# EDGAR Filing Document

**Accession Number:** 0000217087
**File Stem:** 0000940400-26-009031
**Filing Date:** 2026-2
**Character Count:** 293069
**Document Hash:** 33b29f743d26a9c6b5e4f7915576db5d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-009031.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0000940400-26-009031

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Guggenheim Variable Funds Trust
- **CENTRAL INDEX KEY:** 0000217087

**ORGANIZATION NAME:**
- **EIN:** 480873454
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02753
- **FILM NUMBER:** 26698648

**BUSINESS ADDRESS:**
- **STREET 1:** 702 KING FARM BOULEVARD
- **STREET 2:** SUITE 200
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850
- **BUSINESS PHONE:** 301-296-5100

**MAIL ADDRESS:**
- **STREET 1:** 702 KING FARM BOULEVARD
- **STREET 2:** SUITE 200
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SBL FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### SERIES E (TOTAL RETURN BOND SERIES) (Series ID: S000010066)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027865 | A            |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Guggenheim Variable Funds Trust

- **b. Investment Company Act file number:** 811-02753

- **c. CIK number of Registrant:** 0000217087

- **d. LEI of Registrant:** 549300QDJHZ1HF5UC735

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

  - **Street Address 1:** 702 King Farm Blvd.

  - **City:** Rockville

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20850

  - **Telephone number:** 301-296-5100

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

- **a. Name of Series:** Series E (Total Return Bond Series)

- **b. EDGAR series identifier (if any):** S000010066

- **c. LEI of Series:** 549300KRQSBPNKM3ER41

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $272434180.42

**Total Liabilities:** $82209234.77

**Net Assets:** $190224945.65

**Delayed Delivery Securities:** $889905.00

**Stand-by Commitments:** $75995659.98

**Cash Not Reported:** $137879.20

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1833.10437937 | **1-Year:** 13714.76586180 | **5-Year:** 26585.41603384 | **10-Year:** 22801.10445585 | **30-Year:** 8941.73924376

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

- **3-Month:** 433.38489034 | **1-Year:** 509.22030202 | **5-Year:** 2849.20927078 | **10-Year:** 993.61496721 | **30-Year:** 1413.48099570

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000027865 | 0.69%                | 0.48%                | -0.27%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-11654.74               | $527913.06                                 |
| Month 2  | $-16287.66               | $250282.55                                 |
| Month 3  | $-750344.17              | $-243181.89                                |

**Designated Index Information**

- **Index Name:** Portfolio (ExDerivative)

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Nomura Securities International, Inc.           | EUR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: OXTKY6Q8X53C9ILVV871 | N/A              | DFE              | CORP              | US        |         1 | NC      | $239.76       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                     | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              | CORP              | FR        |  -1370000 | NC      | $-4243.03     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HNI CORP                                        | HNI CORP                                                                         | CUSIP: 000000000<br>LEI: 549300SKRADLC4O5HV93 | Long             | LON              | CORP              | US        |    200000 | PA      | $200500.00    | 0.11%             | 2032-12-10      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                  | Morgan Stanley                                                                   | CUSIP: 61747YFJ9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    153000 | PA      | $171079.69    | 0.09%             | 2034-11-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| PERSHING TONTINE SPAR                           | PERSHING TONTINE SPAR                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23402 | NS      | $2.34         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                        | United Wholesale Mortgage LLC                                                    | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297850.02    | 0.16%             | 2029-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| MPLX LP                                         | MPLX LP                                                                          | CUSIP: 55336VCC2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125929.97    | 0.07%             | 2035-09-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| LVNV 7.80 10/26/28                              | LVNV 7.80 10/26/28                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $262407.17    | 0.14%             | 2028-11-05      | Fixed         | 7.80%                 | No            |                  3 | On Loan: No      |
| CMFT Net Lease Master Issuer L                  | CMFT Net Lease Master Issuer LLC                                                 | CUSIP: 12575AAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $342149.12    | 0.18%             | 2051-07-20      | Fixed         | 3.44%                 | Yes           |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                            | Westpac Banking Corp                                                             | CUSIP: 961214EP4<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |     27000 | PA      | $24450.38     | 0.01%             | 2035-11-15      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                            | Bank of America Corp                                                             | CUSIP: 060505GB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98917.01     | 0.05%             | N/A             | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                | LPL Holdings Inc                                                                 | CUSIP: 50212YAK0<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    160000 | PA      | $168254.24    | 0.09%             | 2034-05-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                     | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              | CORP              | FR        |  -1340000 | NC      | $-1964.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                        | BX Commercial Mortgage Trust 2024-AIRC                                           | CUSIP: 12433CAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    187239 | PA      | $188166.66    | 0.10%             | 2041-08-15      | Floating      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                           | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AF3<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25544.57     | 0.01%             | 2034-06-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| STOLTHAVEN HOUSTON INC                          | STOLTHAVEN HOUSTON INC                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    196000 | PA      | $199308.87    | 0.10%             | 2034-07-17      | Fixed         | 5.98%                 | No            |                  3 | On Loan: No      |
| Angel Oak Mortgage Trust                        | Angel Oak Mortgage Trust 2025-12                                                 | CUSIP: 03466KAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    198332 | PA      | $198773.87    | 0.10%             | 2070-12-25      | Variable      | 5.34%                 | Yes           |                  2 | On Loan: No      |
| TSY INFL IX N/B                                 | United States Treasury Inflation Indexed Bonds                                   | CUSIP: 912810UH9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    742946 | PA      | $704753.61    | 0.37%             | 2055-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                                 | CUSIP: 91282CNF4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3250000 | PA      | $3292656.25   | 1.73%             | 2032-05-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                       | IQVIA Inc                                                                        | CUSIP: 46266TAA6<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199945.28    | 0.11%             | 2027-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CAPSTONE ACQUISITION 1L DDTL FUND               | CAPSTONE ACQUISITION 1L DDTL FUND                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     12076 | PA      | $12023.83     | 0.01%             | 2029-11-13      | Floating      | 8.32%                 | No            |                  3 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                  | CUSIP: 3140Y6PR5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    601690 | PA      | $611346.67    | 0.32%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                          | Venture Global LNG Inc                                                           | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    150000 | PA      | $118459.61    | 0.06%             | N/A             | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                        | USD CALL VERSUS EUR PUT                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |    672000 | NC      | $4.80         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A                  | Ginnie Mae                                                                       | CUSIP: 21H050623<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3453370 | PA      | $3441160.78   | 1.81%             | 2056-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL GARDEN & PET CO                         | Central Garden & Pet Co                                                          | CUSIP: 153527AP1<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |     42000 | PA      | $39619.69     | 0.02%             | 2031-04-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| WESTERN AND SOUTHRN LIFE                        | Western And Southern Life Insurance Co/The                                       | CUSIP: 95765PAE9<br>LEI: IN763J7JWIZ46OJ1T526 | Long             | DBT              | CORP              | US        |     68000 | PA      | $46225.45     | 0.02%             | 2061-04-28      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                              | Vodafone Group PLC                                                               | CUSIP: 92857WBW9<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $233425.65    | 0.12%             | 2081-06-04      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO I, Ltd                             | Owl Rock CLO III Ltd                                                             | CUSIP: 69120DAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250380.25    | 0.13%             | 2036-04-20      | Floating      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| TENN VALLEY AUTHORITY                           | Tennessee Valley Authority                                                       | CUSIP: 880591ES7<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |   1000000 | PA      | $822263.00    | 0.43%             | 2065-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINANCING I                          | Vmed O2 UK Financing I PLC                                                       | CUSIP: 92858RAE0<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $198207.04    | 0.10%             | 2033-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| FIRST AMERICAN FINANCIAL                        | First American Financial Corp                                                    | CUSIP: 31847RAG7<br>LEI: 549300B6VEZK3N0A1P55 | Long             | DBT              | CORP              | US        |    360000 | PA      | $348076.50    | 0.18%             | 2030-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                        | LIVE NATION ENTERTAINMENT INC                                                    | CUSIP: 53803HAY6<br>LEI: 5493007B9BM9ZXJINO78 | Long             | LON              | CORP              | US        |    200000 | PA      | $200000.00    | 0.11%             | 2032-10-21      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                         | NYMT Loan Trust 2025-INV2                                                        | CUSIP: 62957JAG6<br>LEI: 254900EYRFLK2LMLVT67 | Long             | ABS-MBS          | CORP              | US        |    989044 | PA      | $992864.77    | 0.52%             | 2060-10-25      | Variable      | 5.46%                 | Yes           |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                       | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DIR              | CORP              | CA        |  -1340000 | NC      | $-1964.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                                | NTT Finance Corp                                                                 | CUSIP: 62954WAV7<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $207087.63    | 0.11%             | 2035-07-16      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| STORE Master Funding LLC                        | Store Master Funding I-VII                                                       | CUSIP: 86212VAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    808931 | PA      | $802848.01    | 0.42%             | 2046-10-20      | Fixed         | 3.96%                 | Yes           |                  2 | On Loan: No      |
| MAPLE GROVE FUNDING TR I                        | Maple Grove Funding Trust I                                                      | CUSIP: 565130AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $351072.66    | 0.18%             | 2051-08-15      | Fixed         | 4.16%                 | Yes           |                  2 | On Loan: No      |
| WEIR GROUP PLC (THE)                            | Weir Group PLC/The                                                               | CUSIP: 94876QAA4<br>LEI: 549300KDR56WHY9I3D10 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $198184.51    | 0.10%             | 2026-05-13      | Fixed         | 2.20%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                  | Wells Fargo Commercial Mortgage Trust 2016-NXS5                                  | CUSIP: 95000CBE2<br>LEI: 549300SGFUCMB43V8P22 | Long             | ABS-MBS          | CORP              | US        |   1129212 | PA      | $11.29        | 0.00%             | 2059-01-15      | Variable      | 1.19%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LTD                              | Macquarie Bank Ltd                                                               | CUSIP: 556079AC5<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |    200000 | PA      | $191316.77    | 0.10%             | 2030-06-03      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| ENSTAR GROUP LTD                                | Enstar Group Ltd                                                                 | CUSIP: 29359UAD1<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |    100000 | PA      | $104642.30    | 0.06%             | 2045-04-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                            | Flutter Treasury DAC                                                             | CUSIP: 344045AA7<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $206461.00    | 0.11%             | 2029-04-29      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                          | Sequoia Mortgage Trust 2024-5                                                    | CUSIP: 81743CAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     61234 | PA      | $61632.44     | 0.03%             | 2054-06-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                        | Plains All American Pipeline LP / PAA Finance Corp                               | CUSIP: 72650RBS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $202313.15    | 0.11%             | 2036-01-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                     | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              | CORP              | FR        |  -1172500 | NC      | $-1958.66     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Anchorage Credit Funding Ltd.                   | Anchorage Credit Funding 4 Ltd                                                   | CUSIP: 03329TAG9<br>LEI: 549300VR9XUOV1E0U888 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $713518.43    | 0.38%             | 2039-04-27      | Fixed         | 2.72%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                         | Goldman Sachs Group Inc/The                                                      | CUSIP: 38144GAE1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148631.47    | 0.08%             | N/A             | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                             | Charles Schwab Corp/The                                                          | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    200000 | PA      | $186717.04    | 0.10%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD FINANCE INC                          | Brookfield Finance Inc                                                           | CUSIP: 11271LAQ5<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $75106.85     | 0.04%             | 2036-01-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg                  | Saluda Grade Alternative Mortgage Trust 2023-FIG4                                | CUSIP: 79581UAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     97040 | PA      | $100593.11    | 0.05%             | 2053-11-25      | Variable      | 6.72%                 | Yes           |                  2 | On Loan: No      |
| GMAC Commercial Mortgage Asset                  | GMAC Commercial Mortgage Asset Corp                                              | CUSIP: 36186YAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    887922 | PA      | $865425.35    | 0.45%             | 2052-08-10      | Fixed         | 6.11%                 | Yes           |                  3 | On Loan: No      |
| POLARIS INC                                     | Polaris Inc                                                                      | CUSIP: 731068AB8<br>LEI: 549300QJSN8UVWN1EI78 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151566.38    | 0.08%             | 2031-03-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| GREENSAIF PIPELINES BIDC                        | Greensaif Pipelines Bidco Sarl                                                   | CUSIP: 39541EAE3<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $208209.16    | 0.11%             | 2042-08-23      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                  | CUSIP: 3140XLLJ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    549912 | PA      | $549057.70    | 0.29%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                         | BPCE SA                                                                          | CUSIP: 056121AA4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $256617.75    | 0.13%             | 2031-05-28      | Fixed         | 5.39%                 | Yes           |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                       | GBP/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              | CORP              | US        |         1 | NC      | $31.73        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Woodward Capital Management                     | RCKT Mortgage Trust 2024-CES4                                                    | CUSIP: 74939FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    133436 | PA      | $135021.41    | 0.07%             | 2044-06-25      | Variable      | 6.15%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORP                                     | Oracle Corp                                                                      | CUSIP: 68389XDM4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    175000 | PA      | $167664.13    | 0.09%             | 2035-09-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| PERSHING SQUARE HOLDINGS                        | Pershing Square Holdings Ltd/Fund                                                | CUSIP: 000000000<br>LEI: U7LC4KOKCTZ0YWGI2G56 | Long             | DBT              | CORP              | GG        |   1000000 | PA      | $898549.89    | 0.47%             | 2031-10-01      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Life Financial Services Trust                   | Life 2021-BMR Mortgage Trust                                                     | CUSIP: 53218CAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    175000 | PA      | $170533.14    | 0.09%             | 2038-03-15      | Floating      | 6.21%                 | Yes           |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                           | LEVEL 3 FINANCING INC                                                            | CUSIP: 52729KAU0<br>LEI: 254900AE5FEFIJOXWL19 | Long             | LON              | CORP              | US        |     30000 | PA      | $30067.50     | 0.02%             | 2032-03-29      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| Navigator Aircraft ABS LLC                      | Navigator Aircraft ABS Ltd                                                       | CUSIP: 63943BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    334560 | PA      | $319545.80    | 0.17%             | 2046-11-15      | Variable      | 2.77%                 | Yes           |                  2 | On Loan: No      |
| BELROSE FUNDING TRUST II                        | Belrose Funding Trust II                                                         | CUSIP: 08079KAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $155751.42    | 0.08%             | 2055-05-15      | Fixed         | 6.79%                 | Yes           |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T                  | STWD 2025-FL4 LLC                                                                | CUSIP: 863922AE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99952.56     | 0.05%             | 2042-11-19      | Floating      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Archwest Mortgage Trust                         | Archwest Mortgage Trust 2025-RTL1                                                | CUSIP: 039966AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $400489.84    | 0.21%             | 2040-10-25      | Variable      | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                          | Taco Bell Funding LLC                                                            | CUSIP: 87342RAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $149158.76    | 0.08%             | 2055-08-25      | Fixed         | 4.82%                 | Yes           |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                | THREE-MONTH SOFR                                                                 | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |      -115 | NC      | $-11500.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| FS Rialto Issuer Ltd                            | FS Rialto 2025-FL10 Issuer LLC                                                   | CUSIP: 30340KAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $98617.87     | 0.05%             | 2042-08-19      | Floating      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| LUXCO3                                          | LUXCO3                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |       905 | NS      | $15937.09     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                        | Mill City Securities 2024-RS2 Ltd                                                | CUSIP: 59982DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    138611 | PA      | $131335.59    | 0.07%             | 2069-08-01      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac Military Housing B                  | Freddie Mac Military Housing Bonds Resecuritization Trust Certificates 2015-R1   | CUSIP: 35563CAD0<br>LEI: 549300ZG8WH0M4JSUM77 | Long             | ABS-MBS          | USGSE             | US        |    869386 | PA      | $748307.85    | 0.39%             | 2055-11-25      | Variable      | 4.49%                 | Yes           |                  2 | On Loan: No      |
| CITADEL SECURITIES GLOBA                        | Citadel Securities Global Holdings LLC                                           | CUSIP: 17289RAB2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | DBT              | CORP              | US        |    250000 | PA      | $263160.49    | 0.14%             | 2035-06-18      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| NRG ENERGY INC                                  | NRG Energy Inc                                                                   | CUSIP: 629377CP5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    200000 | PA      | $193274.01    | 0.10%             | 2027-12-02      | Fixed         | 2.45%                 | Yes           |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                              | BSPRT 2025-FL12 Issuer LLC                                                       | CUSIP: 05619BAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100221.62    | 0.05%             | 2043-01-17      | Floating      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                  | Golub Capital Partners CLO 83M                                                   | CUSIP: 38182EAG4<br>LEI: 254900VLZT72CPBHZ909 | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99677.42     | 0.05%             | 2038-11-09      | Floating      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                 | CUSIP: 3142GSFG8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    336753 | PA      | $350726.83    | 0.18%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TPG OPERATING GROUP II                          | TPG Operating Group II LP                                                        | CUSIP: 872652AB8<br>LEI: 2549001H9RJQNZT7MU11 | Long             | DBT              | CORP              | US        |     61000 | PA      | $60801.36     | 0.03%             | 2036-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                        | USD CALL VERSUS EUR PUT                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |   1187000 | NC      | $8.47         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VONTIER CORP                                    | Vontier Corp                                                                     | CUSIP: 928881AF8<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |    340000 | PA      | $311900.57    | 0.16%             | 2031-04-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                          | Taco Bell Funding LLC                                                            | CUSIP: 87342RAL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $149432.16    | 0.08%             | 2055-08-25      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                 | CUSIP: 3142GSVG0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    607804 | PA      | $622412.40    | 0.33%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley ReRemic Trust                    | Morgan Stanley Re-REMIC Trust 2010-R5                                            | CUSIP: 61759HBA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20994 | PA      | $21600.30     | 0.01%             | 2036-06-26      | Variable      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| BDS Ltd                                         | BDS 2025-FL15 LLC                                                                | CUSIP: 05556EAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    300000 | PA      | $300369.72    | 0.16%             | 2043-03-19      | Floating      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                         | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $168122.61    | 0.09%             | 2031-04-30      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| NISOURCE INC                                    | NiSource Inc                                                                     | CUSIP: 65473PAY1<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75485.76     | 0.04%             | 2056-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                       | Sunoco LP                                                                        | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105733.61    | 0.06%             | 2032-05-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| HARBOURVEST PARTNERS LP                         | HARBOURVEST PARTNERS LP                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    500000 | PA      | $500000.00    | 0.26%             | 2030-04-18      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| TELUS CORP                                      | TELUS Corp                                                                       | CUSIP: 87971MCL5<br>LEI: 894500WE70KKZRQMBU11 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $76533.23     | 0.04%             | 2055-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                     | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              | CORP              | FR        |   -837500 | NC      | $-222.22      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ONEOK INC                                       | ONEOK Inc                                                                        | CUSIP: 682680CU5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103340.31    | 0.05%             | 2034-09-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| QTS CORP                                        | QTS CORP                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    825000 | PA      | $828203.81    | 0.44%             | 2032-08-21      | Fixed         | 5.42%                 | No            |                  3 | On Loan: No      |
| ORACLE CORP                                     | Oracle Corp                                                                      | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72406.65     | 0.04%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                             | United Airlines Inc                                                              | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149812.62    | 0.08%             | 2026-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| GCAT                                            | GCAT 2025-INV3 Trust                                                             | CUSIP: 36831DAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    181779 | PA      | $185370.74    | 0.10%             | 2055-08-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| TPG OPERATING GROUP II                          | TPG Operating Group II LP                                                        | CUSIP: 872652AA0<br>LEI: 2549001H9RJQNZT7MU11 | Long             | DBT              | CORP              | US        |    194000 | PA      | $202576.38    | 0.11%             | 2034-03-05      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DOW CHEMICAL CO/THE                             | Dow Chemical Co/The                                                              | CUSIP: 260543DH3<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | DBT              | CORP              | US        |    110000 | PA      | $112806.82    | 0.06%             | 2053-05-15      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| FARMERS INS EXCH                                | Farmers Insurance Exchange                                                       | CUSIP: 309601AG7<br>LEI: 549300UWG2TLX1GZVT44 | Long             | DBT              | CORP              | US        |    180000 | PA      | $184683.60    | 0.10%             | 2064-10-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                       | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F020620<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1210000 | PA      | $977779.17    | 0.51%             | 2056-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Easy Street Mortgage Loan Trus                  | Easy Street Mortgage Loan Trust 2025-RTL2                                        | CUSIP: 27786YAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $505132.15    | 0.27%             | 2040-10-25      | Variable      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL SERVICES LLC             | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DIR              | CORP              | US        |  -1172500 | NC      | $-1559.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                  | CUSIP: 31418FRA7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    238576 | PA      | $245288.35    | 0.13%             | 2055-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HIGGINBOTHAM 1L DDTL USD UNFUNDED               | HIGGINBOTHAM 1L DDTL USD UNFUNDED                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     34695 | PA      | $34521.43     | 0.02%             | 2031-05-01      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| ATLASSIAN CORPORATION                           | Atlassian Corp                                                                   | CUSIP: 049468AB7<br>LEI: 549300V7ZY5P02D2MY38 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72437.34     | 0.04%             | 2034-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Castlelake Aircraft Securitiza                  | Castlelake Aircraft Structured Trust 2025-3                                      | CUSIP: 14855YAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    298019 | PA      | $298841.03    | 0.16%             | 2050-11-15      | Fixed         | 5.09%                 | Yes           |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                | Altria Group Inc                                                                 | CUSIP: 02209SBN2<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    350000 | PA      | $247327.86    | 0.13%             | 2051-02-04      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| MACQUARIE GROUP LTD                             | Macquarie Group Ltd                                                              | CUSIP: 55608JAZ1<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |    250000 | PA      | $226096.97    | 0.12%             | 2033-01-14      | Fixed         | 2.87%                 | Yes           |                  2 | On Loan: No      |
| PETSMART INC                                    | PETSMART INC                                                                     | CUSIP: 71677HAN5<br>LEI: 894500NGJMHSFNESGA67 | Long             | LON              | CORP              | US        |    190000 | PA      | $188991.10    | 0.10%             | 2032-08-18      | Floating      | 7.73%                 | No            |                  2 | On Loan: No      |
| STRIP PRINC                                     | United States Treasury Strip Principal                                           | CUSIP: 912803FY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12350000 | PA      | $3468250.38   | 1.82%             | 2051-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BO GPS IV CAPITAL CALL FACILITY D               | BO GPS IV CAPITAL CALL FACILITY D                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $200742.84    | 0.11%             | 2032-10-30      | Fixed         | 5.38%                 | No            |                  3 | On Loan: No      |
| FS KKR CAPITAL CORP                             | FS KKR Capital Corp                                                              | CUSIP: 302635AL1<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |    200000 | PA      | $193047.42    | 0.10%             | 2027-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                        | JPY CALL VERSUS USD PUT                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |    420000 | NC      | $345.43       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                        | USD CALL VERSUS EUR PUT                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |   1517000 | NC      | $17.49        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                          | Bank of New York Mellon Corp/The                                                 | CUSIP: 064058AR1<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50763.80     | 0.03%             | N/A             | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN LLC / JFIN                        | Jefferies Finance LLC / JFIN Co-Issuer Corp                                      | CUSIP: 47232MAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $240692.38    | 0.13%             | 2028-08-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                              | BSPRT 2025-FL12 Issuer LLC                                                       | CUSIP: 05619BAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99897.01     | 0.05%             | 2043-01-17      | Floating      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                          | Fairfax Financial Holdings Ltd                                                   | CUSIP: 303901BX9<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $103746.27    | 0.05%             | 2035-05-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                 | CUSIP: 3133KQWZ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    409165 | PA      | $409291.36    | 0.22%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                                 | CUSIP: 912810TA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2400000 | PA      | $1619343.74   | 0.85%             | 2041-08-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                | Societe Generale SA                                                              | CUSIP: 83368RBD3<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $226257.18    | 0.12%             | 2032-06-09      | Fixed         | 2.89%                 | Yes           |                  2 | On Loan: No      |
| Novastar Home Equity Loan                       | NovaStar Mortgage Funding Trust Series 2007-2                                    | CUSIP: 66989EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    211263 | PA      | $209046.32    | 0.11%             | 2037-09-25      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                            | Bank of America Corp                                                             | CUSIP: 06055HAK9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    325000 | PA      | $330104.45    | 0.17%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LTD                              | Macquarie Bank Ltd                                                               | CUSIP: 556079AG6<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |    275000 | PA      | $278729.56    | 0.15%             | 2036-08-13      | Fixed         | 5.64%                 | Yes           |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                | THREE-MONTH SOFR                                                                 | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        82 | NC      | $28187.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD FINANCE INC                          | Brookfield Finance Inc                                                           | CUSIP: 11271LAM4<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $103415.04    | 0.05%             | 2035-01-15      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                  | Golub Capital Partners CLO 83M                                                   | CUSIP: 38182EAE9<br>LEI: 254900VLZT72CPBHZ909 | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100049.28    | 0.05%             | 2038-11-09      | Floating      | 5.54%                 | Yes           |                  2 | On Loan: No      |
| HUNT COS INC                                    | Hunt Cos Inc                                                                     | CUSIP: 445587AE8<br>LEI: 549300ODPWDNCH5TKM49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195232.26    | 0.10%             | 2029-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                  | CUSIP: 3140XKXB1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    779559 | PA      | $780598.63    | 0.41%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIGHTNING 2022-1 A FUNDED                       | LIGHTNING 2022-1 A FUNDED                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    400000 | PA      | $379044.48    | 0.20%             | 2037-03-01      | Fixed         | 5.50%                 | No            |                  3 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                  | CUSIP: 3140W1UF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    403444 | PA      | $409918.22    | 0.22%             | 2055-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LVNV 6.84 6/12/29                               | LVNV 6.84 6/12/29                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $102718.33    | 0.05%             | 2029-06-12      | Fixed         | 6.84%                 | No            |                  3 | On Loan: No      |
| PARAMOUNT GLOBAL                                | Paramount Global                                                                 | CUSIP: 92553PAW2<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    116000 | PA      | $87564.63     | 0.05%             | 2044-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Invitation Homes Trust                          | Invitation Homes 2024-SFR1 Trust                                                 | CUSIP: 46188DAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $97387.62     | 0.05%             | 2041-09-17      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                        | Angel Oak Mortgage Trust 2023-1                                                  | CUSIP: 03465WAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    147425 | PA      | $146786.01    | 0.08%             | 2067-09-26      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| BNP PARIBAS                                     | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              | CORP              | FR        |   -837500 | NC      | $-134.68      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Arbys Funding LLC                               | Arbys Funding LLC                                                                | CUSIP: 038779AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    758000 | PA      | $738274.95    | 0.39%             | 2050-07-30      | Fixed         | 3.24%                 | Yes           |                  2 | On Loan: No      |
| KKR GROUP FINAN CO VIII                         | KKR Group Finance Co VIII LLC                                                    | CUSIP: 48252MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $133586.51    | 0.07%             | 2050-08-25      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Securitized Asset Backed Recei                  | Securitized Asset Backed Receivables LLC Trust 2007-BR2                          | CUSIP: 81378PAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    462405 | PA      | $406691.97    | 0.21%             | 2037-02-25      | Floating      | 4.21%                 | Yes           |                  2 | On Loan: No      |
| MIDWEST CONNECTOR CAPIT                         | Midwest Connector Capital Co LLC                                                 | CUSIP: 59833CAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $110137.37    | 0.06%             | 2029-04-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| GREENSAIF PIPELINES BIDC                        | Greensaif Pipelines Bidco Sarl                                                   | CUSIP: 39541EAA1<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $212225.82    | 0.11%             | 2038-02-23      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                          | Switch ABS Issuer LLC                                                            | CUSIP: 871044AL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $196600.36    | 0.10%             | 2055-03-25      | Fixed         | 5.04%                 | Yes           |                  2 | On Loan: No      |
| RGA GLOBAL FUNDING                              | RGA Global Funding                                                               | CUSIP: 76209PAJ2<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120909.00    | 0.06%             | 2032-08-25      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| AMFAM HOLDINGS INC                              | AmFam Holdings Inc                                                               | CUSIP: 03115AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $175667.23    | 0.09%             | 2031-03-11      | Fixed         | 2.81%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                 | CUSIP: 3142GSN38<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    338808 | PA      | $352131.00    | 0.19%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MB2 DENTAL SOLUTIONS LLC                        | MB2 DENTAL SOLUTIONS LLC                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    132769 | PA      | $132571.16    | 0.07%             | 2031-02-13      | Floating      | 9.22%                 | No            |                  3 | On Loan: No      |
| BARCLAYS BANK PLC                               | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              | CORP              | GB        |   -837500 | NC      | $-1189.17     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential                   | Starwood Mortgage Residential Trust 2020-1                                       | CUSIP: 85573AAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    531692 | PA      | $512600.84    | 0.27%             | 2050-02-25      | Variable      | 2.41%                 | Yes           |                  2 | On Loan: No      |
| Servpro Master Issuer, LLC                      | SERVPRO Master Issuer LLC                                                        | CUSIP: 817743AJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     98250 | PA      | $101414.36    | 0.05%             | 2054-01-25      | Fixed         | 6.17%                 | Yes           |                  2 | On Loan: No      |
| Cerberus                                        | Cerberus Loan Funding XL LLC                                                     | CUSIP: 15675AAA7<br>LEI: 635400FRD1HEGKSHCI69 | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $500013.75    | 0.26%             | 2035-03-22      | Floating      | 6.30%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac REMICS                                                               | CUSIP: 3137HMCR9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    135573 | PA      | $135742.27    | 0.07%             | 2052-02-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP                        | Host Hotels & Resorts LP                                                         | CUSIP: 44107TAZ9<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              | CORP              | US        |    395000 | PA      | $376695.96    | 0.20%             | 2030-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PHILLIPS 66 CO                                  | Phillips 66 Co                                                                   | CUSIP: 718547BA9<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74692.54     | 0.04%             | 2056-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| MEIJI YASUDA LIFE INSURA                        | Meiji Yasuda Life Insurance Co                                                   | CUSIP: 585270AE1<br>LEI: 549300SLU4LP6YMRLK07 | Long             | DBT              | CORP              | JP        |    300000 | PA      | $311238.30    | 0.16%             | 2055-06-11      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| CITIGROUP INC                                   | Citigroup Inc                                                                    | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259776.28    | 0.14%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                     | Oracle Corp                                                                      | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    125000 | PA      | $110751.78    | 0.06%             | 2055-09-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae REMICS                                                                | CUSIP: 3136BWU53<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    338622 | PA      | $339208.90    | 0.18%             | 2053-11-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                               | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              | CORP              | GB        |  -1370000 | NC      | $-4199.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pas                  | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR9 Trust | CUSIP: 939346AB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    165413 | PA      | $144036.72    | 0.08%             | 2046-11-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| LAZARD GROUP LLC                                | Lazard Group LLC                                                                 | CUSIP: 52107QAM7<br>LEI: FI94J2CJ1D7BIGVMS874 | Long             | DBT              | CORP              | US        |    175000 | PA      | $179247.55    | 0.09%             | 2035-08-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PACIFIC BEACON LLC                              | Pacific Beacon LLC                                                               | CUSIP: 69403WAC1<br>LEI: 549300RDBP3BJOLTTC39 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148793.49    | 0.08%             | 2036-07-15      | Fixed         | 5.51%                 | Yes           |                  2 | On Loan: No      |
| SAFEHOLD GL HOLDINGS LLC                        | Safehold GL Holdings LLC                                                         | CUSIP: 785931AA4<br>LEI: 54930012UY5Z4Q8NL108 | Long             | DBT              | CORP              | US        |     87000 | PA      | $92199.37     | 0.05%             | 2034-04-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                        | BOOST NEWCO BORROWER LLC                                                         | CUSIP: 92943EAG1<br>LEI: 254900S8RE1OL7TTCU64 | Long             | LON              | CORP              | US        |    247505 | PA      | $247660.62    | 0.13%             | 2031-01-31      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                           | Foundry JV Holdco LLC                                                            | CUSIP: 350930AA1<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205389.14    | 0.11%             | 2034-01-25      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                         | Dryden 37 Senior Loan Fund                                                       | CUSIP: 26249MAS6<br>LEI: 254900I0IPNA482LDS44 | Long             | ABS-CBDO         | CORP              | KY        |    333333 | PA      | $334575.93    | 0.18%             | 2031-01-15      | Floating      | 7.42%                 | Yes           |                  2 | On Loan: No      |
| STRIPS                                          | United States Treasury Strip Coupon                                              | CUSIP: 912834PB8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $192518.33    | 0.10%             | 2044-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SAFEHOLD GL HOLDINGS LLC                        | Safehold GL Holdings LLC                                                         | CUSIP: 785931AB2<br>LEI: 54930012UY5Z4Q8NL108 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23612.54     | 0.01%             | 2035-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                                 | CUSIP: 912810UM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $294937.50    | 0.16%             | 2055-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                       | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DIR              | CORP              | CA        |   1370000 | NC      | $12053.69     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cerberus                                        | Cerberus Loan Funding XLVII LLC                                                  | CUSIP: 156945AC1<br>LEI: 635400CIDEC6DQX2EU90 | Long             | ABS-CBDO         | CORP              | US        |    300000 | PA      | $300401.73    | 0.16%             | 2036-07-15      | Floating      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| CVS HEALTH CORP                                 | CVS Health Corp                                                                  | CUSIP: 126650EL0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25383.52     | 0.01%             | 2055-09-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                              | Energy Transfer LP                                                               | CUSIP: 226373AT5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51948.12     | 0.03%             | 2031-02-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG                                    | UBS Group AG                                                                     | CUSIP: 902613AE8<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    300000 | PA      | $265900.40    | 0.14%             | 2032-02-11      | Fixed         | 2.10%                 | Yes           |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                            | Westpac Banking Corp                                                             | CUSIP: 961214EY5<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |     73000 | PA      | $55222.39     | 0.03%             | 2041-11-18      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                        | Occidental Petroleum Corp                                                        | CUSIP: 674599EK7<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153599.70    | 0.08%             | 2032-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                  | Government National Mortgage Association                                         | CUSIP: 38381NQ50<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    338824 | PA      | $342998.13    | 0.18%             | 2052-03-20      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                     | Oracle Corp                                                                      | CUSIP: 68389XDP7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45156.19     | 0.02%             | 2045-09-26      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE                           | Nippon Life Insurance Co                                                         | CUSIP: 654579AH4<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    350000 | PA      | $315302.65    | 0.17%             | 2051-01-21      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Stack Infrastructure Issuer LL                  | Stack Infrastructure Issuer LLC                                                  | CUSIP: 85236KAF9<br>LEI: 254900AV7V87H3A2WM57 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $501187.60    | 0.26%             | 2048-03-25      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                               | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              | CORP              | GB        |   1370000 | NC      | $12053.69     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                | LPL Holdings Inc                                                                 | CUSIP: 50212YAD6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    174000 | PA      | $171093.42    | 0.09%             | 2029-03-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| RWC Commercial Mortgage Securi                  | RWC Commercial Mortgage 2025-1 Trust                                             | CUSIP: 78348LAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $200247.02    | 0.11%             | 2040-06-25      | Fixed         | 5.26%                 | Yes           |                  2 | On Loan: No      |
| MPLX LP                                         | MPLX LP                                                                          | CUSIP: 55336VBZ2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144679.83    | 0.08%             | 2055-04-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                 | CUSIP: 3133KRFC3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    208198 | PA      | $213067.28    | 0.11%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                       | Towd Point Mortgage Trust 2025-FIX1                                              | CUSIP: 89183MAB9<br>LEI: 2549009GWN99QN2XSG71 | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $299401.53    | 0.16%             | 2065-09-25      | Variable      | 5.16%                 | Yes           |                  2 | On Loan: No      |
| Home Owner Mortgage Enhanced S                  | HOMES 2025-AFC3 Trust                                                            | CUSIP: 43762AAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    480632 | PA      | $479856.34    | 0.25%             | 2060-08-25      | Variable      | 5.34%                 | Yes           |                  2 | On Loan: No      |
| Service Experts Issuer                          | Service Experts Issuer 2024-1 LLC                                                | CUSIP: 81758FAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    103904 | PA      | $106474.52    | 0.06%             | 2035-11-20      | Fixed         | 6.39%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor                  | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9                         | CUSIP: 61779VAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    294166 | PA      | $294623.72    | 0.15%             | 2070-09-25      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| CITADEL SECURITIES LP                           | CITADEL SECURITIES LP                                                            | CUSIP: 17288YAN2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |    196525 | PA      | $197483.85    | 0.10%             | 2031-10-31      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg                  | Saluda Grade Alternative Mortgage Trust 2025-LOC4                                | CUSIP: 79589VAN4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    133147 | PA      | $133358.94    | 0.07%             | 2055-06-25      | Floating      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL SERVICES LLC             | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DIR              | CORP              | US        |   -837500 | NC      | $-106.89      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ASCEND LEARNING LLC                             | ASCEND LEARNING LLC                                                              | CUSIP: 04349HAN4<br>LEI: 549300T466HKRLVCD610 | Long             | LON              | CORP              | US        |    189523 | PA      | $189962.30    | 0.10%             | 2028-12-11      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| NASSAU COMPANIES OF NY                          | Nassau Cos of New York/The                                                       | CUSIP: 63155AAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $85905.61     | 0.05%             | 2030-07-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                                | UWM Holdings LLC                                                                 | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $99840.58     | 0.05%             | 2031-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| TD SYNNEX CORP                                  | TD SYNNEX Corp                                                                   | CUSIP: 87162WAN0<br>LEI: 5493004HI6PFLF46NS53 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99022.22     | 0.05%             | 2035-10-10      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CEAMER FINANCE IV LLC                           | CEAMER FINANCE IV LLC                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $150000.00    | 0.08%             | 2040-12-15      | Floating      | 6.17%                 | No            |                  3 | On Loan: No      |
| AMERICAN NATIONAL GF                            | American National Global Funding                                                 | CUSIP: 02771D2B9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $304827.99    | 0.16%             | 2030-06-03      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                            | Westpac Banking Corp                                                             | CUSIP: 961214EX7<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    150000 | PA      | $135415.25    | 0.07%             | 2036-11-18      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| KUVARE US HOLDINGS INC                          | Kuvare US Holdings Inc                                                           | CUSIP: 50149XAA2<br>LEI: 254900MGBERNLZXF7O58 | Long             | DBT              | CORP              | US        |     68000 | PA      | $67830.00     | 0.04%             | 2051-02-17      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                        | Capital One Financial Corp                                                       | CUSIP: 14040HDN2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74621.69     | 0.04%             | 2036-09-11      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                           | McGraw-Hill Education Inc                                                        | CUSIP: 57767XAA8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16082.61     | 0.01%             | 2028-08-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                               | EUR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-28.73       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                  | CUSIP: 3140QVE59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    961755 | PA      | $998857.55    | 0.53%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Home Equity Loan Trust                          | Home Equity Loan Trust                                                           | CUSIP: 43710XAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    364078 | PA      | $348088.45    | 0.18%             | 2037-04-25      | Floating      | 4.04%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                         | Dryden 37 Senior Loan Fund                                                       | CUSIP: 26249MAQ0<br>LEI: 254900I0IPNA482LDS44 | Long             | ABS-CBDO         | CORP              | KY        |    367868 | PA      | $368419.62    | 0.19%             | 2031-01-15      | Floating      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| Textainer Marine Containers Li                  | Textainer Marine Containers VII Ltd                                              | CUSIP: 88315LAS7<br>LEI: 549300X48KLHDDGPK024 | Long             | ABS-O            | CORP              | BM        |    198000 | PA      | $177520.25    | 0.09%             | 2046-08-20      | Fixed         | 1.94%                 | Yes           |                  2 | On Loan: No      |
| Dreyfus Treasury Securities Cash Management     | Dreyfus Treasury Securities Cash Management                                      | CUSIP: 261941108<br>LEI: 549300U78VESCW509025 | Long             | STIV             | RF                | US        |   2162736 | NS      | $2162735.64   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| FS KKR CAPITAL CORP                             | FS KKR Capital Corp                                                              | CUSIP: 302635AH0<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |    213000 | PA      | $207120.86    | 0.11%             | 2027-01-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                 | United States Treasury Inflation Indexed Bonds                                   | CUSIP: 91282CML2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5189652 | PA      | $5281267.78   | 2.78%             | 2035-01-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                          | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KDE7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     67000 | PA      | $69160.55     | 0.04%             | 2055-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TELUS CORP                                      | TELUS Corp                                                                       | CUSIP: 87971MCM3<br>LEI: 894500WE70KKZRQMBU11 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $78073.50     | 0.04%             | 2055-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                        | BX Commercial Mortgage Trust 2022-LP2                                            | CUSIP: 05610HAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $349563.48    | 0.18%             | 2039-02-15      | Floating      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                       | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DIR              | CORP              | CA        |   -837500 | NC      | $-145.99      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FEDEX CORP                                      | FedEx Corp                                                                       | CUSIP: 31428XDQ6<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |     75000 | PA      | $59166.91     | 0.03%             | 2045-02-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| INSURED LENDING 1 LTD                           | Insured Lending 1 Ltd                                                            | CUSIP: 000000000<br>LEI: 875500RRX7H6NZ8RYE90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $235020.00    | 0.12%             | 2032-02-04      | Fixed         | 6.50%                 | Yes           |                  3 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae REMICS                                                                | CUSIP: 3136BWB21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    429213 | PA      | $431079.50    | 0.23%             | 2051-10-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                     | Southern Co/The                                                                  | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     29000 | PA      | $28589.38     | 0.02%             | 2051-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP                         | American National Group Inc                                                      | CUSIP: 025676AR8<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75080.70     | 0.04%             | 2055-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| APOLLO MANAGEMENT HOLDIN                        | Apollo Management Holdings LP                                                    | CUSIP: 03765HAF8<br>LEI: 5493006XQW0V5K38YM64 | Long             | DBT              | CORP              | US        |     90000 | PA      | $83491.83     | 0.04%             | 2030-06-05      | Fixed         | 2.65%                 | Yes           |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                        | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     17000 | PA      | $10972.19     | 0.01%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                         | MPLX LP                                                                          | CUSIP: 55336VBW9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46367.31     | 0.02%             | 2053-03-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                               | State Street Corp                                                                | CUSIP: 857477CS0<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103602.90    | 0.05%             | N/A             | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                         | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AQ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    280000 | PA      | $268191.45    | 0.14%             | 2031-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL SERVICES LLC             | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DIR              | CORP              | US        |  -1172500 | NC      | $-1958.66     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                        | JPY CALL VERSUS USD PUT                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |     74000 | NC      | $60.86        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FIRST REPUBLIC BANK                             | First Republic Bank/CA                                                           | CUSIP: 33616C696<br>LEI: YWC0TIKBQM2JV8L4IV08 | Long             | EP               | CORP              | US        |       675 | NS      | $0.14         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                  | Government National Mortgage Association                                         | CUSIP: 38385CQG6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    141548 | PA      | $141589.01    | 0.07%             | 2055-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AITX FINCO LLC                                  | AITX FINCO LLC                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $199817.01    | 0.11%             | 2030-10-23      | Fixed         | 5.38%                 | No            |                  3 | On Loan: No      |
| Aligned Data Centers Issuer LL                  | Aligned Data Centers Issuer LLC                                                  | CUSIP: 01627AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $245521.55    | 0.13%             | 2046-08-15      | Fixed         | 1.94%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                          | Global Atlantic Fin Co                                                           | CUSIP: 37959GAH0<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    255000 | PA      | $256195.26    | 0.13%             | 2056-03-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| AVILEASE CAPITAL LTD                            | Avilease Capital Ltd                                                             | CUSIP: 05370HAA1<br>LEI: 635400SXOPVAVBWNE366 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $198363.45    | 0.10%             | 2030-11-12      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| BXMT Ltd                                        | BXMT 2020-FL2 LTD                                                                | CUSIP: 12434LAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $990082.40    | 0.52%             | 2038-02-15      | Floating      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| MB2 1L DDTL TRANCHE 1 CL FUNDED                 | MB2 1L DDTL TRANCHE 1 CL FUNDED                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     46711 | PA      | $46369.35     | 0.02%             | 2031-02-13      | Floating      | 5.25%                 | No            |                  3 | On Loan: No      |
| MB2 DENTAL SOLUTIONS LLC                        | MB2 DENTAL SOLUTIONS LLC                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     10000 | PA      | $9087.27      | 0.00%             | 2031-02-13      | Floating      | 2.07%                 | No            |                  3 | On Loan: No      |
| Owl Rock CLO I, Ltd                             | OWL Rock Clo XXII LLC                                                            | CUSIP: 69121AAA4<br>LEI: 254900R8KCHZBP66MP06 | Long             | ABS-CBDO         | CORP              | US        |    300000 | PA      | $300256.74    | 0.16%             | 2037-10-20      | Floating      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL SERVICES LLC             | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DIR              | CORP              | US        |   -837500 | NC      | $-102.52      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MB2 1L DDTL CL TRANCHE 2 FUNDED                 | MB2 1L DDTL CL TRANCHE 2 FUNDED                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     19226 | PA      | $18945.02     | 0.01%             | 2031-02-13      | Floating      | 9.22%                 | No            |                  3 | On Loan: No      |
| Provident Funding Mortgage Tru                  | Provident Funding Mortgage Trust 2025-4                                          | CUSIP: 74387AAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    143355 | PA      | $144106.17    | 0.08%             | 2055-09-25      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                       | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F022626<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4210000 | PA      | $3558107.81   | 1.87%             | 2056-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                         | American Electric Power Co Inc                                                   | CUSIP: 02557TAE9<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69493.23     | 0.04%             | 2056-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| TERMINAL INVESTMENT LIMITED HOLDIN              | TERMINAL INVESTMENT LIMITED HOLDIN                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    200000 | PA      | $202633.48    | 0.11%             | 2032-07-09      | Fixed         | 5.63%                 | No            |                  3 | On Loan: No      |
| NMLT Trust                                      | NLT 2025-NQM1 Trust                                                              | CUSIP: 629154AJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1271392 | PA      | $1340407.34   | 0.70%             | 2070-10-25      | Variable      | 7.47%                 | Yes           |                  2 | On Loan: No      |
| BROOKLYN UNION GAS CO                           | Brooklyn Union Gas Co/The                                                        | CUSIP: 114259AX2<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |    100000 | PA      | $107697.13    | 0.06%             | 2033-09-15      | Fixed         | 6.39%                 | Yes           |                  2 | On Loan: No      |
| GXO LOGISTICS INC                               | GXO Logistics Inc                                                                | CUSIP: 36262GAF8<br>LEI: 5493007CNWMXN78JRN66 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105313.77    | 0.06%             | 2029-05-06      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                 | CVS Health Corp                                                                  | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156655.50    | 0.08%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                         | BDS 2025-FL16 LLC                                                                | CUSIP: 05556XAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99999.40     | 0.05%             | 2043-07-19      | Floating      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL SERVICES LLC             | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DIR              | CORP              | US        |   -837500 | NC      | $-186.02      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GCAT                                            | GCAT 2025-NQM4 Trust                                                             | CUSIP: 367923AD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    231986 | PA      | $234427.22    | 0.12%             | 2070-06-25      | Variable      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| BR SECONDARIES & LQDITY SOLUTIONS               | BR SECONDARIES & LQDITY SOLUTIONS                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    433285 | PA      | $433238.23    | 0.23%             | 2030-06-15      | Floating      | 6.27%                 | No            |                  3 | On Loan: No      |
| BLUE OWL IV (FKA DYAL IV) SR SEC A              | BLUE OWL IV (FKA DYAL IV) SR SEC A                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    182000 | PA      | $184032.30    | 0.10%             | 2045-08-22      | Fixed         | 5.94%                 | No            |                  3 | On Loan: No      |
| ARETEC GROUP INC                                | Aretec Group Inc                                                                 | CUSIP: 04020JAA4<br>LEI: 549300NV2T8A33L0PQ58 | Long             | DBT              | CORP              | US        |     90000 | PA      | $97122.87     | 0.05%             | 2030-08-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                         | CF Hippolyta Issuer LLC                                                          | CUSIP: 12530MAM7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    241400 | PA      | $234329.53    | 0.12%             | 2062-08-15      | Fixed         | 6.11%                 | Yes           |                  2 | On Loan: No      |
| EQUITABLE HOLDINGS INC                          | Equitable Holdings Inc                                                           | CUSIP: 29452EAD3<br>LEI: 549300FIBAKMNHPZ4009 | Long             | DBT              | CORP              | US        |    202000 | PA      | $210636.31    | 0.11%             | 2055-03-28      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                  | Government National Mortgage Association                                         | CUSIP: 38385CRP5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     53107 | PA      | $52983.62     | 0.03%             | 2055-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CEAMER FINANCE III LLC                          | CEAMER FINANCE III LLC                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    179333 | PA      | $184888.24    | 0.10%             | 2039-11-15      | Fixed         | 6.79%                 | No            |                  3 | On Loan: No      |
| ORACLE CORP                                     | Oracle Corp                                                                      | CUSIP: 68389XDT9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22049.81     | 0.01%             | 2065-09-26      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Jol Air                                         | JOL Air Ltd                                                                      | CUSIP: 46651NAA2<br>LEI: 549300TS4MUGCDXPW498 | Long             | ABS-O            | CORP              | KY        |    253297 | PA      | $252084.69    | 0.13%             | 2044-04-15      | Fixed         | 3.97%                 | Yes           |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                       | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DIR              | CORP              | CA        |   -837500 | NC      | $-222.22      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EQT AB                                          | EQT AB                                                                           | CUSIP: 29439EAA7<br>LEI: 213800U7P9GOIRKCTB34 | Long             | DBT              | CORP              | SE        |    200000 | PA      | $205026.11    | 0.11%             | 2035-05-08      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| SYMETRA LIFE INSURANCE                          | Symetra Life Insurance Co                                                        | CUSIP: 87151KAA7<br>LEI: 2CKADF5K7JYB5EG0VY36 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51691.19     | 0.03%             | 2055-10-01      | Fixed         | 6.55%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                         | American Electric Power Co Inc                                                   | CUSIP: 02557TAF6<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68777.10     | 0.04%             | 2056-03-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| COX COMMUNICATIONS INC                          | Cox Communications Inc                                                           | CUSIP: 224044CM7<br>LEI: 5493001NEDZNIFRP2R92 | Long             | DBT              | CORP              | US        |    101000 | PA      | $56198.12     | 0.03%             | 2050-10-01      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| COSTAR GROUP INC                                | CoStar Group Inc                                                                 | CUSIP: 22160NAA7<br>LEI: 984500Q1D53D08E2E698 | Long             | DBT              | CORP              | US        |    358000 | PA      | $328136.59    | 0.17%             | 2030-07-15      | Fixed         | 2.80%                 | Yes           |                  2 | On Loan: No      |
| ARSENAL AIC PARENT LLC                          | Arsenal AIC Parent LLC                                                           | CUSIP: 04288BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $106116.08    | 0.06%             | 2030-10-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Station Place Securitization T                  | Station Place Securitization Trust Series 2025-SP2                               | CUSIP: 857936AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $200000.00    | 0.11%             | 2026-09-25      | Floating      | 4.88%                 | Yes           |                  3 | On Loan: No      |
| DYAL III SERIES B ISSUER A                      | DYAL III SERIES B ISSUER A                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    168000 | PA      | $174186.39    | 0.09%             | 2044-06-15      | Fixed         | 6.55%                 | No            |                  3 | On Loan: No      |
| Ares Direct Lending CLO LLC                     | Ares Direct Lending CLO 8 LLC                                                    | CUSIP: 039933AE6<br>LEI: 2549008VI9L2AN96MC59 | Long             | ABS-CBDO         | CORP              | KY        |    200000 | PA      | $199980.88    | 0.11%             | 2039-01-20      | Floating      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| CITIGROUP INC                                   | Citigroup Inc                                                                    | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199302.50    | 0.10%             | N/A             | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                       | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DIR              | CORP              | CA        |   -837500 | NC      | $-226.19      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ARES FINANCE CO II LLC                          | Ares Finance Co II LLC                                                           | CUSIP: 04015KAB6<br>LEI: 54930012GWL4VKKENG46 | Long             | DBT              | CORP              | US        |    141000 | PA      | $133674.82    | 0.07%             | 2030-06-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| BEACON FUNDING TRUST                            | Beacon Funding Trust                                                             | CUSIP: 073952AB9<br>LEI: 984500A80A2EBF5A7C93 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152283.89    | 0.08%             | 2054-08-15      | Fixed         | 6.27%                 | Yes           |                  2 | On Loan: No      |
| BRIGHTSTAR LOT/BRIGHSTAR                        | Brightstar Lottery PLC/ Brightstar Global Solutions Corp                         | CUSIP: 108922AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    200000 | PA      | $198566.98    | 0.10%             | 2033-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                  | BRAVO Residential Funding Trust 2024-NQM1                                        | CUSIP: 10570FAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    142913 | PA      | $143839.47    | 0.08%             | 2063-12-01      | Variable      | 6.40%                 | Yes           |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC                         | Jefferies Financial Group Inc                                                    | CUSIP: 472319AC6<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |     17000 | PA      | $18012.37     | 0.01%             | 2036-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                   | New Residential Mortgage Loan Trust 2025-NQM3                                    | CUSIP: 64832CAC7<br>LEI: 2138002D8CMDYG7QOU84 | Long             | ABS-MBS          | CORP              | US        |     85486 | PA      | $86418.53     | 0.05%             | 2065-05-25      | Variable      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| LoanCore 2018-CRE1 Issuer, Ltd                  | LoanCore 2025-CRE9 Issuer LLC                                                    | CUSIP: 538912AC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    150000 | PA      | $149807.03    | 0.08%             | 2042-08-18      | Floating      | 5.43%                 | Yes           |                  2 | On Loan: No      |
| FIGRE Trust                                     | FIGRE Trust 2024-HE1                                                             | CUSIP: 31684HAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     64427 | PA      | $65817.59     | 0.03%             | 2054-03-25      | Variable      | 6.17%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP                         | American National Group Inc                                                      | CUSIP: 025676AQ0<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |    141000 | PA      | $142977.87    | 0.08%             | 2035-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TELUS CORP                                      | TELUS Corp                                                                       | CUSIP: 87971MCQ4<br>LEI: 894500WE70KKZRQMBU11 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $75124.43     | 0.04%             | 2056-06-09      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                 | CDS CDX.NA.HY.45.V1                                                              | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-143435.84   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| GCAT                                            | GCAT 2023-NQM3 Trust                                                             | CUSIP: 36169GAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    292257 | PA      | $295164.68    | 0.16%             | 2068-08-25      | Variable      | 6.89%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                         | BPCE SA                                                                          | CUSIP: 05571AAS4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $278357.99    | 0.15%             | 2034-10-19      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                                 | CUSIP: 912810QD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2466308.60   | 1.30%             | 2039-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TIF Funding III LLC                             | TIF Funding III LLC                                                              | CUSIP: 88655AAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     86875 | PA      | $87201.68     | 0.05%             | 2049-04-20      | Fixed         | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                        | OBX 2025-NQM16 Trust                                                             | CUSIP: 67122DAG8<br>LEI: 254900WI6P4MRT24JH23 | Long             | ABS-MBS          | CORP              | US        |    478646 | PA      | $478036.22    | 0.25%             | 2065-08-25      | Variable      | 5.21%                 | Yes           |                  2 | On Loan: No      |
| LHOME Mortgage Trust                            | LHOME Mortgage Trust 2024-RTL5                                                   | CUSIP: 50205WAA5<br>LEI: 529900ZQNJ23BIJVY871 | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $200375.82    | 0.11%             | 2039-09-25      | Variable      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| Wave USA                                        | WAVE 2019-1 LLC                                                                  | CUSIP: 94354KAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    221967 | PA      | $217991.09    | 0.11%             | 2044-09-15      | Fixed         | 3.60%                 | Yes           |                  2 | On Loan: No      |
| AMFAM HOLDINGS INC                              | AmFam Holdings Inc                                                               | CUSIP: 03115AAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $67157.08     | 0.04%             | 2051-03-11      | Fixed         | 3.83%                 | Yes           |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE                           | Nippon Life Insurance Co                                                         | CUSIP: 654579AK7<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $179260.01    | 0.09%             | 2051-09-16      | Fixed         | 2.90%                 | Yes           |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                | Berry Global Inc                                                                 | CUSIP: 08576PAH4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49949.92     | 0.03%             | 2026-01-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                     | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              | CORP              | FR        |   -837500 | NC      | $-199.77      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SLAM 2021-1 LLC                                 | Slam 2021-1 Ltd                                                                  | CUSIP: 78449AAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    537525 | PA      | $513058.42    | 0.27%             | 2046-06-15      | Fixed         | 2.43%                 | Yes           |                  2 | On Loan: No      |
| Cerberus                                        | Cerberus Loan Funding 50 LLC                                                     | CUSIP: 15673UAC1<br>LEI: 635400VJODJ5OZQ2H763 | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $500680.05    | 0.26%             | 2037-07-15      | Floating      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| FIGRE Trust                                     | FIGRE Trust 2025-HE1                                                             | CUSIP: 30191LAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    160999 | PA      | $163595.72    | 0.09%             | 2055-01-25      | Variable      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| Nassau 2019 CFO LLC                             | Nassau 2019 CFO LLC                                                              | CUSIP: 63172DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     59561 | PA      | $53576.72     | 0.03%             | 2034-08-15      | Fixed         | 3.98%                 | Yes           |                  2 | On Loan: No      |
| BROOKFLD FIN LLC/FIN INC                        | Brookfield Finance LLC / Brookfield Finance Inc                                  | CUSIP: 11271RAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $34436.79     | 0.02%             | 2050-04-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Servpro Master Issuer, LLC                      | SERVPRO Master Issuer LLC                                                        | CUSIP: 817743AL1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $248804.30    | 0.13%             | 2055-10-25      | Fixed         | 5.53%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan                   | New Residential Mortgage Loan Trust 2024-NQM2                                    | CUSIP: 64832BAE5<br>LEI: 213800Z6O4V4V96AU133 | Long             | ABS-MBS          | CORP              | US        |    208362 | PA      | $209266.95    | 0.11%             | 2064-09-25      | Variable      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| ROCKET COS INC                                  | Rocket Cos Inc                                                                   | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $52130.95     | 0.03%             | 2033-08-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                    | CSMC 2021-RPL9 Trust                                                             | CUSIP: 12658XAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    326066 | PA      | $324834.68    | 0.17%             | 2061-02-25      | Variable      | 3.87%                 | Yes           |                  2 | On Loan: No      |
| FIGRE Trust                                     | FIGRE Trust 2025-HE8                                                             | CUSIP: 30191WAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $149975.21    | 0.08%             | 2055-11-25      | Variable      | 5.21%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                               | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              | CORP              | GB        |   -837500 | NC      | $-221.24      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TELUS CORP                                      | TELUS Corp                                                                       | CUSIP: 87971MCR2<br>LEI: 894500WE70KKZRQMBU11 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $74926.68     | 0.04%             | 2056-06-09      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                     | RCKT Mortgage Trust 2025-CES8                                                    | CUSIP: 74939WAB6<br>LEI: 254900FCN7EI8DTYGA19 | Long             | ABS-MBS          | CORP              | US        |    472269 | PA      | $474741.77    | 0.25%             | 2055-08-25      | Variable      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                | Paramount Global                                                                 | CUSIP: 124857AF0<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |     72000 | PA      | $62440.37     | 0.03%             | 2040-10-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                        | OBX 2024-NQM2 Trust                                                              | CUSIP: 67118HAD2<br>LEI: 254900OHTVKDKZL33I54 | Long             | ABS-MBS          | CORP              | US        |    152562 | PA      | $153419.82    | 0.08%             | 2063-12-25      | Variable      | 6.18%                 | Yes           |                  2 | On Loan: No      |
| BELL CANADA                                     | Bell Telephone Co of Canada or Bell Canada                                       | CUSIP: 0778FPAQ2<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $157625.25    | 0.08%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TPG Real Estate Finance                         | TRTX 2025-FL6 Issuer Ltd                                                         | CUSIP: 897764AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $300702.63    | 0.16%             | 2042-09-18      | Floating      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| Guggenheim Variable Insurance Strategy Fund III | Guggenheim Variable Insurance Strategy Fund III                                  | CUSIP: 40168Q403<br>LEI: 549300XSJSZ9XNVJEJ14 | Long             | EC               | RF                | US        |   1067044 | NS      | $26484029.82  | 13.92%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae REMICS                                                                | CUSIP: 3136BWU38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    400589 | PA      | $401767.25    | 0.21%             | 2054-02-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                        | Cheniere Energy Partners LP                                                      | CUSIP: 16411QAV3<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51118.91     | 0.03%             | 2035-10-30      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                  | BRAVO Residential Funding Trust 2023-NQM2                                        | CUSIP: 105933AC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    190853 | PA      | $189596.36    | 0.10%             | 2062-05-25      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL SERVICES LLC             | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DIR              | CORP              | US        |   -837500 | NC      | $-198.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GXO LOGISTICS INC                               | GXO Logistics Inc                                                                | CUSIP: 36262GAG6<br>LEI: 5493007CNWMXN78JRN66 | Long             | DBT              | CORP              | US        |    100000 | PA      | $108025.49    | 0.06%             | 2034-05-06      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                          | Venture Global LNG Inc                                                           | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207295.40    | 0.11%             | 2029-02-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| CMS ENERGY CORP                                 | CMS Energy Corp                                                                  | CUSIP: 125896BY5<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    140000 | PA      | $143957.80    | 0.08%             | 2055-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                         | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AL3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $254351.40    | 0.13%             | 2029-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Castlelake Aircraft Securitiza                  | Castlelake Aircraft Structured Trust 2021-1                                      | CUSIP: 14856GAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     29966 | PA      | $29711.50     | 0.02%             | 2046-01-15      | Fixed         | 3.47%                 | Yes           |                  2 | On Loan: No      |
| Tricon Residential                              | Tricon Residential 2024-SFR3 Trust                                               | CUSIP: 89616YAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $199546.08    | 0.10%             | 2041-08-17      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| ITT HOLDINGS LLC                                | ITT Holdings LLC                                                                 | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |    248000 | PA      | $237993.57    | 0.13%             | 2029-08-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FIGRE Trust                                     | FIGRE Trust 2024-HE3                                                             | CUSIP: 31684GAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    277434 | PA      | $282355.08    | 0.15%             | 2054-07-25      | Variable      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL                        | Eagle Funding Luxco Sarl                                                         | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |    250000 | PA      | $254647.50    | 0.13%             | 2030-08-17      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| PMT Loan Trust                                  | PMT Loan Trust 2025-INV8                                                         | CUSIP: 73015EAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    413952 | PA      | $421700.80    | 0.22%             | 2056-07-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                | THREE-MONTH SOFR                                                                 | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -82 | NC      | $-14862.50    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| NATIONWIDE BLDG SOCIETY                         | Nationwide Building Society                                                      | CUSIP: 63861VAN7<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $206550.19    | 0.11%             | 2036-07-14      | Fixed         | 5.54%                 | Yes           |                  2 | On Loan: No      |
| LHOME Mortgage Trust                            | LHOME Mortgage Trust 2025-RTL3                                                   | CUSIP: 50205YAA1<br>LEI: 529900XB146PHFHY2T23 | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $250723.93    | 0.13%             | 2040-08-25      | Variable      | 5.24%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Acquisition                  | JP Morgan Mortgage Acquisition Trust 2006-WMC4                                   | CUSIP: 46630BAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1091522 | PA      | $571911.12    | 0.30%             | 2036-12-25      | Floating      | 4.09%                 | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP                             | NuStar Logistics LP                                                              | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101082.30    | 0.05%             | 2027-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| TENN VALLEY AUTHORITY                           | Tennessee Valley Authority                                                       | CUSIP: 880591FC1<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |     50000 | PA      | $49694.90     | 0.03%             | 2055-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HENNEMAN TRUST                                  | Henneman Trust                                                                   | CUSIP: 425911AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $104123.03    | 0.05%             | 2055-05-15      | Fixed         | 6.58%                 | Yes           |                  2 | On Loan: No      |
| BROOKFIELD FINANCE INC                          | Brookfield Finance Inc                                                           | CUSIP: 11271LAB8<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $43264.58     | 0.02%             | 2047-09-20      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                        | Cheniere Energy Partners LP                                                      | CUSIP: 16411QAS0<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156617.69    | 0.08%             | 2034-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                  | CUSIP: 3140QSAM3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    743193 | PA      | $743539.69    | 0.39%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Castlelake Aircraft Securitiza                  | Castlelake Aircraft Structured Trust 2025-1                                      | CUSIP: 14856VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    233660 | PA      | $237422.98    | 0.12%             | 2050-02-15      | Fixed         | 5.78%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                               | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              | CORP              | GB        |   -837500 | NC      | $-150.85      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                 | CDS CDX.NA.HY.43.V1                                                              | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-38672.04    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| MASTR Asset Backed Securities                   | Mastr Asset Backed Securities Trust 2006-WMC4                                    | CUSIP: 57645MAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1048383 | PA      | $339839.43    | 0.18%             | 2036-10-25      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| AP GRANGE HOLDINGS                              | AP GRANGE HOLDINGS                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    200000 | PA      | $208000.00    | 0.11%             | 2045-03-20      | Fixed         | 5.00%                 | No            |                  3 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                          | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339K837<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | EP               | CORP              | US        |      2100 | NS      | $53172.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                             | JPMorgan Chase & Co                                                              | CUSIP: 48128BAN1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248591.23    | 0.13%             | N/A             | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                          | Fairfax Financial Holdings Ltd                                                   | CUSIP: 303901BJ0<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $235984.43    | 0.12%             | 2031-03-03      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| LoanCore 2021-CRE6 Issuer, Ltd                  | LoanCore 2021-CRE6 Issuer Ltd                                                    | CUSIP: 53948HAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $496666.60    | 0.26%             | 2038-11-15      | Floating      | 6.16%                 | Yes           |                  2 | On Loan: No      |
| HARMONI TOWERS LLC                              | HARMONI TOWERS LLC                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $200278.77    | 0.11%             | 2030-10-30      | Fixed         | 5.22%                 | No            |                  3 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                                 | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    275000 | PA      | $276976.56    | 0.15%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                        | OBX 2024-NQM8 Trust                                                              | CUSIP: 67119CAC4<br>LEI: 254900Y1YRD8JNADSC78 | Long             | ABS-MBS          | CORP              | US        |     61750 | PA      | $62381.34     | 0.03%             | 2064-05-25      | Variable      | 6.59%                 | Yes           |                  2 | On Loan: No      |
| SELECTIVE INSURANCE GROU                        | Selective Insurance Group Inc                                                    | CUSIP: 816300503<br>LEI: 549300R3WGJWLE40R258 | Long             | EP               | CORP              | US        |      4000 | NS      | $66880.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS BANK PLC                               | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              | CORP              | GB        |   -837500 | NC      | $-1327.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                 | CUSIP: 3132DWDS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1453757 | PA      | $1290341.83   | 0.68%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| QTS ISSUER ABS I LLC                            | QTS Issuer ABS I LLC                                                             | CUSIP: 74690DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $503399.60    | 0.26%             | 2055-05-25      | Fixed         | 5.44%                 | Yes           |                  2 | On Loan: No      |
| Tricon Residential                              | Tricon Residential 2024-SFR2 Trust                                               | CUSIP: 89616VAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101504.07    | 0.05%             | 2040-06-17      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| PERIMETER HOL                                   | Perimeter Holdings LLC                                                           | CUSIP: 71384AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $188751.48    | 0.10%             | 2034-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                           | Foundry JV Holdco LLC                                                            | CUSIP: 350930AJ2<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $210160.30    | 0.11%             | 2037-01-25      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae REMICS                                                                | CUSIP: 3136BWWS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    340594 | PA      | $342827.38    | 0.18%             | 2053-01-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LGENERGYSOLUTION                                | LG Energy Solution Ltd                                                           | CUSIP: 50205MAE9<br>LEI: 988400QX6P286XA6ZS85 | Long             | DBT              | CORP              | KR        |    200000 | PA      | $202868.20    | 0.11%             | 2034-07-02      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| AITX FINCO LLC                                  | AITX FINCO LLC                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $199436.67    | 0.10%             | 2032-10-23      | Fixed         | 5.67%                 | No            |                  3 | On Loan: No      |
| Fannie Mae or Freddie Mac                       | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F050627<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4222000 | PA      | $4206332.41   | 2.21%             | 2056-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                          | Switch ABS Issuer LLC                                                            | CUSIP: 871044AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $300876.03    | 0.16%             | 2054-06-25      | Fixed         | 5.44%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                        | USD CALL VERSUS EUR PUT                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |   1357000 | NC      | $6.98         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALUMINA PTY LTD                                 | Alumina Pty Ltd                                                                  | CUSIP: 02220AAA5<br>LEI: 2138002VD9MW2WT8HR38 | Long             | DBT              | CORP              | AU        |    200000 | PA      | $206581.40    | 0.11%             | 2030-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| TSY INFL IX N/B                                 | United States Treasury Inflation Indexed Bonds                                   | CUSIP: 91282CNS6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2332269 | PA      | $2326024.44   | 1.22%             | 2035-07-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| EMRLD BORROWER LP                               | EMRLD BORROWER LP                                                                | CUSIP: 26872NAC3<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |     98008 | PA      | $98198.61     | 0.05%             | 2030-05-31      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| TRUSTAGE FINANCIAL GROUP                        | Trustage Financial Group Inc                                                     | CUSIP: 89787EAA9<br>LEI: 549300X7YNHNZXTI6F10 | Long             | DBT              | CORP              | US        |    200000 | PA      | $192799.86    | 0.10%             | 2032-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                              | Energy Transfer LP                                                               | CUSIP: 29273VAW0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94765.09     | 0.05%             | 2054-05-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                | Paramount Global                                                                 | CUSIP: 124857AK9<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    132000 | PA      | $94728.02     | 0.05%             | 2044-08-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                                 | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    660000 | PA      | $668404.69    | 0.35%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SUMITOMO LIFE INSUR                             | Sumitomo Life Insurance Co                                                       | CUSIP: 86564CAF7<br>LEI: 549300I5OQCDADQSPI57 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $202003.40    | 0.11%             | 2055-09-10      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                              | Subway Funding LLC                                                               | CUSIP: 864300AE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    148500 | PA      | $153468.82    | 0.08%             | 2054-07-30      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| BrightSpire Capital, Inc                        | BRSP 2024-FL2 Ltd                                                                | CUSIP: 05613BAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249850.95    | 0.13%             | 2037-08-19      | Floating      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association       | GBP/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-427.20      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ONEOK INC                                       | ONEOK Inc                                                                        | CUSIP: 682680BF9<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     50000 | PA      | $54899.13     | 0.03%             | 2051-01-15      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                  | Golub Capital Partners CLO 54M L.P                                               | CUSIP: 38181GAG0<br>LEI: 2549007JA1TZWEDGPD41 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $498942.65    | 0.26%             | 2037-08-05      | Floating      | 6.35%                 | Yes           |                  2 | On Loan: No      |
| GULFSTREAM NATURAL GAS                          | Gulfstream Natural Gas System LLC                                                | CUSIP: 402740AG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $179359.94    | 0.09%             | 2035-07-23      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| FB INCOME ADVISOR LLC                           | FB INCOME ADVISOR LLC                                                            | CUSIP: 30259HAG2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    249367 | PA      | $241886.08    | 0.13%             | 2031-04-28      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| TEAM.BLUE FINCO SARL                            | TEAM.BLUE FINCO SARL                                                             | CUSIP: 000000000<br>LEI: 549300DR8PIYMOZ4YU85 | Long             | LON              | CORP              | LU        |    199500 | PA      | $200497.50    | 0.11%             | 2032-07-12      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Apollo Aviation Securitization                  | AASET MT-1 Ltd                                                                   | CUSIP: 00039NAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    398205 | PA      | $398709.87    | 0.21%             | 2050-02-16      | Fixed         | 5.24%                 | Yes           |                  2 | On Loan: No      |
| HV STRUCTURED SOLUTIONS IV                      | HV STRUCTURED SOLUTIONS IV                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    189149 | PA      | $187836.29    | 0.10%             | 2030-09-15      | Floating      | 6.22%                 | No            |                  3 | On Loan: No      |
| ENCORE CAPITAL GROUP INC                        | Encore Capital Group Inc                                                         | CUSIP: 292554AS1<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200998.62    | 0.11%             | 2031-04-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                         | Dryden 37 Senior Loan Fund                                                       | CUSIP: 26249YAE1<br>LEI: 254900I0IPNA482LDS44 | Long             | ABS-CBDO         | CORP              | KY        |    298799 | PA      | $699.79       | 0.00%             | 2031-01-15      | Variable      | 0.01%                 | Yes           |                  2 | On Loan: No      |
| STEWART INFORMATION SERV                        | Stewart Information Services Corp                                                | CUSIP: 86038AAA0<br>LEI: 529900TV1XI0PLKENU10 | Long             | DBT              | CORP              | US        |    250000 | PA      | $221028.19    | 0.12%             | 2031-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL SERVICES LLC             | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DIR              | CORP              | US        |   1370000 | NC      | $12053.69     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PEER USA LLC                                    | PEER USA LLC                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    450000 | PA      | $450373.50    | 0.24%             | 2032-09-29      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER RECREATIONAL                         | BNP PARIBAS SECURITIES CORPORATION (APTIV PLC) 26.51 01/12/2026 (APTV US)        | CUSIP: 09776MAT1<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    349125 | PA      | $350102.55    | 0.18%             | 2031-01-22      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| FORT MOORE FAMILY LLC                           | Fort Moore Family Communities LLC                                                | CUSIP: 346845AK6<br>LEI: 254900O8GC3CHW0PH218 | Long             | DBT              | CORP              | US        |    446394 | PA      | $404322.76    | 0.21%             | 2051-01-15      | Fixed         | 6.09%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                  | CUSIP: 3140QSTU5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    468814 | PA      | $469486.96    | 0.25%             | 2053-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OBRA LONGEVITY RFF CL A NTS FUNDED              | OBRA LONGEVITY RFF CL A NTS FUNDED                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    450000 | PA      | $477641.75    | 0.25%             | 2039-06-30      | Fixed         | 8.48%                 | No            |                  3 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                          | Fairfax Financial Holdings Ltd                                                   | CUSIP: 303901BL5<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $104320.88    | 0.05%             | 2032-08-16      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                        | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBU6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     28000 | PA      | $18447.80     | 0.01%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                 | CUSIP: 3142J6B36<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    255287 | PA      | $262269.49    | 0.14%             | 2055-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AP GRANGE HOLDINGS DEFERRAL                     | AP GRANGE HOLDINGS DEFERRAL                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     58587 | PA      | $58586.69     | 0.03%             | 2045-03-20      | Fixed         | 6.50%                 | No            |                  3 | On Loan: No      |
| Ares Direct Lending CLO LLC                     | Ares Direct Lending CLO 1 LLC                                                    | CUSIP: 04020RAC2<br>LEI: 254900W79C3ALKJIMH12 | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $250464.68    | 0.13%             | 2036-04-25      | Floating      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                        | USD CALL VERSUS EUR PUT                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |   1187000 | NC      | $8.47         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HIGGINBOTHAM INSURANCE A                        | HIGGINBOTHAM INSURANCE AGENCY INC                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    408768 | PA      | $406518.47    | 0.21%             | 2028-11-24      | Floating      | 8.22%                 | No            |                  3 | On Loan: No      |
| VFH PARENT / VALOR CO                           | VFH Parent LLC / Valor Co-Issuer Inc                                             | CUSIP: 91824YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $104748.20    | 0.06%             | 2031-06-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                        | OBX 2024-NQM5 Trust                                                              | CUSIP: 67448NAB4<br>LEI: 254900RDM4XSF0B1E373 | Long             | ABS-MBS          | CORP              | US        |    140269 | PA      | $141436.50    | 0.07%             | 2064-01-25      | Variable      | 6.29%                 | Yes           |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                            | Targa Resources Corp                                                             | CUSIP: 87612GAK7<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    300000 | PA      | $307305.49    | 0.16%             | 2035-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AP GRANGE HOLDINGS                              | AP GRANGE HOLDINGS                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    900000 | PA      | $951750.00    | 0.50%             | 2045-03-20      | Fixed         | 6.50%                 | No            |                  3 | On Loan: No      |
| Vista Point Securitization Tru                  | Vista Point Securitization Trust 2024-CES3                                       | CUSIP: 92841WAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    160490 | PA      | $161297.56    | 0.08%             | 2055-01-25      | Variable      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Hotwire Funding LLC                             | Hotwire Funding LLC                                                              | CUSIP: 44148JAH2<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $152554.71    | 0.08%             | 2054-06-20      | Fixed         | 5.89%                 | Yes           |                  2 | On Loan: No      |
| BLUE OWL GP STAKES V A-2 B                      | BLUE OWL GP STAKES V A-2 B                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175350 | PA      | $184955.47    | 0.10%             | 2043-08-22      | Fixed         | 7.21%                 | No            |                  3 | On Loan: No      |
| OWS Structured Asset Trust                      | OSAT 2021-RPL1 Trust                                                             | CUSIP: 67114HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    310375 | PA      | $310374.60    | 0.16%             | 2065-05-25      | Variable      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                        | Graphic Packaging International LLC                                              | CUSIP: 38869AAE7<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    190000 | PA      | $193547.68    | 0.10%             | 2032-07-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| BNP PARIBAS                                     | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              | CORP              | FR        |  -1340000 | NC      | $-1984.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| METLIFE INC                                     | MetLife Inc                                                                      | CUSIP: 59156RCQ9<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    150000 | PA      | $158183.25    | 0.08%             | 2055-03-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| THL Credit Lake Shore MM CLO I                  | THL Credit Lake Shore MM CLO I LTD                                               | CUSIP: 510800AC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    366634 | PA      | $366742.38    | 0.19%             | 2033-04-15      | Floating      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage                   | Citigroup Commercial Mortgage Trust 2016-GC37                                    | CUSIP: 17290XAY6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1195524 | PA      | $11.96        | 0.00%             | 2049-04-10      | Variable      | 1.48%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                  | Fannie Mae-Aces                                                                  | CUSIP: 3136B9J32<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2477951 | PA      | $193050.74    | 0.10%             | 2035-03-25      | Variable      | 1.49%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                              | Subway Funding LLC                                                               | CUSIP: 864300AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    198000 | PA      | $202164.49    | 0.11%             | 2054-07-30      | Fixed         | 6.27%                 | Yes           |                  2 | On Loan: No      |
| CITIGROUP INC                                   | Citigroup Inc                                                                    | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    300000 | PA      | $305378.70    | 0.16%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                        | Corebridge Financial Inc                                                         | CUSIP: 21871XAU3<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    113000 | PA      | $116127.32    | 0.06%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SAFEHOLD GL HOLDINGS LLC                        | Safehold GL Holdings LLC                                                         | CUSIP: 78646UAB5<br>LEI: 54930012UY5Z4Q8NL108 | Long             | DBT              | CORP              | US        |    151000 | PA      | $136014.80    | 0.07%             | 2032-01-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| ARETEC GROUP INC                                | ARETEC GROUP INC                                                                 | CUSIP: 04009DAJ3<br>LEI: 549300NV2T8A33L0PQ58 | Long             | LON              | CORP              | US        |     75000 | PA      | $75234.75     | 0.04%             | 2030-08-09      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                 | CUSIP: 3132DQAZ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    739387 | PA      | $740525.42    | 0.39%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                       | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DIR              | CORP              | CA        |  -1340000 | NC      | $-1984.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TD SYNNEX CORP                                  | TD SYNNEX Corp                                                                   | CUSIP: 87162WAK6<br>LEI: 5493004HI6PFLF46NS53 | Long             | DBT              | CORP              | US        |    210000 | PA      | $188837.62    | 0.10%             | 2031-08-09      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| FORTITUDE GROUP HOLDINGS                        | Fortitude Group Holdings LLC                                                     | CUSIP: 34966XAA6<br>LEI: 2549006R9ZUL08JFIH12 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104158.58    | 0.05%             | 2030-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Cerberus                                        | Cerberus Loan Funding XLIV LLC                                                   | CUSIP: 15674DAA2<br>LEI: 6354005DPIRML7EMPA20 | Long             | ABS-CBDO         | CORP              | US        |    700000 | PA      | $701587.04    | 0.37%             | 2036-01-15      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| CREATIVE PLANNING INC                           | CREATIVE PLANNING LLC                                                            | CUSIP: 1261MAAE0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    148500 | PA      | $148768.79    | 0.08%             | 2031-05-19      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Hotwire Funding LLC                             | Hotwire Funding LLC                                                              | CUSIP: 44148JAA7<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $244857.13    | 0.13%             | 2051-11-20      | Fixed         | 2.31%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                  | CUSIP: 3140QVEQ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    993872 | PA      | $1015469.75   | 0.53%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DB Master Finance LLC                           | DB Master Finance LLC                                                            | CUSIP: 233046AW1<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100104.47    | 0.05%             | 2055-08-20      | Fixed         | 5.17%                 | Yes           |                  2 | On Loan: No      |
| HYATT HOTELS CORP                               | Hyatt Hotels Corp                                                                | CUSIP: 448579AW2<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250516.10    | 0.13%             | 2035-12-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                       | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F060626<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1615000 | PA      | $1657344.75   | 0.87%             | 2056-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SPIRE INC                                       | Spire Inc                                                                        | CUSIP: 84857LAD3<br>LEI: 549300NXSY15DRY2R511 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99502.78     | 0.05%             | 2056-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                     | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              | CORP              | FR        |   -837500 | NC      | $-1327.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JANE STREET GROUP LLC                           | JANE STREET GROUP LLC                                                            | CUSIP: 47077DAM2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | LON              | CORP              | US        |    220832 | PA      | $219627.98    | 0.12%             | 2031-12-15      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                 | SBA Tower Trust                                                                  | CUSIP: 78403DBD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $150935.12    | 0.08%             | 2029-10-15      | Fixed         | 4.83%                 | Yes           |                  2 | On Loan: No      |
| Colony American Finance Ltd                     | CAFL 2025-RRTL2 Issuer LP                                                        | CUSIP: 12770JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $150416.09    | 0.08%             | 2040-11-28      | Variable      | 5.18%                 | Yes           |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP                        | Host Hotels & Resorts LP                                                         | CUSIP: 44107TBA3<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45286.42     | 0.02%             | 2031-12-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Service Experts Issuer                          | Service Experts Issuer 2025-1 LLC                                                | CUSIP: 81758JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     92940 | PA      | $92924.02     | 0.05%             | 2037-01-20      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                        | Capital One Financial Corp                                                       | CUSIP: 14040HDA0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $162139.61    | 0.09%             | 2034-06-08      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SAFEHOLD GL HOLDINGS LLC                        | Safehold GL Holdings LLC                                                         | CUSIP: 78646UAA7<br>LEI: 54930012UY5Z4Q8NL108 | Long             | DBT              | CORP              | US        |    160000 | PA      | $147052.95    | 0.08%             | 2031-06-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| BX Trust                                        | BX Trust 2024-VLT4                                                               | CUSIP: 05612TAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99875.71     | 0.05%             | 2041-06-15      | Floating      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Navigator Aviation Ltd                          | Navigator 2025-1 Aviation Ltd                                                    | CUSIP: 63943GAA0<br>LEI: 984500AWDV89795F0342 | Long             | ABS-O            | CORP              | KY        |    247503 | PA      | $245054.78    | 0.13%             | 2050-10-15      | Fixed         | 5.11%                 | Yes           |                  2 | On Loan: No      |
| FIGRE Trust                                     | FIGRE Trust 2024-HE2                                                             | CUSIP: 316927AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    199756 | PA      | $205001.32    | 0.11%             | 2054-05-25      | Variable      | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC             | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-190.85      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EMRLD BORROWER LP                               | EMRLD BORROWER LP                                                                | CUSIP: 26872NAD1<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |     99002 | PA      | $99147.41     | 0.05%             | 2031-08-04      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                     | Legacy Mortgage Asset Trust 2021-GS3                                             | CUSIP: 52474XAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    299348 | PA      | $299365.79    | 0.16%             | 2061-07-25      | Variable      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| ALLO Issuer, LLC                                | ALLO Issuer LLC                                                                  | CUSIP: 01983KAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $152262.92    | 0.08%             | 2054-07-20      | Fixed         | 5.94%                 | Yes           |                  2 | On Loan: No      |
| ONEAMERICA FINL PARTNERS                        | OneAmerica Financial Partners Inc                                                | CUSIP: 682441AB6<br>LEI: 5493009S1SVD6UNUDB08 | Long             | DBT              | CORP              | US        |    151000 | PA      | $115380.49    | 0.06%             | 2050-10-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| CARLYLE GROUP INC/THE                           | Carlyle Group Inc/The                                                            | CUSIP: 14316JAA6<br>LEI: 529900NGGVF94UK6PG95 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197171.46    | 0.10%             | 2035-09-19      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| MERLIN BUYER INC                                | MERLIN BUYER INC                                                                 | CUSIP: 59010LAB3<br>LEI: 2549008CJ699WXZAWW31 | Long             | LON              | CORP              | US        |    149611 | PA      | $150874.12    | 0.08%             | 2028-12-14      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                            | OneMain Finance Corp                                                             | CUSIP: 682691AN0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101262.86    | 0.05%             | 2033-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac REMICS                                                               | CUSIP: 3137HMHR4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    655845 | PA      | $657921.27    | 0.35%             | 2051-11-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLOBE LIFE INC                                  | Globe Life Inc                                                                   | CUSIP: 37959EAC6<br>LEI: 5493001JFHKQOPP6XA71 | Long             | DBT              | CORP              | US        |     65000 | PA      | $68250.83     | 0.04%             | 2034-09-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| QTS ISSUER ABS II LLC                           | QTS Issuer ABS II LLC                                                            | CUSIP: 74690FAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $148676.52    | 0.08%             | 2055-10-05      | Fixed         | 5.04%                 | Yes           |                  2 | On Loan: No      |
| BNP PARIBAS                                     | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              | CORP              | FR        |   -837500 | NC      | $-227.61      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                        | JPY CALL VERSUS USD PUT                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |    336000 | NC      | $276.34       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                        | OBX 2024-NQM3 Trust                                                              | CUSIP: 67118KAC7<br>LEI: 2549001QDCO9VU0HH514 | Long             | ABS-MBS          | CORP              | US        |    285874 | PA      | $288503.40    | 0.15%             | 2063-12-25      | Variable      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| ILLINOIS ST                                     | State of Illinois                                                                | CUSIP: 452152ZB0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    311111 | PA      | $324307.53    | 0.17%             | 2038-12-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| BECLE SA DE CV                                  | Becle SAB de CV                                                                  | CUSIP: 07586PAA9<br>LEI: 529900JY55CZKMJLCE09 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $174564.26    | 0.09%             | 2031-10-14      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                                 | CUSIP: 91282CNR8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3500000 | PA      | $3518320.33   | 1.85%             | 2032-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD/LUX CO                        | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl                       | CUSIP: 46590XAQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    100000 | PA      | $77732.65     | 0.04%             | 2052-02-02      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Ares Direct Lending CLO LLC                     | Ares Direct Lending CLO 6 LLC                                                    | CUSIP: 039960AA7<br>LEI: 254900F5EQV7KVCD4M68 | Long             | ABS-CBDO         | CORP              | US        |    200000 | PA      | $200163.12    | 0.11%             | 2037-10-16      | Floating      | 5.20%                 | Yes           |                  2 | On Loan: No      |
| COX COMMUNICATIONS INC                          | Cox Communications Inc                                                           | CUSIP: 224044CT2<br>LEI: 5493001NEDZNIFRP2R92 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42642.59     | 0.02%             | 2053-12-15      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| ALLIANZ SE                                      | Allianz SE                                                                       | CUSIP: 018820AE0<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $207608.40    | 0.11%             | N/A             | Fixed         | 6.55%                 | Yes           |                  2 | On Loan: No      |
| BLUE OWL GP STAKES V A-2 A                      | BLUE OWL GP STAKES V A-2 A                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    174650 | PA      | $184217.12    | 0.10%             | 2043-08-22      | Fixed         | 7.21%                 | No            |                  3 | On Loan: No      |
| TRITON CONTAINER                                | Triton Container International Ltd                                               | CUSIP: 89680YAC9<br>LEI: 549300O4LZFLCX53XZ54 | Long             | DBT              | CORP              | BM        |    200000 | PA      | $180193.25    | 0.09%             | 2031-06-15      | Fixed         | 3.15%                 | Yes           |                  2 | On Loan: No      |
| BNP PARIBAS                                     | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              | CORP              | FR        |   -837500 | NC      | $-1189.17     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Servpro Master Issuer, LLC                      | SERVPRO Master Issuer LLC                                                        | CUSIP: 817743AE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    477500 | PA      | $451514.69    | 0.24%             | 2051-04-25      | Fixed         | 2.39%                 | Yes           |                  2 | On Loan: No      |
| Achieve Mortgage                                | ACHM Trust 2025-HE3                                                              | CUSIP: 00449VAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100041.59    | 0.05%             | 2055-11-25      | Variable      | 5.20%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP                         | American National Group Inc                                                      | CUSIP: 025676859<br>LEI: 549300RK5RZQ740FPL83 | Long             | EP               | CORP              | US        |      4000 | NS      | $100040.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                        | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    233000 | PA      | $204532.06    | 0.11%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                     | FIGRE Trust 2024-HE4                                                             | CUSIP: 31684UAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     73147 | PA      | $73576.75     | 0.04%             | 2054-09-25      | Variable      | 5.06%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                        | BX Trust 2024-VLT4                                                               | CUSIP: 05612TAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $149720.58    | 0.08%             | 2041-06-15      | Floating      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| MUTUAL OF OMAHA INS CO                          | Mutual of Omaha Insurance Co                                                     | CUSIP: 628312AE0<br>LEI: P2LER0UPV1DKOU8RO042 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51877.92     | 0.03%             | 2064-01-16      | Fixed         | 6.14%                 | Yes           |                  2 | On Loan: No      |
| PFP III                                         | PFP 2024-11 Ltd                                                                  | CUSIP: 69291WAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     94513 | PA      | $94511.01     | 0.05%             | 2039-09-17      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS                        | Santander UK Group Holdings PLC                                                  | CUSIP: 80281LAY1<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $199474.94    | 0.10%             | 2036-09-22      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| PENN MUTUAL LIFE INS CO                         | Penn Mutual Life Insurance Co/The                                                | CUSIP: 707567AE3<br>LEI: BIYXEJSLUQ3IWFUXX074 | Long             | DBT              | CORP              | US        |    100000 | PA      | $66243.98     | 0.03%             | 2061-04-29      | Fixed         | 3.80%                 | Yes           |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                       | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DIR              | CORP              | CA        |   -837500 | NC      | $-134.68      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FLEETCOR TECHNOLOGIES INC                       | FLEETCOR TECHNOLOGIES INC                                                        | CUSIP: 33903RBA6<br>LEI: 549300FKKKZCXLK48427 | Long             | LON              | CORP              | US        |    250000 | PA      | $250052.50    | 0.13%             | 2032-11-05      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD/LUX CO                        | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl                       | CUSIP: 46590XAP1<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    200000 | PA      | $179530.56    | 0.09%             | 2032-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| STRIP PRINC                                     | United States Treasury Strip Principal                                           | CUSIP: 912803EH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2720000 | PA      | $1105848.01   | 0.58%             | 2044-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO I, Ltd                             | Owl Rock CLO XVII LLC                                                            | CUSIP: 69121RAC3<br>LEI: 254900XW6EXYO0CEAC23 | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $250322.00    | 0.13%             | 2036-07-15      | Floating      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| STADCO LA LLC                                   | STADCO LA LLC                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $349474.19    | 0.18%             | 2056-05-15      | Fixed         | 3.75%                 | No            |                  3 | On Loan: No      |
| JP Morgan Mortgage Trust                        | JP Morgan Mortgage Trust 2021-12                                                 | CUSIP: 46592WAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    505453 | PA      | $477308.09    | 0.25%             | 2052-02-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Cross Mortgage Trust                            | Cross 2025-H6 Mortgage Trust                                                     | CUSIP: 22758TAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    189663 | PA      | $190992.56    | 0.10%             | 2070-07-25      | Variable      | 5.54%                 | Yes           |                  2 | On Loan: No      |
| VB-S1 Issuer LLC                                | VB-S1 Issuer LLC - VBTEL                                                         | CUSIP: 91823AAY7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $246377.65    | 0.13%             | 2052-02-15      | Fixed         | 4.29%                 | Yes           |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag                  | PRPM 2025-7 LLC                                                                  | CUSIP: 69382YAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    383614 | PA      | $384564.24    | 0.20%             | 2030-08-25      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                         | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GC28<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259978.59    | 0.14%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                        | JPY CALL VERSUS USD PUT                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |    173000 | NC      | $453.43       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ONEOK INC                                       | ONEOK Inc                                                                        | CUSIP: 682680DD2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    275000 | PA      | $275580.49    | 0.14%             | 2055-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Capital Automotive Reit                         | CARS-DB5 LP                                                                      | CUSIP: 12510HAN0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    492604 | PA      | $419753.10    | 0.22%             | 2051-08-15      | Fixed         | 2.76%                 | Yes           |                  2 | On Loan: No      |
| CTL - AZ BATTERY PROPERTY LLC                   | CTL - AZ BATTERY PROPERTY LLC                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $98803.67     | 0.05%             | 2046-02-20      | Fixed         | 6.73%                 | No            |                  3 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                 | CUSIP: 3132DVMN2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    853404 | PA      | $877842.96    | 0.46%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag                  | PRPM 2025-6 LLC                                                                  | CUSIP: 69395KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    231049 | PA      | $231421.27    | 0.12%             | 2028-08-25      | Variable      | 5.77%                 | Yes           |                  2 | On Loan: No      |
| EISNER ADVISORY GROUP LL                        | EISNER ADVISORY GROUP LL                                                         | CUSIP: 28259HAG6<br>LEI: 549300TV33NKCG2ZE467 | Long             | LON              | CORP              | US        |     98014 | PA      | $98566.15     | 0.05%             | 2031-02-28      | Floating      | 7.72%                 | No            |                  2 | On Loan: No      |
| AWAYDAY(VACATION RENTAL BRANDS HOLDINGS) DD     | AWAYDAY(VACATION RENTAL BRANDS HOLDINGS) DD                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     13854 | PA      | $13720.08     | 0.01%             | 2032-05-01      | Floating      | 8.92%                 | No            |                  3 | On Loan: No      |
| NATIONWIDE MUTUAL INSURA                        | Nationwide Mutual Insurance Co                                                   | CUSIP: 638671AN7<br>LEI: Z7LVXXWM8HZPKF5T2355 | Long             | DBT              | CORP              | US        |    370000 | PA      | $289656.48    | 0.15%             | 2050-04-30      | Fixed         | 4.35%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding Ltd                                | CIFC Funding 2015-IV Ltd                                                         | CUSIP: 12550TBN4<br>LEI: 549300ZXX0SJBZWIWI81 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500000.00    | 0.26%             | 2039-01-17      | Floating      | 0.01%                 | Yes           |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                              | Credit Agricole SA                                                               | CUSIP: 22535WAR8<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $256654.33    | 0.13%             | 2031-05-27      | Fixed         | 5.22%                 | Yes           |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                 | CDS CDX.NA.HY.43.V1                                                              | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-24040.71    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                               | Imperial Fund Mortgage Trust 2022-NQM2                                           | CUSIP: 45276PAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    144687 | PA      | $137103.99    | 0.07%             | 2067-03-25      | Variable      | 4.20%                 | Yes           |                  2 | On Loan: No      |
| ServiceMaster Brands                            | ServiceMaster Funding LLC                                                        | CUSIP: 81761TAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    234476 | PA      | $209436.32    | 0.11%             | 2051-01-30      | Fixed         | 3.34%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage A                  | Ginnie Mae                                                                       | CUSIP: 21H052629<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1650000 | PA      | $1664709.98   | 0.88%             | 2056-02-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO I, Ltd                             | Owl Rock CLO IV Ltd                                                              | CUSIP: 691200AC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    233098 | PA      | $233059.71    | 0.12%             | 2033-08-20      | Floating      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Textainer Marine Containers Li                  | Textainer Marine Containers VII Ltd                                              | CUSIP: 88315LAE8<br>LEI: 549300X48KLHDDGPK024 | Long             | ABS-O            | CORP              | BM        |     99086 | PA      | $96010.79     | 0.05%             | 2045-08-21      | Fixed         | 2.73%                 | Yes           |                  2 | On Loan: No      |
| BLACKFIN PIPELINE LLC                           | BLACKFIN PIPELINE LLC                                                            | CUSIP: 09231PAB2<br>LEI: 254900F4BUS186SK8A51 | Long             | LON              | CORP              | US        |    200000 | PA      | $200166.00    | 0.11%             | 2032-09-29      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| Cerberus                                        | Cerberus Loan Funding XLIV LLC                                                   | CUSIP: 15674DAC8<br>LEI: 6354005DPIRML7EMPA20 | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $251109.83    | 0.13%             | 2036-01-15      | Floating      | 7.10%                 | Yes           |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD GRP/CO                        | JBS USA Holding Lux Sarl / JBS USA Foods Group Holdings Inc / JBS USA Food Co    | CUSIP: 472140AE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $76211.83     | 0.04%             | 2036-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SCIENTIFIC GAMES HOLDIN                         | SCIENTIFIC GAMES HOLDINGS LP                                                     | CUSIP: 80875CAE7<br>LEI: 549300W5GPFXXB6TQ330 | Long             | LON              | CORP              | US        |    199495 | PA      | $195730.48    | 0.10%             | 2029-04-04      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| AMERICO LIFE INC                                | Americo Life Inc                                                                 | CUSIP: 03060NAD2<br>LEI: 549300B5C1FRFHBYW144 | Long             | DBT              | CORP              | US        |    200000 | PA      | $180880.16    | 0.10%             | 2031-04-15      | Fixed         | 3.45%                 | Yes           |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                 | CDS CDX.NA.IG.45.V1                                                              | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-84809.60    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Cerberus                                        | Cerberus Loan Funding 53 LLC                                                     | CUSIP: 15674YAE8<br>LEI: 635400YQBXB1DKX6JK08 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249994.40    | 0.13%             | 2038-01-15      | Floating      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| HF SINCLAIR CORP                                | HF Sinclair Corp                                                                 | CUSIP: 403949AT7<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |    175000 | PA      | $177375.20    | 0.09%             | 2032-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                           | Wells Fargo & Co                                                                 | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498444.52    | 0.26%             | N/A             | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                  | Golub Capital Partners CLO 69M                                                   | CUSIP: 38182GAE4<br>LEI: 2549004WBNSFGOX1MY52 | Long             | ABS-CBDO         | CORP              | US        |    300000 | PA      | $299059.11    | 0.16%             | 2038-11-09      | Floating      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                           | Wells Fargo & Co                                                                 | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104501.40    | 0.05%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| SIERRA PACIFIC POWER CO                         | Sierra Pacific Power Co                                                          | CUSIP: 826418BR5<br>LEI: QB888G5GSVGE1LD1WV84 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49552.60     | 0.03%             | 2055-12-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| LRECS 2025-CRE1 LLC                             | LRECS 2025-CRE1 LLC                                                              | CUSIP: 50230AAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100180.17    | 0.05%             | 2043-08-19      | Floating      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                | Altria Group Inc                                                                 | CUSIP: 02209SBK8<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     50000 | PA      | $40077.54     | 0.02%             | 2050-05-06      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GRP OF AMER                         | Reinsurance Group of America Inc                                                 | CUSIP: 759351AS8<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104288.24    | 0.05%             | 2034-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                | Altice France SA                                                                 | CUSIP: 02090DAD0<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    154020 | PA      | $147656.19    | 0.08%             | 2032-04-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| BNP PARIBAS                                     | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              | CORP              | FR        |   -837500 | NC      | $-186.17      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PERSHING SQUARE HOLDINGS                        | Pershing Square Holdings Ltd/Fund                                                | CUSIP: 000000000<br>LEI: U7LC4KOKCTZ0YWGI2G56 | Short            | DBT              | CORP              | GG        |   -750000 | PA      | $-694651.02   | -0.37%            | 2030-11-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| PERSHING SQUARE HOLDINGS                        | Pershing Square Holdings Ltd/Fund                                                | CUSIP: 000000000<br>LEI: U7LC4KOKCTZ0YWGI2G56 | Long             | DBT              | CORP              | GG        |    750000 | PA      | $694651.02    | 0.37%             | 2030-11-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| BLUE OWL IV (FKA DYAL IV) SR SEC B              | BLUE OWL IV (FKA DYAL IV) SR SEC B                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    168000 | PA      | $169875.97    | 0.09%             | 2045-08-22      | Fixed         | 5.94%                 | No            |                  3 | On Loan: No      |
| HASBRO INC                                      | Hasbro Inc                                                                       | CUSIP: 418056BA4<br>LEI: 549300NUB6D2R1ITYR45 | Long             | DBT              | CORP              | US        |    150000 | PA      | $159119.78    | 0.08%             | 2034-05-14      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| MIDCAP FUNDING XLVI TRUST                       | MIDCAP FUNDING XLVI TRUST                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $250000.00    | 0.13%             | 2028-04-15      | Floating      | 6.28%                 | No            |                  3 | On Loan: No      |
| AES CORP/THE                                    | AES Corp/The                                                                     | CUSIP: 00130HCC7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    170000 | PA      | $165925.71    | 0.09%             | 2030-07-15      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| DOMINION ENERGY INC                             | Dominion Energy Inc                                                              | CUSIP: 25746UEA3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200136.23    | 0.11%             | 2056-02-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| firstkey homes 2020-sfr1 trust                  | FirstKey Homes 2021-SFR1 Trust                                                   | CUSIP: 33767WAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $589616.70    | 0.31%             | 2038-08-17      | Fixed         | 1.79%                 | Yes           |                  2 | On Loan: No      |
| AS MILEAGE PLAN IP LTD                          | AS Mileage Plan IP Ltd                                                           | CUSIP: 00218QAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    250000 | PA      | $252253.64    | 0.13%             | 2031-10-20      | Fixed         | 5.31%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                        | OBX 2023-NQM1 Trust                                                              | CUSIP: 670855AC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    155099 | PA      | $154560.88    | 0.08%             | 2062-11-25      | Variable      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| BNP PARIBAS                                     | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              | CORP              | FR        |   -837500 | NC      | $-101.91      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KREF 2021-FL2 Ltd                               | KREF 2021-FL2 Ltd                                                                | CUSIP: 48275RAC1<br>LEI: 54930083ELM2GCMVTQ91 | Long             | ABS-CBDO         | CORP              | KY        |    150000 | PA      | $147111.56    | 0.08%             | 2039-02-15      | Floating      | 5.15%                 | Yes           |                  2 | On Loan: No      |
| TRITON CONTAINER/TAL INT                        | Triton Container International Ltd / TAL International Container Corp            | CUSIP: 89681LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    100000 | PA      | $90887.31     | 0.05%             | 2032-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                 | CUSIP: 31427NHN2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    404496 | PA      | $410987.87    | 0.22%             | 2055-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                             | JPMorgan Chase & Co                                                              | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    110000 | PA      | $114302.23    | 0.06%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                       | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F030629<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  14940000 | PA      | $13202641.44  | 6.94%             | 2056-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LoanCore 2018-CRE1 Issuer, Ltd                  | LoanCore 2025 2025-CRE8 Issuer LLC                                               | CUSIP: 53947FAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99319.09     | 0.05%             | 2042-08-17      | Floating      | 5.33%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                        | OBX 2024-NQM11 Trust                                                             | CUSIP: 67119EAB2<br>LEI: 254900F5LT8CA1U6PK21 | Long             | ABS-MBS          | CORP              | US        |    327819 | PA      | $330825.48    | 0.17%             | 2064-06-25      | Variable      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| BRITISH TELECOMMUNICATIO                        | British Telecommunications PLC                                                   | CUSIP: 11102AAG6<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |    350000 | PA      | $338128.56    | 0.18%             | 2081-11-23      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| American Home Mortgage Investm                  | American Home Mortgage Investment Trust 2007-1                                   | CUSIP: 026932AF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1557117 | PA      | $241255.02    | 0.13%             | 2047-05-25      | Fixed         | 2.08%                 | No            |                  2 | On Loan: No      |
| HarborView Mortgage Loan Trust                  | HarborView Mortgage Loan Trust 2006-14                                           | CUSIP: 41162NAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    267230 | PA      | $253872.14    | 0.13%             | 2047-01-25      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                | THREE-MONTH SOFR                                                                 | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       115 | NC      | $20125.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SVC ABS LLC                                     | SVC ABS LLC                                                                      | CUSIP: 78487JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    345042 | PA      | $340966.56    | 0.18%             | 2053-02-20      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| TENN VALLEY AUTHORITY                           | Tennessee Valley Authority                                                       | CUSIP: 880591DZ2<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    750000 | PA      | $758250.00    | 0.40%             | 2056-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                          | BP Capital Markets PLC                                                           | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    436000 | PA      | $433747.69    | 0.23%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Vantage Data Centers LLC                        | Vantage Data Centers LLC                                                         | CUSIP: 92212KAH9<br>LEI: 5493000RL8X7WTQ7HO20 | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $444760.11    | 0.23%             | 2055-08-15      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| REINSURANCE GRP OF AMER                         | Reinsurance Group of America Inc                                                 | CUSIP: 759351AT6<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51664.85     | 0.03%             | 2055-09-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Copper River CLO Ltd                            | Copper River CLO Ltd                                                             | CUSIP: 217563AC9<br>LEI: 5493005HHHXVM8NBWY47 | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $60.00        | 0.00%             | 2021-01-20      | Variable      | 0.01%                 | Yes           |                  2 | On Loan: No      |
| QORVO INC                                       | Qorvo Inc                                                                        | CUSIP: 74736KAJ0<br>LEI: 254900YAUJV2EUEVBR11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92514.40     | 0.05%             | 2031-04-01      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                       | Towd Point Mortgage Trust 2025-CES4                                              | CUSIP: 89170UAC4<br>LEI: 254900V1XGR6BSB30T32 | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $250929.98    | 0.13%             | 2065-10-25      | Variable      | 5.46%                 | Yes           |                  2 | On Loan: No      |
| Navigator Aviation Ltd                          | Navigator 2024-1 Aviation Ltd                                                    | CUSIP: 63943DAA7<br>LEI: 984500UF8C3O89B30652 | Long             | ABS-O            | CORP              | KY        |    226190 | PA      | $227095.69    | 0.12%             | 2049-08-15      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                     | Legacy Mortgage Asset Trust 2021-GS5                                             | CUSIP: 52475XAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    283310 | PA      | $283537.34    | 0.15%             | 2067-07-25      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                | IRS USD                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-9527.69     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                        | OBX 2024-NQM13 Trust                                                             | CUSIP: 67119PAB7<br>LEI: 254900W2SY2Z6X7UAX78 | Long             | ABS-MBS          | CORP              | US        |    166782 | PA      | $166993.48    | 0.09%             | 2064-06-25      | Variable      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                             | Global Payments Inc                                                              | CUSIP: 37940XAX0<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150070.27    | 0.08%             | 2032-11-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                  | CUSIP: 3140QR2M4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    846445 | PA      | $853090.99    | 0.45%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLOWSERVE CORPORATION                           | Flowserve Corp                                                                   | CUSIP: 34354PAF2<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | DBT              | CORP              | US        |     82000 | PA      | $78183.09     | 0.04%             | 2030-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Ares Direct Lending CLO LLC                     | Ares Direct Lending CLO 6 LLC                                                    | CUSIP: 039960AE9<br>LEI: 254900F5EQV7KVCD4M68 | Long             | ABS-CBDO         | CORP              | US        |    400000 | PA      | $400325.24    | 0.21%             | 2037-10-16      | Floating      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                            | WEC Energy Group Inc                                                             | CUSIP: 92939UAU0<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75472.36     | 0.04%             | 2056-05-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                       | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F052623<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5820000 | PA      | $5895922.42   | 3.10%             | 2056-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Apollo Aviation Securitization                  | AASET 2024-1                                                                     | CUSIP: 00255JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    229232 | PA      | $235367.51    | 0.12%             | 2049-05-16      | Fixed         | 6.26%                 | Yes           |                  2 | On Loan: No      |
| FIGRE Trust                                     | FIGRE Trust 2025-HE6                                                             | CUSIP: 31684NAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    341481 | PA      | $340110.34    | 0.18%             | 2055-09-25      | Variable      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| THUNDERBIRD 2022-1 A FUNDED                     | THUNDERBIRD 2022-1 A FUNDED                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    400000 | PA      | $379044.48    | 0.20%             | 2037-03-01      | Fixed         | 5.50%                 | No            |                  3 | On Loan: No      |
| BNP PARIBAS                                     | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              | CORP              | FR        |   1370000 | NC      | $12188.24     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                | IRS USD                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $60404.29     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SMITHFIELD FOODS INC                            | Smithfield Foods Inc                                                             | CUSIP: 832248BC1<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92008.23     | 0.05%             | 2030-10-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                                 | CUSIP: 91282CLZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $761279.30    | 0.40%             | 2031-11-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                        | Venture Global Calcasieu Pass LLC                                                | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    200000 | PA      | $181994.58    | 0.10%             | 2031-08-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                  | CUSIP: 3140QSFR7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    165755 | PA      | $165763.79    | 0.09%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                          | BP Capital Markets PLC                                                           | CUSIP: 05565QDX3<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |     75000 | PA      | $77340.60     | 0.04%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                  | Golub Capital Partners CLO 69M                                                   | CUSIP: 38182GAC8<br>LEI: 2549004WBNSFGOX1MY52 | Long             | ABS-CBDO         | CORP              | US        |    300000 | PA      | $300160.20    | 0.16%             | 2038-11-09      | Floating      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                              | Subway Funding LLC                                                               | CUSIP: 864300AL2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    247500 | PA      | $245391.25    | 0.13%             | 2054-07-30      | Fixed         | 5.91%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                             | Global Payments Inc                                                              | CUSIP: 37940XAY8<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74544.91     | 0.04%             | 2035-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                    | CSMC 2021-RPL4 Trust                                                             | CUSIP: 12662GAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    284696 | PA      | $283596.60    | 0.15%             | 2060-12-27      | Variable      | 4.15%                 | Yes           |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                         | CF Hippolyta Issuer LLC                                                          | CUSIP: 12530MAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    224863 | PA      | $140196.53    | 0.07%             | 2060-07-15      | Fixed         | 2.28%                 | Yes           |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                | IRS USD                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $24816.24     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae REMICS                                                                | CUSIP: 3136BWL61<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    382627 | PA      | $382880.37    | 0.20%             | 2053-01-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                             | Sirius XM Radio LLC                                                              | CUSIP: 82967NBG2<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    180000 | PA      | $171192.13    | 0.09%             | 2030-07-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| BRITISH AIR 21-1 A PPT                          | British Airways 2021-1 Class A Pass Through Trust                                | CUSIP: 11042CAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     79866 | PA      | $72993.60     | 0.04%             | 2035-03-15      | Fixed         | 2.90%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac REMICS                                                               | CUSIP: 3137HMEB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    322203 | PA      | $322986.37    | 0.17%             | 2051-10-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                        | OBX 2024-NQM9 Trust                                                              | CUSIP: 67119DAC2<br>LEI: 2549004KB8X0K1PPTU08 | Long             | ABS-MBS          | CORP              | US        |     65744 | PA      | $66414.48     | 0.03%             | 2064-01-25      | Variable      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| ASSURED GUARANTY US HLDG                        | Assured Guaranty US Holdings Inc                                                 | CUSIP: 04621WAE0<br>LEI: 5493007YCE0652G9TZ64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $70526.89     | 0.04%             | 2051-09-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                        | OBX 2024-NQM6 Trust                                                              | CUSIP: 67118XAC9<br>LEI: 254900LMIQVUH9BFZJ05 | Long             | ABS-MBS          | CORP              | US        |     92043 | PA      | $93236.60     | 0.05%             | 2064-02-25      | Variable      | 6.85%                 | Yes           |                  2 | On Loan: No      |
| CNO FINANCIAL GROUP INC                         | CNO Financial Group Inc                                                          | CUSIP: 12621E301<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EP               | CORP              | US        |      6000 | NS      | $114000.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SMITHFIELD FOODS INC                            | Smithfield Foods Inc                                                             | CUSIP: 832248BD9<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | DBT              | CORP              | US        |    300000 | PA      | $265506.33    | 0.14%             | 2031-09-13      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| BROOKFIELD FINANCE INC                          | Brookfield Finance Inc                                                           | CUSIP: 11271LAF9<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |    280000 | PA      | $194386.62    | 0.10%             | 2051-03-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                | IRS USD                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-75266.90    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| LIQUID TECH SOLUTIONS HO                        | LIQUID TECH SOLUTIONS HO                                                         | CUSIP: 000000000<br>LEI: 254900OC60TKLQ1KX067 | Long             | LON              | CORP              | US        |     90712 | PA      | $90938.85     | 0.05%             | 2032-10-12      | Floating      | 7.24%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                        | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 74841CAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $332358.18    | 0.17%             | 2031-03-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| CNO FINANCIAL GROUP INC                         | CNO Financial Group Inc                                                          | CUSIP: 12621EAM5<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | DBT              | CORP              | US        |    170000 | PA      | $179850.03    | 0.09%             | 2034-06-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| WHISTLER PIPELINE LLC                           | Whistler Pipeline LLC                                                            | CUSIP: 96337RAC6<br>LEI: 549300NG57SGLTNW5C85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103407.47    | 0.05%             | 2034-09-30      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                        | Rogers Communications Inc                                                        | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $52649.60     | 0.03%             | 2055-04-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CAPSTONE ACQUISITION 1L TL                      | CAPSTONE ACQUISITION 1L TL                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    136545 | PA      | $135960.43    | 0.07%             | 2029-11-12      | Floating      | 8.32%                 | No            |                  3 | On Loan: No      |
| FIGRE Trust                                     | FIGRE Trust 2025-PF2                                                             | CUSIP: 316918AC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    621846 | PA      | $620641.87    | 0.33%             | 2055-10-25      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC                         | Jefferies Financial Group Inc                                                    | CUSIP: 47233WEJ4<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    133000 | PA      | $140367.70    | 0.07%             | 2034-04-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                                 | CUSIP: 912810SW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2820000 | PA      | $1970034.38   | 1.04%             | 2041-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg                  | Saluds Grade Alternative Mortgage Trust 2025-RRTL1                               | CUSIP: 79582NAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $250025.15    | 0.13%             | 2040-10-25      | Variable      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                | IRS USD                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-6509.34     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AASET 2021-1 Trust                              | Aaset 2021-1 Trust                                                               | CUSIP: 00038PAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    205035 | PA      | $197395.42    | 0.10%             | 2041-11-16      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                        | JP Morgan Mortgage Trust 2021-13                                                 | CUSIP: 46592XAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    217443 | PA      | $204869.22    | 0.11%             | 2052-04-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| KKR CORE SR SECURED NOTES                       | KKR CORE SR SECURED NOTES                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    456434 | PA      | $426882.26    | 0.22%             | 2031-08-12      | Fixed         | 4.00%                 | No            |                  3 | On Loan: No      |
| CLI Funding LLC                                 | CLI Funding VIII LLC                                                             | CUSIP: 12565KAA5<br>LEI: 254900Z4P82YK31RVL27 | Long             | ABS-O            | CORP              | US        |    237726 | PA      | $221292.85    | 0.12%             | 2046-02-18      | Fixed         | 1.64%                 | Yes           |                  2 | On Loan: No      |
| WILTON RE LTD                                   | Wilton RE Ltd                                                                    | CUSIP: 97263CAA9<br>LEI: 5493004VQ9VSL29MT373 | Long             | DBT              | CORP              | CA        |    497000 | PA      | $492327.60    | 0.26%             | N/A             | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                     | Freddie Mac Pool                                                                 | CUSIP: 3142GSWQ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    577968 | PA      | $600707.65    | 0.32%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                            | OneMain Finance Corp                                                             | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    122000 | PA      | $122898.90    | 0.06%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                    | Novelis Corp                                                                     | CUSIP: 670001AN6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    125000 | PA      | $126721.39    | 0.07%             | 2033-08-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| ABG INTERMEDIATE HLDGS 2                        | ABG INTERMEDIATE HLDGS 2                                                         | CUSIP: 00076VBL3<br>LEI: 54930020NXD0RJB64985 | Long             | LON              | CORP              | US        |    172812 | PA      | $172921.37    | 0.09%             | 2028-12-21      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| GINKGO BIOWORKS HOLDINGS INC                    | Ginkgo Bioworks Holdings Inc                                                     | CUSIP: 37611X118<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       684 | NC      | $3.42         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                | IRS USD                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $51098.49     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                             | Global Payments Inc                                                              | CUSIP: 37940XAW2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75083.63     | 0.04%             | 2030-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                                  | Whirlpool Corp                                                                   | CUSIP: 963320AX4<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     10000 | PA      | $7351.52      | 0.00%             | 2050-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                       | Sunoco LP                                                                        | CUSIP: 86765KAK5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97147.86     | 0.05%             | 2030-05-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                          | Switch ABS Issuer LLC                                                            | CUSIP: 871044AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100992.03    | 0.05%             | 2054-03-25      | Fixed         | 6.28%                 | Yes           |                  2 | On Loan: No      |
| Tricon Residential                              | Tricon Residential 2023-SFR2 Trust                                               | CUSIP: 895978AC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $249496.85    | 0.13%             | 2040-12-17      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| UBS AG ZURICH PUT .64 CHF TECAN CH              | UBS AG ZURICH PUT .64 CHF TECAN CH                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8510 | NS      | $0.85         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| HIGHTOWER HOLDING LLC                           | HIGHTOWER HOLDING LLC                                                            | CUSIP: 43117LAP8<br>LEI: 254900MKOSB7RTMA9K12 | Long             | LON              | CORP              | US        |    153851 | PA      | $153947.56    | 0.08%             | 2032-02-03      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                         | MPLX LP                                                                          | CUSIP: 55336VCD0<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    125000 | PA      | $123937.15    | 0.07%             | 2055-09-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| PARTNERRE FINANCE B LLC                         | PartnerRe Finance B LLC                                                          | CUSIP: 70213BAC5<br>LEI: 549300O0FAGHK2F79881 | Long             | DBT              | CORP              | US        |    140000 | PA      | $131632.21    | 0.07%             | 2050-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                   | Citigroup Inc                                                                    | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101627.18    | 0.05%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                | IRS USD                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $27460.26     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Fannie Mae Pool                                                                  | CUSIP: 31418FQG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1119267 | PA      | $1150755.66   | 0.60%             | 2055-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DYAL III SERIES B ISSUER B                      | DYAL III SERIES B ISSUER B                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    132000 | PA      | $136848.91    | 0.07%             | 2044-06-15      | Fixed         | 6.55%                 | No            |                  3 | On Loan: No      |
| CSC HOLDINGS LLC                                | CSC Holdings LLC                                                                 | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $122640.68    | 0.06%             | 2030-12-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| RL DATIX 1L TL FACILITY B USD                   | RL DATIX 1L TL FACILITY B USD                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     20000 | PA      | $20000.00     | 0.01%             | 2031-04-30      | Floating      | 8.73%                 | No            |                  3 | On Loan: No      |
| Fortress Credit BSL Limited                     | Fortress Credit BSL XV Ltd                                                       | CUSIP: 34964WAQ5<br>LEI: 254900VHYDP7XYPMH337 | Long             | ABS-CBDO         | CORP              | JE        |    300000 | PA      | $300165.00    | 0.16%             | 2033-10-18      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| KREF 2021-FL2 Ltd                               | KREF 2021-FL2 Ltd                                                                | CUSIP: 48275RAG2<br>LEI: 54930083ELM2GCMVTQ91 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $497807.30    | 0.26%             | 2039-02-15      | Floating      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| LIQUID TECH SOLUTIONS HO                        | LIQUID TECH SOLUTIONS HO                                                         | CUSIP: 000000000<br>LEI: 254900OC60TKLQ1KX067 | Long             | LON              | CORP              | US        |      9288 | PA      | $9311.15      | 0.00%             | 2032-10-12      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| Eldridge CLO Ltd                                | Eldridge CLO 2025-1 Ltd                                                          | CUSIP: 284913AE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250452.88    | 0.13%             | 2038-10-20      | Floating      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| JCP Direct Lending CLO LLC                      | Jefferies Credit Partners Direct Lending Clo 2025-1 Ltd                          | CUSIP: 47235BAG8<br>LEI: 213800SOG377Y9E1U217 | Long             | ABS-CBDO         | CORP              | KY        |    150000 | PA      | $149582.85    | 0.08%             | 2037-10-15      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                    | GS Mortgage Securities Trust 2020-GC45                                           | CUSIP: 36258YBJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9248000 | PA      | $185922.73    | 0.10%             | 2053-02-13      | Variable      | 0.61%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                | IRS USD                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-40438.63    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| MINERALS TECHNOLOGIES IN                        | Minerals Technologies Inc                                                        | CUSIP: 603158AA4<br>LEI: 549300D3I1QU67GP6403 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89100.00     | 0.05%             | 2028-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Station Place Securitization T                  | Station Place Securitization Trust Series 2024-SP2                               | CUSIP: 857942AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    325000 | PA      | $325000.00    | 0.17%             | 2026-07-12      | Floating      | 5.46%                 | Yes           |                  3 | On Loan: No      |
| SOLRR Aircraft 2021-1 Limited                   | Lunar 2021-1 Structured Aircraft Portfolio Notes                                 | CUSIP: 83438LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IE        |    327441 | PA      | $312381.10    | 0.16%             | 2046-10-15      | Fixed         | 2.64%                 | Yes           |                  2 | On Loan: No      |
| GA GLOBAL FUNDING TRUST                         | GA Global Funding Trust                                                          | CUSIP: 36143L2V6<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148208.35    | 0.08%             | 2030-09-18      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor                  | Morgan Stanley Residential Mortgage Loan Trust 2025-SPL1                         | CUSIP: 617946AD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    441784 | PA      | $428823.37    | 0.23%             | 2065-02-25      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| SLAM LLC                                        | Slam Ltd                                                                         | CUSIP: 83100AAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    183943 | PA      | $186285.63    | 0.10%             | 2049-09-15      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                        | Plains All American Pipeline LP / PAA Finance Corp                               | CUSIP: 72650RBP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $257806.67    | 0.14%             | 2034-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| First Franklin Mtg Loan Asset                   | First Franklin Mortgage Loan Trust 2006-FF16                                     | CUSIP: 320275AE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    778109 | PA      | $314523.12    | 0.17%             | 2036-12-25      | Floating      | 4.27%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                          | Galaxy Pipeline Assets Bidco Ltd                                                 | CUSIP: 36321PAC4<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |    328000 | PA      | $267903.99    | 0.14%             | 2040-09-30      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| PERSHING SQUARE ESCROW                          | PERSHING SQUARE ESCROW                                                           | CUSIP: 715ESC018<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     76590 | NS      | $7.66         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| FLOWSERVE CORPORATION                           | Flowserve Corp                                                                   | CUSIP: 34355JAB4<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | DBT              | CORP              | US        |    147000 | PA      | $131461.48    | 0.07%             | 2032-01-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                  | Morgan Stanley                                                                   | CUSIP: 61747YFM2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    150000 | PA      | $157645.42    | 0.08%             | 2039-02-07      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| Eldridge CLO Ltd                                | Eldridge CLO 2025-2 Ltd                                                          | CUSIP: 28473AAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    200000 | PA      | $200000.00    | 0.11%             | 2039-01-20      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ALLWYN ENTERTAINMENT FIN                        | ALLWYN ENTERTAINMENT FIN                                                         | CUSIP: 02008EAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    250000 | PA      | $245000.00    | 0.13%             | 2032-11-10      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| Argent Securities Inc.                          | Ameriquest Mortgage Securities Trust 2006-M3                                     | CUSIP: 03076MAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1926896 | PA      | $567467.71    | 0.30%             | 2036-10-25      | Floating      | 4.01%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                        | Angel Oak Mortgage Trust 2024-2                                                  | CUSIP: 034942AC6<br>LEI: 254900NLG610771ZLP05 | Long             | ABS-MBS          | CORP              | US        |    353563 | PA      | $355932.71    | 0.19%             | 2069-01-25      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| AWAYDAY(VACATION RENTAL BRANDS HOLDINGS) DD     | AWAYDAY(VACATION RENTAL BRANDS HOLDINGS) DD                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     36111 | PA      | $35761.61     | 0.02%             | 2032-05-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| TSY INFL IX N/B                                 | United States Treasury Inflation Indexed Bonds                                   | CUSIP: 91282CLV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3621765 | PA      | $3657286.29   | 1.92%             | 2029-10-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY PARTNERS LL                        | Viper Energy Partners LLC                                                        | CUSIP: 92764MAB0<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |    175000 | PA      | $178592.75    | 0.09%             | 2035-08-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                            | Targa Resources Corp                                                             | CUSIP: 87612GAF8<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     63000 | PA      | $68757.42     | 0.04%             | 2034-03-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                                  | Whirlpool Corp                                                                   | CUSIP: 963320AV8<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |    100000 | PA      | $75086.87     | 0.04%             | 2046-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LSTAR Securities Investment Lt                  | LSTAR Securities Investment Ltd 2024-1                                           | CUSIP: 54916LAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     43890 | PA      | $43793.30     | 0.02%             | 2029-01-01      | Floating      | 7.12%                 | Yes           |                  2 | On Loan: No      |
| NORFOLK SOUTHERN CORP                           | Norfolk Southern Corp                                                            | CUSIP: 655844CJ5<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |     50000 | PA      | $34586.98     | 0.02%             | 2121-05-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| BSPDF Issuer Ltd                                | BSPDF 2025-FL2 Issuer LLC                                                        | CUSIP: 05615KAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100244.46    | 0.05%             | 2042-12-15      | Floating      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| AIR CANADA                                      | Air Canada                                                                       | CUSIP: 008911BK4<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $149285.10    | 0.08%             | 2026-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Ares Direct Lending CLO LLC                     | Ares Direct Lending CLO 2 LLC                                                    | CUSIP: 04021CAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99765.13     | 0.05%             | 2036-10-20      | Floating      | 6.23%                 | Yes           |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                        | Lloyds Banking Group PLC                                                         | CUSIP: 539439BA6<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $209015.22    | 0.11%             | 2035-11-26      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Ares Direct Lending CLO LLC                     | Ares Direct Lending CLO 7 LLC                                                    | CUSIP: 039973AE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    150000 | PA      | $150132.65    | 0.08%             | 2038-01-20      | Floating      | 5.58%                 | Yes           |                  2 | On Loan: No      |
| TVA PRIN STRIP                                  | Tennessee Valley Authority Principal Strip                                       | CUSIP: 88059EN59<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGSE             | US        |    500000 | PA      | $155168.50    | 0.08%             | 2048-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                          | Cushman & Wakefield US Borrower LLC                                              | CUSIP: 23166MAA1<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35185.82     | 0.02%             | 2028-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| ASURION LLC                                     | ASURION LLC                                                                      | CUSIP: 04649VBD1<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    148500 | PA      | $148430.21    | 0.08%             | 2030-09-19      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                        | Prudential Financial Inc                                                         | CUSIP: 744320BH4<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    130000 | PA      | $120917.89    | 0.06%             | 2050-10-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                     | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              | CORP              | FR        |  -1172500 | NC      | $-1559.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STRIPS                                          | United States Treasury Strip Coupon                                              | CUSIP: 912834PZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1990000 | PA      | $716269.81    | 0.38%             | 2046-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sprite Limited                                  | Sprite 2021-1 Ltd                                                                | CUSIP: 85208UAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     76501 | PA      | $74832.53     | 0.04%             | 2046-11-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| PACIFICORP                                      | PacifiCorp                                                                       | CUSIP: 695114DF2<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91732.23     | 0.05%             | 2055-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                 | United States Treasury Inflation Indexed Bonds                                   | CUSIP: 91282CGW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1085530 | PA      | $1081092.71   | 0.57%             | 2028-04-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                       | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F042426<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2217963 | PA      | $2217789.71   | 1.17%             | 2041-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                        | BX Trust 2025-VOLT                                                               | CUSIP: 05619PAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $350217.70    | 0.18%             | 2044-12-15      | Floating      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Five Guys Funding, LLC                          | Five Guys Holdings Inc                                                           | CUSIP: 33830JAE5<br>LEI: 549300XWT8G8Q3Z3HJ19 | Long             | ABS-O            | CORP              | US        |    148500 | PA      | $152729.38    | 0.08%             | 2054-01-26      | Fixed         | 7.55%                 | Yes           |                  2 | On Loan: No      |
| FIRST REPUBLIC BANK                             | First Republic Bank/CA                                                           | CUSIP: 33616C746<br>LEI: YWC0TIKBQM2JV8L4IV08 | Long             | EP               | CORP              | US        |     16525 | NS      | $3.31         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTURE GLOBAL LNG INC                          | Venture Global LNG Inc                                                           | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103307.24    | 0.05%             | 2032-02-01      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| CROSSCOUNTRY INTER                              | CrossCountry Intermediate HoldCo LLC                                             | CUSIP: 22757VAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101622.70    | 0.05%             | 2032-12-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL SERVICES LLC             | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DIR              | CORP              | US        |  -1370000 | NC      | $-4199.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                          | Verizon Communications Inc                                                       | CUSIP: 92343VHH0<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99285.78     | 0.05%             | 2045-11-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Capital Automotive Reit                         | CARS-DB4 LP                                                                      | CUSIP: 12510HAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    244323 | PA      | $231527.68    | 0.12%             | 2050-02-15      | Fixed         | 3.81%                 | Yes           |                  2 | On Loan: No      |
| ASCOT GROUP LTD                                 | Ascot Group Ltd                                                                  | CUSIP: 04365XAB4<br>LEI: 213800DJV7WRJBE2II28 | Long             | DBT              | CORP              | BM        |    150000 | PA      | $155288.28    | 0.08%             | 2035-06-15      | Fixed         | 6.35%                 | Yes           |                  2 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                                 | CUSIP: 912810TC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1930000 | PA      | $1347004.30   | 0.71%             | 2041-11-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                         | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GA79<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105855.60    | 0.06%             | N/A             | Fixed         | 7.50%                 | 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        |    400000 | PA      | $394061.78    | 0.21%             | N/A             | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                  | NRG Energy Inc                                                                   | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    100000 | PA      | $110538.90    | 0.06%             | 2033-03-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| TPG Real Estate Finance                         | TRTX 2025-FL7 Issuer Ltd                                                         | CUSIP: 87277LAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    150000 | PA      | $149999.04    | 0.08%             | 2043-06-18      | Floating      | 6.03%                 | Yes           |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                        | Liberty Mutual Group Inc                                                         | CUSIP: 53079EBL7<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    554000 | PA      | $368118.46    | 0.19%             | 2061-02-01      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| RL DATIX 1L REV FUNDED                          | RL DATIX 1L REV FUNDED                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     18050 | PA      | $18050.00     | 0.01%             | 2030-10-30      | Floating      | 9.28%                 | No            |                  3 | On Loan: No      |
| THE TORONTO-DOMINION BANK                       | SWOP IRS USD                                                                     | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DIR              | CORP              | CA        |  -1370000 | NC      | $-4199.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RL DATIX CAR FACILITY 1L DDTL FUND              | RL DATIX CAR FACILITY 1L DDTL FUND                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     22000 | PA      | $22000.00     | 0.01%             | 2031-04-30      | Floating      | 9.23%                 | No            |                  3 | On Loan: No      |
| Fannie Mae or Freddie Mac                       | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F042418<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1072037 | PA      | $1072413.89   | 0.56%             | 2041-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RL DATIX 1L TL FACILITY B GBP                   | RL DATIX 1L TL FACILITY B GBP                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |     71200 | PA      | $95956.24     | 0.05%             | 2031-04-30      | Floating      | 8.97%                 | No            |                  3 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                                 | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    720000 | PA      | $725962.50    | 0.38%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PACIFIC BELLS LLC                               | PACIFIC BELLS LLC                                                                | CUSIP: 69403HAN0<br>LEI: 549300VGOQXINYVBJF37 | Long             | LON              | CORP              | US        |     88205 | PA      | $88463.05     | 0.05%             | 2028-11-10      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| WENDYS FUNDING LLC                              | Wendy's Funding LLC                                                              | CUSIP: 95058XAR9<br>LEI: 5493009DRVSTWJOXUL48 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99704.38     | 0.05%             | 2055-12-15      | Fixed         | 5.42%                 | Yes           |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag                  | PRPM 2025-8 LLC                                                                  | CUSIP: 69383BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    326407 | PA      | $326886.61    | 0.17%             | 2030-10-25      | Variable      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                        | Rogers Communications Inc                                                        | CUSIP: 775109CK5<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    159000 | PA      | $126528.34    | 0.07%             | 2052-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                  | EFMT 2025-CES4                                                                   | CUSIP: 267954AA3<br>LEI: 254900UDLJF220C8I638 | Long             | ABS-MBS          | CORP              | US        |    224694 | PA      | $226553.49    | 0.12%             | 2060-06-25      | Variable      | 5.43%                 | Yes           |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                           | KKR Clo 16 Ltd                                                                   | CUSIP: 48251BBG4<br>LEI: 254900VCKMCY079T6M57 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502232.55    | 0.26%             | 2034-10-20      | Floating      | 5.45%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-27

**Name of Applicant:** Guggenheim Variable Funds Trust

**Signature:** James Howley

**Name of Signer:** James Howley

**Title:** Chief Financial Officer