# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0000910472-25-006129
**Filing Date:** 2025-12
**Character Count:** 68821
**Document Hash:** d880c347d55fddb8e1552f5d4282ff49
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-006129.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000910472-25-006129

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ultimus Managers Trust
- **CENTRAL INDEX KEY:** 0001545440

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 251605332

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3400

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Westwood Multi-Asset Income Fund (Series ID: S000072840)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000229469 | Westwood Multi-Asset Income Fund Institutional Shares | WHGHX           |
| C000229470 | Westwood Multi-Asset Income Fund A Class Shares       | WSDAX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Ultimus Managers Trust

- **b. Investment Company Act file number:** 811-22680

- **c. CIK number of Registrant:** 0001545440

- **d. LEI of Registrant:** 549300FU214TAR7BFY91

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

  - **Street Address 1:** 225 Pictoria Drive

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

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

- **a. Name of Series:** WESTWOOD MULTI-ASSET INCOME FUND

- **b. EDGAR series identifier (if any):** S000072840

- **c. LEI of Series:** 54930028Q7KDCMZHDO55

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $104326296.24

**Total Liabilities:** $544993.47

**Net Assets:** $103781302.77

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 835.02419676 | **5-Year:** 4174.65683668 | **10-Year:** 4147.32048277 | **30-Year:** 4739.44543719

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

- **3-Month:** 159.30988566 | **1-Year:** 3047.53384856 | **5-Year:** 7371.79796636 | **10-Year:** 1257.67439212 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229469 | 1.50%                | 1.86%                | 0.64%                |
| Class ID C000229470 | 1.47%                | 1.83%                | 0.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $617089.95               | $538018.50                                 |
| Month 2  | $-50674.40               | $1656343.91                                |
| Month 3  | $178451.70               | $-213917.24                                |

**Designated Index Information**

- **Index Name:** 40 Russ 1000 Val 60 BB Agg

- **Index Identifier:** 40 Russ 1000 Val 60 BB Agg

### Schedule of Portfolio Investments

| Name                                                                                 | Title                                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Federal National Mortgage Association                                                | Federal Home Loan Mortgage Corporation 4.000%, Due 10/01/2052            | CUSIP: 3140XJXY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    486494 | PA      | $463691.72    | 0.45%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP                                                                   | VICI Properties LP 5.125%, Due 05/15/32                                  | CUSIP: 925650AD5<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1007708.61   | 0.97%             | 2032-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                                          | Lockheed Martin Corporation                                              | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      1088 | NS      | $535165.44    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                                        | Freddie Mac STACR REMIC Trust 2021-HQA1 9.34839%, Due 08/25/2033         | CUSIP: 35564KCP2<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    460000 | PA      | $537050.00    | 0.52%             | 2033-08-25      | Floating      | 9.18%                 | Yes           |                  2 | On Loan: No      |
| GEO Group Inc                                                                        | GEO Group Inc/The 8.625% Due 04/15/2029                                  | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1055376.00   | 1.02%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                  | Kinder Morgan, Inc.                                                      | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     11940 | NS      | $312708.60    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Muvico LLC                                                                           | Muvico LLC 15.0%, Due 02/19/2029                                         | CUSIP: 62844JAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1082320.00   | 1.04%             | 2029-02-19      | Fixed         | 15.00%                | Yes           |                  2 | On Loan: No      |
| Sempra                                                                               | Sempra Energy 6.400%, Due 10/01/2054                                     | CUSIP: 816851BT5<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    450000 | PA      | $462145.05    | 0.45%             | 2054-10-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                                                        | Six Flags Entertainment Corp 6.625%, Due 05/1/2032                       | CUSIP: 83002YAA7<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1013937.00   | 0.98%             | 2032-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| General Dynamics Corporation                                                         | General Dynamics Corporation                                             | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      2439 | NS      | $841211.10    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                                                           | Amgen, Inc.                                                              | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      1088 | NS      | $324691.84    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Properties Trust                                                             | Service Properties Trust 8.875%, Due 06/15/32                            | CUSIP: 81761LAE2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $986331.60    | 0.95%             | 2032-06-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | Bank of America Corp 6.25%, Due 3/15/2030                                | CUSIP: 06055HAK9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    650000 | PA      | $661223.55    | 0.64%             | 2035-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Golar LNG Limited                                                                    | Golar LNG Ltd 7.25%, Due 09/19/2029                                      | CUSIP: G4023LAC5<br>LEI: 213800C2VSFZG3EZLO34 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1003282.09   | 0.97%             | 2029-09-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| NGL Energy Operating LLC/ NGL Energy Finance Corp                                    | NGL Energy Operating LLC / NGL Energy Finance Corp 8.125%, Due 2/15/2029 | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1023321.00   | 0.99%             | 2029-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC Holdings PLC Floating rate, Due 12/31/2049                          | CUSIP: 404280DT3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | US        |    615000 | PA      | $651200.13    | 0.63%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                                                   | Ares Capital Corporation 7.000%, Due  01/15/27                           | CUSIP: 04010LBE2<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    735000 | PA      | $754812.53    | 0.73%             | 2027-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CVR Energy Inc.                                                                      | CVR Energy Inc 8.5%, Due 1/15/2029                                       | CUSIP: 12662PAF5<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1024847.00   | 0.99%             | 2029-01-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| LABL Inc                                                                             | LABL Inc 9.5%, Due 11/1/2028                                             | CUSIP: 50168QAE5<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $745949.10    | 0.72%             | 2028-11-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Corecivic Inc                                                                        | CoreCivic Inc 8.25%, Due 4/15/2029                                       | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |    500000 | PA      | $526335.50    | 0.51%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Essex Property Trust, Inc.                                                           | Essex Property Trust, Inc. REIT                                          | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |      1309 | NS      | $329566.93    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| DISH Network Corporation                                                             | DISH Network Corp 11.75% Due 11/15/2027                                  | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1052855.00   | 1.01%             | 2027-11-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | Charter Communications Operating, LLC 6.384%, Due 10/23/35               | CUSIP: 161175AZ7<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1034667.71   | 1.00%             | 2035-10-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                                | International Business Machines Corporation                              | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      3060 | NS      | $940674.60    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Staples, Inc.                                                                        | Staples, Inc. 10.750%, Due 09/01/29                                      | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $975268.20    | 0.94%             | 2029-09-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                                       | Hewlett Packard Enterprise Company                                       | CUSIP: 42824C208<br>LEI: 549300BX44RGX6ANDV88 | Long             | EP               | CORP              | US        |     11850 | NS      | $800823.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                                          | CME Euro Foreign Exchange Currency Future 2025-12-15                     | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DFE              | CORP              | US        |        15 | NS      | $-13558.05    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Sitios Latinoamerica S.A.B. De C.V                                                   | America Movil SAB de CV 5.375%, Due 04/04/2032                           | CUSIP: 03217KAB4<br>LEI: 984500D2C0CDC0BFDD35 | Long             | DBT              | CORP              | US        |    360000 | PA      | $360824.04    | 0.35%             | 2032-04-04      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| GrafTech Global Enterprises Inc.                                                     | GrafTech Global Enterprises Inc 9.875% Due 12/23/2029                    | CUSIP: 38431AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $882500.00    | 0.85%             | 2029-12-23      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Redwood Trust Inc                                                                    | Redwood Trust Inc 7.75% Due 06/15/2027                                   | CUSIP: 758075AF2<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $996500.00    | 0.96%             | 2027-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Avation Capital SA                                                                   | Avation Capital SA 8.250%, Due 10/31/26                                  | CUSIP: 05351CAA5<br>LEI: 54930056OEYSV06OMD90 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500148.47    | 0.48%             | 2026-10-31      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                       | Mexico Government International Bond 7.375%, Due 05/13/2055              | CUSIP: 91087BBD1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    750000 | PA      | $841875.00    | 0.81%             | 2055-05-13      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| 1261229 Bc Ltd.                                                                      | 1261229 BC Ltd 10.00% Due 04/15/2032                                     | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $1046106.28   | 1.01%             | 2032-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| iHeartCommunications Inc                                                             | iHeartCommunications Inc 7.75%, Due 08/15/2030                           | CUSIP: 45174HBM8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $835708.20    | 0.81%             | 2030-08-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Federal Home Loan Mortgage Corporation 5.000%, Due 01/01/2053            | CUSIP: 3132DWF57<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    441933 | PA      | $441869.58    | 0.43%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rithm Capital Corp.                                                                  | Rithm Capital Corporation 8.000%, Due 04/01/29                           | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1020612.00   | 0.98%             | 2029-04-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| NVIDIA Corp.                                                                         | NVIDIA Corporation                                                       | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      4600 | NS      | $931454.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil And Gas, Inc.                                                           | Northern Oil & Gas Inc 7.875%, Due 10/15/2033                            | CUSIP: 665531AL3<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   1333000 | PA      | $1298286.00   | 1.25%             | 2033-10-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                    | CSC Holdings, LLC 11.250%, Due 05/15/28                                  | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $877155.10    | 0.85%             | 2028-05-15      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| MPT Operating Partnership LP / MPT Finance Corporation                               | MPT Operating Partnership LP / MPT Finance Corp 8.5% Due 2/15/2032       | CUSIP: 55342UAQ7<br>LEI: WUQXXXF7PXTUPGROE843 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1047426.00   | 1.01%             | 2032-02-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Ultimus Managers Trust                                                               | Westwood Salient Enhanced Energy Income ETF                              | CUSIP: 90386K571<br>LEI: 549300FU214TAR7BFY91 | Long             | EC               | RF                | US        |     16752 | NS      | $349852.12    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                                                                      | Home Depot, Inc. (The)                                                   | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      1277 | NS      | $484736.43    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                                                                 | Cleveland-Cliffs, Inc. 7.000%, Due 03/15/32                              | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    500000 | PA      | $511060.50    | 0.49%             | 2032-03-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | Philip Morris International, Inc.                                        | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      2736 | NS      | $394886.88    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                                                               | TJX Companies, Inc. (The)                                                | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      5734 | NS      | $803562.76    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| SBL Holdings Inc.                                                                    | SBL Holdings Inc 7.2%, Due 10/30/2034                                    | CUSIP: 78397DAD0<br>LEI: 635400MJW3QDSBJRKQ59 | Long             | DBT              | CORP              | US        |    725000 | PA      | $707588.49    | 0.68%             | 2034-10-30      | Fixed         | 7.20%                 | Yes           |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | Alphabet, Inc. Class A                                                   | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      4533 | NS      | $1274634.27   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Midstream Partners LP / Martin Midstream Finance Corp                         | Martin Midstream Partners LP 11.500%, Due 02/15/28                       | CUSIP: 573334AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1028430.00   | 0.99%             | 2028-02-15      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| Blue Owl Credit Income Corp.                                                         | Blue Owl Credit Income Corp 5.8% Due 03/15/2030                          | CUSIP: 09581CAD3<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    500000 | PA      | $502725.72    | 0.48%             | 2030-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc.                                                                   | Iron Mountain, Inc. 7.000%, Due 02/15/29                                 | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1030107.00   | 0.99%             | 2029-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Products Partners L.P.                                                    | Enterprise Products Partners L.P.                                        | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |     15152 | NS      | $466530.08    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp.                                                                 | Barrick Mining Corporation                                               | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     18621 | NS      | $610768.80    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | United States Treasury Note/Bond 4.0% Due 03/31/2030                     | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1035000 | PA      | $1047654.49   | 1.01%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems Inc                                                     | CHS / Community Health Systems, Inc. 10.875%, Due 01/15/2032             | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1005000 | PA      | $1083344.60   | 1.04%             | 2032-01-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Blackline Inc                                                                        | BlackLine Inc 1.00% Due 06/01/2029                                       | CUSIP: 09239BAF6<br>LEI: 529900P9N7PK9LV5EK56 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1072600.00   | 1.03%             | 2029-06-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc.                                                                 | Gilead Sciences, Inc.                                                    | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      6948 | NS      | $832300.92    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP                                                                   | Energy Transfer, L.P.                                                    | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |     38174 | NS      | $642468.42    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Federal Home Loan Mortgage Corporation 5.500%, Due 04/01/2053            | CUSIP: 3132DP3N6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    446066 | PA      | $453516.19    | 0.44%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Southstate Bank Corp.                                                                | SouthState Corp 7.00% Due 06/13/2035                                     | CUSIP: 840441AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    535000 | PA      | $559414.26    | 0.54%             | 2035-06-13      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Commscope LLC                                                                        | CommScope LLC 9.5%, Due 12/15/2031                                       | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1017255.00   | 0.98%             | 2031-12-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Century Communities Inc                                                              | Century Communities Inc 6.625%, Due 09/15/2033                           | CUSIP: 156504AN2<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |    691000 | PA      | $688918.36    | 0.66%             | 2033-09-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Devon Energy Corporation                                                             | Devon Energy Corporation                                                 | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      5780 | NS      | $187792.20    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Mativ Holdings Inc                                                                   | Mativ Holdings Inc 8.0%, Due 10/01/2029                                  | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $967972.00    | 0.93%             | 2029-10-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc.                                                  | Clear Channel Outdoor Holdings Inc 7.875%, Due 04/01/2030                | CUSIP: 18453HAF3<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1048360.00   | 1.01%             | 2030-04-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| W & T Offshore Inc.                                                                  | W&T Offshore Inc 10.75%, Due 02/01/2029                                  | CUSIP: 92922PAN6<br>LEI: 549300Q7EOY2YIO3YK85 | Long             | DBT              | CORP              | US        |    500000 | PA      | $468935.00    | 0.45%             | 2029-02-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Public Storage                                                                       | Public Storage REIT                                                      | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |      1468 | NS      | $408926.08    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | U.S. Treasury Notes 4.625%, Due 02/15/2035                               | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1035000 | PA      | $1078987.50   | 1.04%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc.                                                                  | Ally Financial, Inc. 6.992%, Due 06/13/29                                | CUSIP: 02005NBT6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    590000 | PA      | $619434.68    | 0.60%             | 2029-06-13      | Fixed         | 6.99%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                                                 | Sumitomo Mitsui Financial Group, Inc. ADR                                | CUSIP: 86562M209<br>LEI: 35380028MYWPB6AUO129 | Long             | EC               | CORP              | JP        |     32755 | NS      | $533251.40    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                                                                   | Altria Group, Inc.                                                       | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      9100 | NS      | $513058.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Intesa Sanpaolo S.p.A.                                                               | Intesa Sanpaolo S.p.A. 7.778%, Due 06/20/54                              | CUSIP: 46115HCB1<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | US        |    360000 | PA      | $431832.33    | 0.42%             | 2054-06-20      | Fixed         | 7.78%                 | Yes           |                  2 | On Loan: No      |
| E.W. Scripps Co.                                                                     | EW Scripps Co/The 9.875%, Due 08/15/2030                                 | CUSIP: 811054AH8<br>LEI: 549300U1OW41QPKYW028 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $948303.53    | 0.91%             | 2030-08-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Diamondback Energy Inc                                                               | Diamondback Energy, Inc. 5.900%, Due 04/18/2064                          | CUSIP: 25278XBB4<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    460000 | PA      | $439899.04    | 0.42%             | 2064-04-18      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Phillips 66 Co.                                                                      | Phillips 66 Co 6.2%, Due 03/15/2056                                      | CUSIP: 718547BA9<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |    385000 | PA      | $388815.74    | 0.37%             | 2056-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Connect Finco SARL/Connect US Finco LLC                                              | Connect Finco SARL / Connect US Finco LLC 9.0%, Due 9/15/2029            | CUSIP: 20752TAB0<br>LEI: 2594001KNYIQ456J2792 | Long             | DBT              | CORP              | US        |    500000 | PA      | $529414.50    | 0.51%             | 2029-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| J P Morgan Exchange Traded Fund Trust                                                | JPMorgan Nasdaq Equity Premium Income ETF                                | CUSIP: 46654Q203<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |     16648 | NS      | $983896.80    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                                                    | Wells Fargo & Company                                                    | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      6771 | NS      | $588873.87    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | United States Treasury Note/Bond 3.875%, Due 07/31/2030                  | CUSIP: 91282CNN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1006992.19   | 0.97%             | 2030-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Mars Inc.                                                                            | Mars Inc 5.7% Due 11/1/2025                                              | CUSIP: 571676BC8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    320000 | PA      | $325157.65    | 0.31%             | 2055-05-01      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Company                                                                   | Ford Motor Credit Company, LLC 7.45%, Due 07/16/31                       | CUSIP: 345370CA6<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1104395.48   | 1.06%             | 2031-07-16      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| R.R. Donnelley & Sons Co.                                                            | RR Donnelley & Sons Co 9.5% Due 08/01/2029                               | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |    750000 | PA      | $768990.00    | 0.74%             | 2029-08-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                                                               | Ultra 10-Year US Treasury Note Futures 2025-12-19                        | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DCO              | CORP              | US        |        37 | NS      | $35611.74     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                               | Ultra U.S. Treasury Bond Futures 2025-12-19                              | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DCO              | CORP              | US        |        63 | NS      | $189906.34    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Xerox Corp.                                                                          | Xerox Corp 10.25%, Due 10/15/2030                                        | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1022369.00   | 0.99%             | 2030-10-15      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| Golub Capital Private Credit Fund                                                    | Golub Capital Private Credit Fund 5.875% Due 05/01/2030                  | CUSIP: 38179RAD7<br>LEI: 254900B5KBW6OY1F9951 | Long             | DBT              | CORP              | US        |    890000 | PA      | $903997.91    | 0.87%             | 2030-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FedEx Corporation                                                                    | FedEx Corporation                                                        | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      1553 | NS      | $394182.46    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation                      | Icahn Enterprises 10.0%, Due 11/15/2029                                  | CUSIP: 451102CK1<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1254616.25   | 1.21%             | 2029-11-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Plains All American Pipeline L.P.                                                    | Plains All American Pipeline LP / PAA Finance Corp 5.6%, Due 10/15/2035  | CUSIP: 72650RBS0<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40385.85     | 0.04%             | 2036-01-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Chord Energy Corp.                                                                   | Chord Energy Corp 6.0%, Due 10/01/2030                                   | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1001048.56   | 0.96%             | 2030-10-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Audacy 2nd Lien Warrants subject to black scholes protection                         | Audacy 2nd Lien Warrants subject to black scholes protection             | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      5433 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Aptiv PLC / Aptiv Global Financing DAC                                               | Aptiv PLC / Aptiv Global Financing DAC 6.875%, Due 12/15/2054            | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1021003.55   | 0.98%             | 2054-12-15      | Fixed         | 6.87%                 | No            |                  2 | On Loan: No      |
| Sixth Street Lending Partners                                                        | Sixth Street Lending Partners 5.75%, Due 01/15/2030                      | CUSIP: 829932AD4<br>LEI: 549300S9P1HMDERGCR64 | Long             | DBT              | CORP              | US        |    500000 | PA      | $506677.48    | 0.49%             | 2030-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                                                      | Sinclair Television Group Inc 8.125% Due 2/15/2033                       | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    919000 | PA      | $936543.71    | 0.90%             | 2033-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Truist Financial Corp.                                                               | Truist Financial Corporation                                             | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     10594 | NS      | $472810.22    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Audacy 2nd Lien Warrants NOT subject to black scholes protection                     | Audacy 2nd Lien Warrants NOT subject to black scholes protection         | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |       906 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Microsoft Corp.                                                                      | Microsoft Corporation                                                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      1634 | NS      | $846101.54    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| South Africa (Republic of)                                                           | Republic of South Africa Government  International Bond                  | CUSIP: 836205BC7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | US        |    695000 | PA      | $715778.92    | 0.69%             | 2032-04-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Urban Edge Properties                                                                | Urban Edge Properties REIT                                               | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23164 | NS      | $445443.72    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Federal Home Loan Mortgage Corporation 4.500%, Due 12/01/2052            | CUSIP: 3132DWFQ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    455823 | PA      | $446230.20    | 0.43%             | 2052-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Flex Ltd.                                                                            | Flex Ltd 6.000%, Due 01/15/28                                            | CUSIP: 33938XAE5<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | US        |    745000 | PA      | $769431.47    | 0.74%             | 2028-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Dell International LLC / EMC Corp.                                                   | Dell International, LLC / EMC Corporation 8.350%, Due 07/15/2046         | CUSIP: 24703TAK2<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    342000 | PA      | $442213.55    | 0.43%             | 2046-07-15      | Fixed         | 8.35%                 | No            |                  2 | On Loan: No      |
| Boston Properties LP                                                                 | Boston Properties LP 2.0%, Due 10/01/2030                                | CUSIP: 10112RBM5<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    815000 | PA      | $797477.50    | 0.77%             | 2030-10-01      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | Alphabet Inc 5.30% Due 05/15/2065                                        | CUSIP: 02079KAN7<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    460000 | PA      | $451784.69    | 0.44%             | 2065-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Vinebrook Homes Trust 9.5% Preferred                                                 | Vinebrook Homes Trust 9.5% Preferred                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     20000 | NS      | $500000.00    | 0.48%             |  |  |  | No            |                  3 | On Loan: No      |
| Sunoco LP                                                                            | Sunoco LP 7.875%, Due 03/18/2045                                         | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    315000 | PA      | $319882.50    | 0.31%             | 2045-03-18      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Getty Images Inc.                                                                    | Getty Images Incorporated 11.25%, Due 02/21/2030                         | CUSIP: 374276AM5<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $996025.70    | 0.96%             | 2030-02-21      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| First American Funds Inc.                                                            | FIRST AMERICAN GOVERNMENT OBLIGATIONS FUND - CLASS U                     | CUSIP: 31846V211<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   3264735 | PA      | $3264735.16   | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabre GLBL Inc.                                                                      | Sabre GLBL Inc 10.75%, Due 11/15/2029                                    | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |   1082000 | PA      | $1030605.00   | 0.99%             | 2029-11-15      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Johnson & Johnson                                                                    | Johnson & Johnson                                                        | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      3253 | NS      | $614394.11    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF Holding Company LLC and PBF Finance Corp.                                        | PBF Holding Co LLC / PBF Finance Corp 9.875%, Due 3/15/2030              | CUSIP: 69318FAM0<br>LEI: 549300TILVIIV9FLL461 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1060073.00   | 1.02%             | 2030-03-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Blackstone Mortgage Trust, Inc                                                       | Blackstone Mortgage Trust Inc 5.5%, Due 03/15/2027                       | CUSIP: 09257WAE0<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $984500.00    | 0.95%             | 2027-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                     | Kratos Defense & Security Solutions, Inc. 11/21/2025 100 Call            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -140 | NS      | $-68600.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                                                         | U.S. Treasury Bill 0.000%, Due 11/13/2025                                | CUSIP: 912797QQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $499459.63    | 0.48%             | 2025-11-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TransCanada Trust                                                                    | Transcanada Trust 5.600%, Due 03/07/2082                                 | CUSIP: 89356BAG3<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | US        |    478000 | PA      | $472750.75    | 0.46%             | 2082-03-07      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Audacy Special Warrants                                                              | Audacy Special Warrants                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      4483 | NS      | $87418.50     | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GEO Group Inc                                                                        | GEO Group Inc/The 10.25% Due 11/01/2031                                  | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |    667000 | PA      | $730433.70    | 0.70%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | Oracle Corporation 6.900%, Due 11/09/52                                  | CUSIP: 68389XCK9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    320000 | PA      | $341397.74    | 0.33%             | 2052-11-09      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                        | Enbridge Inc 7.2% Due 06/27/2054                                         | CUSIP: 29250NCF0<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    525000 | PA      | $560924.70    | 0.54%             | 2054-06-27      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Shift4 Payments Inc                                                                  | SHIFT4 PMTS INC                                                          | CUSIP: 82452J307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      2400 | NS      | $205104.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Group Diversified Holdings LLC                                               | Compass Group Diversified Holdings 5.250%, Due 04/15/2029                | CUSIP: 20451RAB8<br>LEI: 549300I6PTUQPX21TE93 | Long             | DBT              | CORP              | US        |   1017500 | PA      | $921623.19    | 0.89%             | 2029-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| American Homes 4 Rent L P                                                            | American Homes 4 Rent LP 4.300%, Due 04/15/52                            | CUSIP: 02666TAF4<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $803215.92    | 0.77%             | 2052-04-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| XPO Inc                                                                              | XPO, Inc. 6.250%, Due 06/01/28                                           | CUSIP: 98379KAA0<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1019812.00   | 0.98%             | 2028-06-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Shutterfly Finance LLC                                                               | Shutterfly Finance LLC 8.5% Due 10/01/2027                               | CUSIP: 82568NAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1021250 | PA      | $998271.88    | 0.96%             | 2027-10-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Ventas Inc.                                                                          | Ventas, Inc. REIT                                                        | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |      7019 | NS      | $517932.01    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| QXO Building Products Inc.                                                           | Queen MergerCo Inc 6.75% Due 04/30/2032                                  | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1035123.00   | 1.00%             | 2032-04-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Intel Corporation                                                                    | Intel Corporation                                                        | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     15613 | NS      | $624363.87    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Southstate Bank Corp.                                                                | SOUTHSTATE BANK CORP                                                     | CUSIP: 84472E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3280 | NS      | $290772.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP                                                                   | Energy Transfer Operating LP 7.125%, Perpetual                           | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    525000 | PA      | $541959.60    | 0.52%             | 2165-05-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                     | NVIDIA Corporation 11/21/2025 200 Call                                   | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -46 | NS      | $-51750.00    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp.                                                                   | State Street Corporation Floating rate, Due 12/31/2049                   | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    475000 | PA      | $493415.28    | 0.48%             | 2049-12-31      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & COMPANY MARGIN DEPOSIT ACCOUNT                                      | MORGAN STANLEY & COMPANY MARGIN DEPOSIT ACCOUNT                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |    459300 | PA      | $459300.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                                                                | Bank of America Corp 5.518% Due 10/25/2035                               | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    635000 | PA      | $651060.59    | 0.63%             | 2035-10-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group Inc.                                                                | WEC Energy Group, Inc.                                                   | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |      4217 | NS      | $471165.41    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corporation                                                           | Alliant Energy Corporation                                               | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |      6822 | NS      | $455846.04    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| B.A.T. Capital Corporation                                                           | BAT Capital Corp 7.75%, Due 10/19/2032                                   | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    552000 | PA      | $642897.18    | 0.62%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| HP Inc                                                                               | HP Inc 6.1% Due 04/25/2035                                               | CUSIP: 40434LAS4<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |    295000 | PA      | $312108.47    | 0.30%             | 2035-04-25      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Walt Disney Company                                                                  | Walt Disney Company (The)                                                | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      4272 | NS      | $481112.64    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solutions, Inc.                                            | Kratos Defense & Security Solutions, Inc.                                | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |     14000 | NS      | $1268400.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| J P Morgan Exchange Traded Fund Trust                                                | JPMorgan Equity Premium Income ETF                                       | CUSIP: 46641Q332<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |      9048 | NS      | $514650.24    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Gray Media Inc.                                                                      | Gray Media Inc 7.25%, Due 08/15/2033                                     | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $979211.40    | 0.94%             | 2033-08-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Odeon Finco PLC                                                                      | Odeon Finco PLC 12.75%, Due 11/01/27                                     | CUSIP: 67585LAA3<br>LEI: 9845003ECF9901CC5382 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1033317.00   | 1.00%             | 2027-11-01      | Fixed         | 12.75%                | Yes           |                  2 | On Loan: No      |
| Barclays PLC                                                                         | Barclays PLC 7.385%, Due 11/02/28                                        | CUSIP: 06738ECD5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | US        |    515000 | PA      | $545210.98    | 0.53%             | 2028-11-02      | Fixed         | 7.39%                 | No            |                  2 | On Loan: No      |
| Prologis Inc.                                                                        | Prologis, Inc. REIT                                                      | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      4127 | NS      | $512119.43    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Scorpio Tankers Inc                                                                  | Scorpio Tankers Inc 7.5%, Due 01/30/2030                                 | CUSIP: Y754QCAA8<br>LEI: 549300NVJUH16NXG8K87 | Long             | DBT              | CORP              | MH        |    625000 | PA      | $633100.65    | 0.61%             | 2030-01-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                                  | Cisco Systems, Inc.                                                      | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     10435 | NS      | $762902.85    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                                       | Morgan Stanley 5.942%, Due 02/07/39                                      | CUSIP: 61747YFM2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    450000 | PA      | $472132.56    | 0.45%             | 2039-02-07      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| The Boeing Company                                                                   | Boeing Co/The                                                            | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |     13350 | NS      | $864012.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Westwood Multi-Asset Income Fund

**Signature:** Daniel D. Bauer

**Name of Signer:** Daniel D. Bauer

**Title:** Treasurer