    392077 | PA      | $222519.21    | 1.15%             | 2051-02-15      | Fixed         | 0.13%                 | No            |                  1 | On Loan: No      |
| TRUIST FINANCIAL CORP                            | Truist Financial Corp                                                     | CUSIP: 89788MAP7<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26747.25     | 0.14%             | 2034-06-08      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| AMEREN CORP                                      | Ameren Corp                                                               | CUSIP: 023608AR3<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |     26000 | PA      | $26850.98     | 0.14%             | 2035-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| EVERGY MISSOURI WEST INC                         | Evergy Missouri West Inc                                                  | CUSIP: 30037EAA1<br>LEI: EZIFUDC0VSUS6T6LCG85 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23532.00     | 0.12%             | 2032-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                            | Micron Technology Inc                                                     | CUSIP: 595112CE1<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     21000 | PA      | $22485.96     | 0.12%             | 2035-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| LABORATORY CORP OF AMER                          | Laboratory Corp of America Holdings                                       | CUSIP: 50540RAZ5<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25207.25     | 0.13%             | 2030-04-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 3138L6PW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     78874 | PA      | $79381.80     | 0.41%             | 2032-04-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| HERCULES CAPITAL INC                             | Hercules Capital Inc                                                      | CUSIP: 427096AJ1<br>LEI: 549300UJ5OC256GR2B73 | Long             | DBT              | CORP              | US        |     74000 | PA      | $72927.74     | 0.38%             | 2027-01-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MATTEL INC                                       | Mattel Inc                                                                | CUSIP: 577081BG6<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |     19000 | PA      | $19281.39     | 0.10%             | 2030-11-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN FIN GLBL FUNDING                         | Lincoln Financial Global Funding                                          | CUSIP: 53359KAB7<br>LEI: 984500OC010458395923 | Long             | DBT              | CORP              | US        |     52000 | PA      | $52438.36     | 0.27%             | 2028-05-28      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| FLOWERS FOODS INC                                | Flowers Foods Inc                                                         | CUSIP: 343498AD3<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | DBT              | CORP              | US        |     48000 | PA      | $47507.04     | 0.25%             | 2035-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE TOWERS LLC                          | Crown Castle Towers LLC                                                   | CUSIP: 22822RBH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $65175.47     | 0.34%             | 2028-07-15      | Fixed         | 4.24%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                 | T-Mobile USA Inc                                                          | CUSIP: 87264ADS1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72650.90     | 0.38%             | 2032-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                            | CUSIP: 61748UAE2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     43000 | PA      | $44518.76     | 0.23%             | 2031-01-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Thornburg Capital Management Fund                | Thornburg Capital Management Fund                                         | CUSIP: 885216739<br>LEI: 549300GLR0WG6ALV5277 | Long             | EC               | RF                | US        |     26475 | NS      | $264746.02    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| WHISTLER PIPELINE LLC                            | Whistler Pipeline LLC                                                     | CUSIP: 96337RAB8<br>LEI: 549300NG57SGLTNW5C85 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36739.50     | 0.19%             | 2031-09-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                              | CDW LLC / CDW Finance Corp                                                | CUSIP: 12513GBH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     34000 | PA      | $33167.00     | 0.17%             | 2028-12-01      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bonds                                                       | CUSIP: 912810RM2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1850000 | PA      | $1473062.50   | 7.60%             | 2045-05-15      | Fixed         | 3.00%                 | No            |                  1 | On Loan: No      |
| Ajax Mortgage Loan Trust                         | Ajax Mortgage Loan Trust 2021-C                                           | CUSIP: 009733AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     28578 | PA      | $28604.89     | 0.15%             | 2061-01-25      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                         | Angel Oak Mortgage Trust 2022-1                                           | CUSIP: 03464BAA6<br>LEI: 2549003MM0537Y3QHI22 | Long             | ABS-MBS          | CORP              | US        |     74842 | PA      | $72411.65     | 0.37%             | 2066-12-25      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                  | CUSIP: 38382CRM5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     29396 | PA      | $28599.99     | 0.15%             | 2049-09-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FLEX LTD                                         | Flex Ltd                                                                  | CUSIP: 33938XAB1<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |     38000 | PA      | $38695.78     | 0.20%             | 2030-05-12      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                               | Energy Transfer LP                                                        | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50215.00     | 0.26%             | 2026-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                          | Oncor Electric Delivery Co LLC                                            | CUSIP: 68233JCZ5<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |     32000 | PA      | $33296.96     | 0.17%             | 2035-04-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                      | Exelon Corp                                                               | CUSIP: 30161NBR1<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |     74000 | PA      | $77108.74     | 0.40%             | 2031-03-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                            | Wells Fargo & Co                                                          | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25871.50     | 0.13%             | 2029-07-25      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC             | PRET 2024-RPL1 Trust                                                      | CUSIP: 693989AA3<br>LEI: 254900640HC5OZKI7J87 | Long             | ABS-MBS          | CORP              | US        |     76219 | PA      | $74332.25     | 0.38%             | 2063-10-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| CLECO POWER LLC                                  | Cleco Power LLC                                                           | CUSIP: 185508AJ7<br>LEI: TM1ZH54SJKLNHFCBFK92 | Long             | DBT              | CORP              | US        |     29000 | PA      | $29546.94     | 0.15%             | 2036-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| POLARIS INC                                      | Polaris Inc                                                               | CUSIP: 731068AA0<br>LEI: 549300QJSN8UVWN1EI78 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26510.75     | 0.14%             | 2029-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORP                          | Zebra Technologies Corp                                                   | CUSIP: 989207AD7<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25632.75     | 0.13%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                | Post Holdings Inc                                                         | CUSIP: 737446AY0<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10159.90     | 0.05%             | 2036-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DailyPay Securitization Trust                    | DailyPay Securitization Trust 2025-1                                      | CUSIP: 233824AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100749.43    | 0.52%             | 2028-06-26      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| RGA GLOBAL FUNDING                               | RGA Global Funding                                                        | CUSIP: 76209PAK9<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |     29000 | PA      | $29207.35     | 0.15%             | 2030-11-25      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust            | Onemain Direct Auto Receivables Trust 2022-1                              | CUSIP: 68269DAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12779 | PA      | $12785.00     | 0.07%             | 2029-03-14      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| HIGHMARK INC                                     | Highmark Inc                                                              | CUSIP: 431116AD4<br>LEI: 549300B6868ZXXEB2Y57 | Long             | DBT              | CORP              | US        |     73000 | PA      | $72545.94     | 0.37%             | 2026-05-10      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC                              | Silgan Holdings Inc                                                       | CUSIP: 827048AX7<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |     73000 | PA      | $72823.34     | 0.38%             | 2026-04-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                   | Carvana Auto Receivables Trust 2021-P1                                    | CUSIP: 14687BAK2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     96695 | PA      | $96635.12     | 0.50%             | 2027-03-10      | Fixed         | 1.53%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                    | FirstCash Inc                                                             | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25825.75     | 0.13%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LIBERTY UTILITIES FIN                            | Liberty Utilities Finance GP 1                                            | CUSIP: 531546AB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     53000 | PA      | $48580.86     | 0.25%             | 2030-09-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                           | Bank of New York Mellon Corp/The                                          | CUSIP: 064058AL4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     39000 | PA      | $38559.69     | 0.20%             | 2026-12-20      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                      | Oracle Corp                                                               | CUSIP: 68389XCZ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     41000 | PA      | $41149.65     | 0.21%             | 2032-02-03      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOLOGIC INC                                      | Hologic Inc                                                               | CUSIP: 436440AP6<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24868.00     | 0.13%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                       | Humana Inc                                                                | CUSIP: 444859CD2<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16293.76     | 0.08%             | 2035-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Loanpal Solar Loan Ltd.                          | Loanpal Solar Loan 2021-1 Ltd                                             | CUSIP: 53948PAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     86474 | PA      | $72670.51     | 0.38%             | 2048-01-20      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| MUELLER WATER PRODUCTS                           | Mueller Water Products Inc                                                | CUSIP: 624758AF5<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24286.75     | 0.13%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APA INFRASTRUCTURE LTD                           | APA Infrastructure Ltd                                                    | CUSIP: 00188LAA5<br>LEI: 261700SS8OEHDOCOUJ33 | Long             | DBT              | CORP              | AU        |     73000 | PA      | $74436.64     | 0.38%             | 2034-09-16      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| RENAISSANCERE HOLDINGS L                         | RenaissanceRe Holdings Ltd                                                | CUSIP: 75968NAE1<br>LEI: EK6GB9U3U58PDI411C94 | Long             | DBT              | CORP              | BM        |     25000 | PA      | $26358.00     | 0.14%             | 2033-06-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                       | CUSIP: 46647PEV4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     69000 | PA      | $71592.33     | 0.37%             | 2031-01-24      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| FORTITUDE GROUP HOLDINGS                         | Fortitude Group Holdings LLC                                              | CUSIP: 34966XAA6<br>LEI: 2549006R9ZUL08JFIH12 | Long             | DBT              | CORP              | US        |     65000 | PA      | $67540.85     | 0.35%             | 2030-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                            | Universal Health Services Inc                                             | CUSIP: 913903BB5<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |     72000 | PA      | $72822.96     | 0.38%             | 2029-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                   | ACM Auto Trust 2023-2                                                     | CUSIP: 00161AAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     42525 | PA      | $42864.91     | 0.22%             | 2030-06-20      | Fixed         | 9.85%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                          | Hyundai Capital America                                                   | CUSIP: 44891ADQ7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25842.00     | 0.13%             | 2030-03-27      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BWX TECHNOLOGIES INC                             | BWX Technologies Inc                                                      | CUSIP: 05605HAC4<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24467.75     | 0.13%             | 2029-04-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| AMCOR GROUP FINANCE                              | Amcor Group Finance PLC                                                   | CUSIP: 02344BAA4<br>LEI: 2549008XHB8M1L64J275 | Long             | DBT              | CORP              | GB        |     25000 | PA      | $26013.25     | 0.13%             | 2029-05-23      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                         | CUSIP: 3136AWU21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     24305 | PA      | $24130.90     | 0.12%             | 2052-12-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ITC HOLDINGS CORP                                | ITC Holdings Corp                                                         | CUSIP: 465685AH8<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24150.25     | 0.12%             | 2043-07-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                                     | Illumina Inc                                                              | CUSIP: 452327AP4<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16462.40     | 0.08%             | 2027-12-13      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                | Imperial Fund Mortgage Trust 2022-NQM7                                    | CUSIP: 452763AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     57817 | PA      | $57730.23     | 0.30%             | 2067-11-25      | Variable      | 7.37%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                         | CUSIP: 3136B3T59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     37929 | PA      | $37151.57     | 0.19%             | 2049-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                               | Energy Transfer LP                                                        | CUSIP: 29273VAR1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23313.03     | 0.12%             | 2026-12-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| EQUITABLE AMERICA GLOBAL                         | Equitable America Global Funding                                          | CUSIP: 29446Q2B8<br>LEI: 98450066CCBIACF06694 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35775.60     | 0.18%             | 2030-06-09      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                           | WESCO Distribution Inc                                                    | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25711.00     | 0.13%             | 2029-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                         | Ajax Mortgage Loan Trust 2020-B                                           | CUSIP: 00969YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    122650 | PA      | $117012.32    | 0.60%             | 2059-05-25      | Variable      | 1.70%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                             | Keurig Dr Pepper Inc                                                      | CUSIP: 49271VAZ3<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45247.05     | 0.23%             | 2028-05-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| RYDER SYSTEM INC                                 | Ryder System Inc                                                          | CUSIP: 78355HLA5<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25327.50     | 0.13%             | 2027-03-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                          | American Electric Power Co Inc                                            | CUSIP: 025537AN1<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46645.00     | 0.24%             | 2030-03-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| U.K. Gilts                                       | U.K. Gilts                                                                | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     60000 | PA      | $77253.54     | 0.40%             | 2033-01-31      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                         | Science Applications International Corp                                   | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49776.00     | 0.26%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GF                             | American National Global Funding                                          | CUSIP: 02771D2A1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $76990.50     | 0.40%             | 2030-01-28      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                       | GLS Auto Receivables Issuer Trust 2022-1                                  | CUSIP: 36263XAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     19434 | PA      | $19427.40     | 0.10%             | 2028-01-18      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| VSP OPTICAL GROUP INC                            | VSP Optical Group Inc                                                     | CUSIP: 91836LAA0<br>LEI: 549300PHX8USLM2BT742 | Long             | DBT              | CORP              | US        |     29000 | PA      | $29453.85     | 0.15%             | 2035-12-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION GLO FNDG                           | Constellation Global Funding                                              | CUSIP: 21038N2A8<br>LEI: 254900OP9HLIALC2HZ12 | Long             | DBT              | CORP              | US        |     48000 | PA      | $47866.08     | 0.25%             | 2030-10-22      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| KEYSPAN GAS EAST CORP                            | KeySpan Gas East Corp                                                     | CUSIP: 49338CAD5<br>LEI: K8TS3HOE1568DUBUJL44 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26705.75     | 0.14%             | 2033-03-06      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                              | Sirius XM Radio LLC                                                       | CUSIP: 82967NBL1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24864.75     | 0.13%             | 2026-09-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                         | FHF Issuer Trust 2025-2                                                   | CUSIP: 30343DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $50586.45     | 0.26%             | 2030-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                    | DTE Energy Co                                                             | CUSIP: 233331BN6<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20752.60     | 0.11%             | 2030-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                     | CSMC 2022-NQM5 Trust                                                      | CUSIP: 12663DAC8<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |     97316 | PA      | $97140.54     | 0.50%             | 2067-05-25      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                 | Crown Castle Inc                                                          | CUSIP: 22822VBF7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |     10000 | PA      | $10194.60     | 0.05%             | 2029-09-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 3140XRWW1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    161793 | PA      | $164748.18    | 0.85%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                                 | Hewlett Packard Enterprise Co                                             | CUSIP: 42824CBZ1<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |     48000 | PA      | $48107.52     | 0.25%             | 2028-09-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                 | Puget Energy Inc                                                          | CUSIP: 745310AN2<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24322.50     | 0.13%             | 2032-03-15      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                  | CUSIP: 38380R4Z0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     34697 | PA      | $26916.67     | 0.14%             | 2062-04-16      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                                     | VeriSign Inc                                                              | CUSIP: 92343EAQ5<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |     32000 | PA      | $32712.64     | 0.17%             | 2032-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                           | Fairfax Financial Holdings Ltd                                            | CUSIP: 303901BL5<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $26187.25     | 0.14%             | 2032-08-16      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ACHD Trust                                       | ACHD Trust 2025-DS1                                                       | CUSIP: 00092TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     73652 | PA      | $73821.15     | 0.38%             | 2034-01-09      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                   | Carvana Auto Receivables Trust 2023-N3                                    | CUSIP: 14686RAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     29569 | PA      | $29650.18     | 0.15%             | 2028-05-10      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                         | Electricite de France SA                                                  | CUSIP: 268317AC8<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     45000 | PA      | $51358.95     | 0.27%             | 2039-01-26      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ENTERPRIS                         | Public Service Enterprise Group Inc                                       | CUSIP: 744573BA3<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |     32000 | PA      | $32924.16     | 0.17%             | 2030-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                        | CUSIP: 36179WR34<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    340984 | PA      | $312940.50    | 1.62%             | 2051-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates              | CUSIP: 3137HA4L7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     90000 | PA      | $92754.64     | 0.48%             | 2031-01-25      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                 | BAT Capital Corp                                                          | CUSIP: 054989AF5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     19000 | PA      | $19070.30     | 0.10%             | 2033-03-22      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BOSTON GAS COMPANY                               | Boston Gas Co                                                             | CUSIP: 100743AM5<br>LEI: FN7P4E7K9JOBORDEUX61 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24041.00     | 0.12%             | 2032-03-16      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                         | South Bow USA Infrastructure Holdings LLC                                 | CUSIP: 83007CAD4<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25550.50     | 0.13%             | 2029-10-01      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| NETAPP INC                                       | NetApp Inc                                                                | CUSIP: 64110DAM6<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72956.80     | 0.38%             | 2032-03-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AON NORTH AMERICA INC                            | Aon North America Inc                                                     | CUSIP: 03740MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $73073.00     | 0.38%             | 2034-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                          | Kinder Morgan Energy Partners LP                                          | CUSIP: 494550AT3<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26711.50     | 0.14%             | 2035-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| NVENT FINANCE SARL                               | nVent Finance Sarl                                                        | CUSIP: 67078AAE3<br>LEI: 549300KO1OQ4MVFB6X02 | Long             | DBT              | CORP              | LU        |     25000 | PA      | $22683.50     | 0.12%             | 2031-11-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| COBANK ACB                                       | CoBank ACB                                                                | CUSIP: 19075QAC6<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | USGA              | US        |     45000 | PA      | $45216.90     | 0.23%             | 2026-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Trust                 | First Investors Auto Owner Trust 2022-1                                   | CUSIP: 32057KAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     14442 | PA      | $14427.81     | 0.07%             | 2028-05-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                              | CDW LLC / CDW Finance Corp                                                | CUSIP: 12513GBF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $24145.50     | 0.12%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE HOLDCO                         | Columbia Pipelines Holding Co LLC                                         | CUSIP: 19828AAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     48000 | PA      | $49326.72     | 0.25%             | 2031-10-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| NLG GLOBAL FUNDING                               | NLG Global Funding                                                        | CUSIP: 62915W2A0<br>LEI: 635400SKBQOWEJZLTW68 | Long             | DBT              | CORP              | US        |     69000 | PA      | $71585.43     | 0.37%             | 2030-01-23      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                               | Energy Transfer LP                                                        | CUSIP: 29273VBD1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     27000 | PA      | $28064.34     | 0.14%             | 2030-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Goodgreen Trust                                  | Goodgreen 2020-1 Trust                                                    | CUSIP: 38217TAA3<br>LEI: 549300X0P2BXCQULUH20 | Long             | ABS-O            | CORP              | US        |     65342 | PA      | $56552.15     | 0.29%             | 2055-04-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                           | Mosaic Solar Loan Trust 2020-2                                            | CUSIP: 61946PAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     70177 | PA      | $55944.64     | 0.29%             | 2046-08-20      | Fixed         | 2.21%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE OKLAHOMA                          | Public Service Co of Oklahoma                                             | CUSIP: 744533BM1<br>LEI: F3TJNSIZRGXRH8GEIK79 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22404.00     | 0.12%             | 2031-08-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                  | SBA Tower Trust                                                           | CUSIP: 78403DAT7<br>LEI: N/A                  | Long             | DBT              |  | US        |     70000 | PA      | $68803.62     | 0.36%             | 2026-11-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                     | Alphabet Inc                                                              | CUSIP: 02079KBK2<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     24000 | PA      | $24164.88     | 0.12%             | 2031-02-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                         | Charles River Laboratories International Inc                              | CUSIP: 159864AE7<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49254.50     | 0.25%             | 2028-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                           | American Honda Finance Corp                                               | CUSIP: 02665WGA3<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |     38000 | PA      | $38050.54     | 0.20%             | 2026-12-11      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                     | Centene Corp                                                              | CUSIP: 15135BAW1<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22527.00     | 0.12%             | 2030-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wheels Fleet Lease Funding LLC                   | Wheels Fleet Lease Funding 1 LLC                                          | CUSIP: 96328GBG1<br>LEI: 549300BSFY0E0XXREF43 | Long             | ABS-O            | CORP              | US        |     34897 | PA      | $35279.71     | 0.18%             | 2038-08-18      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| KENTUCKY POWER CO                                | Kentucky Power Co                                                         | CUSIP: 491386AP3<br>LEI: JHOZYZ5WPEXWR477VH72 | Long             | DBT              | CORP              | US        |     35000 | PA      | $38414.60     | 0.20%             | 2033-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WESTERN-SOUTHERN GLOBAL                          | Western-Southern Global Funding                                           | CUSIP: 95954A2A0<br>LEI: 635400PFYEGVSGK4VB37 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41076.00     | 0.21%             | 2030-05-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CNTL AMR BOTTLING CORP                           | Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |     25000 | PA      | $24745.25     | 0.13%             | 2029-04-27      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| NORTHWESTERN CORP                                | NorthWestern Corp                                                         | CUSIP: 66807TAA0<br>LEI: 3BPWMBHR1R9SHUN7J795 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30963.30     | 0.16%             | 2030-03-21      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                      | PRKCM 2024-HOME1 Trust                                                    | CUSIP: 69391XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     69710 | PA      | $70677.76     | 0.36%             | 2059-05-25      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                                 | BOF VII AL Funding Trust I                                                | CUSIP: 097093AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     24234 | PA      | $24581.12     | 0.13%             | 2032-07-26      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                        | Sunoco LP                                                                 | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26406.50     | 0.14%             | 2032-05-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                          | CUSIP: 3132DWC76<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    234989 | PA      | $204762.43    | 1.06%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SFO Commerical Mortgage Trust                    | SFO Commercial Mortgage Trust 2021-555                                    | CUSIP: 78432WAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50000 | PA      | $49854.31     | 0.26%             | 2038-05-15      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                 | Crown Castle Inc                                                          | CUSIP: 22822VBE0<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |     25000 | PA      | $26500.50     | 0.14%             | 2034-03-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CONAGRA BRANDS INC                               | Conagra Brands Inc                                                        | CUSIP: 205887CC4<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |     29000 | PA      | $29406.87     | 0.15%             | 2028-11-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| CNO FINANCIAL GROUP INC                          | CNO Financial Group Inc                                                   | CUSIP: 12621EAM5<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36531.60     | 0.19%             | 2034-06-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                   | Open Text Corp                                                            | CUSIP: 683715AC0<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $23849.50     | 0.12%             | 2028-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Goodgreen Trust                                  | Goodgreen 2021-1 Trust                                                    | CUSIP: 38217UAA0<br>LEI: 549300X0P2BXCQULUH20 | Long             | ABS-O            | CORP              | US        |     49322 | PA      | $42676.11     | 0.22%             | 2056-10-15      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| HORACE MANN EDUCATORS CO                         | Horace Mann Educators Corp                                                | CUSIP: 440327AM6<br>LEI: 254900G5YAV3A2YK8T32 | Long             | DBT              | CORP              | US        |     58000 | PA      | $58274.34     | 0.30%             | 2030-10-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                          | Energean Israel Finance Ltd                                               | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |     25000 | PA      | $26410.00     | 0.14%             | 2033-09-30      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                  | CUSIP: 38382NKQ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     59665 | PA      | $47736.10     | 0.25%             | 2051-02-20      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| POLARIS INC                                      | Polaris Inc                                                               | CUSIP: 731068AB8<br>LEI: 549300QJSN8UVWN1EI78 | Long             | DBT              | CORP              | US        |     38000 | PA      | $38666.14     | 0.20%             | 2031-03-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                                | Brown & Brown Inc                                                         | CUSIP: 115236AJ0<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |     19000 | PA      | $19203.49     | 0.10%             | 2028-06-23      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                    | TransDigm Inc                                                             | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25704.75     | 0.13%             | 2029-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC                            | SS&C Technologies Inc                                                     | CUSIP: 78466CAD8<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25452.75     | 0.13%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                           | Mosaic Solar Loan Trust 2018-1                                            | CUSIP: 61946FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     80517 | PA      | $77093.05     | 0.40%             | 2043-06-22      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| PINNACLE WEST CAPITAL                            | Pinnacle West Capital Corp                                                | CUSIP: 723484AM3<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71304.10     | 0.37%             | 2028-05-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                          | CUSIP: 3132DWD67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    544326 | PA      | $493617.01    | 2.55%             | 2052-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUGET ENERGY INC                                 | Puget Energy Inc                                                          | CUSIP: 745310AQ5<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |     26000 | PA      | $26887.64     | 0.14%             | 2035-03-15      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bonds                                                       | CUSIP: 912810RH3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1025000 | PA      | $839699.22    | 4.33%             | 2044-08-15      | Fixed         | 3.13%                 | No            |                  1 | On Loan: No      |
| SLM Student Loan Trust                           | SLM Student Loan Trust 2012-1                                             | CUSIP: 78446WAC1<br>LEI: 5493000NQN5E3MSIIG77 | Long             | ABS-O            | CORP              | US        |     37539 | PA      | $37611.88     | 0.19%             | 2028-09-25      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| DAVINCIRE HOLDINGS LTD                           | DaVinciRe Holdings Ltd                                                    | CUSIP: 23879AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     25000 | PA      | $25568.00     | 0.13%             | 2035-04-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 31418EU99<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    172780 | PA      | $175902.24    | 0.91%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                       | Flagship Credit Auto Trust 2022-1                                         | CUSIP: 33845VAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     26046 | PA      | $25972.32     | 0.13%             | 2028-03-15      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                              | Global Payments Inc                                                       | CUSIP: 37940XAV4<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     48000 | PA      | $48165.60     | 0.25%             | 2028-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                       | CUSIP: 91282CNJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     20000 | PA      | $20376.56     | 0.11%             | 2032-06-30      | Fixed         | 4.00%                 | No            |                  1 | On Loan: No      |
| EMERA INC                                        | Emera Inc                                                                 | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |     55000 | PA      | $55345.40     | 0.29%             | 2076-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                       | MFA 2020-NQM1 Trust                                                       | CUSIP: 552754AA1<br>LEI: 2549007EHG79GWD49I44 | Long             | ABS-MBS          | CORP              | US        |     26324 | PA      | $25549.90     | 0.13%             | 2065-03-25      | Variable      | 2.48%                 | No            |                  2 | On Loan: No      |
| New Zealand Government Bonds                     | New Zealand Government Bonds                                              | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |     46000 | PA      | $26678.95     | 0.14%             | 2033-04-14      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Oportun Funding LLC                              | Oportun Funding Trust 2025-1                                              | CUSIP: 68377PAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     17658 | PA      | $17661.16     | 0.09%             | 2032-08-16      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| GENUINE PARTS CO                                 | Genuine Parts Co                                                          | CUSIP: 372460AF2<br>LEI: 549300D46DQVEU651W04 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25322.75     | 0.13%             | 2029-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                 | Duke Energy Corp                                                          | CUSIP: 26441CCJ2<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50116.00     | 0.26%             | 2035-09-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                          | CUSIP: 3142J6C84<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     28903 | PA      | $29038.32     | 0.15%             | 2056-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                       | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    650000 | PA      | $667875.00    | 3.45%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  1 | On Loan: No      |
| COLUMBIA PIPELINES OPCO                          | Columbia Pipelines Operating Co LLC                                       | CUSIP: 19828TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10673.90     | 0.06%             | 2030-08-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Instar Leasing III, LLC                          | InStar Leasing III LLC                                                    | CUSIP: 45783NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     78072 | PA      | $74849.71     | 0.39%             | 2054-02-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| WISCONSIN POWER & LIGHT                          | Wisconsin Power and Light Co                                              | CUSIP: 976826BS5<br>LEI: JWBYHVQVMY66CVCOSO49 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26060.25     | 0.13%             | 2034-03-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                           | Marlette Funding Trust 2021-3                                             | CUSIP: 57108QAD5<br>LEI: 549300JRCMNFIBT50883 | Long             | ABS-O            | CORP              | US        |     39237 | PA      | $39157.88     | 0.20%             | 2031-12-15      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                     | Ecopetrol SA                                                              | CUSIP: 279158AV1<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     20000 | PA      | $20548.80     | 0.11%             | 2036-01-19      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                          | Booz Allen Hamilton Inc                                                   | CUSIP: 09951LAD5<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17251.43     | 0.09%             | 2035-04-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                        | Sunoco LP                                                                 | CUSIP: 86765KAH2<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25006.00     | 0.13%             | 2027-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GCAT                                             | GCAT 2021-CM2 Trust                                                       | CUSIP: 36167AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     63280 | PA      | $60430.37     | 0.31%             | 2066-08-25      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                         | Capital One Financial Corp                                                | CUSIP: 14040HDB8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25494.75     | 0.13%             | 2027-10-29      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC                                    | CoreCivic Inc                                                             | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25959.50     | 0.13%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust           | Santander Drive Auto Receivables Trust 2026-1                             | CUSIP: 80288FAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     49000 | PA      | $49001.90     | 0.25%             | 2029-03-15      | Fixed         | 4.04%                 | No            |                  2 | On Loan: No      |
| APTARGROUP INC                                   | AptarGroup Inc                                                            | CUSIP: 038336AB9<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20296.60     | 0.10%             | 2031-03-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                | Clean Harbors Inc                                                         | CUSIP: 184496AP2<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50003.50     | 0.26%             | 2029-07-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| UNION ELECTRIC CO                                | Union Electric Co                                                         | CUSIP: 906548CR1<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24027.75     | 0.12%             | 2030-03-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                              | Oportun Funding Trust 2024-3                                              | CUSIP: 68377NAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1057 | PA      | $1056.52      | 0.01%             | 2029-08-15      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| AMCOR FLEXIBLES NORTH AM                         | Amcor Flexibles North America Inc                                         | CUSIP: 02344AAH1<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |     34000 | PA      | $35769.02     | 0.18%             | 2035-03-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MOLEX ELECTRONICS TECH                           | Molex Electronic Technologies LLC                                         | CUSIP: 60856BAE4<br>LEI: 549300WTBVUFUPSIWI20 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40542.80     | 0.21%             | 2028-04-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 3140LJS49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17000 | PA      | $17139.80     | 0.09%             | 2033-03-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                              | COMM 2024-277P Mortgage Trust                                             | CUSIP: 12654FAA8<br>LEI: 5493004GWEVMOU8S3L34 | Long             | ABS-MBS          | CORP              | US        |     30000 | PA      | $31639.23     | 0.16%             | 2044-08-10      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                           | Sequoia Mortgage Trust 2025-10                                            | CUSIP: 81750CAB1<br>LEI: 549300671OK77JNRLK28 | Long             | ABS-MBS          | CORP              | US        |     88197 | PA      | $88016.64     | 0.45%             | 2055-11-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BRIGHTHSE FIN GLBL FUND                          | Brighthouse Financial Global Funding                                      | CUSIP: 10921U2J6<br>LEI: 549300BLFX3KJ2IFOA78 | Long             | DBT              | CORP              | US        |     38000 | PA      | $38441.56     | 0.20%             | 2027-04-09      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| MAIN STREET CAPITAL CORP                         | Main Street Capital Corp                                                  | CUSIP: 56035LAK0<br>LEI: 5493001FS9QJLJNF3E20 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50229.50     | 0.26%             | 2028-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                        | Ball Corp                                                                 | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46505.50     | 0.24%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| GENPACT UK/USA INC                               | Genpact UK Finco plc / Genpact USA Inc                                    | CUSIP: 37256EAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     49000 | PA      | $48417.88     | 0.25%             | 2030-11-18      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                     | Alphabet Inc                                                              | CUSIP: 02079KBJ5<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25019.50     | 0.13%             | 2029-02-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                          | Booz Allen Hamilton Inc                                                   | CUSIP: 09951LAA1<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39382.00     | 0.20%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 3140XQQ91<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    241486 | PA      | $215982.10    | 1.11%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                              | Sirius XM Radio LLC                                                       | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25015.00     | 0.13%             | 2029-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                     | CSMC 2022-ATH1                                                            | CUSIP: 12660BAM3<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |     95029 | PA      | $93298.51     | 0.48%             | 2067-01-25      | Variable      | 3.87%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                           | Extra Space Storage LP                                                    | CUSIP: 30225VAL1<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |     25000 | PA      | $24946.00     | 0.13%             | 2026-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| INTACT FINANCIAL CORP                            | Intact Financial Corp                                                     | CUSIP: 45823TAL0<br>LEI: 5493009LXGE7Y4U9OY43 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $26234.25     | 0.14%             | 2032-09-22      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 31418FJR9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    253307 | PA      | $250502.74    | 1.29%             | 2055-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                    | Citigroup Inc                                                             | CUSIP: 17327CAT0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     26000 | PA      | $26301.34     | 0.14%             | 2030-09-19      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                | Service Corp International/US                                             | CUSIP: 817565CH5<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50982.50     | 0.26%             | 2032-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PAPA JOHN'S INTERNATIONA                         | Papa John's International Inc                                             | CUSIP: 698813AA0<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23705.00     | 0.12%             | 2029-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Non Gold Pool                                                 | CUSIP: 31288Q4S6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     96723 | PA      | $92201.37     | 0.48%             | 2052-06-01      | Floating      | 2.09%                 | No            |                  2 | On Loan: No      |
| LINEAGE OP LP                                    | Lineage OP LP                                                             | CUSIP: 53567YAB5<br>LEI: 254900CSRDL1G4SRQE89 | Long             | DBT              |  | US        |     18000 | PA      | $18354.42     | 0.09%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CCL INDUSTRIES INC                               | CCL Industries Inc                                                        | CUSIP: 124900AD3<br>LEI: 549300TD3EMSRRC0YH75 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $23773.00     | 0.12%             | 2030-06-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| TRIMBLE INC                                      | Trimble Inc                                                               | CUSIP: 896239AC4<br>LEI: 549300E2MI7NSZFQWS19 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30308.70     | 0.16%             | 2028-06-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury STRIPS Coupon                                               | CUSIP: 912834KV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1120000 | PA      | $540883.19    | 2.79%             | 2041-11-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| AEP TEXAS INC                                    | AEP Texas Inc                                                             | CUSIP: 00108WAM2<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23062.50     | 0.12%             | 2030-07-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                    | Citigroup Inc                                                             | CUSIP: 172967NN7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     33000 | PA      | $31691.88     | 0.16%             | 2033-03-17      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 3140HUB96<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     89654 | PA      | $83650.91     | 0.43%             | 2049-06-01      | Fixed         | 3.99%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                       | MFA 2024-NQM1 Trust                                                       | CUSIP: 55286VAA8<br>LEI: 2549007EHG79GWD49I44 | Long             | ABS-MBS          | CORP              | US        |     54145 | PA      | $54857.01     | 0.28%             | 2069-03-25      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                        | Block Inc                                                                 | CUSIP: 852234AJ2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     73000 | PA      | $72362.71     | 0.37%             | 2026-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                           | CUSIP: 3140LGWS7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     43000 | PA      | $42633.11     | 0.22%             | 2032-08-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| RLI CORP                                         | RLI Corp                                                                  | CUSIP: 749607AD9<br>LEI: 529900AMTJE5ECN9PS55 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39923.60     | 0.21%             | 2036-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                 | BAT Capital Corp                                                          | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     25000 | PA      | $29453.25     | 0.15%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| WILLIS NORTH AMERICA INC                         | Willis North America Inc                                                  | CUSIP: 970648AP6<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |     38000 | PA      | $38034.96     | 0.20%             | 2031-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                       | Humana Inc                                                                | CUSIP: 444859BF8<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24965.75     | 0.13%             | 2027-03-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-18

**Name of Applicant:** Thornburg ETF Trust

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin