# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-25-001588
**Filing Date:** 2025-11
**Character Count:** 104461
**Document Hash:** 107ad9f251ad7879483b4e6bf2ae9c38
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001588.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0002066578-25-001588

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN FUNDS
- **CENTRAL INDEX KEY:** 0000916620

**ORGANIZATION NAME:**
- **EIN:** 391777365
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08236
- **FILM NUMBER:** 251506554

**BUSINESS ADDRESS:**
- **STREET 1:** NORTHERN FUNDS
- **STREET 2:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** 800-595-9111

**MAIL ADDRESS:**
- **STREET 1:** NORTHERN FUNDS
- **STREET 2:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

## Series and Classes Contracts Data

### ULTRA-SHORT FIXED INCOME FUND (Series ID: S000025872)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000077366 | ULTRA-SHORT FIXED INCOME FUND | NUSFX           |
| C000232975 | Siebert Williams Shank Shares |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Northern Funds

- **b. Investment Company Act file number:** 811-08236

- **c. CIK number of Registrant:** 0000916620

- **d. LEI of Registrant:** 5493004ZY1PEJR3C0A81

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

  - **Street Address 1:** 50 South LaSalle Street

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

  - **Telephone number:** 800-595-9111

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

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

- **b. EDGAR series identifier (if any):** S000025872

- **c. LEI of Series:** 549300PJ95YVI5YC1X57

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $1766428595.06

**Total Liabilities:** $1526502.60

**Net Assets:** $1764902092.46

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 149496.087826646565 | **1-Year:** 54252.808146730858 | **5-Year:** 18090.975880000478 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 224.792372829047 | **1-Year:** 611.321774365526 | **5-Year:** 4.213106646318 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000077366 | 0.40%                | 0.59%                | 0.39%                |
| Class ID C000232975 | 0.40%                | 0.59%                | 0.39%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $381039.27               | $-561717.82                                |
| Month 2  | $48774.60                | $2985161.32                                |
| Month 3  | $14700.39                | $-22506.27                                 |

**Designated Index Information**

- **Index Name:** N/A

- **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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MCCORMICK INC/MD 3.25%                        | MCCORMICK INC/MD 3.25%                        | CUSIP: 579780AK3<br>LEI: 549300JQQA6MQ4OJP259 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4989154.55   | 0.28%             | 2025-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BX COMMER. MTGE. TST. FRN                     | BX COMMER. MTGE. TST. FRN                     | CUSIP: 05608BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2307799 | PA      | $2296260.27   | 0.13%             | 2034-04-15      | Floating      | 5.20%                 | Yes           |                  2 | On Loan: No      |
| UBS GRP. F2V                                  | UBS GRP. F2V                                  | CUSIP: 902613AC2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   6406000 | PA      | $6341282.10   | 0.36%             | 2027-01-30      | Fixed         | 1.36%                 | Yes           |                  2 | On Loan: No      |
| AT&T INC 1.70%                                | AT&T INC 1.70%                                | CUSIP: 00206RML3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   2831000 | PA      | $2797692.83   | 0.16%             | 2026-03-25      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA FRN                        | CREDIT AGRICOLE SA FRN                        | CUSIP: 22534PAJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   4660000 | PA      | $4680189.40   | 0.27%             | 2027-03-11      | Floating      | 5.16%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS PLC FRN                              | BARCLAYS PLC FRN                              | CUSIP: 06738ECQ6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   9000000 | PA      | $9094019.76   | 0.52%             | 2028-03-12      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| AMCOR FLEXIBLES NOR 4.80%                     | AMCOR FLEXIBLES NOR 4.80%                     | CUSIP: 02344AAF5<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |   7120000 | PA      | $7199828.51   | 0.41%             | 2028-03-17      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| MCDONALD S CORP 3.70%                         | MCDONALD S CORP 3.70%                         | CUSIP: 58013MEY6<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2744995.11   | 0.16%             | 2026-01-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| HSBC HLDGS. PLC 3.90%                         | HSBC HLDGS. PLC 3.90%                         | CUSIP: 404280BB4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   3000000 | PA      | $2994938.04   | 0.17%             | 2026-05-25      | Fixed         | 3.90%                 | No            |                  2 | On Loan: —       |
| KRAFT HEINZ FOODS C 3.00%                     | KRAFT HEINZ FOODS C 3.00%                     | CUSIP: 50077LAD8<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5949948.90   | 0.34%             | 2026-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CONAGRA BRANDS INC 4.60%                      | CONAGRA BRANDS INC 4.60%                      | CUSIP: 205887CB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4498582.32   | 0.25%             | 2025-11-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDU 1.33%                     | NAVIENT PRIVATE EDU 1.33%                     | CUSIP: 63942AAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    941799 | PA      | $872698.77    | 0.05%             | 2069-04-15      | Fixed         | 1.33%                 | Yes           |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA FRN                      | ROYAL BANK OF CANADA FRN                      | CUSIP: 78016EZR1<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   5900000 | PA      | $5911806.37   | 0.33%             | 2026-04-27      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GRP. I 1.15%                     | UNITEDHEALTH GRP. I 1.15%                     | CUSIP: 91324PEC2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   9510000 | PA      | $9338869.64   | 0.53%             | 2026-05-15      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRU 4.25%                     | ROYAL CARIBBEAN CRU 4.25%                     | CUSIP: 780153BH4<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   5000000 | PA      | $4996103.90   | 0.28%             | 2026-07-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| HONDA AUTO RECEIVAB 5.21%                     | HONDA AUTO RECEIVAB 5.21%                     | CUSIP: 437918AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1732969 | PA      | $1749350.52   | 0.10%             | 2028-08-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| HYUNDAI AUTO RECEIV 4.99%                     | HYUNDAI AUTO RECEIV 4.99%                     | CUSIP: 448973AD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    940000 | PA      | $949329.22    | 0.05%             | 2029-02-15      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY CARD FNDG 5.04%                     | SYNCHRONY CARD FNDG 5.04%                     | CUSIP: 87166PAM3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1458000 | PA      | $1479529.41   | 0.08%             | 2030-03-15      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| AGCO CORP 5.45%                               | AGCO CORP 5.45%                               | CUSIP: 001084AR3<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | DBT              | CORP              | US        |   1710000 | PA      | $1734747.72   | 0.10%             | 2027-03-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE OPERAT FRN                     | PUBLIC STORAGE OPERAT FRN                     | CUSIP: 74464AAA9<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |   4720000 | PA      | $4734855.35   | 0.27%             | 2027-04-16      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| ADVANCED MICRO DEV 4.319%                     | ADVANCED MICRO DEV 4.319%                     | CUSIP: 007903BJ5<br>LEI: R2I72C950HOYXII45366 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $11095877.98  | 0.63%             | 2028-03-24      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRA 4.497%                     | PAGAYA AI DEBT GRA 4.497%                     | CUSIP: 69549BAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1500396.60   | 0.09%             | 2033-04-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| AUTONATION INC 4.50%                          | AUTONATION INC 4.50%                          | CUSIP: 05329WAM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000000.00   | 0.06%             | 2025-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC 4.375%                           | BARCLAYS PLC 4.375%                           | CUSIP: 06738EAN5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   5250000 | PA      | $5249999.48   | 0.30%             | 2026-01-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| STRYKER CORP 3.50%                            | STRYKER CORP 3.50%                            | CUSIP: 863667AN1<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6980186.92   | 0.40%             | 2026-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LENNAR CORP 5.25%                             | LENNAR CORP 5.25%                             | CUSIP: 526057CT9<br>LEI: 529900G61XVRLX5TJX09 | Long             | DBT              | CORP              | US        |   8500000 | PA      | $8508477.14   | 0.48%             | 2026-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   6800144 | NS      | $6800143.61   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ING GROEP NV FRN                              | ING GROEP NV FRN                              | CUSIP: 456837AX1<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |  27000000 | PA      | $27060708.42  | 1.53%             | 2027-04-01      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| EBAY INC 1.40%                                | EBAY INC 1.40%                                | CUSIP: 278642AX1<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |   3454000 | PA      | $3398889.15   | 0.19%             | 2026-05-10      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| GM FINL. CONSUMER A 4.85%                     | GM FINL. CONSUMER A 4.85%                     | CUSIP: 36268GAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2600000 | PA      | $2616408.34   | 0.15%             | 2028-12-18      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| HYUNDAI AUTO LEASE 5.41%                      | HYUNDAI AUTO LEASE 5.41%                      | CUSIP: 44934FAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2780000 | PA      | $2799773.58   | 0.16%             | 2027-05-17      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| HARLEY-DAVIDSON MOT 5.37%                     | HARLEY-DAVIDSON MOT 5.37%                     | CUSIP: 412922AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2050000 | PA      | $2072288.42   | 0.12%             | 2029-03-15      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIO 3.75%                     | MARRIOTT INTERNATIO 3.75%                     | CUSIP: 571903AP8<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |   8500000 | PA      | $8500000.00   | 0.48%             | 2025-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC 3.90%                     | DOMINION ENERGY INC 3.90%                     | CUSIP: 25746UCE7<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   4595000 | PA      | $4595000.00   | 0.26%             | 2025-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| SYSCO CORP 3.25%                              | SYSCO CORP 3.25%                              | CUSIP: 871829BF3<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |   7760000 | PA      | $7653959.06   | 0.43%             | 2027-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMS. INC 4.329%                     | VERIZON COMMS. INC 4.329%                     | CUSIP: 92343VER1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12800000 | PA      | $12891384.58  | 0.73%             | 2028-09-21      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| JUNIPER NETWORKS IN 1.20%                     | JUNIPER NETWORKS IN 1.20%                     | CUSIP: 48203RAN4<br>LEI: AUHIXNGG7U2U7JEHM527 | Long             | DBT              | CORP              | US        |   9990000 | PA      | $9922497.67   | 0.56%             | 2025-12-10      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL. INFO 1.15%                     | FIDELITY NATL. INFO 1.15%                     | CUSIP: 31620MBR6<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |  12831000 | PA      | $12667664.32  | 0.72%             | 2026-03-01      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| CNH INDL. CAP. LLC 1.45%                      | CNH INDL. CAP. LLC 1.45%                      | CUSIP: 12592BAM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3250000 | PA      | $3180362.06   | 0.18%             | 2026-07-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG/NEW F2F                      | DEUTSCHE BANK AG/NEW F2F                      | CUSIP: 251526CU1<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |   5000000 | PA      | $5348293.15   | 0.30%             | 2029-11-20      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| WF CARD ISSUANCE TR 4.94%                     | WF CARD ISSUANCE TR 4.94%                     | CUSIP: 92970QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2530000 | PA      | $2566663.24   | 0.15%             | 2029-02-15      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP FRN                           | NORDEA BANK ABP FRN                           | CUSIP: 65558RAF6<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |   8500000 | PA      | $8541622.89   | 0.48%             | 2027-03-19      | Floating      | 4.91%                 | Yes           |                  2 | On Loan: No      |
| CITIBANK NA 5.438%                            | CITIBANK NA 5.438%                            | CUSIP: 17325FBF4<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1610811.65   | 0.09%             | 2026-04-30      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| PAYPAL HLDGS. INC FRN                         | PAYPAL HLDGS. INC FRN                         | CUSIP: 70450YAR4<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |  13800000 | PA      | $13824112.05  | 0.78%             | 2028-03-06      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRA 5.008%                     | PAGAYA AI DEBT GRA 5.008%                     | CUSIP: 69549BAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1499294.55   | 0.08%             | 2033-04-15      | Fixed         | 5.01%                 | Yes           |                  2 | On Loan: No      |
| AVIATION CAP. GRP. 4.875%                     | AVIATION CAP. GRP. 4.875%                     | CUSIP: 05367AAH6<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |   4300000 | PA      | $4300000.00   | 0.24%             | 2025-10-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| ROPER TECHS. INC 3.85%                        | ROPER TECHS. INC 3.85%                        | CUSIP: 776743AB2<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |   2021000 | PA      | $2018859.03   | 0.11%             | 2025-12-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| KELLANOVA 3.25%                               | KELLANOVA 3.25%                               | CUSIP: 487836BP2<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | DBT              | CORP              | US        |  15200000 | PA      | $15130199.78  | 0.86%             | 2026-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL BUSIN 3.30%                     | INTERNATIONAL BUSIN 3.30%                     | CUSIP: 459200JZ5<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |   9199000 | PA      | $9157502.94   | 0.52%             | 2026-05-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| PHILLIPS 66 1.30%                             | PHILLIPS 66 1.30%                             | CUSIP: 718546AZ7<br>LEI: 5493005JBO5YSIGK1814 | Long             | DBT              | CORP              | US        |   5600000 | PA      | $5535571.22   | 0.31%             | 2026-02-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| O REILLY AUTOMOTIVE 5.75%                     | O REILLY AUTOMOTIVE 5.75%                     | CUSIP: 67103HAM9<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |   1890000 | PA      | $1922581.62   | 0.11%             | 2026-11-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK N 5.254%                     | WELLS FARGO BANK N 5.254%                     | CUSIP: 94988J6F9<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |   7955000 | PA      | $8069302.13   | 0.46%             | 2026-12-11      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 4.125%                     | UNITED STATES TSY. 4.125%                     | CUSIP: 91282CKA8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15000000 | PA      | $15086718.75  | 0.85%             | 2027-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GM FINL. AUTOMOBILE 5.09%                     | GM FINL. AUTOMOBILE 5.09%                     | CUSIP: 36269FAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1310157 | PA      | $1314357.80   | 0.07%             | 2027-03-22      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRA 4.883%                     | PAGAYA AI DEBT GRA 4.883%                     | CUSIP: 69549BAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4100000 | PA      | $4096919.67   | 0.23%             | 2033-04-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| HCA INC 5.875%                                | HCA INC 5.875%                                | CUSIP: 404119BS7<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5006449.00   | 0.28%             | 2026-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL BUSIN 3.45%                     | INTERNATIONAL BUSIN 3.45%                     | CUSIP: 459200JG7<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |   4422000 | PA      | $4410095.27   | 0.25%             | 2026-02-19      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| RECKITT BENCKISER T 3.00%                     | RECKITT BENCKISER T 3.00%                     | CUSIP: 75625QAE9<br>LEI: 213800LAXWIUOOBZ3908 | Long             | DBT              | CORP              | GB        |   5000000 | PA      | $4912860.60   | 0.28%             | 2027-06-26      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| ROSS STORES INC 0.875%                        | ROSS STORES INC 0.875%                        | CUSIP: 778296AF0<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | DBT              | CORP              | US        |  10300000 | PA      | $10112611.59  | 0.57%             | 2026-04-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE OWNER TS 4.96%                     | JOHN DEERE OWNER TS 4.96%                     | CUSIP: 47800RAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    625000 | PA      | $631795.19    | 0.04%             | 2028-11-15      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 4.50%                      | UNITED STATES TSY. 4.50%                      | CUSIP: 91282CKJ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10123437.50  | 0.57%             | 2027-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAP. CORP FRN                      | JOHN DEERE CAP. CORP FRN                      | CUSIP: 24422EXQ7<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5018177.10   | 0.28%             | 2027-04-19      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY FRN                            | MORGAN STANLEY FRN                            | CUSIP: 61747YFN0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $11055280.28  | 0.63%             | 2028-04-13      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GRP. HLD F2F                     | SANTANDER UK GRP. HLD F2F                     | CUSIP: 80281LAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   4800000 | PA      | $4786634.78   | 0.27%             | 2029-09-22      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FINL 3.85%                     | MITSUBISHI UFJ FINL 3.85%                     | CUSIP: 606822AD6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |   4261000 | PA      | $4255594.62   | 0.24%             | 2026-03-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC 2.625%                       | T-MOBILE USA INC 2.625%                       | CUSIP: 87264ABU8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |  10200000 | PA      | $10116616.63  | 0.57%             | 2026-04-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP 1.65%                             | ORACLE CORP 1.65%                             | CUSIP: 68389XCC7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   9311000 | PA      | $9200960.09   | 0.52%             | 2026-03-25      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAP. AMERICA FRN                      | HYUNDAI CAP. AMERICA FRN                      | CUSIP: 44891ACW5<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10100499.80  | 0.57%             | 2027-01-08      | Floating      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| BMW US CAP. LLC 4.90%                         | BMW US CAP. LLC 4.90%                         | CUSIP: 05565ECH6<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3037239.69   | 0.17%             | 2027-04-02      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| GLAXOSMITHKLINE CAP. FRN                      | GLAXOSMITHKLINE CAP. FRN                      | CUSIP: 377373AN5<br>LEI: 549300U0LV41VX7LEP38 | Long             | DBT              | CORP              | GB        |  11400000 | PA      | $11433930.96  | 0.65%             | 2027-03-12      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP FRN                      | BANK OF AMERICA CORP FRN                      | CUSIP: 06051GMU0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  34000000 | PA      | $34239827.50  | 1.94%             | 2029-05-09      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE 4.95%                      | BLACKSTONE PRIVATE 4.95%                      | CUSIP: 09261HBR7<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |   2310000 | PA      | $2322692.27   | 0.13%             | 2027-09-26      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL F2F                          | BANK OF MONTREAL F2F                          | CUSIP: 06368MXU3<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   9500000 | PA      | $9486544.68   | 0.54%             | 2028-09-22      | Fixed         | 4.06%                 | No            |                  2 | On Loan: No      |
| LOWE S COS INC 4.00%                          | LOWE S COS INC 4.00%                          | CUSIP: 548661EU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4250000 | PA      | $4240243.70   | 0.24%             | 2028-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WORLD OMNI AUTO REC 4.86%                     | WORLD OMNI AUTO REC 4.86%                     | CUSIP: 98164RAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1130000 | PA      | $1136833.11   | 0.06%             | 2029-03-15      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| CAMPBELL SOUP CO 5.30%                        | CAMPBELL SOUP CO 5.30%                        | CUSIP: 134429BL2<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1003498.44   | 0.06%             | 2026-03-20      | Fixed         | 5.30%                 | No            |                  2 | On Loan: —       |
| MARS INC 4.60%                                | MARS INC 4.60%                                | CUSIP: 571676AX3<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   5200000 | PA      | $5263590.96   | 0.30%             | 2028-03-01      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE 4.65%                     | WESTLAKE AUTOMOBILE 4.65%                     | CUSIP: 96043LAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5017856.50   | 0.28%             | 2028-02-15      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| JOHN DEERE CAP. CORP FRN                      | JOHN DEERE CAP. CORP FRN                      | CUSIP: 24422EYB9<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15007500.00  | 0.85%             | 2027-01-05      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAP. AMERIC 4.25%                     | HYUNDAI CAP. AMERIC 4.25%                     | CUSIP: 44891ADZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1696102.41   | 0.10%             | 2028-09-18      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAP. AMERIC 5.45%                     | HYUNDAI CAP. AMERIC 5.45%                     | CUSIP: 44891ADA2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4032565.96   | 0.23%             | 2026-06-24      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| SYNCHRONY CARD FNDG 4.93%                     | SYNCHRONY CARD FNDG 4.93%                     | CUSIP: 87166PAN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2835000 | PA      | $2881628.95   | 0.16%             | 2030-07-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| SANTANDER HLDGS. USA FRN                      | SANTANDER HLDGS. USA FRN                      | CUSIP: 80282KBP0<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $11115659.61  | 0.63%             | 2029-03-20      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BA FRN                     | NATIONAL AUSTRALIA BA FRN                     | CUSIP: 632525BQ3<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |  10220000 | PA      | $10265681.15  | 0.58%             | 2027-06-11      | Floating      | 4.91%                 | Yes           |                  2 | On Loan: No      |
| HPEFS EQUIP. TST. 2 5.50%                     | HPEFS EQUIP. TST. 2 5.50%                     | CUSIP: 40444MAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    854648 | PA      | $855772.22    | 0.05%             | 2031-10-20      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SYNOPSYS INC 4.55%                            | SYNOPSYS INC 4.55%                            | CUSIP: 871607AA5<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |  10800000 | PA      | $10863497.30  | 0.62%             | 2027-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| HSBC HLDGS. PLC FRN                           | HSBC HLDGS. PLC FRN                           | CUSIP: 404280ET2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |  10000000 | PA      | $10038049.00  | 0.57%             | 2029-03-03      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| BMW US CAP. LLC FRN                           | BMW US CAP. LLC FRN                           | CUSIP: 05565ECV5<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |  12400000 | PA      | $12455442.88  | 0.71%             | 2027-03-19      | Floating      | 4.95%                 | Yes           |                  2 | On Loan: No      |
| MACQUARIE BANK LT 5.272%                      | MACQUARIE BANK LT 5.272%                      | CUSIP: 55608PBT0<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |   9430000 | PA      | $9647759.92   | 0.55%             | 2027-07-02      | Fixed         | 5.27%                 | Yes           |                  2 | On Loan: —       |
| MERCEDES-BENZ FIN. 4.75%                      | MERCEDES-BENZ FIN. 4.75%                      | CUSIP: 58769JAU1<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |   7350000 | PA      | $7432143.89   | 0.42%             | 2027-08-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY BK FLTG RT                     | MORGAN STANLEY BK FLTG RT                     | CUSIP: 61690U8C7<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |  13110000 | PA      | $13156981.52  | 0.75%             | 2028-05-26      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA 4.929%                            | CITIBANK NA 4.929%                            | CUSIP: 17325FBJ6<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2518414.63   | 0.14%             | 2026-08-06      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| CITADEL FIN. LLC 3.375%                       | CITADEL FIN. LLC 3.375%                       | CUSIP: 17287HAA8<br>LEI: 549300BQL283NCR7P163 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7947200.16   | 0.45%             | 2026-03-09      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| SANTANDER HLDGS. USA F2F                      | SANTANDER HLDGS. USA F2F                      | CUSIP: 80282KBK1<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |   2850000 | PA      | $2879865.12   | 0.16%             | 2027-05-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BLACKROCK FNDG. INC 4.60%                     | BLACKROCK FNDG. INC 4.60%                     | CUSIP: 09290DAH4<br>LEI: 529900VBK42Y5HHRMD23 | Long             | DBT              | CORP              | US        |  17340000 | PA      | $17570771.47  | 1.00%             | 2027-07-26      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ADVANCED MICRO DEV 4.212%                     | ADVANCED MICRO DEV 4.212%                     | CUSIP: 007903BH9<br>LEI: R2I72C950HOYXII45366 | Long             | DBT              | CORP              | US        |   4600000 | PA      | $4617244.57   | 0.26%             | 2026-09-24      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| MMAF EQUIP. FIN. LL 5.20%                     | MMAF EQUIP. FIN. LL 5.20%                     | CUSIP: 55318CAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    527375 | PA      | $529080.98    | 0.03%             | 2027-09-13      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK LIFE GBL. FU FRN                     | NEW YORK LIFE GBL. FU FRN                     | CUSIP: 64953BBL1<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |   2480000 | PA      | $2489424.00   | 0.14%             | 2027-04-02      | Floating      | 5.03%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAP. AMERICA FRN                      | HYUNDAI CAP. AMERICA FRN                      | CUSIP: 44891ADE4<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10050663.20  | 0.57%             | 2027-06-24      | Floating      | 5.18%                 | Yes           |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL. FRN                     | SUMITOMO MITSUI FINL. FRN                     | CUSIP: 86562MDL1<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   3807000 | PA      | $3848464.74   | 0.22%             | 2029-07-09      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINL. SER FRN                     | CATERPILLAR FINL. SER FRN                     | CUSIP: 14913UAP5<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1306072.57   | 0.07%             | 2026-10-16      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| SANTANDER MTGE. AS 5.545%                     | SANTANDER MTGE. AS 5.545%                     | CUSIP: 80262BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3605893 | PA      | $3628308.02   | 0.21%             | 2065-01-25      | Variable      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| RIO TINTO FIN. USA PL FRN                     | RIO TINTO FIN. USA PL FRN                     | CUSIP: 76720AAY2<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |  15100000 | PA      | $15224083.04  | 0.86%             | 2028-03-14      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FIN. 5.00%                      | DAIMLER TRUCK FIN. 5.00%                      | CUSIP: 233853AV2<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4040866.00   | 0.23%             | 2027-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| BMW VEHICLE LEASE T 5.00%                     | BMW VEHICLE LEASE T 5.00%                     | CUSIP: 05611UAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2018000.00   | 0.11%             | 2027-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GRP. INC FRN                     | UNITEDHEALTH GRP. INC FRN                     | CUSIP: 91324PFE7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $7008422.89   | 0.40%             | 2026-07-15      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| GENERAL MILLS INC 4.70%                       | GENERAL MILLS INC 4.70%                       | CUSIP: 370334CX0<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |   2291000 | PA      | $2308656.85   | 0.13%             | 2027-01-30      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FIN. NO FRN                     | DAIMLER TRUCK FIN. NO FRN                     | CUSIP: 233853AX8<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |  10720000 | PA      | $10755161.60  | 0.61%             | 2027-09-25      | Floating      | 5.10%                 | Yes           |                  2 | On Loan: No      |
| NATIONAL BANK OF CANA FRN                     | NATIONAL BANK OF CANA FRN                     | CUSIP: 63307A2Z7<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   6260000 | PA      | $6280511.39   | 0.36%             | 2027-07-02      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP FRN                           | NORDEA BANK ABP FRN                           | CUSIP: 65558RAM1<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |  14300000 | PA      | $14367496.00  | 0.81%             | 2028-03-17      | Floating      | 4.92%                 | Yes           |                  2 | On Loan: No      |
| NUTRIEN LTD 4.50%                             | NUTRIEN LTD 4.50%                             | CUSIP: 67077MBE7<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |   5000000 | PA      | $5022719.50   | 0.28%             | 2027-03-12      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SCHLUMBERGER HLDGS. 5.00%                     | SCHLUMBERGER HLDGS. 5.00%                     | CUSIP: 806851AL5<br>LEI: 529900IKZG65COT1D505 | Long             | DBT              | CORP              | US        |  12799000 | PA      | $12981261.22  | 0.74%             | 2027-05-29      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CNH EQUIP. TST. 202 5.19%                     | CNH EQUIP. TST. 202 5.19%                     | CUSIP: 18978JAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1100000 | PA      | $1117531.36   | 0.06%             | 2029-09-17      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| WORLD OMNI AUTO REC 5.27%                     | WORLD OMNI AUTO REC 5.27%                     | CUSIP: 98164HAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1625000 | PA      | $1642622.15   | 0.09%             | 2029-09-17      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| SVENSKA HANDELSBANKEN FRN                     | SVENSKA HANDELSBANKEN FRN                     | CUSIP: 86959LAR4<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | DBT              | CORP              | SE        |  15220000 | PA      | $15293873.47  | 0.87%             | 2027-05-28      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| SYNCHRONY CARD FNDG 5.54%                     | SYNCHRONY CARD FNDG 5.54%                     | CUSIP: 87166PAK7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1264393.88   | 0.07%             | 2029-07-15      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE 5.82%                     | WESTLAKE AUTOMOBILE 5.82%                     | CUSIP: 96041CAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2489664 | PA      | $2492825.77   | 0.14%             | 2027-05-17      | Fixed         | 5.82%                 | Yes           |                  2 | On Loan: No      |
| TESLA AUTO LEASE TS 6.13%                     | TESLA AUTO LEASE TS 6.13%                     | CUSIP: 88167QAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    682352 | PA      | $683534.90    | 0.04%             | 2026-09-21      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| KUBOTA CREDIT OWNER 4.61%                     | KUBOTA CREDIT OWNER 4.61%                     | CUSIP: 50117FAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1830000 | PA      | $1837619.75   | 0.10%             | 2027-12-15      | Fixed         | 4.61%                 | Yes           |                  2 | On Loan: No      |
| TORONTO-DOMINION B 5.532%                     | TORONTO-DOMINION B 5.532%                     | CUSIP: 89115A2S0<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   5000000 | PA      | $5055080.00   | 0.29%             | 2026-07-17      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| SWEDBANK AB 6.136%                            | SWEDBANK AB 6.136%                            | CUSIP: 87020PAX5<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |   7000000 | PA      | $7130326.63   | 0.40%             | 2026-09-12      | Fixed         | 6.14%                 | Yes           |                  2 | On Loan: No      |
| MERCEDES-BENZ AUTO 5.95%                      | MERCEDES-BENZ AUTO 5.95%                      | CUSIP: 58769FAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8323197 | PA      | $8448122.84   | 0.48%             | 2028-11-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| MASTERCARD INC FRN                            | MASTERCARD INC FRN                            | CUSIP: 57636QBE3<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |   4700000 | PA      | $4702357.29   | 0.27%             | 2028-03-15      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP 5.272%                      | STATE STREET CORP 5.272%                      | CUSIP: 857477CD3<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   2070000 | PA      | $2089612.94   | 0.12%             | 2026-08-03      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAP. AMERIC 5.95%                     | HYUNDAI CAP. AMERIC 5.95%                     | CUSIP: 44891ACM7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4063272.12   | 0.23%             | 2026-09-21      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| ZIMMER BIOMET HLDGS 4.70%                     | ZIMMER BIOMET HLDGS 4.70%                     | CUSIP: 98956PBA9<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |   5432000 | PA      | $5470752.59   | 0.31%             | 2027-02-19      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO 4.00%                        | GEORGIA POWER CO 4.00%                        | CUSIP: 373334LC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5800000 | PA      | $5799895.08   | 0.33%             | 2028-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CARGILL INC FRN                               | CARGILL INC FRN                               | CUSIP: 141781CC6<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7516931.93   | 0.43%             | 2028-02-11      | Floating      | 4.96%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA AUT 5.53%                     | BANK OF AMERICA AUT 5.53%                     | CUSIP: 06428AAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1290244 | PA      | $1300693.88   | 0.07%             | 2028-02-15      | Fixed         | 5.53%                 | Yes           |                  2 | On Loan: No      |
| PNC FINL. SERVS. GRP. F2F                     | PNC FINL. SERVS. GRP. F2F                     | CUSIP: 693475BT1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   3105000 | PA      | $3180908.77   | 0.18%             | 2027-10-20      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC FRN                             | CITIGROUP INC FRN                             | CUSIP: 17327CAX1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   5514000 | PA      | $5514840.22   | 0.31%             | 2029-03-04      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| AUTOZONE INC 5.05%                            | AUTOZONE INC 5.05%                            | CUSIP: 053332BE1<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |   2980000 | PA      | $3002344.96   | 0.17%             | 2026-07-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CARMAX AUTO OWNER T 6.00%                     | CARMAX AUTO OWNER T 6.00%                     | CUSIP: 14318XAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    382445 | PA      | $387568.86    | 0.02%             | 2028-07-17      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HCA INC 5.00%                                 | HCA INC 5.00%                                 | CUSIP: 404119CY3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   2220000 | PA      | $2260853.95   | 0.13%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON NATL. BANK F2F                     | HUNTINGTON NATL. BANK F2F                     | CUSIP: 44644MAK7<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | DBT              | CORP              | US        |   3800000 | PA      | $3840414.60   | 0.22%             | 2028-04-12      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| CHASE ISSUANCE TRUS 5.16%                     | CHASE ISSUANCE TRUS 5.16%                     | CUSIP: 161571HT4<br>LEI: 5493008SHVCX2Y068L12 | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4048215.20   | 0.23%             | 2028-09-15      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| NXP BV / NXP FNDG. 5.35%                      | NXP BV / NXP FNDG. 5.35%                      | CUSIP: 62947QBB3<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | CORP              | NL        |   4235000 | PA      | $4242171.13   | 0.24%             | 2026-03-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO FRN                       | AMERICAN EXPRESS CO FRN                       | CUSIP: 025816EA3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3008846.46   | 0.17%             | 2031-01-30      | Floating      | 5.36%                 | No            |                  2 | On Loan: —       |
| FANNIE MAE POOL 3.50%                         | FANNIE MAE POOL 3.50%                         | CUSIP: 31418DLN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1333343 | PA      | $1299327.36   | 0.07%             | 2035-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL FRN                          | BANK OF MONTREAL FRN                          | CUSIP: 06368FAD1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |  25800000 | PA      | $25851978.49  | 1.46%             | 2026-09-15      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE BLDG. SOCI FRN                     | NATIONWIDE BLDG. SOCI FRN                     | CUSIP: 63861VAG2<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |  10700000 | PA      | $10783289.01  | 0.61%             | 2028-02-16      | Floating      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| AMERICREDIT AUTOMOB 3.23%                     | AMERICREDIT AUTOMOB 3.23%                     | CUSIP: 03066TAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4500000 | PA      | $4445505.00   | 0.25%             | 2028-02-18      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COS INC/TH 5.40%                     | WILLIAMS COS INC/TH 5.40%                     | CUSIP: 969457CH1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |   5110000 | PA      | $5133010.18   | 0.29%             | 2026-03-02      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| PIONEER NATURAL RES 5.10%                     | PIONEER NATURAL RES 5.10%                     | CUSIP: 723787AV9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5311000 | PA      | $5336954.64   | 0.30%             | 2026-03-29      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| TAKE-TWO INTERACTIV 5.00%                     | TAKE-TWO INTERACTIV 5.00%                     | CUSIP: 874054AJ8<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |   3100000 | PA      | $3110837.23   | 0.18%             | 2026-03-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SWEDBANK AB 5.472%                            | SWEDBANK AB 5.472%                            | CUSIP: 87020PAV9<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |  10577000 | PA      | $10683816.17  | 0.61%             | 2026-06-15      | Fixed         | 5.47%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%                         | FANNIE MAE POOL 3.50%                         | CUSIP: 3140X6K91<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1566999 | PA      | $1540777.31   | 0.09%             | 2035-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA/T FRN                     | BANK OF NOVA SCOTIA/T FRN                     | CUSIP: 0641593V6<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  12150000 | PA      | $12163361.36  | 0.69%             | 2026-03-02      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| NUTRIEN LTD 5.95%                             | NUTRIEN LTD 5.95%                             | CUSIP: 67077MAY4<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |   5000000 | PA      | $5005652.85   | 0.28%             | 2025-11-07      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| EBAY INC 5.90%                                | EBAY INC 5.90%                                | CUSIP: 278642BC6<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |   8750000 | PA      | $8756700.93   | 0.50%             | 2025-11-22      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODS. O 5.05%                     | ENTERPRISE PRODS. O 5.05%                     | CUSIP: 29379VCC5<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |   2230000 | PA      | $2234465.33   | 0.13%             | 2026-01-10      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP 5.00%                         | CVS HEALTH CORP 5.00%                         | CUSIP: 126650DS6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   2400000 | PA      | $2403431.88   | 0.14%             | 2026-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE MULTI-A 4.42%                     | CAPITAL ONE MULTI-A 4.42%                     | CUSIP: 14041NGD7<br>LEI: R42WS16M9R97TJJKGU15 | Long             | ABS-O            | CORP              | US        |   8000000 | PA      | $8019692.80   | 0.45%             | 2028-05-15      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MGT. 6.271%                     | ELEMENT FLEET MGT. 6.271%                     | CUSIP: 286181AH5<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   9720000 | PA      | $9845771.84   | 0.56%             | 2026-06-26      | Fixed         | 6.27%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS PLC FRN                              | BARCLAYS PLC FRN                              | CUSIP: 06738EDF9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   7400000 | PA      | $7426120.74   | 0.42%             | 2029-11-11      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| BMW US CAP. LLC FRN                           | BMW US CAP. LLC FRN                           | CUSIP: 05565EDE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1707515.67   | 0.10%             | 2027-08-11      | Floating      | 5.06%                 | Yes           |                  2 | On Loan: No      |
| CHEVRON USA INC FRN                           | CHEVRON USA INC FRN                           | CUSIP: 166756BM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  27800000 | PA      | $27890656.63  | 1.58%             | 2028-08-13      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%                        | FREDDIE MAC POOL 2.50%                        | CUSIP: 3132A9S65<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   2088466 | PA      | $2011487.56   | 0.11%             | 2032-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO FRN                       | AMERICAN EXPRESS CO FRN                       | CUSIP: 025816CL1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |  12996000 | PA      | $13032096.39  | 0.74%             | 2026-11-04      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC FRN                             | CITIGROUP INC FRN                             | CUSIP: 172967NH0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  21000000 | PA      | $21221169.27  | 1.20%             | 2028-02-24      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO FRN                       | JPMORGAN CHASE & CO FRN                       | CUSIP: 46647PCY0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  13000000 | PA      | $13121437.94  | 0.74%             | 2028-02-24      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| INTEL CORP 4.875%                             | INTEL CORP 4.875%                             | CUSIP: 458140CD0<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |   9509000 | PA      | $9528187.93   | 0.54%             | 2026-02-10      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| DISCOVER CARD EXECU 4.31%                     | DISCOVER CARD EXECU 4.31%                     | CUSIP: 254683CY9<br>LEI: 207ALC1P1YM0OVDV0K75 | Long             | ABS-O            | CORP              | US        |   4290000 | PA      | $4294683.39   | 0.24%             | 2028-03-15      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| GM FINL. CONSUMER A 4.47%                     | GM FINL. CONSUMER A 4.47%                     | CUSIP: 362583AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2734808 | PA      | $2739726.63   | 0.16%             | 2028-02-16      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| AMERICAN CREDIT ACC 4.75%                     | AMERICAN CREDIT ACC 4.75%                     | CUSIP: 02528EAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8565000 | PA      | $8598744.39   | 0.49%             | 2029-09-12      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| ELI LILLY & CO FRN                            | ELI LILLY & CO FRN                            | CUSIP: 532457DA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8600000 | PA      | $8613029.00   | 0.49%             | 2028-10-15      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| DR HORTON INC 1.30%                           | DR HORTON INC 1.30%                           | CUSIP: 23331ABQ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1887000 | PA      | $1834533.53   | 0.10%             | 2026-10-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| NATWEST MARKETS PLC FRN                       | NATWEST MARKETS PLC FRN                       | CUSIP: 63906YAE8<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |  27900000 | PA      | $27973192.58  | 1.58%             | 2026-09-29      | Floating      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| JOHN DEERE OWNER TS 4.36%                     | JOHN DEERE OWNER TS 4.36%                     | CUSIP: 477911AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2687908 | PA      | $2689536.94   | 0.15%             | 2027-08-16      | Fixed         | 4.36%                 | No            |                  2 | On Loan: No      |
| STATE STREET BANK & T FRN                     | STATE STREET BANK & T FRN                     | CUSIP: 857449AD4<br>LEI: 571474TGEMMWANRLN572 | Long             | DBT              | CORP              | US        |   5240000 | PA      | $5247289.10   | 0.30%             | 2026-11-25      | Floating      | 4.80%                 | No            |                  2 | On Loan: —       |
| ROYAL BANK OF CANADA FRN                      | ROYAL BANK OF CANADA FRN                      | CUSIP: 78017DAB4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   9000000 | PA      | $9011830.23   | 0.51%             | 2029-01-24      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAP. H FRN                     | NEXTERA ENERGY CAP. H FRN                     | CUSIP: 65339KDH0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   6600000 | PA      | $6656223.88   | 0.38%             | 2028-02-04      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MTGE. TST. VAR                      | JP MORGAN MTGE. TST. VAR                      | CUSIP: 46657TAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    501430 | PA      | $500704.89    | 0.03%             | 2054-08-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| AGILENT TECHS. INC 4.20%                      | AGILENT TECHS. INC 4.20%                      | CUSIP: 00846UAQ4<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | DBT              | CORP              | US        |   7800000 | PA      | $7807820.20   | 0.44%             | 2027-09-09      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CNH INDL. CAP. LLC 4.50%                      | CNH INDL. CAP. LLC 4.50%                      | CUSIP: 12592BAT1<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |   2620000 | PA      | $2635658.22   | 0.15%             | 2027-10-08      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FIN. C FRN                     | AMERICAN HONDA FIN. C FRN                     | CUSIP: 02665WFS5<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $8999968.77   | 0.51%             | 2027-10-22      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GRP. P FRN                     | LLOYDS BANKING GRP. P FRN                     | CUSIP: 539439BB4<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |  11000000 | PA      | $11059294.07  | 0.63%             | 2028-11-26      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| MIZUHO MKTS. CAYMAN L FRN                     | MIZUHO MKTS. CAYMAN L FRN                     | CUSIP: 60700JDB8<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |  14600000 | PA      | $14607814.65  | 0.83%             | 2026-01-09      | Floating      | 4.80%                 | Yes           |                  2 | On Loan: No      |
| GENERAL MOTORS FINL. FRN                      | GENERAL MOTORS FINL. FRN                      | CUSIP: 37045XFD3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |  13200000 | PA      | $13148048.36  | 0.74%             | 2030-01-07      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BAN FRN                     | CANADIAN IMPERIAL BAN FRN                     | CUSIP: 13607PVR2<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |  15000000 | PA      | $15009523.65  | 0.85%             | 2028-01-13      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINAN FRN                     | SUMITOMO MITSUI FINAN FRN                     | CUSIP: 86562MCL2<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   5840000 | PA      | $5873113.21   | 0.33%             | 2027-01-14      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE MULTI-A 4.95%                     | CAPITAL ONE MULTI-A 4.95%                     | CUSIP: 14041NGB1<br>LEI: R42WS16M9R97TJJKGU15 | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $6002032.80   | 0.34%             | 2027-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BANQUE FEDERATIVE DU FRN                      | BANQUE FEDERATIVE DU FRN                      | CUSIP: 06675DCP5<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   5100000 | PA      | $5138233.68   | 0.29%             | 2030-01-22      | Floating      | 5.58%                 | Yes           |                  2 | On Loan: No      |
| FRESB 2022-SB94 MTGE. VAR                     | FRESB 2022-SB94 MTGE. VAR                     | CUSIP: 30324QAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6144027 | PA      | $5967642.78   | 0.34%             | 2026-11-25      | Variable      | 1.64%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO FRN                       | JPMORGAN CHASE & CO FRN                       | CUSIP: 46647PET9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   4300000 | PA      | $4304773.65   | 0.24%             | 2029-01-24      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| HEWLETT PACKARD ENT 4.45%                     | HEWLETT PACKARD ENT 4.45%                     | CUSIP: 42824CBR9<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |   2270000 | PA      | $2278621.10   | 0.13%             | 2026-09-25      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP 4.33%                       | STATE STREET CORP 4.33%                       | CUSIP: 857477CP6<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   7040000 | PA      | $7104317.86   | 0.40%             | 2027-10-22      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| OBX 2024-NQM16 TRUS 5.53%                     | OBX 2024-NQM16 TRUS 5.53%                     | CUSIP: 67120GAA6<br>LEI: 254900AIRPH5Q5COT575 | Long             | ABS-O            | CORP              | US        |   2538413 | PA      | $2556968.67   | 0.14%             | 2064-10-25      | Variable      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| HSBC HLDGS. PLC FRN                           | HSBC HLDGS. PLC FRN                           | CUSIP: 404280EK1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   3200000 | PA      | $3214803.36   | 0.18%             | 2028-11-19      | Floating      | 5.39%                 | No            |                  2 | On Loan: —       |
| PNC BANK NA FRN                               | PNC BANK NA FRN                               | CUSIP: 69353RFW3<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6501287.07   | 0.37%             | 2027-01-15      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE SA FRN                       | SOCIETE GENERALE SA FRN                       | CUSIP: 83368RCB6<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   3100000 | PA      | $3119084.78   | 0.18%             | 2029-04-13      | Floating      | 5.76%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO & CO FRN                          | WELLS FARGO & CO FRN                          | CUSIP: 95000U3S0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |  11500000 | PA      | $11522133.02  | 0.65%             | 2028-01-24      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| STRYKER CORP 4.55%                            | STRYKER CORP 4.55%                            | CUSIP: 863667BJ9<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |   9500000 | PA      | $9578233.93   | 0.54%             | 2027-02-10      | Fixed         | 4.55%                 | No            |                  2 | On Loan: —       |
| CREDIT AGRICOLE SA FRN                        | CREDIT AGRICOLE SA FRN                        | CUSIP: 22535WAM9<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   6000000 | PA      | $6041620.68   | 0.34%             | 2028-09-11      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT FRN                       | TOYOTA MOTOR CREDIT FRN                       | CUSIP: 89236TMR3<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   5180000 | PA      | $5185410.20   | 0.29%             | 2026-04-10      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT C FRN                     | TOYOTA MOTOR CREDIT C FRN                     | CUSIP: 89236TMZ5<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15026167.05  | 0.85%             | 2027-01-08      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG/NEW FRN                      | DEUTSCHE BANK AG/NEW FRN                      | CUSIP: 25160PAP2<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |   7000000 | PA      | $7034800.29   | 0.40%             | 2029-01-10      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE 5.14%                     | WESTLAKE AUTOMOBILE 5.14%                     | CUSIP: 96043VAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1265401.00   | 0.07%             | 2030-10-15      | Fixed         | 5.14%                 | Yes           |                  2 | On Loan: No      |
| BRAVO RESIDENTIAL 5.604%                      | BRAVO RESIDENTIAL 5.604%                      | CUSIP: 10569MAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10568605 | PA      | $10659963.18  | 0.60%             | 2064-12-25      | Variable      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| BANK OF MONTREAL FRN                          | BANK OF MONTREAL FRN                          | CUSIP: 06368MJH8<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   3500000 | PA      | $3508697.15   | 0.20%             | 2029-01-27      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP FRN                               | ORACLE CORP FRN                               | CUSIP: 68389XCX1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |  11600000 | PA      | $11662218.22  | 0.66%             | 2028-08-03      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS FRN                      | MARSH & MCLENNAN COS FRN                      | CUSIP: 571748BZ4<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |   5280000 | PA      | $5304274.43   | 0.30%             | 2027-11-08      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FIN. NO FRN                     | DAIMLER TRUCK FIN. NO FRN                     | CUSIP: 233853BB5<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   5900000 | PA      | $5903780.54   | 0.33%             | 2028-01-13      | Floating      | 5.19%                 | Yes           |                  2 | On Loan: No      |
| FIFTH THIRD BANK NA FRN                       | FIFTH THIRD BANK NA FRN                       | CUSIP: 31677QBV0<br>LEI: QFROUN1UWUYU0DVIWD51 | Long             | DBT              | CORP              | US        |   7300000 | PA      | $7310460.97   | 0.41%             | 2028-01-28      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| TOYOTA LEASE OWNER 4.31%                      | TOYOTA LEASE OWNER 4.31%                      | CUSIP: 891943AB8<br>LEI: 254900R64DFTI1MWY364 | Long             | ABS-O            | CORP              | US        |   2053454 | PA      | $2054475.48   | 0.12%             | 2027-02-22      | Fixed         | 4.31%                 | Yes           |                  2 | On Loan: No      |
| SWEDBANK AB FRN                               | SWEDBANK AB FRN                               | CUSIP: 870195AD6<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |   4700000 | PA      | $4761085.29   | 0.27%             | 2029-11-20      | Floating      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| DEUTSCHE BANK AG/NEW FRN                      | DEUTSCHE BANK AG/NEW FRN                      | CUSIP: 251526CN7<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |   6500000 | PA      | $6530086.75   | 0.37%             | 2027-11-16      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| LOWE S COS INC 4.80%                          | LOWE S COS INC 4.80%                          | CUSIP: 548661EP8<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |  10300000 | PA      | $10326401.17  | 0.59%             | 2026-04-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER 4.60%                      | ARTHUR J GALLAGHER 4.60%                      | CUSIP: 04316JAK5<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |  13050000 | PA      | $13177937.37  | 0.75%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE MULTI-A 3.92%                     | CAPITAL ONE MULTI-A 3.92%                     | CUSIP: 14041NGE5<br>LEI: R42WS16M9R97TJJKGU15 | Long             | ABS-O            | CORP              | US        |   9575000 | PA      | $9586078.28   | 0.54%             | 2029-09-17      | Fixed         | 3.92%                 | No            |                  2 | On Loan: No      |
| AUSTRALIA & NEW ZEALA FRN                     | AUSTRALIA & NEW ZEALA FRN                     | CUSIP: 05252ADM0<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |   2000000 | PA      | $2010886.00   | 0.11%             | 2027-09-30      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| SUMITOMO MITSUI TST 4.45%                     | SUMITOMO MITSUI TST 4.45%                     | CUSIP: 86563VBT5<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |   5000000 | PA      | $5036348.85   | 0.29%             | 2027-09-10      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA F2F                        | CREDIT AGRICOLE SA F2F                        | CUSIP: 22535WAL1<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   8080000 | PA      | $8131087.42   | 0.46%             | 2028-09-11      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| DRIVE AUTO RECEIVAB 4.94%                     | DRIVE AUTO RECEIVAB 4.94%                     | CUSIP: 26207AAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    852616 | PA      | $853228.01    | 0.05%             | 2027-12-15      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP I FRN                     | GOLDMAN SACHS GROUP I FRN                     | CUSIP: 38141GXX7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  25000000 | PA      | $25026711.00  | 1.42%             | 2027-03-09      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL 2.50%                     | GOVERNMENT NATIONAL 2.50%                     | CUSIP: 38378UQY6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    579817 | PA      | $571419.30    | 0.03%             | 2040-05-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK FRN                     | TORONTO-DOMINION BANK FRN                     | CUSIP: 89114TZH8<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |  20000000 | PA      | $20047187.80  | 1.14%             | 2026-09-10      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO 4.875%                          | DTE ENERGY CO 4.875%                          | CUSIP: 233331BJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3051983.70   | 0.17%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TRUIST FINL. CORP F2F                         | TRUIST FINL. CORP F2F                         | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5058024.45   | 0.29%             | 2027-06-08      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECHS 5.60%                     | GE HEALTHCARE TECHS 5.60%                     | CUSIP: 36267VAD5<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10004470.10  | 0.57%             | 2025-11-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| TESLA AUTO LEASE TS 4.79%                     | TESLA AUTO LEASE TS 4.79%                     | CUSIP: 881934AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    856795 | PA      | $857634.55    | 0.05%             | 2027-01-20      | Fixed         | 4.79%                 | Yes           |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC 4.50%                     | ELEVANCE HEALTH INC 4.50%                     | CUSIP: 036752BG7<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |   2320000 | PA      | $2329525.27   | 0.13%             | 2026-10-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NXP BV / NXP FNDG. 4.30%                      | NXP BV / NXP FNDG. 4.30%                      | CUSIP: 62954HBF4<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |   2200000 | PA      | $2203145.41   | 0.12%             | 2028-08-19      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| ROPER TECHS. INC 4.25%                        | ROPER TECHS. INC 4.25%                        | CUSIP: 776696AK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2813080.06   | 0.16%             | 2028-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP FRN                      | WESTPAC BANKING CORP FRN                      | CUSIP: 961214FX6<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |  16000000 | PA      | $16017114.72  | 0.91%             | 2026-10-20      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| AVOLON HLDGS. FNDG. 4.95%                     | AVOLON HLDGS. FNDG. 4.95%                     | CUSIP: 05401AAW1<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   4600000 | PA      | $4646181.47   | 0.26%             | 2028-01-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| CENCORA INC 4.625%                            | CENCORA INC 4.625%                            | CUSIP: 03073EAV7<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |   3280000 | PA      | $3317054.59   | 0.19%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PNC BANK NA F2F                               | PNC BANK NA F2F                               | CUSIP: 69353RFX1<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5006001.05   | 0.28%             | 2027-01-15      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| BANK OF NEW ZEALAND FRN                       | BANK OF NEW ZEALAND FRN                       | CUSIP: 06407EAD7<br>LEI: N7LGVZM7X4UQ66T7LT74 | Long             | DBT              | CORP              | NZ        |  21000000 | PA      | $21051679.74  | 1.19%             | 2027-01-27      | Floating      | 5.16%                 | Yes           |                  2 | On Loan: No      |
| COMMONWEALTH BANK OF FRN                      | COMMONWEALTH BANK OF FRN                      | CUSIP: 2027A0KE8<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |   4500000 | PA      | $4507773.35   | 0.26%             | 2026-06-15      | Floating      | 4.80%                 | Yes           |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO FRN                       | JPMORGAN CHASE & CO FRN                       | CUSIP: 46647PCQ7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  10100000 | PA      | $10138347.48  | 0.57%             | 2027-09-22      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA FRN                      | ROYAL BANK OF CANADA FRN                      | CUSIP: 78016EYD3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |  14237000 | PA      | $14278395.50  | 0.81%             | 2026-11-02      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP/T FRN                     | CHARLES SCHWAB CORP/T FRN                     | CUSIP: 808513BZ7<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $20180000.00  | 1.14%             | 2027-03-03      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| PFIZER INV. ENTS. P 4.45%                     | PFIZER INV. ENTS. P 4.45%                     | CUSIP: 716973AB8<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |  13903000 | PA      | $13930213.18  | 0.79%             | 2026-05-19      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| NTT FIN. CORP FRN                             | NTT FIN. CORP FRN                             | CUSIP: 62954WAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |  10700000 | PA      | $10812107.22  | 0.61%             | 2028-07-16      | Floating      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| SANTANDER DRIVE AUT 4.71%                     | SANTANDER DRIVE AUT 4.71%                     | CUSIP: 80287NAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11600010 | PA      | $11621166.15  | 0.66%             | 2028-06-15      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| CARVANA AUTO RECEIV 4.56%                     | CARVANA AUTO RECEIV 4.56%                     | CUSIP: 14688YAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5900000 | PA      | $5913835.50   | 0.34%             | 2028-08-10      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| LEGENDS OUTLETS KA 6.247%                     | LEGENDS OUTLETS KA 6.247%                     | CUSIP: 524947AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5020893.00   | 0.28%             | 2039-11-05      | None          | 6.25%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN MTGE. TS 5.591%                     | JP MORGAN MTGE. TS 5.591%                     | CUSIP: 46593QAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5515559 | PA      | $5562161.35   | 0.32%             | 2065-06-25      | Variable      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE 4.98%                     | WESTLAKE AUTOMOBILE 4.98%                     | CUSIP: 96043VAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2750000 | PA      | $2777471.68   | 0.16%             | 2030-09-16      | Fixed         | 4.98%                 | Yes           |                  2 | On Loan: No      |
| UNITEDHEALTH GRP. I 4.40%                     | UNITEDHEALTH GRP. I 4.40%                     | CUSIP: 91324PFN7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4038951.32   | 0.23%             | 2028-06-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| PNC BANK NA FRN                               | PNC BANK NA FRN                               | CUSIP: 69353RGA0<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |    750000 | PA      | $751177.50    | 0.04%             | 2028-07-21      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| CHASE HOME LENDING MT VAR                     | CHASE HOME LENDING MT VAR                     | CUSIP: 161929BH6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2267187 | PA      | $2292657.82   | 0.13%             | 2055-02-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| VERIZON MASTER TST. 5.40%                     | VERIZON MASTER TST. 5.40%                     | CUSIP: 92348KCW1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4045000 | PA      | $4078064.23   | 0.23%             | 2029-06-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| PNC BANK NA F2F                               | PNC BANK NA F2F                               | CUSIP: 69353RFY9<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |   9050000 | PA      | $9064047.77   | 0.51%             | 2027-05-13      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LTD FRN                        | MACQUARIE BANK LTD FRN                        | CUSIP: 55608PBY9<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |  17000000 | PA      | $17085333.88  | 0.97%             | 2028-06-12      | Floating      | 5.02%                 | Yes           |                  2 | On Loan: No      |
| SANTANDER MTGE. AS 5.599%                     | SANTANDER MTGE. AS 5.599%                     | CUSIP: 80263AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8065660 | PA      | $8130525.68   | 0.46%             | 2065-05-25      | Variable      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN EXPRESS FRN                          | AMERICAN EXPRESS FRN                          | CUSIP: 025816DJ5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $8034994.24   | 0.46%             | 2027-07-28      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC FRN                      | KEURIG DR PEPPER INC FRN                      | CUSIP: 49271VAY6<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |   6190000 | PA      | $6190052.18   | 0.35%             | 2026-11-15      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| CARMAX AUTO OWNER T 6.27%                     | CARMAX AUTO OWNER T 6.27%                     | CUSIP: 14318DAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3400000 | PA      | $3490166.98   | 0.20%             | 2029-11-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE R 5.89%                     | EXETER AUTOMOBILE R 5.89%                     | CUSIP: 30168JAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1400000 | PA      | $1436629.32   | 0.08%             | 2031-07-15      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| DELL INTL. LLC / EM 4.75%                     | DELL INTL. LLC / EM 4.75%                     | CUSIP: 24703TAL0<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |   3660000 | PA      | $3713663.87   | 0.21%             | 2028-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GLENCORE FNDG. LLC FRN                        | GLENCORE FNDG. LLC FRN                        | CUSIP: 378272BX5<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |  21450000 | PA      | $21496748.34  | 1.22%             | 2026-10-01      | Floating      | 5.11%                 | Yes           |                  2 | On Loan: No      |
| LPL HLDGS. INC 4.90%                          | LPL HLDGS. INC 4.90%                          | CUSIP: 50212YAN4<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   4370000 | PA      | $4417244.42   | 0.25%             | 2028-04-03      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| STARBUCKS CORP 4.50%                          | STARBUCKS CORP 4.50%                          | CUSIP: 855244BN8<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |   4790000 | PA      | $4837110.94   | 0.27%             | 2028-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ TST. & FRN                     | MITSUBISHI UFJ TST. & FRN                     | CUSIP: 60683D5N5<br>LEI: N/A                  | Long             | STIV             | CORP              | JP        |   5000000 | PA      | $5002475.50   | 0.28%             | 2026-03-17      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP FRN                      | WESTPAC BANKING CORP FRN                      | CUSIP: 961214GD9<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |   1380000 | PA      | $1393270.07   | 0.08%             | 2030-07-01      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Northern Institutional Liquid Asset Portfolio | Northern Institutional Liquid Asset Portfolio | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   2323980 | NS      | $2323980.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Northern Funds

**Signature:** Randal E. Rein

**Name of Signer:** Randal E. Rein

**Title:** Treasurer and Principal Financial Officer