# EDGAR Filing Document

**Accession Number:** 0001032423
**File Stem:** 0001752724-25-212217
**Filing Date:** 2025-8
**Character Count:** 159551
**Document Hash:** 9296309052c4fa432b0b94c6bddfc078
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-212217.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001752724-25-212217

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DIAMOND HILL FUNDS
- **CENTRAL INDEX KEY:** 0001032423

**ORGANIZATION NAME:**
- **EIN:** 316547095
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08061
- **FILM NUMBER:** 251276735

**BUSINESS ADDRESS:**
- **STREET 1:** 325 JOHN H. MCCONNELL BOULEVARD
- **STREET 2:** SUITE 200
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215
- **BUSINESS PHONE:** 614-255-3333

**MAIL ADDRESS:**
- **STREET 1:** 325 JOHN H. MCCONNELL BOULEVARD
- **STREET 2:** SUITE 200
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BSG FUNDS
- **DATE OF NAME CHANGE:** 19970206

## Series and Classes Contracts Data

### Diamond Hill Core Plus Bond Fund (Series ID: S000088234)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000254400 | Diamond Hill Core Plus Bond Fund Investor | DHNAX           |
| C000254401 | Diamond Hill Core Plus Bond Fund Class I  | DHNIX           |
| C000254402 | Diamond Hill Core Plus Bond Fund Class Y  | DHNYX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Diamond Hill Funds

- **b. Investment Company Act file number:** 811-08061

- **c. CIK number of Registrant:** 0001032423

- **d. LEI of Registrant:** 549300PZZTQU6QTHS663

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

  - **Street Address 1:** 325 John H. McConnell Blvd.

  - **City:** Columbus

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 43215

  - **Telephone number:** 888-226-5595

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

- **a. Name of Series:** DIAMOND HILL CORE PLUS BOND FUND

- **b. EDGAR series identifier (if any):** S000088234

- **c. LEI of Series:** 254900NF101X66A82E17

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $62407918.38

**Total Liabilities:** $1862033.26

**Net Assets:** $60545885.12

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 99.55560466 | **1-Year:** 743.76035582 | **5-Year:** 5750.47164728 | **10-Year:** 9671.07546503 | **30-Year:** 1760.82502339

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

- **3-Month:** 2.26299183 | **1-Year:** 375.84525019 | **5-Year:** 1234.34043301 | **10-Year:** 286.09801410 | **30-Year:** 55.00858688

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254401 | 0.20%                | -0.51%               | 1.60%                |
| Class ID C000254400 | 0.26%                | -0.54%               | 1.57%                |
| Class ID C000254402 | 0.30%                | -0.50%               | 1.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-18488.37               | $298867.47                                 |
| Month 2  | $-5892.10                | $-509534.74                                |
| Month 3  | $11212.55                | $715524.89                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Algonquin Power & Utilities Corporation                                  | Algonquin Power & Utility 4.75%, Due 01/18/2082                            | CUSIP: 015857AH8<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | US        |    120000 | PA      | $117038.87    | 0.19%             | 2082-01-18      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association Series 2019-151, Class GC         | CUSIP: 38382BCU5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     97204 | PA      | $85883.55     | 0.14%             | 2042-12-20      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Pacific Life Global Funding II                                           | Pacific Life Global Fund II 1.45%, Due 01/20/2028                          | CUSIP: 6944PL2D0<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93287.47     | 0.15%             | 2028-01-20      | Fixed         | 1.45%                 | Yes           |                  2 | On Loan: No      |
| TransAlta Corporation                                                    | Transalta Corporation 6.50%, Due 03/15/2040                                | CUSIP: 89346DAE7<br>LEI: GJZNVO2UY6DNFNIYH321 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96465.58     | 0.16%             | 2040-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New Flyer Holdings Inc.                                                  | New Flyer Holdings 9.25%, Due 07/01/2030                                   | CUSIP: 64438WAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $105504.17    | 0.17%             | 2030-07-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                    | Bank of America 2.972% Due 02/04/2033                                      | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     80000 | PA      | $71653.56     | 0.12%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| The Kroger Co.                                                           | Kroger Company 1.70%, Due 01/15/2031                                       | CUSIP: 501044DQ1<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43164.51     | 0.07%             | 2031-01-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Diebold Nixdorf Incorporated                                             | Diebold Nixdorf Incorporated 7.75%, Due 03/31/2030                         | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106089.50    | 0.18%             | 2030-03-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Federal Home Loan Mortgage Corporation Series 5210, Class BZ               | CUSIP: 3137H63E3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    200000 | PA      | $155333.56    | 0.26%             | 2047-01-25      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| ROC MORTGAGE TRUST 2025-RTL1                                             | ROC Securities Trust Series 2025-RTL1, Class A2                            | CUSIP: 77119RAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100731.27    | 0.17%             | 2040-02-25      | Variable      | 6.11%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association Series 2012-74 Class LY           | CUSIP: 38375CZ45<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    260000 | PA      | $191240.53    | 0.32%             | 2042-06-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Security Stripped Interest Security                        | U. S. Treasury Strips 0.000%, Due 08/15/2033                               | CUSIP: 9128334W7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $71038.79     | 0.12%             | 2033-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Dollar Tree Inc                                                          | Dollar Tree, Inc. 4.200%, Due 5/15/2028                                    | CUSIP: 256746AH1<br>LEI: 549300PMSTQITB1WHR43 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99055.54     | 0.16%             | 2028-05-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Federal National Mortgage Association Series 4292 Class PB                 | CUSIP: 3137B75V7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    420000 | PA      | $370280.44    | 0.61%             | 2044-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BXMT LTD                                                                 | BXMT Ltd. Series 2021-FL4, Class D                                         | CUSIP: 05609GAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $94038.90     | 0.16%             | 2038-05-15      | Floating      | 6.69%                 | Yes           |                  2 | On Loan: No      |
| GINNIE MAE (H) 23-85                                                     | Government National Mortgage Association Series 2023-81, Class AL          | CUSIP: 38384BAG6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | CORP              | US        |    575000 | PA      | $567600.38    | 0.94%             | 2040-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TransCanada Pipelines Limited                                            | TransCanada Pipelines 7.0%, Due 06/01/2065                                 | CUSIP: 89352HBG3<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74932.82     | 0.12%             | 2065-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2024-B                                      | BX Trust Series 2024-BIO2, Class D                                         | CUSIP: 05613GAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99243.42     | 0.16%             | 2041-08-13      | Variable      | 7.97%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                                                  | Hyundai Capital America 4.75%, Due 09/26/2031                              | CUSIP: 44891ADH7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74065.50     | 0.12%             | 2031-09-26      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Federal National Mortgage Assocation Series 2009-50, Class HZ              | CUSIP: 31396QLY3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    771670 | PA      | $784594.39    | 1.30%             | 2049-02-25      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Federal National Mortgage Association Series 2021-6, Class KU              | CUSIP: 3136BD2W7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    209827 | PA      | $118775.26    | 0.20%             | 2051-02-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Ryder System, Inc.                                                       | Ryder System Incorporated 4.90%, Due 12/01/2029                            | CUSIP: 78355HLD9<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50709.16     | 0.08%             | 2029-12-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Protective Life Global Funding                                           | Protective Life Global Funding 4.772%, Due 12/09/2029                      | CUSIP: 74368CCA0<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151839.29    | 0.25%             | 2029-12-09      | Fixed         | 4.77%                 | Yes           |                  2 | On Loan: No      |
| The Bank of New York Mellon Corp.                                        | Bank of New York Mellon Corporation 5.316%, Due 06/06/2036                 | CUSIP: 06406RCJ4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76561.22     | 0.13%             | 2036-06-06      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| MOSAIC SOLAR LOAN TRUST 2023-1                                           | Mosaic Solar Loans, LLC Series 2023-1A, Class A                            | CUSIP: 61945VAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    155034 | PA      | $147003.53    | 0.24%             | 2053-06-20      | Fixed         | 5.32%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                             | U.S. Treasury Notes 0.625%, Due 08/15/2030                                 | CUSIP: 91282CAE1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1275000 | PA      | $1087385.74   | 1.80%             | 2030-08-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Federal Home Loan Mortgage Corporation Series 5038, Class PJ               | CUSIP: 3137FXP77<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    517187 | PA      | $367865.03    | 0.61%             | 2050-10-25      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Noble Finance II LLC.                                                    | Noble Finance II LLC 8.00%, Due 04/15/2030                                 | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $35637.80     | 0.06%             | 2030-04-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association Series 2020-123, Class LA         | CUSIP: 38382HK33<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    248058 | PA      | $117945.01    | 0.19%             | 2050-08-20      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association Series 2014-118, Class ZD         | CUSIP: 38379EHJ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    786412 | PA      | $690858.99    | 1.14%             | 2044-08-16      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| State Street Institutional Investment Trust                              | State Street Institutional US Government Money Market Fund, Premier Class  | CUSIP: 857492706<br>LEI: 549300P1E098W6ES7M39 | Long             | STIV             | RF                | US        |    462258 | NS      | $462258.08    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association Series 2014-140, Class BW         | CUSIP: 38379EN57<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    203230 | PA      | $192333.05    | 0.32%             | 2044-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Pagaya Point of Sale Holdings Trust 2025-1                               | Pagaya Point of Sale Holdings Series 25-1 Class E                          | CUSIP: 694951AA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101799.67    | 0.17%             | 2034-01-20      | Fixed         | 11.28%                | Yes           |                  2 | On Loan: No      |
| Valaris Ltd.                                                             | Valaris Ltd. 8.375%, Due 04/30/2030                                        | CUSIP: 91889FAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $97467.53     | 0.16%             | 2030-04-30      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| LHOME MORTGAGE TRUST 2025-RTL2                                           | LHOME Mortgage Trust Series 2025-RLT2, Class A1                            | CUSIP: 50206RAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $301248.15    | 0.50%             | 2040-04-25      | Variable      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| Capstone Copper Corp                                                     | Capstone Copper Corporation 6.75%, Due 03/31/2033                          | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76796.93     | 0.13%             | 2033-03-31      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| State Street Corp.                                                       | State Street Corporation 4.33%, Due 10/22/2027                             | CUSIP: 857477CP6<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100509.11    | 0.17%             | 2027-10-22      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance (USA) plc                                              | Rio Tinto Financial USA plc 4.875%, Due 03/14/2030                         | CUSIP: 76720AAS5<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25478.08     | 0.04%             | 2030-03-14      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CFMT 2023-HB12 LLC                                                       | Cascade Funding Mortgage Trust Series 2023-HB12, Class M1                  | CUSIP: 12530QAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $245840.80    | 0.41%             | 2033-04-25      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Affirm Asset Securitization Trust 2025-X1                                | Affirm Incorporated Series 2025-X1, Class D                                | CUSIP: 00834MAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $250293.88    | 0.41%             | 2030-04-15      | Fixed         | 6.11%                 | Yes           |                  2 | On Loan: No      |
| U S Acute Care Solutions LLC                                             | US Acute Care Solutions 9.75%, Due 05/15/2029                              | CUSIP: 90367UAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $103143.80    | 0.17%             | 2029-05-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Provident Funding Associates LP / PFG Finance Corp                       | Provident Funding Associates LP/PFG Finance Corp. 9.75%, Due 09/15/2029    | CUSIP: 74387UAK7<br>LEI: 54930043BMDE130FJ617 | Long             | DBT              | CORP              | US        |     70000 | PA      | $73606.19     | 0.12%             | 2029-09-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                                | Toronto-Dominion Bank (The) 4.861%, Due 01/31/2028                         | CUSIP: 89115A3E0<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76026.57     | 0.13%             | 2028-01-31      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| Civitas Resources Inc                                                    | Civitas Resources Incorporated 9.625%, Due 06/15/2033                      | CUSIP: 17888HAD5<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51259.05     | 0.08%             | 2033-06-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| EZCORP Inc.                                                              | EZCorp Incorporated 7.375%, Due 04/01/2032                                 | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105260.90    | 0.17%             | 2032-04-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| UNLOCK HEA TRUST 2025-1                                                  | Unlock HEA Trust Series 2025-1, Class A                                    | CUSIP: 91528BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99252.32     | 0.16%             | 2041-07-25      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| LUMINACE ABS-2024 ISSUER LLC                                             | Luminace ABS-2022 Issuer, LLC Series 2024-1, Class B                       | CUSIP: 55026NAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    120236 | PA      | $115590.69    | 0.19%             | 2031-10-30      | Fixed         | 6.96%                 | Yes           |                  2 | On Loan: No      |
| Jackson National Life Global Funding                                     | Jackson National Life Global Funding 4.90%, Due 01/13/2027                 | CUSIP: 46849LVC2<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151036.21    | 0.25%             | 2027-01-13      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| U.S. Treasury Security Stripped Interest Security                        | U.S. Treasury Strips 0.000%, Due 02/15/2036                                | CUSIP: 9128335B2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $155846.89    | 0.26%             | 2036-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Federal Home Loan Mortgage Corporation Series 4988, Class AK               | CUSIP: 3137FUN67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    500696 | PA      | $395617.97    | 0.65%             | 2050-07-25      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| BREAN ASSET BACKED SECURITIES TRUST                                      | Brean Asset Backed Securities Series 2025-RM10, Class A2                   | CUSIP: 10638FAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $96420.04     | 0.16%             | 2065-01-25      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| RMF BUYOUT ISSUANCE TRUST                                                | RMF Buyout Issuance Trust Series 2020-HB1, Class AB                        | CUSIP: 76971EAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    208743 | PA      | $194032.87    | 0.32%             | 2050-10-25      | Variable      | 1.74%                 | Yes           |                  2 | On Loan: No      |
| LHOME MTG TR 2025-RTL1                                                   | LHOME Mortgage Trust Series 2025-RTL1, Class A2                            | CUSIP: 50205UAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100205.03    | 0.17%             | 2040-01-25      | Variable      | 5.95%                 | Yes           |                  2 | On Loan: No      |
| PHH Escrow Issuer LLC / PHH Corp                                         | PPH Escrow Issuer LLC 9.875%, Due 11/01/2029                               | CUSIP: 716964AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $99754.00     | 0.16%             | 2029-11-01      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST 2025-1                                      | Pagaya AI Debt Selection Trust Series 2025-1, Class D                      | CUSIP: 69544NAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     99991 | PA      | $100315.04    | 0.17%             | 2032-07-15      | Fixed         | 6.28%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association Series 2022-63, Class LM          | CUSIP: 38383REY9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    900000 | PA      | $749510.19    | 1.24%             | 2050-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                              | Capital One Financial Corporation Floating rate, due 3/1/2030              | CUSIP: 14040HCN3<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95650.88     | 0.16%             | 2030-03-01      | Fixed         | 3.27%                 | No            |                  2 | On Loan: —       |
| United States Treasury Bonds                                             | U.S. Treasury Bonds 2.375%, Due 11/15/2049                                 | CUSIP: 912810SN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $192125.00    | 0.32%             | 2050-05-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| GOODLEAP SUSTAINABLE HOME SOLUTIONS                                      | GoodLeap Sustainable Home Improvement Loan Trust Series 2023-1GS, Class A  | CUSIP: 38237VAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     82832 | PA      | $80249.35     | 0.13%             | 2055-02-22      | Fixed         | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                    | Bank of America Corporation 2.687%, Due 04/22/2032                         | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    150000 | PA      | $134613.72    | 0.22%             | 2032-04-22      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| Capstone Borrower Inc.                                                   | Capstone Borrower Inc. 8.00%, Due 06/15/2030                               | CUSIP: 140944AA7<br>LEI: 254900YSP2BAI3YKIX08 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78251.48     | 0.13%             | 2030-06-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Phillips 66 Co.                                                          | Phillips 66 Company 4.95%, Due 03/15/2035                                  | CUSIP: 718547AY8<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48511.41     | 0.08%             | 2035-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| American Water Capital Corp                                              | American Water Capital Corporation 2.8%, DUE 05/01/2030                    | CUSIP: 03040WAW5<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92907.95     | 0.15%             | 2030-05-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: —       |
| Principal Life Global Funding II                                         | Principal Life Global Funding II 4.80%, Due 01/09/2028                     | CUSIP: 74256LFC8<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101161.35    | 0.17%             | 2028-01-09      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| NYMT LOAN TRUST SERIES 2024-BPL2                                         | New York Mortgage Trust Series 2024-BPL2, Class A1                         | CUSIP: 67120TAA8<br>LEI: 254900HCG7N4R7AWFZ60 | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $202143.18    | 0.33%             | 2039-05-25      | Fixed         | 6.51%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Federal National Mortgage Association Pool FN BM6504                       | CUSIP: 3140JBGN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    734245 | PA      | $670655.52    | 1.11%             | 2048-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| INTOWN MTG TR 2025-STAY                                                  | INTOWN Mortgage Trust Series 2025-STAY, Class D                            | CUSIP: 46117WAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99687.50     | 0.16%             | 2042-03-15      | Floating      | 7.16%                 | Yes           |                  2 | On Loan: No      |
| Deluxe Corporation                                                       | Deluxe Corp 8.125%, Due 9/15/2029                                          | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77405.10     | 0.13%             | 2029-09-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| HOME PARTNERS OF AMERICA TRUST 2021-3                                    | Home Partners of America Trust Series 2021-3, Class A                      | CUSIP: 43730XAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    167123 | PA      | $154159.69    | 0.25%             | 2041-01-17      | Fixed         | 2.20%                 | Yes           |                  2 | On Loan: No      |
| TransMontaigne Partners LLC                                              | Transmontaigne Partners 8.50%, Due 6/15/2030                               | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $78022.13     | 0.13%             | 2030-06-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| New York Life Global Funding                                             | New York Life Global Funding 4.60%, Due 12/05/2029                         | CUSIP: 64952WFK4<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101114.91    | 0.17%             | 2029-12-05      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Federal National Mortgage Association Series 4767 Class VX                 | CUSIP: 3137FET75<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    294852 | PA      | $274453.92    | 0.45%             | 2047-08-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oxford Finance Llc / Oxford Finance Co-Issuer Ii Inc                     | Oxford Finance LLC 6.375% Due 02/01/2027                                   | CUSIP: 69145LAC8<br>LEI: 549300LDNS0EYYWL5V49 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70384.51     | 0.12%             | 2027-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bonds                                             | U.S. Treasury Bonds 3.00%, due 02/15/2048                                  | CUSIP: 912810SA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2229023.43   | 3.68%             | 2048-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PAGAYA POINT OF SALE HOLDINGS GRANTOR TRUST 2025-1                       | Pagaya Point of Sale Holdings Series 25-1 Class A                          | CUSIP: 694952AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100605.03    | 0.17%             | 2034-01-20      | Fixed         | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Federal National Mortgage Association Series 2021-78, Class PA             | CUSIP: 3136BJVQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    283527 | PA      | $251759.70    | 0.42%             | 2051-11-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UPSTRT STR PSTHRU TR 2022-4A                                             | Upstart Structured Pass-Through Trust Series 2022-4A, Class B              | CUSIP: 91680YBE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     63238 | PA      | $63637.52     | 0.11%             | 2030-11-15      | None          | 8.54%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Federal National Mortgage Assocation Series 2010-126, Class JU             | CUSIP: 31398SAT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    127018 | PA      | $119158.16    | 0.20%             | 2040-11-25      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| PRA Group Inc.                                                           | PRA Group Incorporated 8.875%, Due 01/31/2030                              | CUSIP: 69354NAF3<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66989.00     | 0.11%             | 2030-01-31      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Federal National Mortgage Association Series 2013-105, Class KO            | CUSIP: 3136AGQC9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    439596 | PA      | $384389.07    | 0.63%             | 2043-10-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BXMT 2020-FL3 LTD                                                        | BXMT Limited Series 2020-FL3, Class D                                      | CUSIP: 05608XAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $96504.80     | 0.16%             | 2037-11-15      | Floating      | 7.74%                 | Yes           |                  2 | On Loan: No      |
| Garrett Motion Holdings Inc. / Garrett LX I S.a.r.l.                     | Garrett Motion Holdings 7.75%, Due 05/31/2032                              | CUSIP: 366504AA6<br>LEI: 5493001N1N6Z0SR83G07 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72879.10     | 0.12%             | 2032-05-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association Series 2021-223, Class P          | CUSIP: 38383FHR7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    219907 | PA      | $191524.50    | 0.32%             | 2051-06-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Waste Management, Inc.                                                   | Waste Management Incorporated 4.95%, Due 03/15/2035                        | CUSIP: 94106LCE7<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50212.05     | 0.08%             | 2035-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| HTAP 2024-2                                                              | HTAP Trust Series 2024-2, Class A                                          | CUSIP: 40444WAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    184060 | PA      | $182470.60    | 0.30%             | 2042-04-25      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Federal National Mortgage Association Series 2011-116, Class ZA            | CUSIP: 3136A1M36<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    358172 | PA      | $340392.58    | 0.56%             | 2041-11-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CHERRY SECURITIZATION TRUST 2025-1                                       | Cherry Securitization Trust Series 2025-1A, Class A                        | CUSIP: 16473RAA2<br>LEI: 213800F9SQ753JQHSW24 | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $202025.88    | 0.33%             | 2032-11-15      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                  | UnitedHealth Group, Inc. 5.000%, due  04/15/2034                           | CUSIP: 91324PFB3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99961.60     | 0.17%             | 2034-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUNNOVA HELIOS IV ISS 2020-4                                             | Helios Issuer, LLC Series 2020-AA, Class A                                 | CUSIP: 86746CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    314906 | PA      | $273615.08    | 0.45%             | 2047-06-20      | Fixed         | 2.98%                 | Yes           |                  2 | On Loan: No      |
| Valero Energy Corp.                                                      | Valero Energy Corporation 5.15%, Due 02/15/2030                            | CUSIP: 91913YBF6<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25494.50     | 0.04%             | 2030-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: —       |
| Global Partners LP / GLP Finance Corp.                                   | Global Partners LP / GLP Finance 7.125%, Due 07/01/2033                    | CUSIP: 37954FAL8<br>LEI: 549300PCHWTW9P4DU444 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101401.39    | 0.17%             | 2033-07-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| ACM AUTO TRUST 2025-2                                                    | ACM Auto Trust Series 2025-2A, Class B                                     | CUSIP: 00161TAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101572.06    | 0.17%             | 2032-02-20      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| BX TRUST 2025-VLT6                                                       | BX Trust Series 2025-VLT6, Class D                                         | CUSIP: 12433KAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    175000 | PA      | $174562.50    | 0.29%             | 2030-03-15      | Floating      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| The Bank of New York Mellon Corp.                                        | Bank of New York Mellon Corporation 5.225%, Due 11/20/2035                 | CUSIP: 06406RCA3<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50838.05     | 0.08%             | 2035-11-20      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| StoneX Escrow Issuer LLC                                                 | StoneX Escrow Issuer, LLC 6.875%, Due 07/15/2032                           | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101005.84    | 0.17%             | 2032-07-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| BREAN ASSET BACKED SECURITIES TRUST                                      | Brean Asset Backed Securities Trust Series 2021-RM1, Class M1              | CUSIP: 10638CAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    214016 | PA      | $183500.99    | 0.30%             | 2063-10-25      | Fixed         | 1.60%                 | Yes           |                  2 | On Loan: No      |
| MF1 2021-FL6 LTD                                                         | MF1 Multifamily Housing Mortgage Loan Trust Series 2021-FL6, Class C       | CUSIP: 55283TAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $248222.00    | 0.41%             | 2036-07-16      | Floating      | 6.28%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Federal Home Loan Mortgage Corporation Series 4109, Class HC               | CUSIP: 3137AUJS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    208170 | PA      | $196044.00    | 0.32%             | 2032-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AGORACAPITAL AUTO SECURITIES TR 2025-1                                   | AgoraCapital Auto Securities Trust Series 2025-1A, Class B                 | CUSIP: 008483AB5<br>LEI: 5493004UROJFQSP6RC85 | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $150840.90    | 0.25%             | 2032-11-25      | Fixed         | 7.27%                 | Yes           |                  2 | On Loan: No      |
| Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation          | Icahn Enterprises 10.0%, Due 11/15/2029                                    | CUSIP: 451102CK1<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49501.21     | 0.08%             | 2029-11-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: —       |
| Government National Mortgage Association                                 | Government National Mortgage Association Series 2019-18, Class TP          | CUSIP: 38381B4T8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    606433 | PA      | $549297.29    | 0.91%             | 2049-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UPGRADE MSTR TR 25-ST2                                                   | Upgrade Master Pass-Thru Trust Series 2025-ST2, Class A                    | CUSIP: 91534JAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    192190 | PA      | $193831.51    | 0.32%             | 2032-06-15      | Fixed         | 6.11%                 | Yes           |                  2 | On Loan: No      |
| Target Corp.                                                             | Target Corporation 5.0%, Due 04/15/2035                                    | CUSIP: 87612EBT2<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49922.08     | 0.08%             | 2035-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| Government National Mortgage Association                                 | Government National Mortgage Assocation Series 2018-79, Class LM           | CUSIP: 38380XDW4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    335000 | PA      | $300666.02    | 0.50%             | 2048-06-20      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Federal Home Loan Mortgage Corporation Series 4487, Class TL               | CUSIP: 3137BK2R0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    207000 | PA      | $187723.95    | 0.31%             | 2045-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY COMMERCIAL REAL ESTATE NOTES 2025-BTR1 LLC                  | Arbor Realty Collateralized Loan Obligation Ltd. Series 2025-BTR1, Class C | CUSIP: 03881UAL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99751.50     | 0.16%             | 2041-01-18      | Variable      | 8.01%                 | Yes           |                  2 | On Loan: No      |
| LIFE FINANCIAL SERVICES TRUST                                            | Life Financial Services Trust Series 2022-BMR2, Class A1                   | CUSIP: 53218DAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $145312.50    | 0.24%             | 2039-05-15      | Floating      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| LIFE FINANCIAL SERVICES TRUST                                            | Life Financial Services Trust Series 2021-BMR, Class E                     | CUSIP: 53218CAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $346500.00    | 0.57%             | 2038-03-15      | Floating      | 6.18%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                                             | Oracle Corporation 3.60%, Due 04/01/2040                                   | CUSIP: 68389XBW4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    110000 | PA      | $88041.47     | 0.15%             | 2040-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Federal National Mortgage Association Series 19-37 Class CA                | CUSIP: 3136B4Z84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    137270 | PA      | $131504.59    | 0.22%             | 2047-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Western Alliance Bancorp                                                 | Western Alliance 3% 06/15/2031 3.75%, Due 04/01/2030                       | CUSIP: 957638AD1<br>LEI: 5493003VJXZ5JXT9S762 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46468.50     | 0.08%             | 2031-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                 | John Deere Capital Corporation 4.40%, Due 09/08/2031                       | CUSIP: 24422EXX2<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99769.95     | 0.16%             | 2031-09-08      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| COMM MORTGAGE TRUST                                                      | COMM Mortgage Trust Series 2020-CX, Class B                                | CUSIP: 12656KAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $334718.16    | 0.55%             | 2046-11-10      | Fixed         | 2.45%                 | Yes           |                  2 | On Loan: No      |
| AbbVie Inc.                                                              | ABBVIE, Inc. 4.95% DUE 03/15/2031                                          | CUSIP: 00287YDT3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102663.27    | 0.17%             | 2031-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL TST 2020-SFR3                                       | Progress Residential Trust Series 2021-SFR4, Class E1                      | CUSIP: 74333EAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $98120.94     | 0.16%             | 2038-05-17      | Fixed         | 2.41%                 | Yes           |                  2 | On Loan: No      |
| Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp       | Magnolia Oil and Gas Operating LLC 6.875%, Due 12/01/2032                  | CUSIP: 559665AB0<br>LEI: 984500CG376B0B99F016 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75530.33     | 0.12%             | 2032-12-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                       | Huntington Bancshares 5.272%, Due 01/15/2031                               | CUSIP: 446150BE3<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51229.85     | 0.08%             | 2031-01-15      | Fixed         | 5.27%                 | No            |                  2 | On Loan: —       |
| Government National Mortgage Association                                 | Government National Mortgage Association Series 2025-71, Class NL          | CUSIP: 38385FS77<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    620005 | PA      | $559730.35    | 0.92%             | 2055-04-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                           | Citigroup Inc. 2.561%, Due 05/01/2032                                      | CUSIP: 172967MY4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44295.94     | 0.07%             | 2032-05-01      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                     | JPMorgan Chase & Company 4.603%, Due 10/22/2030                            | CUSIP: 46647PEQ5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250853.94    | 0.41%             | 2030-10-22      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                             | U.S. Treasury Notes 4%, DUE 02/15/2034                                     | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2725000 | PA      | $2696579.09   | 4.45%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas  LLC                                               | Duke Energy Carolina, LLC 5.25%, Due 03/15/2035                            | CUSIP: 26442CBQ6<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102268.62    | 0.17%             | 2035-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                 | American Express Company 5.085%, Due 01/30/2031                            | CUSIP: 025816DY2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25586.77     | 0.04%             | 2031-01-30      | Fixed         | 5.08%                 | No            |                  2 | On Loan: —       |
| UPGRADE RECEIVABLES TRUST 2024-1                                         | Upgrade Receivables Trust Series 2024-1A, Class C                          | CUSIP: 91533NAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100910.34    | 0.17%             | 2031-01-15      | Fixed         | 6.47%                 | Yes           |                  2 | On Loan: No      |
| COLEM 2022-HLNE MORTGAGE TRUST                                           | Colem 2021-HLNE Mortgage Trust Series 22-HLNE Class B                      | CUSIP: 12659JAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $86584.56     | 0.14%             | 2042-04-12      | Variable      | 2.46%                 | Yes           |                  2 | On Loan: No      |
| Nyt Mortgage Trust                                                       | NYT Mortgage Trust Series 2019-NYT, Class C                                | CUSIP: 62954PAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $94700.78     | 0.16%             | 2035-12-15      | Floating      | 6.31%                 | Yes           |                  2 | On Loan: No      |
| CVS Health Corp                                                          | CVS Health Corporateion 3.75%, Due 04/01/2030                              | CUSIP: 126650DJ6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95929.77     | 0.16%             | 2030-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL 2025-SFR1 TRUS                                      | Progress Residential Trust Series 25-SFR1 Class E1                         | CUSIP: 74334NAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $91715.30     | 0.15%             | 2042-02-17      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| KAPITUS ASSET SECURITIZATION IV LLC                                      | Kapitus Asset Securitization LLC Series 2024-1A, Class 1A                  | CUSIP: 48555MAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $149830.05    | 0.25%             | 2031-09-10      | Fixed         | 5.49%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST 2024-1                                      | Pagaya AI Debt Selection Trust Series 24-11 Class D                        | CUSIP: 69544AAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    124986 | PA      | $125187.89    | 0.21%             | 2032-07-15      | Fixed         | 6.31%                 | Yes           |                  2 | On Loan: No      |
| Celanese US Holdings Llc                                                 | Celanese US Holdings, LLC 6.75%, Due 04/15/2033                            | CUSIP: 15089QBA1<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30311.58     | 0.05%             | 2033-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| AT&T Inc                                                                 | AT&T, Inc. 2.55%, Due 12/01/2033                                           | CUSIP: 00206RMM1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     75000 | PA      | $62767.95     | 0.10%             | 2033-12-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| GENESIS SLS FIN MSTR TR 2019-A                                           | Genesis Sales Finance Master Trust Series 2024-B, Class D                  | CUSIP: 37186XBA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $151016.13    | 0.25%             | 2032-12-20      | Fixed         | 7.04%                 | Yes           |                  2 | On Loan: No      |
| Prospect Capital Corp.                                                   | Prospect Capital Corporation 3.646%, Due 11/15/2026                        | CUSIP: 74348TAV4<br>LEI: 549300FSD8T39P5Q0O47 | Long             | DBT              | CORP              | US        |     75000 | PA      | $71553.65     | 0.12%             | 2026-11-15      | Fixed         | 3.36%                 | No            |                  2 | On Loan: —       |
| Mosaic Solar Loans 2017-1 LLC                                            | Mosaic solar Loans LLC Series 2017-2A Class B                              | CUSIP: 61946GAB9<br>LEI: 549300ZLA8SW2SVJMN33 | Long             | ABS-O            | CORP              | US        |    138329 | PA      | $124057.58    | 0.20%             | 2043-06-22      | Fixed         | 4.77%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Federal Home Loan Mortgage Corporation Series 5228, Class JL               | CUSIP: 3137H7UV3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    500000 | PA      | $411359.55    | 0.68%             | 2041-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                             | U.S. Treasury Bonds 1.375%, Due 11/15/2040                                 | CUSIP: 912810ST6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    850000 | PA      | $541509.76    | 0.89%             | 2040-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                | RTX Corporation 2.375%, Due 03/15/2032                                     | CUSIP: 75513ECN9<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    100000 | PA      | $87011.41     | 0.14%             | 2032-03-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                                | Toyota Motor Credit Corporation 5.35%, Due 01/09/2035                      | CUSIP: 89236TNB7<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51245.90     | 0.08%             | 2035-01-09      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Diamond Foreign Asset Co. / Diamond Finance LLC                          | Diamond Foreign Asset Company 8.50%, Due 10/01/2030                        | CUSIP: 25260WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $78092.78     | 0.13%             | 2030-10-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| EASY STREET MORTGAGE LOAN TRUST 2025-RTL1                                | Easy 2025-RTL1 Series 25-RTL1 Class A2                                     | CUSIP: 27786FAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    125000 | PA      | $125603.34    | 0.21%             | 2040-05-25      | Variable      | 8.30%                 | Yes           |                  2 | On Loan: No      |
| Victra Holdings LLC / Victra Finance Corp.                               | Victra Holdings LLC 8.75%, Due 09/15/2029                                  | CUSIP: 92648DAA4<br>LEI: 549300KWDYQKQSF0MQ18 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104768.50    | 0.17%             | 2029-09-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: —       |
| Ford Motor Company                                                       | Ford Motor Company 3.250% Due 02/12/2032                                   | CUSIP: 345370DA5<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     85000 | PA      | $71663.41     | 0.12%             | 2032-02-12      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| LIFE FINANCIAL SERVICES TRUST                                            | Life Financial Services Trust Series 2022-BMR2, Class C                    | CUSIP: 53218DAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $135000.00    | 0.22%             | 2039-05-15      | Floating      | 6.40%                 | Yes           |                  2 | On Loan: No      |
| Finance Of America Hecm Buyout 2024-HB1                                  | Finance of America HECM Buyout Series 2024-HB1, Class M2                   | CUSIP: 31737DAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $249965.25    | 0.41%             | 2034-10-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                       | Venture Global Plaquemines LNG 7.50%, Due 05/01/2033                       | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53541.15     | 0.09%             | 2033-05-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Federal Home Loan Mortgage Corporation Series 4210 Class Z                 | CUSIP: 3137B1W73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    252992 | PA      | $207487.19    | 0.34%             | 2043-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                           | Morgan Stanley 2.699%, Due 01/22/2031                                      | CUSIP: 6174468L6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92211.64     | 0.15%             | 2031-01-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association Series 2022-45, Class B           | CUSIP: 38383MM70<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    193323 | PA      | $171350.44    | 0.28%             | 2050-05-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Federal Home Loan Mortgage Corporation Series 4710, Class JE               | CUSIP: 3137FA6E3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    192906 | PA      | $173544.49    | 0.29%             | 2047-06-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| KAPITUS ASSET SECURITIZATION V LLC                                       | Kapitus Asset Securitization, LLC Series 2025-1A, Class C                  | CUSIP: 48555NAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $225685.35    | 0.37%             | 2032-04-10      | Fixed         | 7.40%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Federal National Mortgage Association Series 2018-55, Class GA             | CUSIP: 3136B2TN2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    416825 | PA      | $396434.89    | 0.65%             | 2048-08-25      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association Pool MA9367                       | CUSIP: 36179YMQ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    293088 | PA      | $306033.97    | 0.51%             | 2053-12-20      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| RESEARCH-DRIVEN PAGAYA MOTOR ASSET TRUST 2025-1                          | Research-Driven Pagaya Motor Asset Trust Series 2025-1A, Class C           | CUSIP: 76089YAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99897.94     | 0.16%             | 2033-06-27      | Fixed         | 6.67%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                             | U.S. Treasury Notes 3.875%, Due 11/30/2029                                 | CUSIP: 91282CFY2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $200882.81    | 0.33%             | 2029-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                  | MPLX Lp Sr Nt 5.5% Due 06/01/2034                                          | CUSIP: 55336VBX7<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     42000 | PA      | $42170.72     | 0.07%             | 2034-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOANPAL SOLAR LOAN 2020-3 LLC                                            | LoanPal Solar Loan LLC Series 2020-3, Class B                              | CUSIP: 53948NAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    290207 | PA      | $205401.08    | 0.34%             | 2047-12-20      | Fixed         | 3.45%                 | Yes           |                  2 | On Loan: No      |
| General Motors Financial Company  Inc                                    | General Motors Financial Company Incorporated 5.90%, Due 01/07/2035        | CUSIP: 37045XFC5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50265.26     | 0.08%             | 2035-01-07      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Allegiant Travel Company                                                 | Alllegiant Travel Company 7.25%, Due 08/18/2027                            | CUSIP: 01748XAD4<br>LEI: 549300JM9OZXOHWL2K18 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125036.25    | 0.21%             | 2027-08-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: —       |
| Federal Home Loan Mortgage Corp.                                         | Federal Home Loan Mortgage Corporation Series 3746, Class KZ               | CUSIP: 3137GAN29<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    125220 | PA      | $115373.05    | 0.19%             | 2040-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OPORTUN ISSUANCE TRUST 2025-A                                            | Oportun Funding, LLC Series 2025-A, Class C                                | CUSIP: 68377TAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    140000 | PA      | $140009.07    | 0.23%             | 2033-02-08      | Fixed         | 5.89%                 | Yes           |                  2 | On Loan: No      |
| Snap Inc                                                                 | Snap Incorporated 6.875%, Due 03/01/2033                                   | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76959.45     | 0.13%             | 2033-03-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| GOODLEAP SUSTAINABLE HOME SOLUTIONS                                      | GoodLeap Sustainable Home Improvement Loan Trust Series 2024-1GS, Class A  | CUSIP: 38237BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    181841 | PA      | $177143.77    | 0.29%             | 2057-06-20      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Johnson Controls International PLC / Tyco Fire & Security Finance S.C.A. | Johnson Controls International 4.90%, Due 12/01/2032                       | CUSIP: 47837RAE0<br>LEI: 549300XQ6S1GYKGBL205 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50258.96     | 0.08%             | 2032-12-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Federal Home Loan Mortgage Corporation Series 5227, Class BA               | CUSIP: 3137H7BK8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    154492 | PA      | $147271.70    | 0.24%             | 2048-08-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Dell International L.L.C. and EMC Corporation                            | Dell International LLC / EMC Corporation 6.020%, Due 06/15/2026            | CUSIP: 24703TAD8<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50472.58     | 0.08%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage LP                                                   | Extra Space Storage LP 5.70%, Due 04/01/2028                               | CUSIP: 30225VAJ6<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51644.53     | 0.09%             | 2028-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| HTAP 2024-1                                                              | HTAP Trust Series 2024-1, Class A                                          | CUSIP: 40445NAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    189385 | PA      | $190071.48    | 0.31%             | 2037-04-25      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Excelerate Energy LP                                                     | Excelerate Energy LP 8.0%, Due 05/15/2030                                  | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |    150000 | PA      | $158123.77    | 0.26%             | 2030-05-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Mohegan Escrow Issuer LLC                                                | Mohegan Tribal Gaming Authority / MS Digital 11.875%, Due 04/15/2031       | CUSIP: 60832QAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $41905.07     | 0.07%             | 2031-04-15      | Fixed         | 11.88%                | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Federal Home Loan Mortgage Corporation Series 4274, Class EM               | CUSIP: 3137B5UH4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    400000 | PA      | $357452.24    | 0.59%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Advance Auto Parts Inc.                                                  | Advance Auto Parts 3.90%, Due 04/15/2030                                   | CUSIP: 00751YAE6<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |     80000 | PA      | $74961.82     | 0.12%             | 2030-04-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: —       |
| REACH ABS TRUST 2025-1                                                   | Reach Financial LLC Series 2025-1A, Class C                                | CUSIP: 75525PAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100911.48    | 0.17%             | 2032-08-16      | Fixed         | 5.99%                 | Yes           |                  2 | On Loan: No      |
| Land O'Lakes Capital Trust I                                             | Land O Lakes Capital Trust I 7.45%, Due 03/15/2028                         | CUSIP: 514665AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $49925.29     | 0.08%             | 2028-03-15      | Fixed         | 7.45%                 | Yes           |                  2 | On Loan: No      |
| NYSEG Storm Funding LLC                                                  | NYSEG Storm Funding LLC 4.713%, Due 05/01/2031                             | CUSIP: 67122QAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $150734.47    | 0.25%             | 2031-05-01      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| DROP MTGE TST                                                            | Drop Mortgage Trust Series 2021-FILE, Class A                              | CUSIP: 26210YAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $194090.40    | 0.32%             | 2043-10-15      | Floating      | 5.58%                 | Yes           |                  2 | On Loan: No      |
| Bread Financial Holdings Inc                                             | Bread Financial Holdings 8.375%, Due 06/15/2035                            | CUSIP: 018581AQ1<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50343.65     | 0.08%             | 2035-06-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: —       |
| U.S. Treasury Security Stripped Interest Security                        | U.S. Treasury STRIPS 0.000%, Due 02/15/2037                                | CUSIP: 9128337F1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $147610.87    | 0.24%             | 2037-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association Series 2021-136, Class TU         | CUSIP: 38382WV38<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    324995 | PA      | $160410.60    | 0.26%             | 2051-08-20      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| LFS TopCo LLC                                                            | LFS Topco, LLC 8.75%, Due 07/15/2030                                       | CUSIP: 50203TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $98369.87     | 0.16%             | 2030-07-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| FARM 2025-1 MORTGAGE TRUST                                               | Farmer Mac Agricultural Real Estate Series 2025-1, Class A                 | CUSIP: 30768CAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $293922.90    | 0.49%             | 2055-08-01      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bonds                                             | U.S. TREASURY INFLATION-PROTECTED NOTES 0.625%, DUE 02/15/2043             | CUSIP: 912810RA8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    488152 | PA      | $362692.21    | 0.60%             | 2043-02-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL TST 2020-SFR3                                       | Progress Residential Trust Series 2021-SFR3, Class E2                      | CUSIP: 74333VAL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    230000 | PA      | $226244.91    | 0.37%             | 2026-05-17      | Fixed         | 2.69%                 | Yes           |                  2 | On Loan: No      |
| APH Somerset Inv 2 LLC / APH2 Somerset Inv 2 LLC / APH3 Somerset Inv 2   | APH / APH 2 / APH 3 / Aquarian 7.875%, Due 11/01/2029                      | CUSIP: 00188QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $153436.50    | 0.25%             | 2029-11-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| BXMT 2020-FL3 LTD                                                        | BXMT Ltd. Series 2020-FL3, Class A                                         | CUSIP: 05608XAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    240678 | PA      | $240745.50    | 0.40%             | 2037-11-15      | Floating      | 6.34%                 | Yes           |                  2 | On Loan: No      |
| RMF PRPTR ISSN TR 2022-3                                                 | RMF Proprietary Issuance Trust Series 2022-3, Class M3                     | CUSIP: 74970FAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $130762.41    | 0.22%             | 2062-08-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Dye & Durham Corp.                                                       | Dye & Durham Limited 8.625%, Due 04/15/2029                                | CUSIP: 267486AA6<br>LEI: 549300XUQDPIC5QRY347 | Long             | DBT              | CORP              | US        |     85000 | PA      | $88959.22     | 0.15%             | 2029-04-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| FIDELIS MTG TR 2025-RTL1                                                 | Fidelis Mortgage Trust Series 25-RTL1 Class A2                             | CUSIP: 31575LAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100514.47    | 0.17%             | 2040-02-27      | Variable      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| Pfizer Inc.                                                              | Pfizer Incorporated 7.20%, Due 03/15/2039                                  | CUSIP: 717081CY7<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |     50000 | PA      | $59398.62     | 0.10%             | 2039-03-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| NMEF FUNDING 2022-B LLC                                                  | NMEF Funding, LLC Series 2022-B, Class C                                   | CUSIP: 62890MAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $153253.61    | 0.25%             | 2029-06-15      | Fixed         | 8.54%                 | Yes           |                  2 | On Loan: No      |
| Equitable Financial Life Global Funding                                  | Equitable Financial Life 1.80%, Due 03/08/2028                             | CUSIP: 29449WAF4<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23362.72     | 0.04%             | 2028-03-08      | Fixed         | 1.80%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                           | Morgan Stanley 4.654%, Due 10/18/2030                                      | CUSIP: 61747YFU4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200381.50    | 0.33%             | 2030-10-18      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Federal Home Loan Mortgage Corporation Series 4141, Class PL               | CUSIP: 3137AX2L6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    110000 | PA      | $77981.72     | 0.13%             | 2042-12-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ACHM TRUST 2025-HE1                                                      | Achieve Mortgage Series 2025-HE1, Class A                                  | CUSIP: 00449SAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     94044 | PA      | $95013.65     | 0.16%             | 2055-03-25      | Variable      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Federal National Mortgage Association Series 2013-4, Class PL              | CUSIP: 3136ACFR7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    367000 | PA      | $271550.46    | 0.45%             | 2043-02-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Federal National Mortgage Association Series 2021-65, Class JA             | CUSIP: 3136BG4M0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    378356 | PA      | $334895.65    | 0.55%             | 2046-01-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Caterpillar Inc                                                          | Caterpillar Incorporated 5.20%, Due 05/15/2035                             | CUSIP: 149123CL3<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50967.52     | 0.08%             | 2035-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| VLS COMMERCIAL MORTGAGE TRUST 2020-                                      | VLS Commercial Mortgage Trust Series 2020-LAB, Class A                     | CUSIP: 92858TAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $254797.71    | 0.42%             | 2042-10-10      | Fixed         | 2.13%                 | Yes           |                  2 | On Loan: No      |
| VISTA POINT STZ 2024-CES3                                                | Vista Point Securitization Trust Series 2024-CES3, Class A1                | CUSIP: 92841WAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     92054 | PA      | $92159.66     | 0.15%             | 2055-01-25      | Variable      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Truenoord Cap Designated Activity Co.                                    | TrueNoord Capital DAC 8.50%, Due 6/15/2030                                 | CUSIP: 89785GAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $77877.23     | 0.13%             | 2030-03-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Federal National Mortgage Association Series 2012-110, Class CA            | CUSIP: 3136A9HT8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    352530 | PA      | $324179.14    | 0.54%             | 2042-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BXMT LTD                                                                 | BXMT Series 21-FL4 Class A                                                 | CUSIP: 05609GAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    251695 | PA      | $250521.65    | 0.41%             | 2038-05-17      | Floating      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| Comcast Corporation                                                      | Comcast Corporation 4.95%, Due 05/15/2032                                  | CUSIP: 20030NER8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25443.04     | 0.04%             | 2032-05-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Federal Home Loan Mortgage Corporation Series 5013 Class ME                | CUSIP: 3137FW4F4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    197410 | PA      | $150636.51    | 0.25%             | 2050-09-25      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| HF Sinclair Corp.                                                        | HF Sinclair Corporation 5.75%, Due 01/15/2031                              | CUSIP: 403949AR1<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102407.47    | 0.17%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                     | Royal Bank of Canada 4.522%, Due 10/18/2028                                | CUSIP: 78017FZS5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50206.97     | 0.08%             | 2028-10-18      | Fixed         | 4.52%                 | No            |                  2 | On Loan: —       |
| QXO Building Products Inc.                                               | Queen MergerCo Inc 6.75% Due 04/30/2032                                    | CUSIP: 74825NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $103020.20    | 0.17%             | 2032-04-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Truist Financial Corp.                                                   | Truist Financial Corporation 5.071%, Due 05/20/2031                        | CUSIP: 89788MAU6<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50759.97     | 0.08%             | 2031-05-20      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Federal National Mortgage Association Series 2012-152, Class TA            | CUSIP: 3136AA6N0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    320258 | PA      | $291720.91    | 0.48%             | 2042-09-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Champ Acquisition Corp                                                   | Champ Acquisition Corporation 8.375%, Due 12/01/2031                       | CUSIP: 15807XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $74383.89     | 0.12%             | 2031-12-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Pricoa Global Funding I                                                  | Pricoa Global Funding I 5.35%, Due 05/28/2035                              | CUSIP: 74153WCX5<br>LEI: 635400IBXEBMD9ADYA79 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152551.53    | 0.25%             | 2035-05-28      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association Series 2021-91, Class MF          | CUSIP: 38382TNQ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    219304 | PA      | $168085.42    | 0.28%             | 2051-05-20      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                             | U.S. TREASURY BONDS 2.25%, DUE 08/15/2046                                  | CUSIP: 912810RT7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $655117.19    | 1.08%             | 2046-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Security Stripped Interest Security                        | U. S. Treasury Strips 0.000%, Due 08/15/2043                               | CUSIP: 912834DU9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $160317.56    | 0.26%             | 2038-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Federal National Mortgage Association Series 2012-56 Class WC              | CUSIP: 3136A6WE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     92000 | PA      | $81777.12     | 0.14%             | 2042-05-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                                                    | Bath & Body Works Incorporated 6.875%, Due 11/01/2035                      | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72599.24     | 0.12%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Metropolitan Life Global Funding I                                       | Met Life Global Funding I 5.05%, Due 01/08/2034                            | CUSIP: 59217GFS3<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151147.47    | 0.25%             | 2034-01-08      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                       | T Mobile USA Incorporated 5.05%, Due 07/15/2033                            | CUSIP: 87264ACY9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100677.70    | 0.17%             | 2033-07-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: —       |
| PROGRESS RES TR 2021-SFR5                                                | Progress Residential Trust Series 2021-SFR5, Class E2                      | CUSIP: 74333FAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    230000 | PA      | $222780.62    | 0.37%             | 2038-07-17      | Fixed         | 2.36%                 | Yes           |                  2 | On Loan: No      |
| VISTA POINT STZ 2024-CES3                                                | Vista Point Securitization Trust Series 2024-CES3, Class A2                | CUSIP: 92841WAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $403101.04    | 0.67%             | 2055-01-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Hilcorp Energy I L.P/Hilcorp Finance Co                                  | Hilcorp Energy I LP / Hilcorp Finance Company 7.25%, Due 02/15/2035        | CUSIP: 431318BG8<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48892.56     | 0.08%             | 2035-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Hero Funding 2018-1                                                      | HERO Funding Trust Series 17-3A Class A2                                   | CUSIP: 42771AAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     20233 | PA      | $18289.90     | 0.03%             | 2048-09-20      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| ARBOR REALTY COMMERCIAL REAL ESTATE NOTES 2025-BTR1 LLC                  | Arbor Realty Collateralized Loan Obligation Ltd. Series 2025-BTR1, Class B | CUSIP: 03881UAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99748.80     | 0.16%             | 2041-01-18      | Variable      | 7.51%                 | Yes           |                  2 | On Loan: No      |
| U.S. Treasury Security Stripped Interest Security                        | U.S. Treasury Strips 0.000%, Due 02/15/2038                                | CUSIP: 912833Z60<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $139159.41    | 0.23%             | 2038-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                           | Citigroup, Inc. 1.462%, Due 06/09/2027                                     | CUSIP: 172967NA5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97164.55     | 0.16%             | 2027-06-09      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Federal Home Loan Mortgage Corporation Series 3652, Class AP               | CUSIP: 31398WXX7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     96187 | PA      | $96365.01     | 0.16%             | 2040-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Swepco Storm Recovery Funding LLc                                        | Swepco Storm Recovery Fund 4.88%, Due 09/01/2039                           | CUSIP: 870696AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $129039.11    | 0.21%             | 2039-09-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Equitable Financial Life Global Funding                                  | Equitable Financial Life 5.0%, Due 03/27/2030                              | CUSIP: 29449WAT4<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25373.26     | 0.04%             | 2030-03-27      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: —       |
| United States Treasury Bonds                                             | U.S. Treasury Bonds 1.625%, Due 11/15/2050                                 | CUSIP: 912810SS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $395126.96    | 0.65%             | 2050-11-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Brundage-Bone Concrete Pumping Holdings Inc.                             | Brundage-Bone Concrete Pumping 7.50%, Due 02/01/2032                       | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $99119.10     | 0.16%             | 2032-02-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| PROG Holdings Inc.                                                       | PROG Holdings Incorporated 6.0%, Due 11/15/2029                            | CUSIP: 74319RAA9<br>LEI: 549300DHYTLBOVRXIG52 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96018.20     | 0.16%             | 2029-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Alphabet Inc.                                                            | Alphabet Inc 5.30% Due 05/15/2065                                          | CUSIP: 02079KAN7<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9791.42      | 0.02%             | 2065-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| RMF PROPRIETORY ISSUANCE TRUST                                           | RMF Proprietary Issuance Trust Series 2021-2, Class A                      | CUSIP: 74969VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    417571 | PA      | $383761.04    | 0.63%             | 2061-09-25      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                | Florida Power & Light Company 3.80%, Due 12/15/2042                        | CUSIP: 341081FH5<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     50000 | PA      | $40555.49     | 0.07%             | 2042-12-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                            | US Bancorp 5.775%, Due 06/12/2029                                          | CUSIP: 91159HJM3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103840.94    | 0.17%             | 2029-06-12      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Federal Home Loan Mortgage Corporation Series 5035, Class ZA               | CUSIP: 3137F6JA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    550704 | PA      | $283135.84    | 0.47%             | 2050-11-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL TST 2020-SFR3                                       | Progress Residential Trust Series 2021-SFR3, Class E1                      | CUSIP: 74333VAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    375000 | PA      | $368732.40    | 0.61%             | 2026-05-17      | Fixed         | 2.54%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Federal National Mortgage Association Series 2016-31, Class TM             | CUSIP: 3136ASJH0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    330000 | PA      | $296762.43    | 0.49%             | 2045-12-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                             | Broadcom Incorporated 4.15%, Due 04/15/2032                                | CUSIP: 11135FBT7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96334.22     | 0.16%             | 2032-04-15      | Fixed         | 4.15%                 | Yes           |                  2 | On Loan: No      |
| RESEARCH-DRIN PAG MT TR 2024-3                                           | Research-Driven Pagaya Motor Asset Trust Series 2024-3A, Class C           | CUSIP: 76089HAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    125000 | PA      | $125386.99    | 0.21%             | 2033-03-25      | Fixed         | 6.46%                 | Yes           |                  2 | On Loan: No      |
| Whirlpool Corp.                                                          | Whirlpool Corporation 6.50%, Due 06/15/2033                                | CUSIP: 963320BE5<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100320.23    | 0.17%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                           | Citigroup, Inc. 2.666%, due 01/29/2031                                     | CUSIP: 172967ML2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    250000 | PA      | $229220.88    | 0.38%             | 2031-01-29      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                                         | BP Capital Markets America 4.812%, Due 02/13/2033                          | CUSIP: 10373QBU3<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49933.15     | 0.08%             | 2033-02-13      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                        | Wells Fargo & Company 5.211%, Due 12/03/2035                               | CUSIP: 95000U3N1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100384.67    | 0.17%             | 2035-12-03      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| ANGEL OAK MORTGAGE TRUST 2025-5                                          | Angel Oak Mortgage Trust Series 2025-5, Class A1                           | CUSIP: 03466EAA8<br>LEI: 254900QA46POYH7UR768 | Long             | ABS-O            | CORP              | US        |    586548 | PA      | $588362.42    | 0.97%             | 2070-04-25      | Variable      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                        | Wells Fargo & Company 2.572%, due 02/11/2031                               | CUSIP: 95000U2J1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91611.66     | 0.15%             | 2031-02-11      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Federal Home Loan Mortgage Corporation Series 5156, Class GD               | CUSIP: 3137H2VN1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    384883 | PA      | $241267.97    | 0.40%             | 2051-10-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Dominion Energy South Carolina Inc                                       | Dominion Energy South Carolina Incorporated 5.30%, Due 01/15/2035          | CUSIP: 25731VAC8<br>LEI: 3QRVFYR22IUIEOORTK28 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51116.48     | 0.08%             | 2035-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Norfolk Southern Corporation                                             | Norfolk Southern Corporation 5.10%, Due 05/01/2035                         | CUSIP: 655844CV8<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75378.83     | 0.12%             | 2035-05-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: —       |
| Great CDN Gaming Corp/Raptor Co-Issuer LLC                               | Great Canadian Gaming Company 8.75%, Due 11/15/2029                        | CUSIP: 389925AA6<br>LEI: 549300FU60SSFLTE0M84 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97881.93     | 0.16%             | 2029-11-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Champions Financing Inc.                                                 | Champions Financing Incorporated 8.75%, Due 02/15/2029                     | CUSIP: 15870LAA6<br>LEI: 391200ZDD75EGEUJ7625 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19309.70     | 0.03%             | 2029-02-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: —       |
| Bank of America Corp.                                                    | Bank of America Corporation 3.194%, Due 07/23/2030                         | CUSIP: 06051GHV4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $237972.57    | 0.39%             | 2030-07-23      | Fixed         | 3.19%                 | No            |                  2 | On Loan: —       |
| REACH ABS TRUST 2025-1                                                   | Reach Financial LLC Series 2025-1A, Class B                                | CUSIP: 75525PAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $200870.80    | 0.33%             | 2032-08-16      | Fixed         | 5.34%                 | Yes           |                  2 | On Loan: No      |
| U.S. Treasury Security Stripped Interest Security                        | U. S. Treasury Strips 0.000%, Due 08/15/2043                               | CUSIP: 912834MT2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    150000 | PA      | $60543.58     | 0.10%             | 2043-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                | Goldman Sachs Group Incorporated 4.692%, Due 10/23/2030                    | CUSIP: 38141GB60<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200600.71    | 0.33%             | 2030-10-23      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                                    | Lowe's Cos. Inc. 2.80%, Due 09/15/2041                                     | CUSIP: 548661EE3<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    125000 | PA      | $87327.23     | 0.14%             | 2041-09-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| L3 Harris Technologies Inc                                               | L3 Harris Technologies, Inc. 1.800%, Due 01/15/2031                        | CUSIP: 502431AN9<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |     70000 | PA      | $60548.18     | 0.10%             | 2031-01-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| EASY STREET MORTGAGE LOAN TRUST 2025-RTL1                                | Easy 2025-RTL1 Series 25-RTL1 Class A1                                     | CUSIP: 27786FAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101044.07    | 0.17%             | 2040-05-25      | Variable      | 6.46%                 | Yes           |                  2 | On Loan: No      |
| SALUDA GRADE ALTERNATIVE MORTGAGE TRUST 2025-NPL2                        | Saluda Grade Alternative Mortgage Trust Series 2025-NPL2, Class A1         | CUSIP: 79589BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    143550 | PA      | $143981.47    | 0.24%             | 2030-05-25      | Variable      | 7.77%                 | Yes           |                  2 | On Loan: No      |
| Massmutual Global Funding II                                             | MassMutual Global Funding 5.15%, Due 05/30/2029                            | CUSIP: 57629W4T4<br>LEI: 549300K1IE3K7YU6VG29 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205584.42    | 0.34%             | 2029-05-30      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| Huntsman International LLC                                               | Huntsman International LLC 5.70%, Due 10/15/2034                           | CUSIP: 44701QBG6<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32527.88     | 0.05%             | 2034-10-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: —       |
| Federal National Mortgage Association                                    | Federal National Mortgage Association Series 2020-47, Class GZ             | CUSIP: 3136BAS21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    663047 | PA      | $393583.83    | 0.65%             | 2050-07-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| COLT 2024-7 MORTGAGE LOAN TRUST                                          | COLT Funding, LLC Series 2024-7, Class A1                                  | CUSIP: 19688YAA2<br>LEI: 213800EA95GXXC9AJO50 | Long             | ABS-O            | CORP              | US        |    232863 | PA      | $233512.59    | 0.39%             | 2069-12-26      | Variable      | 5.54%                 | Yes           |                  2 | On Loan: No      |
| SUNNOVA HELIOS III ISSUER LLC                                            | Helios Issuer, LLC Series 2019-AA Class A                                  | CUSIP: 86745LAA0<br>LEI: 549300JK1Y1VVC3JU540 | Long             | ABS-O            | CORP              | US        |    303003 | PA      | $277396.12    | 0.46%             | 2046-06-20      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Shift4 Payments Llc / Shift4 Payments Finance Subordinated Incorporated  | Shift4 Payments LLC 6.75%, Due 08/15/2032                                  | CUSIP: 82453AAB3<br>LEI: 254900GTEMR7L40VPI74 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103856.90    | 0.17%             | 2032-08-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Bank OZK Little Rock Arkansas                                            | Bank of the Ozarks 2.75 % Due 10/1/31                                      | CUSIP: 06417NA94<br>LEI: 549300VYK2WBD7SST478 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89000.00     | 0.15%             | 2031-10-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| FARM MORTGAGE TRUST                                                      | Farmer Mac Agricultural Real Estate Series 22-1 Class A                    | CUSIP: 30328CAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    218385 | PA      | $177935.98    | 0.29%             | 2051-07-25      | Variable      | 2.54%                 | Yes           |                  2 | On Loan: No      |
| PFP 2022-9 LTD                                                           | PFP III Series 2022-9, Class AS                                            | CUSIP: 69291QAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    187000 | PA      | $187235.62    | 0.31%             | 2035-08-19      | Floating      | 7.10%                 | Yes           |                  2 | On Loan: No      |
| Renew 2017-2                                                             | Renew Financial, LLC Series 2017-2A Class A                                | CUSIP: 75973KAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    275874 | PA      | $250344.58    | 0.41%             | 2053-09-22      | Fixed         | 3.22%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association Series 2013-4, Class ML           | CUSIP: 38378FNQ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    366000 | PA      | $284184.76    | 0.47%             | 2042-10-16      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| College Avenue Student Loans 2018-A LLC                                  | College Avenue Student Loans Series 2018-A Class B                         | CUSIP: 19423DAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    155981 | PA      | $153153.35    | 0.25%             | 2047-12-26      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| LIFE FINANCIAL SERVICES TRUST                                            | Life Financial Services Trust Series 2021-BMR, Class D                     | CUSIP: 53218CAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    175000 | PA      | $173687.50    | 0.29%             | 2038-03-15      | Floating      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| LATAM Airlines Group SA                                                  | Latam Airlines Group SA 7.625%, Due 01/07/2031                             | CUSIP: 51817RAE6<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150562.50    | 0.25%             | 2031-01-07      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association Series 2022-31, Class MS          | CUSIP: 38383GT27<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    672846 | PA      | $527902.07    | 0.87%             | 2052-02-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Laurel Road Prime Student Ln Trust 2019-A                                | Laurel Road Prime Student Loan Series 2019-A Class A2FX                    | CUSIP: 51889RAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15196 | PA      | $15137.57     | 0.03%             | 2048-10-25      | Fixed         | 2.73%                 | Yes           |                  2 | On Loan: No      |
| Beacon Mobility Financial Corp.                                          | Beacon Mobility Corporation 7.25%, Due 0801/2030                           | CUSIP: 073644AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $178680.54    | 0.30%             | 2030-08-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Helmerich & Payne Inc                                                    | Helmerich & Payne Incorporated 4.65%, Due 12/01/2027                       | CUSIP: 423452AL5<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50313.35     | 0.08%             | 2027-12-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | MultiFamily Structured Credit Series 2024-MN9, Class M1                    | CUSIP: 355917AA3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGA              | US        |    199072 | PA      | $199382.78    | 0.33%             | 2044-10-25      | Floating      | 6.77%                 | Yes           |                  2 | On Loan: No      |
| Republic Services, Inc.                                                  | Republic Serices Incorporated 2.375%, Due 03/15/2033                       | CUSIP: 760759BA7<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |     65000 | PA      | $55533.57     | 0.09%             | 2033-03-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: —       |
| United States Treasury Bonds                                             | U.S. Treasury Bonds 1.125%, Due 08/15/2040                                 | CUSIP: 912810SQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $615195.31    | 1.02%             | 2040-08-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                       | Venture Global Plaquemines LNG 7.75%, Due 05/01/2035                       | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     50000 | PA      | $54121.10     | 0.09%             | 2035-05-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| PBF Holding Company LLC and PBF Finance Corp.                            | PBF Holding Company, LLC 6.0%, Due 02/15/2028                              | CUSIP: 69318FAJ7<br>LEI: 549300TILVIIV9FLL461 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47816.97     | 0.08%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Advanced Micro Devices Inc.                                              | Advanced Micro Devices 4.319%, Due 03/24/2028                              | CUSIP: 007903BJ5<br>LEI: R2I72C950HOYXII45366 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50367.30     | 0.08%             | 2028-03-24      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| CoreWeave Inc.                                                           | CoreWeave Incorporated 9.25%, Due 06/01/2030                               | CUSIP: 21873SAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $102233.33    | 0.17%             | 2030-06-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Wayfair LLC                                                              | Wayfair, LLC 7.25%, Due 10/31/2029                                         | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70031.36     | 0.12%             | 2029-10-31      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| CVR Partners, LP and CVR Nitrogen Finance Corporation                    | CVR Partners LP 6.125%, Due 06/15/2028                                     | CUSIP: 12663QAC9<br>LEI: 529900LE0OS06MYQRP11 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74905.28     | 0.12%             | 2028-06-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Federal Home Loan Mortgage Corporation Series 2021-MN1                     | CUSIP: 35563FAA9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGA              | US        |     14694 | PA      | $14626.32     | 0.02%             | 2051-01-25      | Floating      | 6.31%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                     | JP Morgan Chase & Company 3.509%, Due 1/23/2019                            | CUSIP: 46647PAM8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78363.43     | 0.13%             | 2029-01-23      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                   | Sempra Energy 6.400%, Due 10/01/2054                                       | CUSIP: 816851BT5<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94932.67     | 0.16%             | 2054-10-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST 2024-3AL                                                  | ACHV ABS Trust Series 2024-3AL, Class D                                    | CUSIP: 00092KAD6<br>LEI: 549300V82ZKZDTAU0A46 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100625.97    | 0.17%             | 2031-12-26      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Federal Home Loan Mortgage Corporation Series 4613 Class AF                | CUSIP: 3137BRZK4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    192443 | PA      | $190924.01    | 0.32%             | 2037-11-15      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Victorias Secret and Co                                                  | Victoria's Secret & Company 4.625%, Due 07/15/2029                         | CUSIP: 926400AA0<br>LEI: 5493006T3O70U3UWVF17 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46658.57     | 0.08%             | 2029-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| POINT SECURITIZATION TRUST 2025-1                                        | Point Securitization Trust Series 2025-1, Class A1                         | CUSIP: 73072DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     99697 | PA      | $99442.51     | 0.16%             | 2055-06-25      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Federal National Mortgage Association Series 2013-13, Class YC             | CUSIP: 3136ACC33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    130027 | PA      | $116554.44    | 0.19%             | 2043-01-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Ellucian Holdings Inc.                                                   | Ellucian Holdings Incorporated 6.50%, Due 12/01/2029                       | CUSIP: 289178AA3<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102269.40    | 0.17%             | 2029-12-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| KeyCorp                                                                  | Keycorp Bank 4.789%, Due 06/01/2033                                        | CUSIP: 49326EEN9<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97486.42     | 0.16%             | 2033-06-01      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association Series 2021-116, Class CV         | CUSIP: 38382WWC7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    143620 | PA      | $79057.39     | 0.13%             | 2051-07-20      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| PROGRESS RES TR 2021-SFR5                                                | Progress Residential Trust Series 21-SFR5 Class E                          | CUSIP: 74333FAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    335000 | PA      | $324389.41    | 0.54%             | 2038-07-17      | Fixed         | 2.21%                 | Yes           |                  2 | On Loan: No      |
| LOANPAL SOLAR LOAN 2020-2 LLC                                            | Loanpal Solar Loan Ltd. Series 2020-2GF, Class B                           | CUSIP: 53948KAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    283304 | PA      | $225267.40    | 0.37%             | 2047-07-20      | Fixed         | 3.86%                 | Yes           |                  2 | On Loan: No      |
| U.S. Treasury Security Stripped Interest Security                        | U. S. Treasury Strips 0.000%, Due 08/15/2034                               | CUSIP: 9128334Y3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    150000 | PA      | $101086.19    | 0.17%             | 2034-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Federal National Mortgage Association Series 2012-42, Class PY             | CUSIP: 3136A5GP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $85538.39     | 0.14%             | 2041-11-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AMCR ABS TRUST 2023-1                                                    | AMCR ABS Trust Series 2023-1A, Class B                                     | CUSIP: 00178CAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     86884 | PA      | $87774.77     | 0.14%             | 2031-01-21      | Fixed         | 8.70%                 | Yes           |                  2 | On Loan: No      |
| BAMLL Commercial Mortgage Securities Trust 2016-Ashf                     | Banc of America Merrill Lynch Large Loan Inc. Series 2016-SS1, Class A     | CUSIP: 05525JAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    223621 | PA      | $210358.42    | 0.35%             | 2035-12-15      | Fixed         | 3.67%                 | Yes           |                  2 | On Loan: No      |
| AMCR ABS TRUST 2024-A                                                    | AMCR ABS Trust Series 2024-A Class A                                       | CUSIP: 00178EAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    102204 | PA      | $102532.26    | 0.17%             | 2031-08-18      | Fixed         | 6.26%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT TRUST 2024-1                                              | Pagaya AI Debt Selection Trust Series 2024-1, Class C                      | CUSIP: 69548AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     74756 | PA      | $75774.07     | 0.13%             | 2031-07-15      | Fixed         | 8.34%                 | Yes           |                  2 | On Loan: No      |
| OPORTUN ISSUANCE TRUST 2021-C                                            | Oportun Funding LLC Series 2021-C, Class C                                 | CUSIP: 68377WAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     86293 | PA      | $84800.67     | 0.14%             | 2031-10-08      | Fixed         | 3.61%                 | Yes           |                  2 | On Loan: No      |
| OPORTUN FUNDING TR 2024-3                                                | Opportun Funding, LLC Series 2024-3, Class C                               | CUSIP: 68377NAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    125000 | PA      | $125598.81    | 0.21%             | 2029-08-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| American Honda Finance Corporation                                       | American Honda Finance 4.45%, Due 10/22/2027                               | CUSIP: 02665WFT3<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100294.51    | 0.17%             | 2027-10-22      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| FINBE 2025-1A B                                                          | FinBe Series 2025-1A, Class B                                              | CUSIP: 317967AB3<br>LEI: 4469000001BR51E83192 | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $50209.87     | 0.08%             | 2030-12-16      | Fixed         | 6.60%                 | Yes           |                  2 | On Loan: No      |
| United Parcel Service, Inc.                                              | United Parcel Service Incorporated 5.25%, Due 05/14/2035                   | CUSIP: 911312CJ3<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25494.62     | 0.04%             | 2035-05-14      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| CubeSmart LP                                                             | CubeSmart, L.P. 2.25%, Due 12/15/2028                                      | CUSIP: 22966RAH9<br>LEI: 549300MPHKO3I3FJRA97 | Long             | DBT              | CORP              | US        |     70000 | PA      | $65214.98     | 0.11%             | 2028-12-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| MULTIFAMILY CONNECTICUT AVENUE SECURITIES TRUST 2025-01                  | Multifamily Connecticut Avenue Series 2025-1, Class M1                     | CUSIP: 62549CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    199986 | PA      | $200077.33    | 0.33%             | 2055-05-25      | Floating      | 6.71%                 | Yes           |                  2 | On Loan: No      |
| REDWOOD FUNDING TRUST 2025-2                                             | Redwood Funding Trust Series 2025-2, Class A                               | CUSIP: 75806EAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     96051 | PA      | $95964.53     | 0.16%             | 2055-05-27      | Fixed         | 7.11%                 | Yes           |                  2 | On Loan: No      |
| Northwestern Mutual Global Funding                                       | Northwestern Mutual Global 4.96%, Due 01/13/2030                           | CUSIP: 66815L2U2<br>LEI: 635400LZXFVELZDVP257 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102105.74    | 0.17%             | 2030-01-13      | Fixed         | 4.96%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Federal National Mortgage Association Pool MA0633                          | CUSIP: 31417YV38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    250214 | PA      | $249625.91    | 0.41%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ACHV 2023-1PL D MTGE 144A                                                | ACHV ABS Trust Series 2024-1PL, Class D                                    | CUSIP: 00092BAD6<br>LEI: 549300V82ZKZDTAU0A46 | Long             | ABS-O            | CORP              | US        |    109986 | PA      | $111271.16    | 0.18%             | 2031-04-25      | Fixed         | 7.29%                 | Yes           |                  2 | On Loan: No      |
| Bxmt 2020-Fl2 Ltd.                                                       | BXMT Ltd. Series 2020-FL2, Class D                                         | CUSIP: 12434LAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $96021.60     | 0.16%             | 2038-02-15      | Floating      | 6.64%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Federal National Mortgage Assocation Series 2013-56, Class GZ              | CUSIP: 3136AEZB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    515703 | PA      | $473557.26    | 0.78%             | 2041-08-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Crane NXT Co                                                             | Crane NXT Company 4.20%, Due 03/15/2048                                    | CUSIP: 224399AT2<br>LEI: 549300EXNPSXEWUD3N21 | Long             | DBT              | CORP              | US        |     75000 | PA      | $45263.83     | 0.07%             | 2048-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL TST 2020-SFR3                                       | Progress Residential Trust Series 2021-SFR4, Class E2                      | CUSIP: 74333EAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $98090.60     | 0.16%             | 2038-05-17      | Fixed         | 2.56%                 | Yes           |                  2 | On Loan: No      |
| XPLR Infrastructure Operating Partners LP                                | NextEra Energy Operating Partners LP 7.25% Due 1/15/2029                   | CUSIP: 65342QAM4<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76884.91     | 0.13%             | 2029-01-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: —       |
| PNC Financial Services Group Inc.                                        | PNC Financial Services 6.037%, Due 10/28/2033                              | CUSIP: 693475BJ3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     75000 | PA      | $79758.58     | 0.13%             | 2033-10-28      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Textron Financial Corporation                                            | Textron Financial Corporation Floater, Due 02/15/2042                      | CUSIP: 883199AR2<br>LEI: 4E8B2CNXPE5P5AY03O18 | Long             | DBT              | CORP              | US        |     60000 | PA      | $53976.22     | 0.09%             | 2042-02-15      | Floating      | 6.32%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association Pool G2 DJ1126                    | CUSIP: 3618KMHB4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    999230 | PA      | $1025113.51   | 1.69%             | 2065-04-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CFMT 2022-Ab2 LLC                                                        | Cascade Funding Mortgage Trust Series 2022-AB2, Class M3                   | CUSIP: 12530JAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    267338 | PA      | $244214.39    | 0.40%             | 2052-02-25      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Turning Point Brands Inc                                                 | Turning Point Brands Incorporated 7.625%, Due 03/15/2032                   | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104696.40    | 0.17%             | 2032-03-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                   | Federal Home Loan Mortgage Corporation Series 4736 Class CL                | CUSIP: 3137FCHG2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    322000 | PA      | $278047.45    | 0.46%             | 2047-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KAPITUS ASSET SECURITIZATION IV LLC                                      | Kapitus Asset Securitization LLC Series 2024-1A, Class 2C                  | CUSIP: 48555MAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $99776.08     | 0.16%             | 2031-09-10      | Fixed         | 7.15%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                | Goldman Sachs Group Inc 1.992%, Due 01/27/2032                             | CUSIP: 38141GXR0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     40000 | PA      | $34646.22     | 0.06%             | 2032-01-27      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| Constellation Insurance Inc.                                             | Constellation Insurance Incorporated 6.625%, Due 05/01/2031                | CUSIP: 67740QAG1<br>LEI: 549300K609B872PZT291 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96734.43     | 0.16%             | 2031-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| U.S. Treasury Security Stripped Interest Security                        | U.S. Treasury STRIPS 0.000%, Due 08/15/2041                                | CUSIP: 912834KP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $90896.71     | 0.15%             | 2041-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Vistajet Malta Finance Plc/Vista Management Holding Inc.                 | Vistajet Malta / VM Holdings 9.50%, Due 06/01/2028                         | CUSIP: 92841HAA0<br>LEI: 5299001UK94VGT0CPQ36 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71945.48     | 0.12%             | 2028-06-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: —       |
| Nyt Mortgage Trust                                                       | NYT Mortgage Trust Series 2019-NYT, Class D                                | CUSIP: 62954PAL4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $140058.59    | 0.23%             | 2035-12-15      | Floating      | 6.61%                 | Yes           |                  2 | On Loan: No      |
| Viking Baked Goods Acquisition Corp                                      | Viking Baked Goods Acquisition Corporation 8.625%, Due 11/01/2031          | CUSIP: 92676AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $107774.56    | 0.18%             | 2031-11-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| BAMLL COMMERCIAL MORTGAGE SECURITIES TRUST                               | Banc of America Merrill Lynch Commercial Mortgage Series 2020-BOC, Class A | CUSIP: 05551JAA8<br>LEI: 549300MWBLMUUG6B8094 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $87438.48     | 0.14%             | 2032-01-15      | Fixed         | 2.63%                 | Yes           |                  2 | On Loan: No      |
| SOFI PROFESSIONAL LOAN PROGRAM TRUST                                     | Social Professional Loan Program Series 2019-B, Class BFX                  | CUSIP: 83404WAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $368406.24    | 0.61%             | 2048-08-17      | Fixed         | 3.73%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Federal National Mortgage Association Series 2024-20, Class ZQ             | CUSIP: 3136BRX77<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    419077 | PA      | $366843.27    | 0.61%             | 2045-10-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BlueLinx Holdings Inc.                                                   | Bluelinx Holding Incorporated 6.0%, Due 11/15/2029                         | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48079.97     | 0.08%             | 2029-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Federal Home Loan Mortgage Corp Series 5038 Class QP                       | CUSIP: 3137FXPA0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    331896 | PA      | $228610.98    | 0.38%             | 2050-10-25      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                                            | Freedom Mortgage Holdings 9.125%, Due 05/15/2031                           | CUSIP: 35641AAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $103078.23    | 0.17%             | 2031-05-15      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Federal Home Loan Mortgage Corporation Series 5013 Class MC                | CUSIP: 3137FW4D9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    197410 | PA      | $157083.79    | 0.26%             | 2050-09-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Mohegan Escrow Issuer LLC                                                | Mohegan Tribal Gaming Authority / MS Digital 8.25%, Due 04/15/2030         | CUSIP: 60832QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $61932.48     | 0.10%             | 2030-04-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                      | State Street Navigator Securities Lending Portfolio I                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |   1312792 | NS      | $1312792.50   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association Series 2021-29, Class AG          | CUSIP: 38382NZ83<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    590176 | PA      | $586391.61    | 0.97%             | 2051-02-20      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Energy Transfer LP                                                       | Energy Transfer LP 3.75%, Due 05/15/2030                                   | CUSIP: 29278NAQ6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     60000 | PA      | $57567.51     | 0.10%             | 2030-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: —       |
| Hero Fdg 2016-3                                                          | Hero Funding Trust Series 2016-3A Class A1                                 | CUSIP: 42770XAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    161202 | PA      | $146769.66    | 0.24%             | 2042-09-20      | Fixed         | 3.08%                 | Yes           |                  2 | On Loan: No      |
| Angi Group Llc                                                           | Angi Group LLC 3.875%, Due 08/15/2028                                      | CUSIP: 001846AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $69925.16     | 0.12%             | 2028-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association Series 2019-136, Class P          | CUSIP: 38382A5Y7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    325076 | PA      | $268465.59    | 0.44%             | 2045-10-20      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association Series 2013-165, Class LB         | CUSIP: 38378YRQ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    235000 | PA      | $204383.35    | 0.34%             | 2043-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-29

**Name of Applicant:** Diamond Hill Funds

**Signature:** Julie Roach

**Name of Signer:** Julie Roach

**Title:** Treasurer