# EDGAR Filing Document

**Accession Number:** 0000918571
**File Stem:** 0001410368-25-028919
**Filing Date:** 2025-11
**Character Count:** 387536
**Document Hash:** c6f26cbf1c4d1f5ff010550995aa8c5e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-028919.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001410368-25-028919

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS VARIABLE INSURANCE TRUST
- **CENTRAL INDEX KEY:** 0000918571

**ORGANIZATION NAME:**
- **EIN:** 043226600
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08326
- **FILM NUMBER:** 251509804

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 18006372929

**MAIL ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

## Series and Classes Contracts Data

### MFS Total Return Bond Series (Series ID: S000002666)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000007302 | Initial Class |  |
| C000007303 | Service Class |  |

## Nport-Ex

VFB-Q3

![](imgdcbbfd911.gif)

**Quarterly Report**

September 30, 2025

MFS<sup>®</sup> Total Return Bond Series

![](img13da3f0a2.gif)

MFS<sup>®</sup> Variable Insurance Trust

------

**Portfolio of Investments**

9/30/25 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 98.8%  | Bonds – 98.8%  | Bonds – 98.8%  |
| Aerospace & Defense – 1.3% | Aerospace & Defense – 1.3% | Aerospace & Defense – 1.3% |
| Boeing Co., 2.196%, 2/04/2026  | $6236000 | &nbsp;&nbsp;&nbsp; $6188771 |
| Boeing Co., 5.15%, 5/01/2030  | 1704000 | &nbsp;&nbsp;&nbsp; 1748569 |
| Boeing Co., 6.528%, 5/01/2034  | 4067000 | &nbsp;&nbsp;&nbsp; 4495931 |
| Boeing Co., 5.705%, 5/01/2040  | 1595000 | &nbsp;&nbsp;&nbsp; 1627509 |
| TransDigm, Inc., 4.625%, 1/15/2029  | 5158000 | &nbsp;&nbsp;&nbsp; 5054700 |
|  |  | &nbsp;&nbsp;&nbsp; $19115480 |
| Asset-Backed & Securitized – 20.6% | Asset-Backed & Securitized – 20.6% | Asset-Backed & Securitized – 20.6% |
| ACREC 2021-FL1 Ltd., "C", FLR, 6.4% ((SOFR - 1mo. + 0.11448%) + 2.15%), 10/16/2036 (n) | $2546000 | &nbsp;&nbsp;&nbsp; $2548218 |
| ACREC 2021-FL1 Ltd., "D", FLR, 6.9% ((SOFR - 1mo. + 0.11448%) + 2.65%), 10/16/2036 (n) | 3070500 | &nbsp;&nbsp;&nbsp; 3058294 |
| ACREC 2025-FL3 LLC, "AS", FLR, 5.775% (SOFR - 1mo. + 1.64%), 8/18/2042 (n) | 3857000 | &nbsp;&nbsp;&nbsp; 3844762 |
| Affirm, Inc., 5.08%, 4/15/2030 (n) | 633569 | &nbsp;&nbsp;&nbsp; 634892 |
| American Credit Acceptance Receivables Trust, 2024-2, "B", 6.1%, 12/13/2027 (n) | 1983479 | &nbsp;&nbsp;&nbsp; 1984821 |
| AmeriCredit Automobile Receivables Trust, 2024-1, "A2-A", 5.75%, 2/18/2028  | 495911 | &nbsp;&nbsp;&nbsp; 496566 |
| Angel Oak Mortgage Trust, 2024-10, "A1", 5.348%, 10/25/2069 (n) | 4475110 | &nbsp;&nbsp;&nbsp; 4496550 |
| Angel Oak Mortgage Trust, 2024-12, "A1", 5.653%, 10/25/2069 (n) | 4028241 | &nbsp;&nbsp;&nbsp; 4063967 |
| Angel Oak Mortgage Trust, 2024-9, "A1", 5.138%, 9/25/2069 (n) | 2534050 | &nbsp;&nbsp;&nbsp; 2533241 |
| Arbor Realty Trust, Inc., CLO, 2021-FL3, "C", FLR, 6.114% ((SOFR - 1mo. + 0.11448%) + 1.85%), 8/15/2034 (n) | 1740000 | &nbsp;&nbsp;&nbsp; 1734086 |
| Arbor Realty Trust, Inc., CLO, 2021-FL3, "D", FLR, 6.464% ((SOFR - 1mo. + 0.11448%) + 2.2%), 8/15/2034 (n) | 964500 | &nbsp;&nbsp;&nbsp; 962954 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "C", FLR, 6.564% ((SOFR - 1mo. + 0.11448%) + 2.3%), 11/15/2036 (n) | 3443500 | &nbsp;&nbsp;&nbsp; 3444375 |
| Arbor Realty Trust, Inc., CLO, 2022-FL1, "D", FLR, 7.372% (SOFR - 30 day + 3%), 1/15/2037 (n) | 9290000 | &nbsp;&nbsp;&nbsp; 9267955 |
| ARDN Mortgage Trust, 2025-ARCP, "B", FLR, 6.15% (SOFR - 1mo. + 2%), 6/15/2035 (n) | 4931651 | &nbsp;&nbsp;&nbsp; 4930581 |
| AREIT 2022-CRE6 Trust, "B", FLR, 6.236% (SOFR - 30 day + 1.85%), 1/20/2037 (n) | 1126000 | &nbsp;&nbsp;&nbsp; 1120424 |
| AREIT 2022-CRE6 Trust, "C", FLR, 6.536% (SOFR - 30 day + 2.15%), 1/20/2037 (n) | 2322000 | &nbsp;&nbsp;&nbsp; 2292976 |
| AREIT 2022-CRE6 Trust, "D", FLR, 7.236% (SOFR - 30 day + 2.85%), 1/20/2037 (n) | 987000 | &nbsp;&nbsp;&nbsp; 964792 |
| AREIT 2025-CRE10 Ltd., "AS", FLR, 5.684% (SOFR - 1mo. + 1.5421%), 1/17/2030 (n) | 4001064 | &nbsp;&nbsp;&nbsp; 3996067 |
| ARI Fleet Lease Trust, 2023-B, "A2", 6.05%, 7/15/2032 (n) | 370267 | &nbsp;&nbsp;&nbsp; 373409 |
| Bank5, 2025-5YR17, "A3", 5.225%, 11/15/2058 (w) | 3352568 | &nbsp;&nbsp;&nbsp; 3458395 |
| Bayview Commercial Asset Trust, 0%, 12/25/2036 (i)(n) | 43479 | &nbsp;&nbsp;&nbsp; 4 |
| Bayview Financial Revolving Mortgage Loan Trust, FLR, 5.88% ((SOFR - 1mo. + 0.11448%) + 1.6%), 12/28/2040 (n) | 11812 | &nbsp;&nbsp;&nbsp; 25444 |
| BBCMS Mortgage Trust, 2019-C5, "A4", 3.063%, 11/15/2052  | 2755000 | &nbsp;&nbsp;&nbsp; 2618597 |
| BDS 2024-FL13 Ltd., "A", FLR, 5.709% (SOFR - 1mo. + 1.5762%), 9/19/2039 (n) | 1224500 | &nbsp;&nbsp;&nbsp; 1227288 |
| BDS 2025-FL14 Ltd., "B", FLR, 5.826% (SOFR - 1mo. + 1.6926%), 10/21/2042 (n) | 2443148 | &nbsp;&nbsp;&nbsp; 2413346 |
| Benchmark 2023-V3 Mortgage Trust, "A3", 6.363%, 7/15/2056  | 991415 | &nbsp;&nbsp;&nbsp; 1039324 |
| Black Diamond CLO Ltd., 2019-2A, "A2R", FLR, 6.518% (SOFR - 3mo. + 2.2%), 7/23/2032 (n) | 4661659 | &nbsp;&nbsp;&nbsp; 4664652 |
| Black Diamond CLO Ltd., 2021-1A, "A2R", FLR, 6.168% (SOFR - 3mo. + 1.85%), 11/22/2034 (n) | 5375000 | &nbsp;&nbsp;&nbsp; 5380434 |
| Brazos Securitization LLC, 5.413%, 9/01/2050 (n) | 3427000 | &nbsp;&nbsp;&nbsp; 3311085 |
| BSPDF 2021-FL1 Issuer Ltd., "B", FLR, 6.064% ((SOFR - 1mo. + 0.11448%) + 1.8%), 10/15/2036 (n) | 476729 | &nbsp;&nbsp;&nbsp; 475662 |
| BSPRT 2021-FL6 Issuer Ltd., "B", FLR, 5.864% ((SOFR - 1mo. + 0.11448%) + 1.6%), 3/15/2036 (n) | 3669500 | &nbsp;&nbsp;&nbsp; 3668043 |
| BSPRT 2021-FL6 Issuer Ltd., "C", FLR, 6.314% ((SOFR - 1mo. + 0.11448%) + 2.05%), 3/15/2036 (n) | 1288000 | &nbsp;&nbsp;&nbsp; 1286861 |
| BSPRT 2021-FL7 Issuer Ltd., "C", FLR, 6.564% ((SOFR - 1mo. + 0.11448%) + 2.3%), 12/15/2038 (n) | 836500 | &nbsp;&nbsp;&nbsp; 831356 |
| BSPRT 2021-FL7 Issuer Ltd., "D", FLR, 7.014% ((SOFR - 1mo. + 0.11448%) + 2.75%), 12/15/2038 (n) | 952500 | &nbsp;&nbsp;&nbsp; 940377 |
| Business Jet Securities LLC, 2024-1A, "A", 6.197%, 5/15/2039 (n) | 818200 | &nbsp;&nbsp;&nbsp; 838279 |
| Business Jet Securities LLC, 2024-1A, "B", 6.924%, 5/15/2039 (n) | 115317 | &nbsp;&nbsp;&nbsp; 118527 |
| BX Trust, 2025-BCAT, "B", FLR, 5.7% (SOFR - 1mo. + 1.55%), 8/15/2042 (n) | 1503549 | &nbsp;&nbsp;&nbsp; 1504489 |
| BXMT 2020-FL2 Ltd., "B", FLR, 5.907% ((SOFR - 1mo. + 0.11448%) + 1.4%), 2/15/2038 (n) | 1731000 | &nbsp;&nbsp;&nbsp; 1722392 |
| Cantor Commercial Real Estate, 2019-CF2, "A5", 2.874%, 11/15/2052  | 6645635 | &nbsp;&nbsp;&nbsp; 6247246 |
| CarMax Select Receivables Trust, 2025-B, "A2", 4.19%, 3/15/2029  | 1798000 | &nbsp;&nbsp;&nbsp; 1798787 |
| Chesapeake Funding II LLC, 2023-1A, "A1", 5.65%, 5/15/2035 (n) | 451557 | &nbsp;&nbsp;&nbsp; 454330 |
| Citigroup Commercial Mortgage Trust, 2016-P6, "A5", 3.72%, 12/10/2049  | 1754000 | &nbsp;&nbsp;&nbsp; 1714275 |
| Colt Funding LLC, 2024-5, "A1", 5.123%, 8/25/2069 (n) | 2936509 | &nbsp;&nbsp;&nbsp; 2941044 |
| Columbia Cent CLO Ltd., 2021-31A, FLR, 6.175% (SOFR - 3mo. + 1.85%), 4/20/2034 (n) | 2457213 | &nbsp;&nbsp;&nbsp; 2441860 |
| Commercial Mortgage Pass-Through Certificates, 2023-BNK46, "A4", 5.745%, 8/15/2056  | 4656029 | &nbsp;&nbsp;&nbsp; 4944847 |
| Commercial Mortgage Pass-Through Certificates, 2023-BNK46, "AS", 6.385%, 8/15/2056  | 2699147 | &nbsp;&nbsp;&nbsp; 2894918 |
| Consumers 2023 Securitization Funding LLC, 5.55%, 3/01/2028  | 1073978 | &nbsp;&nbsp;&nbsp; 1087685 |
| Credit Acceptance Auto Loan Trust, 2023-3A, "A", 6.39%, 8/15/2033 (n) | 866179 | &nbsp;&nbsp;&nbsp; 871390 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| Deephaven Residential Mortgage Trust, 2024-1A, "A", 5.735%, 7/25/2069 (n) | $5538050 | &nbsp;&nbsp;&nbsp; $5594404 |
| Dryden Senior Loan Fund, 2020-86A, "CR2", FLR, 6.222% (SOFR - 3mo. + 1.9%), 7/17/2034 (n) | 7408185 | &nbsp;&nbsp;&nbsp; 7416727 |
| ELM Trust, 2024-ELM, "C10", 6.395%, 6/10/2039 (n) | 742347 | &nbsp;&nbsp;&nbsp; 748450 |
| ELM Trust, 2024-ELM, "C15", 6.395%, 6/10/2039 (n) | 1011934 | &nbsp;&nbsp;&nbsp; 1020221 |
| Empire District Bondco LLC, 4.943%, 1/01/2033  | 1413792 | &nbsp;&nbsp;&nbsp; 1431401 |
| Enterprise Fleet Financing 2023-3 LLC, "A2", 6.4%, 3/20/2030 (n) | 1184851 | &nbsp;&nbsp;&nbsp; 1202637 |
| Enterprise Fleet Financing 2024-4 LLC, "A2", 4.69%, 7/20/2027 (n) | 1020903 | &nbsp;&nbsp;&nbsp; 1024431 |
| Exeter Automobile Receivables Trust, 2025-1A, "A", 4.7%, 9/15/2027  | 1116904 | &nbsp;&nbsp;&nbsp; 1117585 |
| GLS Auto Select Receivables Trust, 2023-2A, 6.37%, 6/15/2028 (n) | 398740 | &nbsp;&nbsp;&nbsp; 401363 |
| GLS Auto Select Receivables Trust, 2025-2A, "A2", 4.75%, 3/15/2028 (n) | 494000 | &nbsp;&nbsp;&nbsp; 495043 |
| HarbourView CLO VII Ltd., 7RA, "B", FLR, 6.29% ((SOFR - 3mo. + 0.26161%) + 1.7%), 7/18/2031 (n) | 6541472 | &nbsp;&nbsp;&nbsp; 6542159 |
| Hyundai Auto Lease Securitization Trust, 2025-B, 4.58%, 9/15/2027 (n) | 1877000 | &nbsp;&nbsp;&nbsp; 1885464 |
| ILPT Commercial Mortgage Trust, 2025-LPF2, "A", 5.468%, 7/13/2042 (n) | 3609000 | &nbsp;&nbsp;&nbsp; 3674004 |
| JPMorgan Mortgage Trust, "A1", 5.029%, 10/25/2033  | 18351 | &nbsp;&nbsp;&nbsp; 17494 |
| KKR Static CLO Ltd., 2022-1A, "BR2", FLR, 5.775% (SOFR - 3mo. + 1.45%), 7/20/2031 (n) | 3690506 | &nbsp;&nbsp;&nbsp; 3679279 |
| LoanCore 2021-CRE5 Ltd., "AS", FLR, 6.014% ((SOFR - 1mo. + 0.11448%) + 1.75%), 7/15/2036 (n) | 5666000 | &nbsp;&nbsp;&nbsp; 5665835 |
| LoanCore 2021-CRE5 Ltd., "B", FLR, 6.264% ((SOFR - 1mo. + 0.11448%) + 2.0%), 7/15/2036 (n) | 5318000 | &nbsp;&nbsp;&nbsp; 5304678 |
| LoanCore 2021-CRE6 Ltd., "B", FLR, 6.164% ((SOFR - 1mo. + 0.11448%) + 1.9%), 11/15/2038 (n) | 9970000 | &nbsp;&nbsp;&nbsp; 9974477 |
| LoanCore 2025-CRE8 Ltd., "AS", FLR, 5.733% (SOFR - 1mo. + 1.5909%), 8/17/2042 (n) | 7367000 | &nbsp;&nbsp;&nbsp; 7364697 |
| Madison Park Funding Ltd., 2017-23A, "CR", FLR, 6.575% ((SOFR - 3mo. + 0.26161%) + 2%), 7/27/2031 (n) | 5894060 | &nbsp;&nbsp;&nbsp; 5910776 |
| Man GLG US CLO, 2018-2 Ltd., "B", FLR, 7.325% (SOFR - 3mo. + 3%), 7/20/2035 (n) | 3420864 | &nbsp;&nbsp;&nbsp; 3427695 |
| Merrill Lynch Mortgage Investors, Inc., "A", 5.968%, 5/25/2036  | 13934 | &nbsp;&nbsp;&nbsp; 13655 |
| Merrill Lynch Mortgage Investors, Inc., "A5", 5.086%, 4/25/2035  | 48495 | &nbsp;&nbsp;&nbsp; 43536 |
| MF1 2020-FL4 Ltd., "AS", FLR, 6.357% ((SOFR - 1mo. + 0.11448%) + 2.1%), 12/15/2035 (n) | 2602500 | &nbsp;&nbsp;&nbsp; 2607134 |
| MF1 2021-FL5 Ltd., "C", FLR, 5.957% ((SOFR - 1mo. + 0.11448%) + 1.7%), 7/15/2036 (n) | 2589000 | &nbsp;&nbsp;&nbsp; 2589039 |
| MF1 2022-FL8 Ltd., "C", FLR, 6.333% (SOFR - 30 day + 2.2%), 2/19/2037 (n) | 2433741 | &nbsp;&nbsp;&nbsp; 2421334 |
| MF1 2022-FL8 Ltd., "D", FLR, 6.783% (SOFR - 30 day + 2.65%), 2/19/2037 (n) | 1407473 | &nbsp;&nbsp;&nbsp; 1388831 |
| MF1 2024-FL14 LLC, "AS", FLR, 6.373% (SOFR - 1mo. + 2.24%), 3/19/2039 (n) | 3688167 | &nbsp;&nbsp;&nbsp; 3696864 |
| MF1 2024-FL15 LLC, "AS", FLR, 6.175% (SOFR - 1mo. + 2.04%), 8/18/2041 (n) | 4032000 | &nbsp;&nbsp;&nbsp; 4042077 |
| MF1 2024-FL16 LLC, "AS", FLR, 6.077% (SOFR - 1mo. + 1.942%), 11/18/2039 (n) | 4385479 | &nbsp;&nbsp;&nbsp; 4396433 |
| MF1 2025-FL17 LLC, "B", FLR, 5.927% (SOFR - 1mo. + 1.792%), 2/18/2040 (n) | 2388514 | &nbsp;&nbsp;&nbsp; 2373294 |
| MF1 2025-FL19 LLC, "A", FLR, 5.707% (SOFR - 1mo. + 1.572%), 2/18/2040 (n) | 3775488 | &nbsp;&nbsp;&nbsp; 3755395 |
| MF1 2025-FL19 LLC, "A", FLR, 5.623% (SOFR - 1mo. + 1.4881%), 5/18/2042 (n) | 3778621 | &nbsp;&nbsp;&nbsp; 3791608 |
| MF1 2025-FL20 LLC, "B", FLR, 6.085% (SOFR - 1mo. + 1.95%), 2/18/2043 (n) | 4207394 | &nbsp;&nbsp;&nbsp; 4208711 |
| Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM1, "A-1", 6.152%, 12/25/2068 (n) | 2223282 | &nbsp;&nbsp;&nbsp; 2246006 |
| MSWF Commercial Mortgage Trust, 2023-2, "A5", 6.014%, 12/15/2056  | 3231641 | &nbsp;&nbsp;&nbsp; 3496955 |
| New Residential Mortgage Loan Trust, 2025-NQM4, "A1", 0%, 7/25/2065 (n) | 7213876 | &nbsp;&nbsp;&nbsp; 7266440 |
| Northwoods Capital Ltd., 2018-14BA, "BR", FLR, 6.078% (SOFR - 3mo. + 1.85%), 11/13/2031 (n) | 3306562 | &nbsp;&nbsp;&nbsp; 3308827 |
| OBX Trust, 2024-NQM15, "A1", 5.316%, 10/25/2064 (n) | 1696271 | &nbsp;&nbsp;&nbsp; 1703774 |
| OBX Trust, 2024-NQM9, "A1", 6.03%, 1/25/2064 (n) | 2345927 | &nbsp;&nbsp;&nbsp; 2374288 |
| OBX Trust, 2025-NQM14, "A1", 5.162%, 7/25/2065 (n) | 1495302 | &nbsp;&nbsp;&nbsp; 1505356 |
| OBX Trust, 2025-NQM15, "A1", 5.143%, 7/27/2065 (n) | 1502659 | &nbsp;&nbsp;&nbsp; 1508540 |
| OBX Trust, 2025-NQM16, "A1", 4.905%, 8/25/2065 (n) | 2121223 | &nbsp;&nbsp;&nbsp; 2118262 |
| OBX Trust, 2025-NQM18, "A1", 5.057%, 9/25/2065 (n) | 1489028 | &nbsp;&nbsp;&nbsp; 1489087 |
| PFP III 2024-11 Ltd., "11A", FLR, 6.049% (SOFR - 1mo. + 1.83239%), 9/17/2039 (n) | 4278430 | &nbsp;&nbsp;&nbsp; 4284454 |
| Preferred Term Securities XIX Ltd., CDO, FLR, 4.649% ((SOFR - 3mo. + 0.26161%) + 0.35%), 12/22/2035 (n) | 85782 | &nbsp;&nbsp;&nbsp; 81922 |
| ReadyCap Commercial Mortgage Trust, 2021-FL7, "C", FLR, 6.472% ((SOFR - 1mo. + 0.11448%) + 2.2%), 11/25/2036 (n) | 1340000 | &nbsp;&nbsp;&nbsp; 1334038 |
| ReadyCap Commercial Mortgage Trust, 2021-FL7, "D", FLR, 7.222% ((SOFR - 1mo. + 0.11448%) + 2.95%), 11/25/2036 (n) | 1575000 | &nbsp;&nbsp;&nbsp; 1572176 |
| Residential Funding Mortgage Securities, Inc., FGIC, 3.47%, 12/25/2035 (d)(q) | 2975 | &nbsp;&nbsp;&nbsp; 45 |
| Rockford Tower CLO 2020-1A Ltd., "BRR", FLR, 5.875% (SOFR - 3mo. + 1.55%), 1/20/2036 (n) | 3331195 | &nbsp;&nbsp;&nbsp; 3323360 |
| Sammons Financial Group, Inc., FLR, 6.125% (SOFR - 3mo. + 1.8%), 10/21/2034 (n) | 2673048 | &nbsp;&nbsp;&nbsp; 2659910 |
| Santander Drive Auto Receivables Trust, 2025-1, 4.74%, 1/16/2029  | 2384000 | &nbsp;&nbsp;&nbsp; 2394437 |
| Starwood Commercial Mortgage, 2021-FL2, "C", FLR, 6.35% ((SOFR - 1mo. + 0.11448)% + 2.1%), 4/18/2038 (n) | 2027000 | &nbsp;&nbsp;&nbsp; 2017828 |
| Starwood Commercial Mortgage, 2022-FL3, "B", FLR, 6.322% (SOFR - 30 day + 1.95%), 11/15/2038 (n) | 1391000 | &nbsp;&nbsp;&nbsp; 1377089 |
| Starwood Commercial Mortgage, 2022-FL3, "C", FLR, 6.572% (SOFR - 30 day + 2.2%), 11/15/2038 (n) | 2632000 | &nbsp;&nbsp;&nbsp; 2605678 |
| Stellantis Finance US, Inc., 4.63%, 7/20/2027 (n) | 2826008 | &nbsp;&nbsp;&nbsp; 2838339 |
| STORE Master Funding LLC, 2014-1A, "A1", 5.69%, 5/20/2054 (n) | 432847 | &nbsp;&nbsp;&nbsp; 438452 |
| STORE Master Funding LLC, 2014-1A, "A2", 5.7%, 5/20/2054 (n) | 904210 | &nbsp;&nbsp;&nbsp; 925487 |
| UBS Commercial Mortgage Trust, 2017-C8, "A4", 3.983%, 2/15/2051  | 5865766 | &nbsp;&nbsp;&nbsp; 5801552 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| Venture CLO 43 Ltd., 2021-43A, "BR", FLR, 6.167% (SOFR - 3mo. + 1.85%), 4/15/2034 (n) | $5537477 | &nbsp;&nbsp;&nbsp; $5538773 |
| Verus Securitization Trust, 2014-1, "A1", 5.712%, 1/25/2069 (n) | 1208902 | &nbsp;&nbsp;&nbsp; 1216768 |
| Verus Securitization Trust, 2024-8, "A1", 5.364%, 10/25/2069 (n) | 1006671 | &nbsp;&nbsp;&nbsp; 1012031 |
| Voya CLO 2012-4A Ltd., "A2R3", FLR, 6.029% ((SOFR - 3mo. + 0.26161%) + 1.45%), 10/15/2030 (n) | 1957793 | &nbsp;&nbsp;&nbsp; 1958715 |
| Voya CLO 2012-4A Ltd., "BR3", FLR, 6.529% ((SOFR - 3mo. + 0.26161%) + 1.95%), 10/15/2030 (n) | 828265 | &nbsp;&nbsp;&nbsp; 828772 |
| Voya CLO 2012-4A Ltd., "C1R3", FLR, 7.879% ((SOFR - 3mo. + 0.26161%) + 3.3%), 10/15/2030 (n) | 1187823 | &nbsp;&nbsp;&nbsp; 1189466 |
| Wells Fargo Commercial Mortgage Trust, 2016-LC25, "A4", 3.64%, 12/15/2059  | 13071416 | &nbsp;&nbsp;&nbsp; 12924393 |
| Wells Fargo Commercial Mortgage Trust, 2017-C42, "A5", 3.589%, 12/15/2050  | 3970000 | &nbsp;&nbsp;&nbsp; 3896557 |
|  |  | &nbsp;&nbsp;&nbsp; $310134375 |
| Broadcasting – 0.1% | Broadcasting – 0.1% | Broadcasting – 0.1% |
| WMG Acquisition Corp., 3%, 2/15/2031 (n)  | $1568000 | &nbsp;&nbsp;&nbsp; $1452196 |
| Brokerage & Asset Managers – 1.3% | Brokerage & Asset Managers – 1.3% | Brokerage & Asset Managers – 1.3% |
| Charles Schwab Corp., 5.853% to 5/19/2033, FLR (SOFR - 1 day + 2.5%) to 5/19/2034  | $2300000 | &nbsp;&nbsp;&nbsp; $2461539 |
| Charles Schwab Corp., 6.136% to 8/24/2033, FLR (SOFR - 1 day + 2.01%) to 8/24/2034  | 2878000 | &nbsp;&nbsp;&nbsp; 3134974 |
| Charles Schwab Corp., 5% to 6/01/2027, FLR (CMT - 5yr. + 3.256%) to 6/01/2170  | 6058000 | &nbsp;&nbsp;&nbsp; 6029618 |
| LPL Holdings, Inc., 6.75%, 11/17/2028  | 1167000 | &nbsp;&nbsp;&nbsp; 1245608 |
| LPL Holdings, Inc., 4%, 3/15/2029 (n) | 4555000 | &nbsp;&nbsp;&nbsp; 4454497 |
| LPL Holdings, Inc., 6%, 5/20/2034  | 1917000 | &nbsp;&nbsp;&nbsp; 2003028 |
|  |  | &nbsp;&nbsp;&nbsp; $19329264 |
| Building – 0.6% | Building – 0.6% | Building – 0.6% |
| Quikrete Holdings, Inc., 6.375%, 3/01/2032 (n) | $5167000 | &nbsp;&nbsp;&nbsp; $5352206 |
| Vulcan Materials Co., 3.5%, 6/01/2030  | 3356000 | &nbsp;&nbsp;&nbsp; 3241881 |
|  |  | &nbsp;&nbsp;&nbsp; $8594087 |
| Business Services – 1.3% | Business Services – 1.3% | Business Services – 1.3% |
| Equinix, Inc., 2.15%, 7/15/2030  | $4789000 | &nbsp;&nbsp;&nbsp; $4321228 |
| Fiserv, Inc., 3.5%, 7/01/2029  | 2280000 | &nbsp;&nbsp;&nbsp; 2216022 |
| Fiserv, Inc., 5.6%, 3/02/2033  | 2183000 | &nbsp;&nbsp;&nbsp; 2287325 |
| Global Payments, Inc., 2.9%, 5/15/2030  | 5153000 | &nbsp;&nbsp;&nbsp; 4769062 |
| Global Payments, Inc., 2.9%, 11/15/2031  | 1508000 | &nbsp;&nbsp;&nbsp; 1352275 |
| Iron Mountain, Inc., 4.5%, 2/15/2031 (n) | 5315000 | &nbsp;&nbsp;&nbsp; 5073305 |
|  |  | &nbsp;&nbsp;&nbsp; $20019217 |
| Cable TV – 1.0% | Cable TV – 1.0% | Cable TV – 1.0% |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n) | $6587000 | &nbsp;&nbsp;&nbsp; $6220859 |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.25%, 4/01/2053  | 6586000 | &nbsp;&nbsp;&nbsp; 5503252 |
| Time Warner Cable, Inc., 4.5%, 9/15/2042  | 3558000 | &nbsp;&nbsp;&nbsp; 2858772 |
| Time Warner Entertainment Co. LP, 8.375%, 7/15/2033  | 290000 | &nbsp;&nbsp;&nbsp; 340225 |
|  |  | &nbsp;&nbsp;&nbsp; $14923108 |
| Computer Software – 0.7% | Computer Software – 0.7% | Computer Software – 0.7% |
| Dell International LLC/EMC Corp., 5.3%, 10/01/2029  | $6901000 | &nbsp;&nbsp;&nbsp; $7126004 |
| Oracle Corp., 5.2%, 9/26/2035  | 1994000 | &nbsp;&nbsp;&nbsp; 2004980 |
| Oracle Corp., 5.95%, 9/26/2055  | 1472000 | &nbsp;&nbsp;&nbsp; 1467472 |
|  |  | &nbsp;&nbsp;&nbsp; $10598456 |
| Computer Software - Systems – 0.3% | Computer Software - Systems – 0.3% | Computer Software - Systems – 0.3% |
| SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n)  | $4802000 | &nbsp;&nbsp;&nbsp; $4793705 |
| Conglomerates – 1.0% | Conglomerates – 1.0% | Conglomerates – 1.0% |
| Regal Rexnord Corp., 6.05%, 4/15/2028  | $1521000 | &nbsp;&nbsp;&nbsp; $1573371 |
| Regal Rexnord Corp., 6.3%, 2/15/2030  | 4643000 | &nbsp;&nbsp;&nbsp; 4922969 |
| Regal Rexnord Corp., 6.4%, 4/15/2033  | 3600000 | &nbsp;&nbsp;&nbsp; 3864767 |
| Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028  | 4993000 | &nbsp;&nbsp;&nbsp; 5062588 |
|  |  | &nbsp;&nbsp;&nbsp; $15423695 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Consumer Products – 0.2% | Consumer Products – 0.2% | Consumer Products – 0.2% |
| Haleon US Capital LLC, 3.625%, 3/24/2032  | $3229000 | &nbsp;&nbsp;&nbsp; $3059932 |
| Consumer Services – 0.2% | Consumer Services – 0.2% | Consumer Services – 0.2% |
| CBRE Group, Inc., 5.95%, 8/15/2034  | $2539000 | &nbsp;&nbsp;&nbsp; $2708188 |
| Electrical Equipment – 0.3% | Electrical Equipment – 0.3% | Electrical Equipment – 0.3% |
| Arrow Electronics, Inc., 2.95%, 2/15/2032  | $4838000 | &nbsp;&nbsp;&nbsp; $4317805 |
| Electronics – 0.4% | Electronics – 0.4% | Electronics – 0.4% |
| Broadcom, Inc., 3.137%, 11/15/2035 (n) | $3219000 | &nbsp;&nbsp;&nbsp; $2784968 |
| Broadcom, Inc., 4.926%, 5/15/2037 (n) | 3219000 | &nbsp;&nbsp;&nbsp; 3210367 |
|  |  | &nbsp;&nbsp;&nbsp; $5995335 |
| Energy - Independent – 0.7% | Energy - Independent – 0.7% | Energy - Independent – 0.7% |
| EQT Corp., 3.9%, 10/01/2027  | $1728000 | &nbsp;&nbsp;&nbsp; $1716901 |
| EQT Corp., 5%, 1/15/2029  | 1294000 | &nbsp;&nbsp;&nbsp; 1312065 |
| EQT Corp., 3.625%, 5/15/2031 (n) | 1506000 | &nbsp;&nbsp;&nbsp; 1408222 |
| Santos Finance Ltd., 6.875%, 9/19/2033 (n) | 3007000 | &nbsp;&nbsp;&nbsp; 3307029 |
| Tengizchevroil Finance Co. International Ltd. (Republic of Kazakhstan), 3.25%, 8/15/2030  | 3294000 | &nbsp;&nbsp;&nbsp; 3036837 |
|  |  | &nbsp;&nbsp;&nbsp; $10781054 |
| Energy - Integrated – 0.1% | Energy - Integrated – 0.1% | Energy - Integrated – 0.1% |
| Eni S.p.A., 5.5%, 5/15/2034 (n)  | $1487000 | &nbsp;&nbsp;&nbsp; $1529709 |
| Financial Institutions – 0.6% | Financial Institutions – 0.6% | Financial Institutions – 0.6% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3%, 10/29/2028  | $2329000 | &nbsp;&nbsp;&nbsp; $2244440 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.3%, 1/30/2032  | 1334000 | &nbsp;&nbsp;&nbsp; 1228472 |
| Avolon Holdings Funding Ltd., 2.125%, 2/21/2026 (n) | 2890000 | &nbsp;&nbsp;&nbsp; 2860235 |
| Avolon Holdings Funding Ltd., 4.25%, 4/15/2026 (n) | 1779000 | &nbsp;&nbsp;&nbsp; 1775830 |
| Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n) | 497000 | &nbsp;&nbsp;&nbsp; 477296 |
|  |  | &nbsp;&nbsp;&nbsp; $8586273 |
| Food & Beverages – 0.4% | Food & Beverages – 0.4% | Food & Beverages – 0.4% |
| Performance Food Group Co., 6.125%, 9/15/2032 (n) | $3726000 | &nbsp;&nbsp;&nbsp; $3816583 |
| Post Holdings, Inc., 5.5%, 12/15/2029 (n) | 1441000 | &nbsp;&nbsp;&nbsp; 1435248 |
| Post Holdings, Inc., 4.625%, 4/15/2030 (n) | 1225000 | &nbsp;&nbsp;&nbsp; 1180915 |
| Post Holdings, Inc., 4.5%, 9/15/2031 (n) | 216000 | &nbsp;&nbsp;&nbsp; 201798 |
|  |  | &nbsp;&nbsp;&nbsp; $6634544 |
| Gaming & Lodging – 0.5% | Gaming & Lodging – 0.5% | Gaming & Lodging – 0.5% |
| Hilton Domestic Operating Co., Inc., 5.875%, 3/15/2033 (n) | $3765000 | &nbsp;&nbsp;&nbsp; $3843297 |
| Marriott International, Inc., 3.5%, 10/15/2032  | 3330000 | &nbsp;&nbsp;&nbsp; 3085898 |
|  |  | &nbsp;&nbsp;&nbsp; $6929195 |
| Insurance – 0.9% | Insurance – 0.9% | Insurance – 0.9% |
| Corebridge Financial, Inc., 3.9%, 4/05/2032  | $3293000 | &nbsp;&nbsp;&nbsp; $3144157 |
| Corebridge Financial, Inc., 5.75%, 1/15/2034  | 2801000 | &nbsp;&nbsp;&nbsp; 2946296 |
| Corebridge Financial, Inc., 4.35%, 4/05/2042  | 442000 | &nbsp;&nbsp;&nbsp; 381543 |
| Corebridge Financial, Inc., 4.4%, 4/05/2052  | 1291000 | &nbsp;&nbsp;&nbsp; 1066485 |
| Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n) | 4897000 | &nbsp;&nbsp;&nbsp; 5392141 |
|  |  | &nbsp;&nbsp;&nbsp; $12930622 |
| Insurance - Health – 0.3% | Insurance - Health – 0.3% | Insurance - Health – 0.3% |
| Humana, Inc., 5.875%, 3/01/2033  | $4131000 | &nbsp;&nbsp;&nbsp; $4346239 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Insurance - Property & Casualty – 1.0% | Insurance - Property & Casualty – 1.0% | Insurance - Property & Casualty – 1.0% |
| Fairfax Financial Holdings Ltd., 4.85%, 4/17/2028  | $5692000 | &nbsp;&nbsp;&nbsp; $5764016 |
| Fairfax Financial Holdings Ltd., 3.375%, 3/03/2031  | 1060000 | &nbsp;&nbsp;&nbsp; 999874 |
| Fairfax Financial Holdings Ltd., 5.625%, 8/16/2032  | 2374000 | &nbsp;&nbsp;&nbsp; 2466927 |
| Hub International Ltd., 7.25%, 6/15/2030 (n) | 3479000 | &nbsp;&nbsp;&nbsp; 3628267 |
| Liberty Mutual Group, Inc., 3.951%, 10/15/2050 (n) | 2221000 | &nbsp;&nbsp;&nbsp; 1701037 |
|  |  | &nbsp;&nbsp;&nbsp; $14560121 |
| International Market Quasi-Sovereign – 0.1% | International Market Quasi-Sovereign – 0.1% | International Market Quasi-Sovereign – 0.1% |
| Electricite de France S.A., 6.9%, 5/23/2053 (n)  | $1704000 | &nbsp;&nbsp;&nbsp; $1901095 |
| Machinery & Tools – 0.5% | Machinery & Tools – 0.5% | Machinery & Tools – 0.5% |
| Ashtead Capital, Inc., 5.55%, 5/30/2033 (n) | $4843000 | &nbsp;&nbsp;&nbsp; $4995286 |
| Ashtead Capital, Inc., 5.8%, 4/15/2034 (n) | 1161000 | &nbsp;&nbsp;&nbsp; 1216466 |
| CNH Industrial N.V., 3.85%, 11/15/2027  | 1328000 | &nbsp;&nbsp;&nbsp; 1321352 |
|  |  | &nbsp;&nbsp;&nbsp; $7533104 |
| Major Banks – 7.7% | Major Banks – 7.7% | Major Banks – 7.7% |
| Bank of America Corp., 2.496% to 2/13/2030, FLR ((SOFR - 3mo. + 0.26161%) + 0.99%) to 2/13/2031  | $4007000 | &nbsp;&nbsp;&nbsp; $3708492 |
| Bank of America Corp., 2.572% to 10/20/2031, FLR (SOFR - 1 day + 1.21%) to 10/20/2032  | 10928000 | &nbsp;&nbsp;&nbsp; 9794350 |
| Bank of America Corp., 5.875% to 3/15/2028, FLR ((SOFR - 3mo. + 0.26161%) + 2.931%) to 9/15/2171  | 3924000 | &nbsp;&nbsp;&nbsp; 3964245 |
| Barclays PLC, 4.972% to 5/16/2028, FLR (LIBOR - 3mo. + 1.902%) to 5/16/2029  | 3191000 | &nbsp;&nbsp;&nbsp; 3238475 |
| Barclays PLC, 2.894% to 11/24/2031, FLR (CMT - 1yr. + 1.3%) to 11/24/2032  | 3776000 | &nbsp;&nbsp;&nbsp; 3403046 |
| Capital One Financial Corp., 5.817% to 2/01/2033, FLR (SOFR - 1 day + 2.6%) to 2/01/2034  | 2325000 | &nbsp;&nbsp;&nbsp; 2438245 |
| Capital One Financial Corp., 6.377% to 6/08/2033, FLR (SOFR - 1 day + 2.86%) to 6/08/2034  | 3594000 | &nbsp;&nbsp;&nbsp; 3887534 |
| Capital One Financial Corp., 6.051% to 2/01/2034, FLR (SOFR - 1 day + 2.26%) to 2/01/2035  | 2981000 | &nbsp;&nbsp;&nbsp; 3164383 |
| Citigroup, Inc., 6.875% to 8/15/2030, FLR (CMT - 5yr. + 2.89%) to 11/15/2173  | 2392000 | &nbsp;&nbsp;&nbsp; 2465092 |
| Deutsche Bank AG, 2.311% to 11/16/2026, FLR (SOFR - 1 day + 1.219%) to 11/16/2027  | 5055000 | &nbsp;&nbsp;&nbsp; 4944409 |
| Deutsche Bank AG, 6.72% to 1/18/2028, FLR (SOFR - 1 day + 3.18%) to 1/18/2029  | 5453000 | &nbsp;&nbsp;&nbsp; 5726408 |
| Discover Financial Services, 6.7%, 11/29/2032  | 7435000 | &nbsp;&nbsp;&nbsp; 8202496 |
| Goldman Sachs Group, Inc., 2.6%, 2/07/2030  | 6000000 | &nbsp;&nbsp;&nbsp; 5620071 |
| HSBC Holdings PLC, 4.7% to 9/09/2031, FLR (CMT - 1yr. + 3.25%) to 9/09/2169  | 6176000 | &nbsp;&nbsp;&nbsp; 5826401 |
| HSBC Holdings PLC, 4% to 9/09/2026, FLR (CMT - 1yr. + 3.222%) to 9/09/2170  | 2447000 | &nbsp;&nbsp;&nbsp; 2430580 |
| JPMorgan Chase & Co., 3.509% to 1/23/2028, FLR ((SOFR - 3mo. + 0.26161%) + 0.945%) to 1/23/2029  | 2290000 | &nbsp;&nbsp;&nbsp; 2259833 |
| JPMorgan Chase & Co., 4.005% to 4/23/2028, FLR ((SOFR - 3mo. + 0.26161%) + 1.12%) to 4/23/2029  | 5871000 | &nbsp;&nbsp;&nbsp; 5856313 |
| JPMorgan Chase & Co., 4.203% to 7/23/2028, FLR ((SOFR - 3mo. + 0.26161%) + 1.26%) to 7/23/2029  | 2576000 | &nbsp;&nbsp;&nbsp; 2580982 |
| JPMorgan Chase & Co., 2.956% to 5/13/2030, FLR (SOFR - 1 day + 2.515%) to 5/13/2031  | 4435000 | &nbsp;&nbsp;&nbsp; 4159470 |
| JPMorgan Chase & Co., 2.545% to 11/08/2031, FLR (SOFR - 1 day + 1.18%) to 11/08/2032  | 3363000 | &nbsp;&nbsp;&nbsp; 3016343 |
| Lloyds Bank PLC, 3.75%, 1/11/2027  | 2765000 | &nbsp;&nbsp;&nbsp; 2754237 |
| Morgan Stanley, 5.449% to 7/20/2028, FLR (SOFR - 1 day + 1.63%) to 7/20/2029  | 1239000 | &nbsp;&nbsp;&nbsp; 1280271 |
| Morgan Stanley, 2.511% to 10/20/2031, FLR (SOFR - 1 day + 1.2%) to 10/20/2032  | 6985000 | &nbsp;&nbsp;&nbsp; 6231721 |
| Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034  | 2940000 | &nbsp;&nbsp;&nbsp; 3063189 |
| NatWest Group PLC, 6.016% to 3/02/2033, FLR (CMT - 1yr. + 2.1%) to 3/02/2034  | 769000 | &nbsp;&nbsp;&nbsp; 825355 |
| Sumitomo Mitsui Financial Group, Inc., 2.13%, 7/08/2030  | 5402000 | &nbsp;&nbsp;&nbsp; 4891699 |
| UBS Group AG, 4.375% to 2/10/2031, FLR (CMT - 1yr. + 3.313%) to 8/10/2170 (n) | 7084000 | &nbsp;&nbsp;&nbsp; 6443461 |
| Wells Fargo & Co., 2.572% to 2/11/2030, FLR ((SOFR - 3mo. + 0.26161%) + 1%) to 2/11/2031  | 4514000 | &nbsp;&nbsp;&nbsp; 4194995 |
|  |  | &nbsp;&nbsp;&nbsp; $116372096 |
| Medical & Health Technology & Services – 2.0% | Medical & Health Technology & Services – 2.0% | Medical & Health Technology & Services – 2.0% |
| Adventist Health System/West, 5.43%, 3/01/2032  | $4476000 | &nbsp;&nbsp;&nbsp; $4584482 |
| Alcon Finance Corp., 2.75%, 9/23/2026 (n) | 593000 | &nbsp;&nbsp;&nbsp; 585277 |
| Alcon Finance Corp., 2.6%, 5/27/2030 (n) | 1096000 | &nbsp;&nbsp;&nbsp; 1013895 |
| Alcon Finance Corp., 5.375%, 12/06/2032 (n) | 1318000 | &nbsp;&nbsp;&nbsp; 1374284 |
| HCA, Inc., 4.125%, 6/15/2029  | 3255000 | &nbsp;&nbsp;&nbsp; 3226789 |
| HCA, Inc., 4.375%, 3/15/2042  | 3251000 | &nbsp;&nbsp;&nbsp; 2782000 |
| ICON Investments Six DAC, 6%, 5/08/2034  | 2657000 | &nbsp;&nbsp;&nbsp; 2789059 |
| Marin General Hospital, 7.242%, 8/01/2045  | 2243000 | &nbsp;&nbsp;&nbsp; 2490350 |
| Northwell Healthcare, Inc., 3.979%, 11/01/2046  | 1503000 | &nbsp;&nbsp;&nbsp; 1188504 |
| ProMedica Toledo Hospital, "B", 5.325%, 11/15/2028  | 7120000 | &nbsp;&nbsp;&nbsp; 7313114 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Medical & Health Technology & Services – continued | Medical & Health Technology & Services – continued | Medical & Health Technology & Services – continued |
| ProMedica Toledo Hospital, "B", AGM, 5.75%, 11/15/2038  | $2562000 | &nbsp;&nbsp;&nbsp; $2564672 |
|  |  | &nbsp;&nbsp;&nbsp; $29912426 |
| Medical Equipment – 0.2% | Medical Equipment – 0.2% | Medical Equipment – 0.2% |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/01/2029 (n)  | $2656000 | &nbsp;&nbsp;&nbsp; $2723475 |
| Metals & Mining – 1.4% | Metals & Mining – 1.4% | Metals & Mining – 1.4% |
| Anglo American Capital PLC, 3.875%, 3/16/2029 (n) | $3434000 | &nbsp;&nbsp;&nbsp; $3374242 |
| Anglo American Capital PLC, 2.875%, 3/17/2031 (n) | 2927000 | &nbsp;&nbsp;&nbsp; 2682952 |
| Anglo American Capital PLC, 4.75%, 3/16/2052 (n) | 4511000 | &nbsp;&nbsp;&nbsp; 3921818 |
| FMG Resources Ltd., 4.375%, 4/01/2031 (n) | 3922000 | &nbsp;&nbsp;&nbsp; 3744481 |
| Glencore Funding LLC, 2.85%, 4/27/2031 (n) | 4010000 | &nbsp;&nbsp;&nbsp; 3678118 |
| Novelis, Inc., 3.875%, 8/15/2031 (n) | 3638000 | &nbsp;&nbsp;&nbsp; 3316721 |
|  |  | &nbsp;&nbsp;&nbsp; $20718332 |
| Midstream – 2.6% | Midstream – 2.6% | Midstream – 2.6% |
| Cheniere Corpus Christi Holdings LLC, 2.742%, 12/31/2039  | $1939000 | &nbsp;&nbsp;&nbsp; $1626329 |
| Cheniere Energy Partners LP, 5.55%, 10/30/2035 (n) | 4963000 | &nbsp;&nbsp;&nbsp; 5070263 |
| Enbridge, Inc., 5.7%, 3/08/2033  | 1601000 | &nbsp;&nbsp;&nbsp; 1684824 |
| Energy Transfer LP, 5.55%, 2/15/2028  | 1261000 | &nbsp;&nbsp;&nbsp; 1298005 |
| Energy Transfer LP, 5.75%, 2/15/2033  | 3863000 | &nbsp;&nbsp;&nbsp; 4049322 |
| Kinder Morgan (Delaware), Inc., 7.75%, 1/15/2032  | 3350000 | &nbsp;&nbsp;&nbsp; 3895343 |
| Kinder Morgan Energy Partners LP, 6.375%, 3/01/2041  | 2040000 | &nbsp;&nbsp;&nbsp; 2178951 |
| MPLX LP, 4.95%, 3/14/2052  | 5874000 | &nbsp;&nbsp;&nbsp; 5010994 |
| Plains All American Pipeline LP, 3.55%, 12/15/2029  | 2839000 | &nbsp;&nbsp;&nbsp; 2741118 |
| Targa Resources Corp., 4.2%, 2/01/2033  | 930000 | &nbsp;&nbsp;&nbsp; 883597 |
| Targa Resources Corp., 6.125%, 3/15/2033  | 4345000 | &nbsp;&nbsp;&nbsp; 4620731 |
| Targa Resources Corp., 4.95%, 4/15/2052  | 1533000 | &nbsp;&nbsp;&nbsp; 1312212 |
| Venture Global Calcasieu Pass LLC, 6.25%, 1/15/2030 (n) | 4349000 | &nbsp;&nbsp;&nbsp; 4534050 |
|  |  | &nbsp;&nbsp;&nbsp; $38905739 |
| Mortgage-Backed – 16.9% | Mortgage-Backed – 16.9% |  |
| Fannie Mae, 3.5%, 3/01/2026 - 7/01/2046  | $5065489 | &nbsp;&nbsp;&nbsp; $4784320 |
| Fannie Mae, 3.95%, 1/01/2027  | 291951 | &nbsp;&nbsp;&nbsp; 291966 |
| Fannie Mae, 3%, 11/01/2028 - 8/01/2047  | 4296497 | &nbsp;&nbsp;&nbsp; 3956082 |
| Fannie Mae, 2.5%, 11/01/2031 - 11/01/2046  | 633233 | &nbsp;&nbsp;&nbsp; 556017 |
| Fannie Mae, 6.5%, 7/01/2032 - 1/01/2033  | 1355 | &nbsp;&nbsp;&nbsp; 1406 |
| Fannie Mae, 3%, 2/25/2033 (i) | 213419 | &nbsp;&nbsp;&nbsp; 14397 |
| Fannie Mae, 5.5%, 5/01/2033 - 12/01/2038  | 2371507 | &nbsp;&nbsp;&nbsp; 2456488 |
| Fannie Mae, 5%, 11/01/2033 - 3/01/2042  | 1797468 | &nbsp;&nbsp;&nbsp; 1840028 |
| Fannie Mae, 4.5%, 3/01/2034 - 6/01/2044  | 6027537 | &nbsp;&nbsp;&nbsp; 6034004 |
| Fannie Mae, 6%, 10/01/2035 - 3/01/2039  | 647797 | &nbsp;&nbsp;&nbsp; 679885 |
| Fannie Mae, 4%, 12/01/2039 - 1/01/2047  | 10466491 | &nbsp;&nbsp;&nbsp; 10190856 |
| Fannie Mae, 3.25%, 5/25/2040  | 82095 | &nbsp;&nbsp;&nbsp; 78493 |
| Fannie Mae, 2%, 4/25/2046  | 172417 | &nbsp;&nbsp;&nbsp; 160726 |
| Fannie Mae, 4%, 7/25/2046 (i) | 295664 | &nbsp;&nbsp;&nbsp; 54509 |
| Fannie Mae, 3.5%, 12/01/2046 (f) | 1111889 | &nbsp;&nbsp;&nbsp; 1042229 |
| Fannie Mae, TBA, 3.5%, 10/14/2055  | 350000 | &nbsp;&nbsp;&nbsp; 319732 |
| Fannie Mae, UMBS, 3.5%, 1/01/2027  | 4557 | &nbsp;&nbsp;&nbsp; 4532 |
| Fannie Mae, UMBS, 2.5%, 4/01/2036 - 6/01/2052  | 33061007 | &nbsp;&nbsp;&nbsp; 28416746 |
| Fannie Mae, UMBS, 2%, 1/01/2037 - 3/01/2052  | 29101678 | &nbsp;&nbsp;&nbsp; 24045780 |
| Fannie Mae, UMBS, 3%, 4/01/2037 - 8/01/2052  | 13102617 | &nbsp;&nbsp;&nbsp; 11651208 |
| Fannie Mae, UMBS, 1.5%, 2/01/2042  | 149847 | &nbsp;&nbsp;&nbsp; 126208 |
| Fannie Mae, UMBS, 6.5%, 4/01/2043 - 10/01/2053  | 543583 | &nbsp;&nbsp;&nbsp; 562918 |
| Fannie Mae, UMBS, 4.5%, 9/01/2052  | 594014 | &nbsp;&nbsp;&nbsp; 581963 |
| Fannie Mae, UMBS, 5%, 12/01/2052 - 3/01/2053  | 5255825 | &nbsp;&nbsp;&nbsp; 5236029 |
| Fannie Mae, UMBS, 6%, 12/01/2052 - 12/01/2053  | 1363824 | &nbsp;&nbsp;&nbsp; 1398653 |
| Fannie Mae, UMBS, 5.5%, 4/01/2053 - 11/01/2053  | 3517709 | &nbsp;&nbsp;&nbsp; 3554209 |
| Federal Home Loan Bank, 5%, 7/01/2035  | 502116 | &nbsp;&nbsp;&nbsp; 514160 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Mortgage-Backed – continued | Mortgage-Backed – continued |  |
| Freddie Mac, 3.3%, 10/25/2026  | $2958000 | &nbsp;&nbsp;&nbsp; $2936940 |
| Freddie Mac, 1.212%, 7/25/2029 (i) | 3931472 | &nbsp;&nbsp;&nbsp; 136601 |
| Freddie Mac, 1.26%, 8/25/2029 (i) | 6829181 | &nbsp;&nbsp;&nbsp; 256261 |
| Freddie Mac, 1.954%, 4/25/2030 (i) | 1901414 | &nbsp;&nbsp;&nbsp; 140316 |
| Freddie Mac, 5.5%, 5/01/2034 - 1/01/2038  | 113340 | &nbsp;&nbsp;&nbsp; 117305 |
| Freddie Mac, 6%, 8/01/2034 - 7/01/2038  | 35926 | &nbsp;&nbsp;&nbsp; 37570 |
| Freddie Mac, 5%, 11/01/2035 - 7/01/2041  | 573003 | &nbsp;&nbsp;&nbsp; 587963 |
| Freddie Mac, 5.5%, 2/15/2036 (i) | 50358 | &nbsp;&nbsp;&nbsp; 7842 |
| Freddie Mac, 4%, 8/01/2037 - 4/01/2044  | 993331 | &nbsp;&nbsp;&nbsp; 963663 |
| Freddie Mac, 3.5%, 11/01/2037 - 10/25/2058  | 8498004 | &nbsp;&nbsp;&nbsp; 8013730 |
| Freddie Mac, 3%, 1/01/2038 - 2/25/2059  | 7294232 | &nbsp;&nbsp;&nbsp; 6657028 |
| Freddie Mac, 4.5%, 5/01/2040 - 5/01/2042  | 1516417 | &nbsp;&nbsp;&nbsp; 1518578 |
| Freddie Mac, 4.5%, 12/15/2040 (i) | 19204 | &nbsp;&nbsp;&nbsp; 1784 |
| Freddie Mac, 4%, 8/15/2044 (i) | 47208 | &nbsp;&nbsp;&nbsp; 4078 |
| Freddie Mac, UMBS, 3%, 10/01/2037 - 6/01/2052  | 2529048 | &nbsp;&nbsp;&nbsp; 2268597 |
| Freddie Mac, UMBS, 2%, 2/01/2042 - 5/01/2052  | 26155875 | &nbsp;&nbsp;&nbsp; 21264593 |
| Freddie Mac, UMBS, 3.5%, 12/01/2046 - 6/01/2052  | 818563 | &nbsp;&nbsp;&nbsp; 757025 |
| Freddie Mac, UMBS, 2.5%, 7/01/2051 - 9/01/2052  | 8498658 | &nbsp;&nbsp;&nbsp; 7202445 |
| Freddie Mac, UMBS, 5%, 8/01/2052 - 10/01/2052  | 713383 | &nbsp;&nbsp;&nbsp; 710792 |
| Freddie Mac, UMBS, 4.5%, 10/01/2052  | 1374620 | &nbsp;&nbsp;&nbsp; 1339509 |
| Freddie Mac, UMBS, 5.5%, 4/01/2053 - 10/01/2054  | 3198471 | &nbsp;&nbsp;&nbsp; 3235584 |
| Freddie Mac, UMBS, 6%, 6/01/2054 - 2/01/2055  | 5130860 | &nbsp;&nbsp;&nbsp; 5277466 |
| Ginnie Mae, 5.5%, 5/15/2033 - 1/20/2055  | 5921937 | &nbsp;&nbsp;&nbsp; 6004397 |
| Ginnie Mae, 6%, 1/20/2036 - 1/15/2039  | 64397 | &nbsp;&nbsp;&nbsp; 67314 |
| Ginnie Mae, 4.5%, 4/15/2039 - 12/20/2052  | 10628472 | &nbsp;&nbsp;&nbsp; 10463542 |
| Ginnie Mae, 4%, 10/20/2040 - 10/20/2052  | 6929071 | &nbsp;&nbsp;&nbsp; 6591897 |
| Ginnie Mae, 3.5%, 11/15/2040 - 9/20/2053  | 4765209 | &nbsp;&nbsp;&nbsp; 4431378 |
| Ginnie Mae, 3%, 11/20/2044 - 10/20/2052  | 12417233 | &nbsp;&nbsp;&nbsp; 11175126 |
| Ginnie Mae, 2.5%, 8/20/2051 - 6/20/2052  | 13469905 | &nbsp;&nbsp;&nbsp; 11602465 |
| Ginnie Mae, 2%, 1/20/2052 - 3/20/2052  | 11322689 | &nbsp;&nbsp;&nbsp; 9360564 |
| Ginnie Mae, 5%, 1/20/2053 - 5/20/2053  | 8750491 | &nbsp;&nbsp;&nbsp; 8737617 |
| Ginnie Mae, TBA, 3.5%, 10/20/2055  | 3575000 | &nbsp;&nbsp;&nbsp; 3259027 |
| UMBS, TBA, 2%, 10/16/2040 - 10/14/2055  | 7175000 | &nbsp;&nbsp;&nbsp; 6052760 |
| UMBS, TBA, 6.5%, 10/15/2054  | 3375000 | &nbsp;&nbsp;&nbsp; 3487670 |
| UMBS, TBA, 2.5%, 10/14/2055  | 1150000 | &nbsp;&nbsp;&nbsp; 968691 |
| UMBS, TBA, 3%, 10/25/2055  | 1025000 | &nbsp;&nbsp;&nbsp; 900156 |
|  |  | &nbsp;&nbsp;&nbsp; $255091818 |
| Municipals – 1.7% | Municipals – 1.7% | Municipals – 1.7% |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), Taxable, "A-4", 7%, 6/30/2039  | $4348000 | &nbsp;&nbsp;&nbsp; $3587179 |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), Taxable, Convertible Capital Appreciation, "B-2", 0% to <br> 11/15/2029, 8% to 6/30/2044 <br>| 2286000 | &nbsp;&nbsp;&nbsp; 1307582 |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.06%, 12/01/2025  | 215000 | &nbsp;&nbsp;&nbsp; 214935 |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | 8850000 | &nbsp;&nbsp;&nbsp; 8230313 |
| Escambia County, FL, Health Facilities Authority Rev., Taxable (Baptist Health Care Corp.), "B", AGM, 3.607%, 8/15/2040  | 1295000 | &nbsp;&nbsp;&nbsp; 1061421 |
| Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), "C", 5.45%, 8/15/2028  | 3770000 | &nbsp;&nbsp;&nbsp; 3718741 |
| Philadelphia, PA, School District, Taxable, "B", AGM, 6.615%, 6/01/2030  | 3250000 | &nbsp;&nbsp;&nbsp; 3419193 |
| State of Florida, Taxable, "A", 2.154%, 7/01/2030  | 5223000 | &nbsp;&nbsp;&nbsp; 4778210 |
|  |  | &nbsp;&nbsp;&nbsp; $26317574 |
| Natural Gas - Distribution – 0.8% | Natural Gas - Distribution – 0.8% | Natural Gas - Distribution – 0.8% |
| Boston Gas Co., 3.15%, 8/01/2027 (n) | $9122000 | &nbsp;&nbsp;&nbsp; $8955273 |
| NiSource, Inc., 3.6%, 5/01/2030  | 2622000 | &nbsp;&nbsp;&nbsp; 2539030 |
|  |  | &nbsp;&nbsp;&nbsp; $11494303 |
| Natural Gas - Pipeline – 0.0% | Natural Gas - Pipeline – 0.0% | Natural Gas - Pipeline – 0.0% |
| APA Infrastructure Ltd., 5.125%, 9/16/2034 (n)  | $391000 | &nbsp;&nbsp;&nbsp; $396273 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Network & Telecom – 0.1% | Network & Telecom – 0.1% | Network & Telecom – 0.1% |
| NTT Finance Corp., 5.502%, 7/16/2035 (n)  | $1327000 | &nbsp;&nbsp;&nbsp; $1372633 |
| Oils – 0.2% | Oils – 0.2% | Oils – 0.2% |
| Marathon Petroleum Corp., 5.85%, 12/15/2045  | $2507000 | &nbsp;&nbsp;&nbsp; $2481218 |
| Other Banks & Diversified Financials – 0.9% | Other Banks & Diversified Financials – 0.9% | Other Banks & Diversified Financials – 0.9% |
| Macquarie Bank Ltd. of London, 6.125% to 3/08/2027, FLR (Swap Rate - 5yr. + 4.332%) to 12/31/2165 (n) | $4694000 | &nbsp;&nbsp;&nbsp; $4753304 |
| Macquarie Group Ltd., 4.442% to 6/21/2032, FLR (SOFR - 1 day + 2.405%) to 6/21/2033 (n) | 8978000 | &nbsp;&nbsp;&nbsp; 8827359 |
|  |  | &nbsp;&nbsp;&nbsp; $13580663 |
| Real Estate - Office – 0.7% | Real Estate - Office – 0.7% | Real Estate - Office – 0.7% |
| Boston Properties LP, REIT, 2.55%, 4/01/2032  | $7238000 | &nbsp;&nbsp;&nbsp; $6257020 |
| Boston Properties LP, REIT, 6.5%, 1/15/2034  | 1899000 | &nbsp;&nbsp;&nbsp; 2048030 |
| Boston Properties LP, REIT, 5.75%, 1/15/2035  | 2601000 | &nbsp;&nbsp;&nbsp; 2658701 |
|  |  | &nbsp;&nbsp;&nbsp; $10963751 |
| Real Estate - Retail – 0.3% | Real Estate - Retail – 0.3% | Real Estate - Retail – 0.3% |
| Brixmor Operating Partnership LP, 5.75%, 2/15/2035  | $4895000 | &nbsp;&nbsp;&nbsp; $5118236 |
| Restaurants – 0.2% | Restaurants – 0.2% | Restaurants – 0.2% |
| 1011778 B.C. ULC/New Red Finance, Inc., 6.125%, 6/15/2029 (n)  | $2656000 | &nbsp;&nbsp;&nbsp; $2715765 |
| Retailers – 0.3% | Retailers – 0.3% | Retailers – 0.3% |
| Penske Automotive Group Co., 3.75%, 6/15/2029  | $5509000 | &nbsp;&nbsp;&nbsp; $5262483 |
| Specialty Chemicals – 0.1% | Specialty Chemicals – 0.1% | Specialty Chemicals – 0.1% |
| International Flavors & Fragrances, Inc., 2.3%, 11/01/2030 (n)  | $2330000 | &nbsp;&nbsp;&nbsp; $2084801 |
| Specialty Stores – 0.2% | Specialty Stores – 0.2% | Specialty Stores – 0.2% |
| DICK'S Sporting Goods, 3.15%, 1/15/2032  | $3801000 | &nbsp;&nbsp;&nbsp; $3482062 |
| Telecommunications - Wireless – 1.2% | Telecommunications - Wireless – 1.2% | Telecommunications - Wireless – 1.2% |
| Rogers Communications, Inc., 4.5%, 3/15/2042  | $6129000 | &nbsp;&nbsp;&nbsp; $5335867 |
| Rogers Communications, Inc., 4.55%, 3/15/2052  | 6129000 | &nbsp;&nbsp;&nbsp; 5080509 |
| SBA Communications Corp., 3.125%, 2/01/2029  | 4025000 | &nbsp;&nbsp;&nbsp; 3764630 |
| T-Mobile USA, Inc., 2.55%, 2/15/2031  | 1939000 | &nbsp;&nbsp;&nbsp; 1761816 |
| T-Mobile USA, Inc., 4.375%, 4/15/2040  | 635000 | &nbsp;&nbsp;&nbsp; 573366 |
| Vodafone Group PLC, 5.625%, 2/10/2053  | 1337000 | &nbsp;&nbsp;&nbsp; 1301359 |
|  |  | &nbsp;&nbsp;&nbsp; $17817547 |
| Tobacco – 1.2% | Tobacco – 1.2% | Tobacco – 1.2% |
| B.A.T. Capital Corp., 4.742%, 3/16/2032  | $5611000 | &nbsp;&nbsp;&nbsp; $5641038 |
| B.A.T. International Finance PLC, 4.448%, 3/16/2028  | 4936000 | &nbsp;&nbsp;&nbsp; 4965767 |
| Philip Morris International, Inc., 5.125%, 11/17/2027  | 2140000 | &nbsp;&nbsp;&nbsp; 2186404 |
| Philip Morris International, Inc., 5.625%, 11/17/2029  | 922000 | &nbsp;&nbsp;&nbsp; 970148 |
| Philip Morris International, Inc., 5.125%, 2/15/2030  | 3757000 | &nbsp;&nbsp;&nbsp; 3882617 |
|  |  | &nbsp;&nbsp;&nbsp; $17645974 |
| Transportation - Services – 0.8% | Transportation - Services – 0.8% | Transportation - Services – 0.8% |
| ERAC USA Finance LLC, 7%, 10/15/2037 (n) | $1983000 | &nbsp;&nbsp;&nbsp; $2313262 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2026 (n) | 2145000 | &nbsp;&nbsp;&nbsp; 2094505 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2029 (n) | 6221000 | &nbsp;&nbsp;&nbsp; 4816398 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2031 (n) | 2145000 | &nbsp;&nbsp;&nbsp; 1481587 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 3078114 | &nbsp;&nbsp;&nbsp; 1043173 |
|  |  | &nbsp;&nbsp;&nbsp; $11748925 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| U.S. Government Agencies and Equivalents – 0.5% | U.S. Government Agencies and Equivalents – 0.5% | U.S. Government Agencies and Equivalents – 0.5% |
| Small Business Administration, 4.43%, 5/01/2029  | $41305 | &nbsp;&nbsp;&nbsp; $41389 |
| Small Business Administration, 3.21%, 9/01/2030  | 754014 | &nbsp;&nbsp;&nbsp; 733683 |
| Small Business Administration, 3.25%, 11/01/2030  | 87870 | &nbsp;&nbsp;&nbsp; 85923 |
| Small Business Administration, 2.85%, 9/01/2031  | 172763 | &nbsp;&nbsp;&nbsp; 165471 |
| Small Business Administration, 2.37%, 8/01/2032  | 126624 | &nbsp;&nbsp;&nbsp; 119977 |
| Small Business Administration, 2.13%, 1/01/2033  | 676840 | &nbsp;&nbsp;&nbsp; 634161 |
| Small Business Administration, 2.21%, 2/01/2033  | 162769 | &nbsp;&nbsp;&nbsp; 152882 |
| Small Business Administration, 2.22%, 3/01/2033  | 518306 | &nbsp;&nbsp;&nbsp; 485402 |
| Small Business Administration, 2.08%, 4/01/2033  | 1056429 | &nbsp;&nbsp;&nbsp; 983537 |
| Small Business Administration, 2.45%, 6/01/2033  | 1019728 | &nbsp;&nbsp;&nbsp; 961452 |
| Small Business Administration, 3.15%, 7/01/2033  | 1362210 | &nbsp;&nbsp;&nbsp; 1313129 |
| Small Business Administration, 3.16%, 8/01/2033  | 1526440 | &nbsp;&nbsp;&nbsp; 1465596 |
| Small Business Administration, 3.62%, 9/01/2033  | 1078619 | &nbsp;&nbsp;&nbsp; 1054764 |
|  |  | &nbsp;&nbsp;&nbsp; $8197366 |
| U.S. Treasury Obligations – 23.0% | U.S. Treasury Obligations – 23.0% | U.S. Treasury Obligations – 23.0% |
| U.S. Treasury Bonds, 1.375%, 11/15/2040 (f) | $30300000 | &nbsp;&nbsp;&nbsp; $19768383 |
| U.S. Treasury Bonds, 1.75%, 8/15/2041  | 9700000 | &nbsp;&nbsp;&nbsp; 6581602 |
| U.S. Treasury Bonds, 2.375%, 2/15/2042  | 12900000 | &nbsp;&nbsp;&nbsp; 9559102 |
| U.S. Treasury Bonds, 4%, 11/15/2042  | 17580000 | &nbsp;&nbsp;&nbsp; 16253259 |
| U.S. Treasury Bonds, 4.375%, 8/15/2043  | 9600000 | &nbsp;&nbsp;&nbsp; 9264750 |
| U.S. Treasury Bonds, 4.75%, 11/15/2043  | 30400000 | &nbsp;&nbsp;&nbsp; 30723000 |
| U.S. Treasury Bonds, 4.5%, 2/15/2044  | 40900000 | &nbsp;&nbsp;&nbsp; 40003715 |
| U.S. Treasury Bonds, 4.25%, 2/15/2054  | 14500000 | &nbsp;&nbsp;&nbsp; 13384180 |
| U.S. Treasury Bonds, 4.5%, 11/15/2054  | 5900000 | &nbsp;&nbsp;&nbsp; 5680824 |
| U.S. Treasury Notes, 4.125%, 2/15/2027  | 46800000 | &nbsp;&nbsp;&nbsp; 47070562 |
| U.S. Treasury Notes, 2.5%, 3/31/2027  | 17600000 | &nbsp;&nbsp;&nbsp; 17303000 |
| U.S. Treasury Notes, 3.875%, 12/31/2027  | 11000000 | &nbsp;&nbsp;&nbsp; 11060586 |
| U.S. Treasury Notes, 4.125%, 7/31/2028  | 70400000 | &nbsp;&nbsp;&nbsp; 71335000 |
| U.S. Treasury Notes, 4.25%, 6/30/2029  | 11500000 | &nbsp;&nbsp;&nbsp; 11728652 |
| U.S. Treasury Notes, 4%, 3/31/2030  | 20000000 | &nbsp;&nbsp;&nbsp; 20228906 |
| U.S. Treasury Notes, 4.25%, 11/15/2034  | 16750000 | &nbsp;&nbsp;&nbsp; 16939092 |
|  |  | &nbsp;&nbsp;&nbsp; $346884613 |
| Utilities - Electric Power – 1.4% | Utilities - Electric Power – 1.4% | Utilities - Electric Power – 1.4% |
| American Electric Power Co., Inc., 5.95%, 11/01/2032  | $2985000 | &nbsp;&nbsp;&nbsp; $3200108 |
| Calpine Corp., 3.75%, 3/01/2031 (n) | 3680000 | &nbsp;&nbsp;&nbsp; 3504911 |
| Enel Finance International N.V., 7.5%, 10/14/2032 (n) | 746000 | &nbsp;&nbsp;&nbsp; 860036 |
| Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n) | 5303000 | &nbsp;&nbsp;&nbsp; 4741481 |
| Pacific Gas & Electric Co., 3%, 6/15/2028  | 2630000 | &nbsp;&nbsp;&nbsp; 2535445 |
| Pacific Gas & Electric Co., 3.3%, 8/01/2040  | 8840000 | &nbsp;&nbsp;&nbsp; 6697656 |
|  |  | &nbsp;&nbsp;&nbsp; $21539637 |
| **Total Bonds**  |  | &nbsp;&nbsp; **$1489024509** |
| Mutual Funds (h) – 1.6%  | Mutual Funds (h) – 1.6%  | Mutual Funds (h) – 1.6%  |
| Money Market Funds – 1.6% | Money Market Funds – 1.6% |  |
| MFS Institutional Money Market Portfolio, 4.19% (v)  | 24189838 | &nbsp;&nbsp;&nbsp; $24192256 |
| Other Assets, Less Liabilities – (0.4)% |  | &nbsp;&nbsp;&nbsp; (6315903)<br>|
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$1506900862** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) In default.

&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of the security has been segregated as collateral for open futures
 contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $24,192,256 and $1,489,024,509, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Interest only security for which the fund receives interest on notional principal
 (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security.

------

*Portfolio of Investments (unaudited) – continued*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933.
 These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers.
 At period end, the aggregate value of these securities was $419,132,480, representing 27.8% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(q) Interest received was less than stated coupon rate.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Affiliated issuer that is available only to investment companies managed by MFS. The
 rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(w) When-issued security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| CDO | Collateralized Debt Obligation |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury  |
| FGIC | Financial Guaranty Insurance Co. |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate <br> reported may not be the current rate. All reference rates are USD unless otherwise noted.<br>|
| LIBOR | London Interbank Offered Rate |
| NPFG | National Public Finance Guarantee Corp. |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| TBA | To Be Announced |
| UMBS | Uniform Mortgage-Backed Security |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** |
| **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  |
| **Description** | **Long/** <br>**Short**<br>| **Currency** | **Contracts** | &nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Value/Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  |  |  |
| U.S. Treasury Note 2 yr | &nbsp;&nbsp; Long | &nbsp;&nbsp; USD | &nbsp;&nbsp; 232 | $48348438 | December – 2025 | &nbsp;&nbsp; $30282 |
| U.S. Treasury Ultra Bond 30 yr | &nbsp;&nbsp; Long | &nbsp;&nbsp; USD | &nbsp;&nbsp; 655 | 78640937 | December – 2025 | &nbsp;&nbsp; 2502174 |
|  |  |  |  |  |  | &nbsp;&nbsp; $2532456 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  |  |  |
| U.S. Treasury Note 5 yr | &nbsp;&nbsp; Long | &nbsp;&nbsp; USD | &nbsp;&nbsp; 382 | $41712610 | December – 2025 | &nbsp;&nbsp; $(10110)<br>|

---

At September 30, 2025, the fund had liquid securities with an aggregate value of $4,584,234 to cover any collateral or margin obligations for certain derivative contracts.

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

------

**Supplemental Information**

9/30/25 (unaudited)

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial

Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(1) Investment Valuations**

Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are

generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at

issuance of 60 days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a

third-party pricing service. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net

asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk).

------

*Supplemental Information (unaudited) – continued*

Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts. The following is a summary of the levels used as of September 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $355081979 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $355081979 |
| Non - U.S. Sovereign Debt | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1901095 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1901095 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26317574 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26317574 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 407774835 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 407774835 |
| Residential Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 297261750 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 297261750 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 78022387 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 78022387 |
| Asset-Backed Securities (including CDOs) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 189942056 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 189942056 |
| Foreign Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 132722833 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 132722833 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 24192256 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24192256 |
| Total | &nbsp;&nbsp;&nbsp; $24192256 | &nbsp;&nbsp;&nbsp; $1489024509 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1513216765 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts – Assets | &nbsp;&nbsp;&nbsp; $2532456 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2532456 |
| Futures Contracts – Liabilities | &nbsp;&nbsp;&nbsp; (10110)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (10110)<br>|

---

For further information regarding security characteristics, see the Portfolio of Investments.

**(2) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the period ended September 30, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning** <br>**Value**<br>| **Purchases** | **Sales** <br>**Proceeds**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation or** <br>**Depreciation**<br>| **Ending** <br>**Value**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $37508847 | &nbsp;&nbsp; $283741657 | &nbsp;&nbsp; $297058609 | &nbsp;&nbsp; $2197 | &nbsp;&nbsp; $(1836)<br>| &nbsp;&nbsp; $24192256<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $969749 | &nbsp;&nbsp; $— |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** MFS VARIABLE INSURANCE TRUST

- **b. Investment Company Act file number:** 811-08326

- **c. CIK number of Registrant:** 0000918571

- **d. LEI of Registrant:** 4GB90YGNINHU70MFQX13

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

  - **Street Address 1:** 111 HUNTINGTON AVENUE

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

  - **Telephone number:** 617-954-5000

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

- **a. Name of Series:** MFS Total Return Bond Series

- **b. EDGAR series identifier (if any):** S000002666

- **c. LEI of Series:** OBXD0C7FWK5N6XF1PG71

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1532397557.20

**Total Liabilities:** $26160287.10

**Net Assets:** $1506237270.10

**Delayed Delivery Securities:** $26004437.82

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1368.31000000 | **1-Year:** -41212.53000000 | **5-Year:** -126763.08000000 | **10-Year:** -102137.69000000 | **30-Year:** -34812.45000000

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

- **3-Month:** -1614.46000000 | **1-Year:** -12050.75000000 | **5-Year:** -26887.93000000 | **10-Year:** -7371.15000000 | **30-Year:** -616.89000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007303 | -0.17%               | 1.05%                | 1.15%                |
| Class ID C000007302 | -0.17%               | 1.03%                | 1.13%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $56534.84                | $-5825577.40                               |
| Month 2  | $-66151.09               | $10591203.31                               |
| Month 3  | $161660.17               | $9037467.52                                |

**Designated Index Information**

- **Index Name:** BBG Barc US Aggregate Index

- **Index Identifier:** LBSTRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31414GEH8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11163 | PA      | $11759.06     | 0.00%             | 2038-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138E2LH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    373409 | PA      | $355226.44    | 0.02%             | 2042-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3128MJXK1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1224120 | PA      | $1150179.18   | 0.08%             | 2045-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                            | Equinix Inc                                                                     | CUSIP: 29444UBH8<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |   4789000 | PA      | $4321228.15   | 0.29%             | 2030-07-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                               | Performance Food Group Inc                                                      | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |   3726000 | PA      | $3816582.79   | 0.25%             | 2032-09-15      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418ECG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1811006 | PA      | $1564063.96   | 0.10%             | 2042-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3132L6HF1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    622647 | PA      | $600841.24    | 0.04%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179X2K1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5903667 | PA      | $5893014.24   | 0.39%             | 2053-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                                | BDS 2025-FL14 LLC                                                               | CUSIP: 072921AE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2443148 | PA      | $2413346.48   | 0.16%             | 2042-10-21      | Floating      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| ARROW ELECTRONICS INC                                  | Arrow Electronics Inc                                                           | CUSIP: 04273WAC5<br>LEI: 549300YNNLBXT8N8R512 | Long             | DBT              | CORP              | US        |   4838000 | PA      | $4317804.98   | 0.29%             | 2032-02-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities, LLC                           | Business Jet Securities 2024-1 LLC                                              | CUSIP: 12327CAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    818200 | PA      | $838279.09    | 0.06%             | 2039-05-15      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3128LXJN1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4581 | PA      | $4772.31      | 0.00%             | 2036-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140QNWK4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     23642 | PA      | $20016.10     | 0.00%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138EQ7L0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    112644 | PA      | $109556.36    | 0.01%             | 2043-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179WNE4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2503751 | PA      | $2156541.62   | 0.14%             | 2051-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BOSTON GAS COMPANY                                     | Boston Gas Co                                                                   | CUSIP: 100743AK9<br>LEI: FN7P4E7K9JOBORDEUX61 | Long             | DBT              | CORP              | US        |   9122000 | PA      | $8955273.37   | 0.59%             | 2027-08-01      | Fixed         | 3.15%                 | Yes           |                  2 | On Loan: No      |
| UMBS, TBA                                              | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F0204A4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2400000 | PA      | $2205234.58   | 0.15%             | 2040-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                           | Voya 2012-4 Ltd                                                                 | CUSIP: 92916GBG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    828265 | PA      | $828771.90    | 0.06%             | 2030-10-15      | Floating      | 6.53%                 | Yes           |                  2 | On Loan: No      |
| SS&C Technologies Inc                                  | SS&C Technologies Inc                                                           | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |   4802000 | PA      | $4793704.55   | 0.32%             | 2027-09-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418CRF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    350510 | PA      | $329329.01    | 0.02%             | 2037-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140QRM42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    481435 | PA      | $493838.25    | 0.03%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31413ECY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14836 | PA      | $15633.97     | 0.00%             | 2037-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31415QB88<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     40392 | PA      | $42111.84     | 0.00%             | 2038-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140MHS42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    826502 | PA      | $705628.80    | 0.05%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3133BNAD5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     42418 | PA      | $42272.39     | 0.00%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179QT35<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    277495 | PA      | $252909.41    | 0.02%             | 2044-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36202FUF1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    156653 | PA      | $156714.83    | 0.01%             | 2041-06-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                    | JPMorgan Chase & Co                                                             | CUSIP: 46647PAM8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2290000 | PA      | $2259832.57   | 0.15%             | 2029-01-23      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                        | CUSIP: 38378CP92<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    109568 | PA      | $110164.57    | 0.01%             | 2041-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140E0X91<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    721074 | PA      | $702353.68    | 0.05%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                                | American Electric Power Co Inc                                                  | CUSIP: 025537AW1<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   2985000 | PA      | $3200108.38   | 0.21%             | 2032-11-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 31329NY69<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    228679 | PA      | $206234.36    | 0.01%             | 2048-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418D4X7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    386745 | PA      | $313529.77    | 0.02%             | 2051-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2025-FL20 LLC                                                               | CUSIP: 59319CAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4207394 | PA      | $4208710.91   | 0.28%             | 2043-02-18      | Floating      | 6.09%                 | Yes           |                  2 | On Loan: No      |
| Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust 2025-A                   | CUSIP: 858928AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2826008 | PA      | $2838339.11   | 0.19%             | 2027-07-20      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810TA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9700000 | PA      | $6581601.51   | 0.44%             | 2041-08-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust           | American Credit Acceptance Receivables Trust 2024-2                             | CUSIP: 02531BAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1983479 | PA      | $1984821.03   | 0.13%             | 2027-12-13      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| ARI Fleet Lease Trust                                  | ARI Fleet Lease Trust 2023-B                                                    | CUSIP: 04033GAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    370267 | PA      | $373409.24    | 0.02%             | 2032-07-15      | Fixed         | 6.05%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31417SBP4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33267 | PA      | $34078.86     | 0.00%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31417MLN1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     25836 | PA      | $26353.22     | 0.00%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                   | Bank of America Corp                                                            | CUSIP: 06051GHZ5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   4007000 | PA      | $3708492.44   | 0.25%             | 2031-02-13      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179XTD8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1855943 | PA      | $1882451.46   | 0.12%             | 2053-02-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae REMICS                                                               | CUSIP: 31398T7G0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    106326 | PA      | $105311.84    | 0.01%             | 2040-10-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs      | United States Small Business Administration                                     | CUSIP: 83162CVP5<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |   1019728 | PA      | $961452.25    | 0.06%             | 2033-06-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31371LDH9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3624 | PA      | $3711.19      | 0.00%             | 2033-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179W7K8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2240459 | PA      | $2000856.13   | 0.13%             | 2052-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418EBJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2878496 | PA      | $2487788.93   | 0.17%             | 2042-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                      | Post Holdings Inc                                                               | CUSIP: 737446AR5<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    216000 | PA      | $201797.83    | 0.01%             | 2031-09-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140K4M49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     98291 | PA      | $84906.26     | 0.01%             | 2050-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3128M7XB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     33451 | PA      | $34297.98     | 0.00%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418D6B3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    522052 | PA      | $423215.13    | 0.03%             | 2051-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PFP III                                                | PFP 2024-11 Ltd                                                                 | CUSIP: 69291WAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4278430 | PA      | $4284454.15   | 0.28%             | 2039-09-17      | Floating      | 6.05%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                    | Global Payments Inc                                                             | CUSIP: 37940XAH5<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   1508000 | PA      | $1352275.48   | 0.09%             | 2031-11-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Toledo Hospital/The                                    | Toledo Hospital/The                                                             | CUSIP: 889184AD9<br>LEI: 5493009DCR7NWV6K4T34 | Long             | DBT              | CORP              | US        |   2562000 | PA      | $2564672.35   | 0.17%             | 2038-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LONDON                                  | Macquarie Bank Ltd/London                                                       | CUSIP: 556079AB7<br>LEI: 549300MPRNPO6FWNKN78 | Long             | DBT              | CORP              | AU        |   4694000 | PA      | $4753304.00   | 0.32%             | 2027-03-08      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31414GJE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8911 | PA      | $9362.10      | 0.00%             | 2038-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Black Diamond CLO Ltd                                  | Black Diamond Clo 2019-2 Ltd                                                    | CUSIP: 09204GAK5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4661659 | PA      | $4664651.79   | 0.31%             | 2032-07-23      | Floating      | 6.52%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31413HHT8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16052 | PA      | $16841.90     | 0.00%             | 2037-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140F5BK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     48902 | PA      | $47148.31     | 0.00%             | 2031-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31402QYZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3298 | PA      | $3423.42      | 0.00%             | 2035-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3128M9T51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    134822 | PA      | $131423.30    | 0.01%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179SJS7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    146713 | PA      | $133037.25    | 0.01%             | 2046-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3128M4GZ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12890 | PA      | $13116.84     | 0.00%             | 2035-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31410LDU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    226591 | PA      | $227068.31    | 0.02%             | 2041-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3132DM4D4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     21499 | PA      | $18926.71     | 0.00%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                               | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CK8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6586000 | PA      | $5503251.85   | 0.37%             | 2053-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                             | Verus Securitization Trust 2024-8                                               | CUSIP: 92540PAA6<br>LEI: 213800RZ8QGNZ38DSP77 | Long             | ABS-MBS          | CORP              | US        |   1006671 | PA      | $1012030.64   | 0.07%             | 2069-10-25      | Variable      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31410KA79<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    162464 | PA      | $169037.68    | 0.01%             | 2037-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                      | HSBC Holdings PLC                                                               | CUSIP: 404280CQ0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   6176000 | PA      | $5826400.73   | 0.39%             | 2031-03-09      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140EWZG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11251 | PA      | $10817.09     | 0.00%             | 2046-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31417G5A0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    647411 | PA      | $610338.35    | 0.04%             | 2043-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31416RPD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    265817 | PA      | $267851.05    | 0.02%             | 2039-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3133KYWE5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1989563 | PA      | $1719516.87   | 0.11%             | 2042-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MLCC Mortgage Investors Inc                            | Merrill Lynch Mortgage Investors Trust Series MLCC 2006-2                       | CUSIP: 590219AE1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | ABS-MBS          | CORP              | US        |     13934 | PA      | $13654.70     | 0.00%             | 2036-05-25      | Variable      | 5.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140MPVA6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    987427 | PA      | $929804.04    | 0.06%             | 2037-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                           | Broadcom Inc                                                                    | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   3219000 | PA      | $2784968.20   | 0.18%             | 2035-11-15      | Fixed         | 3.14%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31410LK35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    321317 | PA      | $312572.45    | 0.02%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                               | Angel Oak Mortgage Trust 2024-12                                                | CUSIP: 034932AA1<br>LEI: 254900S8TF74AZOT0548 | Long             | ABS-MBS          | CORP              | US        |   4028241 | PA      | $4063966.65   | 0.27%             | 2069-10-25      | Variable      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2024-FL15                                                                   | CUSIP: 58003MAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4032000 | PA      | $4042076.77   | 0.27%             | 2041-08-18      | Floating      | 6.18%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36202FV94<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    184981 | PA      | $186077.18    | 0.01%             | 2041-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31410SNU7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     23882 | PA      | $24826.11     | 0.00%             | 2036-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140XDY67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1520346 | PA      | $1296715.41   | 0.09%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179MQQ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    310717 | PA      | $300736.70    | 0.02%             | 2042-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOLL ROAD INV PART II                                  | Toll Road Investors Partnership II LP                                           | CUSIP: 88948ABE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6221000 | PA      | $4816398.23   | 0.32%             | 2029-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Time Warner Cable LLC                                  | Time Warner Cable LLC                                                           | CUSIP: 88732JBD9<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |   3558000 | PA      | $2858771.88   | 0.19%             | 2042-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EQT Corp                                               | EQT Corp                                                                        | CUSIP: 26884LAF6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   1728000 | PA      | $1716901.26   | 0.11%             | 2027-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810TM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  17580000 | PA      | $16253259.38  | 1.08%             | 2042-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust                | Hyundai Auto Lease Securitization Trust 2025-B                                  | CUSIP: 44935DAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1877000 | PA      | $1885463.96   | 0.13%             | 2027-09-15      | Fixed         | 4.58%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31411LSY8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2459 | PA      | $2583.81      | 0.00%             | 2037-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140MHS34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1805025 | PA      | $1543844.37   | 0.10%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CONSUMERS 23 SECURE FUND                               | Consumers 2023 Securitization Funding LLC                                       | CUSIP: 21071BAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1073979 | PA      | $1087685.39   | 0.07%             | 2028-03-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                               | Angel Oak Mortgage Trust 2024-10                                                | CUSIP: 034933AA9<br>LEI: 254900QN92XYN8GJBJ44 | Long             | ABS-MBS          | CORP              | US        |   4475110 | PA      | $4496550.17   | 0.30%             | 2069-10-25      | Variable      | 5.35%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                  | Wells Fargo Commercial Mortgage Trust 2017-C42                                  | CUSIP: 95001GAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3970000 | PA      | $3896556.59   | 0.26%             | 2050-12-15      | Fixed         | 3.59%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                                   | Boston Properties LP                                                            | CUSIP: 10112RBJ2<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |   2601000 | PA      | $2658700.53   | 0.18%             | 2035-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3132A5GP4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    156566 | PA      | $141487.89    | 0.01%             | 2047-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31413B3D1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7560 | PA      | $7845.38      | 0.00%             | 2037-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ALCON FINANCE CORP                                     | Alcon Finance Corp                                                              | CUSIP: 01400EAA1<br>LEI: 549300CUZUI9VU7XNK42 | Long             | DBT              | CORP              | US        |    593000 | PA      | $585276.59    | 0.04%             | 2026-09-23      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31409CA70<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16486 | PA      | $17170.90     | 0.00%             | 2036-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                           | Broadcom Inc                                                                    | CUSIP: 11135FBV2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   3219000 | PA      | $3210367.12   | 0.21%             | 2037-05-15      | Fixed         | 4.93%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 31297TE33<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2606 | PA      | $2669.32      | 0.00%             | 2035-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138ENAA7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    860310 | PA      | $860704.62    | 0.06%             | 2043-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140KLC59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    697843 | PA      | $588241.84    | 0.04%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                  | Quikrete Holdings Inc                                                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   5167000 | PA      | $5352205.95   | 0.36%             | 2032-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS                                  | Dick's Sporting Goods Inc                                                       | CUSIP: 253393AF9<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |   3801000 | PA      | $3482061.51   | 0.23%             | 2032-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 3620ALND2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     35228 | PA      | $35054.15     | 0.00%             | 2040-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 36296V7L6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    133826 | PA      | $135361.17    | 0.01%             | 2039-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs      | United States Small Business Administration                                     | CUSIP: 83162CUG6<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |    172763 | PA      | $165471.15    | 0.01%             | 2031-09-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                    | JPMorgan Chase & Co                                                             | CUSIP: 46647PAV8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2576000 | PA      | $2580982.14   | 0.17%             | 2029-07-23      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3131XVRK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    179288 | PA      | $167570.00    | 0.01%             | 2046-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31416BLD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    743423 | PA      | $773188.00    | 0.05%             | 2037-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 36290V3K8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     19155 | PA      | $19808.42     | 0.00%             | 2034-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bayview Financial Revolving Mortgage Loan Trust        | Bayview Financial Revolving Asset Trust 2005-E                                  | CUSIP: 073250BW1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11812 | PA      | $25443.82     | 0.00%             | 2040-12-28      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd        | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd                          | CUSIP: 03880RAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3443500 | PA      | $3444374.65   | 0.23%             | 2036-11-15      | Floating      | 6.56%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3132DWDZ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    302678 | PA      | $266169.85    | 0.02%             | 2052-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MLCC Mortgage Investors Inc                            | Merrill Lynch Mortgage Investors Trust Series MLCC 2005-1                       | CUSIP: 59020UVM4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | ABS-MBS          | CORP              | US        |     48495 | PA      | $43536.25     | 0.00%             | 2035-04-25      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                               | Benchmark 2023-V3 Mortgage Trust                                                | CUSIP: 08163VAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    991415 | PA      | $1039323.74   | 0.07%             | 2056-07-15      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140KHW31<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    364595 | PA      | $315192.28    | 0.02%             | 2050-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                       | BAT Capital Corp                                                                | CUSIP: 05526DBW4<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |   5611000 | PA      | $5641038.15   | 0.37%             | 2032-03-16      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2022-FL8 Ltd                                                                | CUSIP: 55284JAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2433741 | PA      | $2421333.79   | 0.16%             | 2037-02-19      | Floating      | 6.33%                 | Yes           |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                                     | BSPRT 2021-FL7 Issuer Ltd                                                       | CUSIP: 05602CAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    952500 | PA      | $940376.58    | 0.06%             | 2038-12-15      | Floating      | 7.01%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 31329QWH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    151912 | PA      | $140495.50    | 0.01%             | 2049-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31404JT88<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22160 | PA      | $22464.68     | 0.00%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31412XZL1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1499 | PA      | $1560.98      | 0.00%             | 2037-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2024-FL14 LLC                                                               | CUSIP: 55416AAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3688167 | PA      | $3696863.70   | 0.25%             | 2039-03-19      | Floating      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| TRANSDIGM INC                                          | TransDigm Inc                                                                   | CUSIP: 893647BP1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   5158000 | PA      | $5054699.70   | 0.34%             | 2029-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 3620AMF80<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     84874 | PA      | $84452.20     | 0.01%             | 2040-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                               | Cheniere Energy Partners LP                                                     | CUSIP: 16411QAV3<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |   4963000 | PA      | $5070263.48   | 0.34%             | 2035-10-30      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418ECH1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1423515 | PA      | $1264203.33   | 0.08%             | 2042-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                 | US 2YR NOTE (CBT) DEC25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       232 | NC      | $30282.04     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31371MEQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3502 | PA      | $3643.22      | 0.00%             | 2035-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3133BHDT0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    670965 | PA      | $668519.58    | 0.04%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VULCAN MATERIALS CO                                    | Vulcan Materials Co                                                             | CUSIP: 929160AZ2<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | DBT              | CORP              | US        |   3356000 | PA      | $3241881.30   | 0.22%             | 2030-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                     | Regal Rexnord Corp                                                              | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   4643000 | PA      | $4922968.35   | 0.33%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                 | Marriott International Inc/MD                                                   | CUSIP: 571903BF9<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |   3330000 | PA      | $3085897.55   | 0.20%             | 2032-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                 | US ULTRA BOND CBT DEC25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       655 | NC      | $2502173.36   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BSPDF Issuer Ltd                                       | BSPDF 2021-FL1 Issuer Ltd                                                       | CUSIP: 055731AE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    476729 | PA      | $475661.53    | 0.03%             | 2036-10-15      | Floating      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179XNE2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    547480 | PA      | $534569.82    | 0.04%             | 2052-12-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 312934RV6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     40124 | PA      | $41164.41     | 0.00%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                       | T-Mobile USA Inc                                                                | CUSIP: 87264AAX3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    635000 | PA      | $573366.49    | 0.04%             | 2040-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                               | Capital One Financial Corp                                                      | CUSIP: 14040HDF9<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   2981000 | PA      | $3164383.16   | 0.21%             | 2035-02-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179TLS2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3087738 | PA      | $2866273.96   | 0.19%             | 2047-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179XX50<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2652507 | PA      | $2650317.38   | 0.18%             | 2053-04-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                       | Bain Capital Credit CLO 2021-6 Ltd                                              | CUSIP: 05684PAS5<br>LEI: 254900YXN9JEMKU5DF45 | Long             | ABS-CBDO         | CORP              | KY        |   2673048 | PA      | $2659909.97   | 0.18%             | 2034-10-21      | Floating      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                     | Regal Rexnord Corp                                                              | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   3600000 | PA      | $3864766.68   | 0.26%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                       | LPL Holdings Inc                                                                | CUSIP: 50212YAH7<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   1167000 | PA      | $1245608.07   | 0.08%             | 2028-11-17      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31371M7K7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14606 | PA      | $15391.79     | 0.00%             | 2037-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                   | Targa Resources Corp                                                            | CUSIP: 87612GAB7<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |   1533000 | PA      | $1312211.87   | 0.09%             | 2052-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                       | COLT 2024-5 Mortgage Loan Trust                                                 | CUSIP: 19685AAA7<br>LEI: 213800AWBXHFGYDU9Q16 | Long             | ABS-MBS          | CORP              | US        |   2936510 | PA      | $2941044.07   | 0.20%             | 2069-08-25      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 36200J6N5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      9729 | PA      | $9850.28      | 0.00%             | 2033-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140MKFU1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1683778 | PA      | $1482618.31   | 0.10%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140QEWL2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    277294 | PA      | $237689.50    | 0.02%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31385JJF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       521 | PA      | $544.57       | 0.00%             | 2032-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac REMICS                                                              | CUSIP: 3137BJGN7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     19204 | PA      | $1784.19      | 0.00%             | 2040-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JERSEY CENTRAL PWR & LT                                | Jersey Central Power & Light Co                                                 | CUSIP: 476556DD4<br>LEI: 549300W9UGH9ZPLNPF79 | Long             | DBT              | CORP              | US        |   5303000 | PA      | $4741481.13   | 0.31%             | 2032-03-01      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140XFLN9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1290150 | PA      | $1153849.33   | 0.08%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                              | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F0206A2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4775000 | PA      | $3847524.82   | 0.26%             | 2055-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36202FPG5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    194912 | PA      | $196066.09    | 0.01%             | 2041-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3132D6CT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    107046 | PA      | $102533.87    | 0.01%             | 2037-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31403DBX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2952 | PA      | $3071.35      | 0.00%             | 2036-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bank5                                                  | BANK5 2025-5YR17                                                                | CUSIP: 06211GAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3352568 | PA      | $3458394.83   | 0.23%             | 2058-11-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                         | Morgan Stanley                                                                  | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2940000 | PA      | $3063189.29   | 0.20%             | 2034-07-21      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| VOYA CLO LTD                                           | Voya 2012-4 Ltd                                                                 | CUSIP: 92916GBF0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1957793 | PA      | $1958715.12   | 0.13%             | 2030-10-15      | Floating      | 6.03%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418DYB2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    811107 | PA      | $656786.70    | 0.04%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust                      | GLS Auto Select Receivables Trust 2023-2                                        | CUSIP: 36269EAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    398740 | PA      | $401362.75    | 0.03%             | 2028-06-15      | Fixed         | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 36295PW99<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     15557 | PA      | $16125.65     | 0.00%             | 2038-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418DKQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1644447 | PA      | $1401704.53   | 0.09%             | 2050-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                 | Philip Morris International Inc                                                 | CUSIP: 718172DA4<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   3757000 | PA      | $3882617.10   | 0.26%             | 2030-02-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31412QSX8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14495 | PA      | $14843.91     | 0.00%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 36296YCL4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     34704 | PA      | $34674.11     | 0.00%             | 2040-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3128P8FJ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    677231 | PA      | $639336.69    | 0.04%             | 2038-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                               | Corebridge Financial Inc                                                        | CUSIP: 21871XAH2<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   3293000 | PA      | $3144157.22   | 0.21%             | 2032-04-05      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31419JSM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1152020 | PA      | $1123296.61   | 0.07%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3133BCWD5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    112908 | PA      | $103295.83    | 0.01%             | 2052-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                      | HSBC Holdings PLC                                                               | CUSIP: 404280CP2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   2447000 | PA      | $2430580.39   | 0.16%             | 2026-03-09      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140NG3L2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3093942 | PA      | $3125972.84   | 0.21%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                               | Corebridge Financial Inc                                                        | CUSIP: 21871XAM1<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   1291000 | PA      | $1066485.43   | 0.07%             | 2052-04-05      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac REMICS                                                              | CUSIP: 3137A9RJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     50358 | PA      | $7841.55      | 0.00%             | 2036-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138EGK60<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15984 | PA      | $16792.64     | 0.00%             | 2039-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ADVENTIST HEALTH SYS/W                                 | Adventist Health System/West                                                    | CUSIP: 007944AH4<br>LEI: 5493008YM33UCY5QPW83 | Long             | DBT              | CORP              | US        |   4476000 | PA      | $4584482.22   | 0.30%             | 2032-03-01      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                                 | Anglo American Capital PLC                                                      | CUSIP: 034863BB5<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |   3434000 | PA      | $3374242.05   | 0.22%             | 2029-03-16      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140K4M64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    293305 | PA      | $252063.59    | 0.02%             | 2050-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                                       | NTT Finance Corp                                                                | CUSIP: 62954WAV7<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |   1327000 | PA      | $1372632.73   | 0.09%             | 2035-07-16      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3132WJEF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1731627 | PA      | $1620432.48   | 0.11%             | 2046-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31410F2Z7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11372 | PA      | $11983.78     | 0.00%             | 2037-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31412QXG9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33149 | PA      | $33948.09     | 0.00%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3132GETS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     44592 | PA      | $44693.10     | 0.00%             | 2041-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                       | LPL Holdings Inc                                                                | CUSIP: 50212YAD6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   4555000 | PA      | $4454497.11   | 0.30%             | 2029-03-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Village of Bridgeview IL                               | BRIDGEVIEW IL                                                                   | CUSIP: 108555GF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $214934.92    | 0.01%             | 2025-12-01      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138ENEK1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    599032 | PA      | $599306.68    | 0.04%             | 2044-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138ERQU7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    267308 | PA      | $260773.74    | 0.02%             | 2031-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 36296YGA4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     27144 | PA      | $26849.05     | 0.00%             | 2040-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3132DWDJ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     79529 | PA      | $67331.75     | 0.00%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                               | EQT Corp                                                                        | CUSIP: 26884LAN9<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   1506000 | PA      | $1408221.67   | 0.09%             | 2031-05-15      | Fixed         | 3.63%                 | Yes           |                  2 | On Loan: No      |
| SAMMONS FINANCIAL GROUP                                | Sammons Financial Group Inc                                                     | CUSIP: 79588TAF7<br>LEI: 254900SHCOQLVJ21CT59 | Long             | DBT              | CORP              | US        |   4897000 | PA      | $5392140.57   | 0.36%             | 2034-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418ECZ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2200520 | PA      | $1938576.63   | 0.13%             | 2042-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                      | Credit Acceptance Auto Loan Trust 2023-3                                        | CUSIP: 224936AA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    866179 | PA      | $871389.78    | 0.06%             | 2033-08-15      | Fixed         | 6.39%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140M5KY0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17581 | PA      | $16571.29     | 0.00%             | 2036-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                               | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1334000 | PA      | $1228471.90   | 0.08%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                         | Enterprise Fleet Financing 2023-3 LLC                                           | CUSIP: 29374LAB6<br>LEI: RKWYUSIDZTWNAX1D9U96 | Long             | ABS-O            | CORP              | US        |   1184851 | PA      | $1202636.53   | 0.08%             | 2030-03-20      | Fixed         | 6.40%                 | Yes           |                  2 | On Loan: No      |
| LoanCore 2021-CRE6 Issuer, Ltd.                        | LoanCore 2021-CRE6 Issuer Ltd                                                   | CUSIP: 53948HAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   9970000 | PA      | $9974476.53   | 0.66%             | 2038-11-15      | Floating      | 6.16%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140XTCU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    813245 | PA      | $714681.55    | 0.05%             | 2051-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust         | Morgan Stanley Residential Mortgage Loan Trust 2024-NQM1                        | CUSIP: 61775UAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2223282 | PA      | $2246006.42   | 0.15%             | 2068-12-25      | Variable      | 6.15%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418ECY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3093574 | PA      | $2671746.60   | 0.18%             | 2042-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140K4M72<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    178678 | PA      | $153200.78    | 0.01%             | 2050-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                               | Corebridge Financial Inc                                                        | CUSIP: 21871XAK5<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    442000 | PA      | $381543.28    | 0.03%             | 2042-04-05      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31414JRK1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     30775 | PA      | $31909.40     | 0.00%             | 2038-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TOLL ROAD INV PART II                                  | Toll Road Investors Partnership II LP                                           | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3078114 | PA      | $1043172.88   | 0.07%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140XJXH1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    623164 | PA      | $639389.09    | 0.04%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140QKNN4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4267965 | PA      | $3597676.39   | 0.24%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2025-NQM18 Trust                                                            | CUSIP: 673918AC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1489028 | PA      | $1489086.67   | 0.10%             | 2065-09-25      | Variable      | 5.06%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31410KGB4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    132297 | PA      | $137648.09    | 0.01%             | 2037-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage Trust                     | STWD 2022-FL3 Ltd                                                               | CUSIP: 78485KAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2632000 | PA      | $2605678.16   | 0.17%             | 2038-11-15      | Floating      | 6.57%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3132DWDH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  15484482 | PA      | $12508954.50  | 0.83%             | 2052-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179XQW9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    194317 | PA      | $194286.32    | 0.01%             | 2053-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31403C6S5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     19703 | PA      | $20744.92     | 0.00%             | 2036-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities, LLC                           | Business Jet Securities 2024-1 LLC                                              | CUSIP: 12327CAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    115317 | PA      | $118527.26    | 0.01%             | 2039-05-15      | Fixed         | 6.92%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138ER5E6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     96545 | PA      | $93898.12     | 0.01%             | 2044-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3133WDVC3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2033600 | PA      | $2080449.29   | 0.14%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31410KE42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     21727 | PA      | $22894.33     | 0.00%             | 2038-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31415VYC3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13970 | PA      | $14286.92     | 0.00%             | 2035-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                           | Calpine Corp                                                                    | CUSIP: 131347CR5<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |   3680000 | PA      | $3504910.75   | 0.23%             | 2031-03-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| NISOURCE INC                                           | NiSource Inc                                                                    | CUSIP: 65473PAJ4<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |   2622000 | PA      | $2539029.90   | 0.17%             | 2030-05-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| CarMax Select Receivables Trust                        | Carmax Select Receivables Trust 2025-B                                          | CUSIP: 14320BAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1798000 | PA      | $1798787.16   | 0.12%             | 2029-03-15      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3128M6K49<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6705 | PA      | $6991.95      | 0.00%             | 2038-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                               | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAP6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    497000 | PA      | $477295.99    | 0.03%             | 2028-02-21      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36241LLT1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     21702 | PA      | $22370.23     | 0.00%             | 2040-07-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31403DD97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    216588 | PA      | $225350.93    | 0.01%             | 2036-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3128M4XV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10763 | PA      | $11212.06     | 0.00%             | 2037-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO                               | Medline Borrower LP/Medline Co-Issuer Inc                                       | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2656000 | PA      | $2723474.78   | 0.18%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140XDYN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1250860 | PA      | $1072671.67   | 0.07%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138X13A2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    490363 | PA      | $462640.49    | 0.03%             | 2043-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MSWF Commercial Mortgage Trust                         | MSWF Commercial Mortgage Trust 2023-2                                           | CUSIP: 55361AAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3231641 | PA      | $3496954.85   | 0.23%             | 2056-12-15      | Variable      | 6.01%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138WGSS4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     75799 | PA      | $70875.93     | 0.00%             | 2046-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138A2AX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    358071 | PA      | $345609.08    | 0.02%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 31297CWY2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8813 | PA      | $8942.17      | 0.00%             | 2034-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                | MPLX LP                                                                         | CUSIP: 55336VBT6<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |   5874000 | PA      | $5010994.21   | 0.33%             | 2052-03-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3132DNBG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     21342 | PA      | $18400.27     | 0.00%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                | HCA Inc                                                                         | CUSIP: 404119BX6<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   3255000 | PA      | $3226789.34   | 0.21%             | 2029-06-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138EQ5E8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    932727 | PA      | $933153.77    | 0.06%             | 2042-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 312943ZX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    106819 | PA      | $104192.04    | 0.01%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31381TQQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    291951 | PA      | $291966.16    | 0.02%             | 2027-01-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3133KME84<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     44212 | PA      | $37268.33     | 0.00%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                    | Exeter Automobile Receivables Trust 2025-1                                      | CUSIP: 30167MAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1116904 | PA      | $1117585.23   | 0.07%             | 2027-09-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 36213FTG8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    260826 | PA      | $264031.08    | 0.02%             | 2033-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3132DWDR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4483440 | PA      | $3783294.14   | 0.25%             | 2052-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TOLL ROAD INV PART II                                  | Toll Road Investors Partnership II LP                                           | CUSIP: 88948ABG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2145000 | PA      | $1481587.26   | 0.10%             | 2031-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO                                              | Boeing Co/The                                                                   | CUSIP: 097023CV5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1595000 | PA      | $1627509.55   | 0.11%             | 2040-05-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138AM6S9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36281 | PA      | $34206.26     | 0.00%             | 2041-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                                        | AREIT 2022-CRE6 Trust                                                           | CUSIP: 04002VAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    987000 | PA      | $964792.11    | 0.06%             | 2037-01-20      | Floating      | 7.24%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138WAFE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     86159 | PA      | $84907.93     | 0.01%             | 2028-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810TX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14500000 | PA      | $13384179.76  | 0.89%             | 2054-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179YFG4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     22490 | PA      | $20876.14     | 0.00%             | 2053-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CNH Industrial NV                                      | CNH Industrial NV                                                               | CUSIP: 12594KAB8<br>LEI: 549300WGC2HZ5J67V817 | Long             | DBT              | CORP              | NL        |   1328000 | PA      | $1321351.51   | 0.09%             | 2027-11-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae REMICS                                                               | CUSIP: 31398RDA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     82095 | PA      | $78493.42     | 0.01%             | 2040-05-25      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3128M4V42<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4383 | PA      | $4566.32      | 0.00%             | 2037-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3132J4MM8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    477187 | PA      | $460767.68    | 0.03%             | 2037-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140QKY77<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    475017 | PA      | $426782.46    | 0.03%             | 2051-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GXG4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5620071.06   | 0.37%             | 2030-02-07      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae REMICS                                                               | CUSIP: 3136AJEW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    171664 | PA      | $168148.84    | 0.01%             | 2043-09-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 36241KNW4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     21106 | PA      | $22225.71     | 0.00%             | 2037-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs      | United States Small Business Administration                                     | CUSIP: 83162CSN4<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |     41305 | PA      | $41388.75     | 0.00%             | 2029-05-01      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| Venture CLO 43 Limited                                 | Venture 43 CLO Ltd                                                              | CUSIP: 92290CAV1<br>LEI: 549300OLN5VHTMLSN650 | Long             | ABS-CBDO         | CORP              | KY        |   5537477 | PA      | $5538772.77   | 0.37%             | 2034-04-15      | Floating      | 6.17%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140QDT38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    666288 | PA      | $571230.30    | 0.04%             | 2050-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3132DWE66<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1374620 | PA      | $1339509.02   | 0.09%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138EPPA6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    176913 | PA      | $183484.62    | 0.01%             | 2038-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31412LKF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1824 | PA      | $1885.26      | 0.00%             | 2037-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                   | Glencore Funding LLC                                                            | CUSIP: 378272BE7<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   4010000 | PA      | $3678118.32   | 0.24%             | 2031-04-27      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140F5A45<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1636186 | PA      | $1483701.97   | 0.10%             | 2046-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                  | Wells Fargo Commercial Mortgage Trust 2016-LC25                                 | CUSIP: 95000JAV0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13071416 | PA      | $12924392.63  | 0.86%             | 2059-12-15      | Fixed         | 3.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31403DBY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    406907 | PA      | $418021.27    | 0.03%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage Trust                     | STWD 2022-FL3 Ltd                                                               | CUSIP: 78485KAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1391000 | PA      | $1377089.44   | 0.09%             | 2038-11-15      | Floating      | 6.32%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO/THE                                          | Boeing Co/The                                                                   | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   4067000 | PA      | $4495930.87   | 0.30%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140A4F97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     52218 | PA      | $54160.78     | 0.00%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138AEEF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    218559 | PA      | $223472.20    | 0.01%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                 | Pacific Gas and Electric Co                                                     | CUSIP: 694308JH1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   8840000 | PA      | $6697655.44   | 0.44%             | 2040-08-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3128M9BH4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    299905 | PA      | $308056.21    | 0.02%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                       | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CP2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   5055000 | PA      | $4944408.63   | 0.33%             | 2027-11-16      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                             | GLS Auto Receivables Issuer Trust 2025-2                                        | CUSIP: 37989BAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    494000 | PA      | $495042.69    | 0.03%             | 2028-03-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31412XFD1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     51084 | PA      | $53832.20     | 0.00%             | 2037-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                               | Madison Park Funding XXIII Ltd                                                  | CUSIP: 55820TAN8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5894060 | PA      | $5910775.55   | 0.39%             | 2031-07-27      | Floating      | 6.58%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140N24Z1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    594014 | PA      | $581963.05    | 0.04%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140L1Y41<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    292145 | PA      | $239408.18    | 0.02%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 3620AMD58<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     51298 | PA      | $50736.83     | 0.00%             | 2040-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                               | Angel Oak Mortgage Trust 2024-9                                                 | CUSIP: 03466JAA7<br>LEI: 254900O3R79X1AD55F36 | Long             | ABS-MBS          | CORP              | US        |   2534050 | PA      | $2533240.61   | 0.17%             | 2069-09-25      | Variable      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418EB90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    345446 | PA      | $292573.35    | 0.02%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31417AYK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    783147 | PA      | $761676.47    | 0.05%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140XCAE8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    544099 | PA      | $478984.37    | 0.03%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31416BW87<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100442 | PA      | $100068.56    | 0.01%             | 2034-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 3620AKNL6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     14130 | PA      | $14025.05     | 0.00%             | 2040-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31371L6G9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3601 | PA      | $3743.73      | 0.00%             | 2035-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31406PQ85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9510 | PA      | $9882.62      | 0.00%             | 2035-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                   | Targa Resources Corp                                                            | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    930000 | PA      | $883597.25    | 0.06%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140XCAK4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    490949 | PA      | $419277.39    | 0.03%             | 2051-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ELM Trust 2024                                         | ELM Trust 2024-ELM                                                              | CUSIP: 26860XAJ0<br>LEI: 254900IIXJ23M1M8Y987 | Long             | ABS-MBS          | CORP              | US        |   1011934 | PA      | $1020221.33   | 0.07%             | 2039-06-10      | Variable      | 6.40%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140QEAV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    530753 | PA      | $456114.65    | 0.03%             | 2050-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd        | Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd                          | CUSIP: 03880KAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    964500 | PA      | $962953.91    | 0.06%             | 2034-08-15      | Floating      | 6.46%                 | Yes           |                  2 | On Loan: No      |
| TOLL ROAD INV PART II                                  | Toll Road Investors Partnership II LP                                           | CUSIP: 88948ABB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2145000 | PA      | $2094504.53   | 0.14%             | 2026-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36202FP67<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    215084 | PA      | $208179.35    | 0.01%             | 2041-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Notes                                                             | CUSIP: 91282CGC9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11000000 | PA      | $11060585.91  | 0.73%             | 2027-12-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Bank                                                   | BANK 2023-BNK46                                                                 | CUSIP: 06541DBN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2699147 | PA      | $2894917.75   | 0.19%             | 2056-08-15      | Variable      | 6.39%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140QRQH9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    747502 | PA      | $745009.32    | 0.05%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PREFERRED TERM SECS XIX                                | Preferred Term Securities XIX Ltd/Preferred Term Securities XIX Inc             | CUSIP: 74042HAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     85782 | PA      | $81921.78     | 0.01%             | 2035-12-22      | Floating      | 4.65%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418ED56<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     37663 | PA      | $31887.23     | 0.00%             | 2052-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3132DNXJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    255786 | PA      | $216617.64    | 0.01%             | 2052-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138MBH82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    627377 | PA      | $610369.19    | 0.04%             | 2042-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3128M5M56<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     18797 | PA      | $19580.57     | 0.00%             | 2035-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs      | United States Small Business Administration                                     | CUSIP: 83162CVR1<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |   1362210 | PA      | $1313129.39   | 0.09%             | 2033-07-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31371MMG9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12752 | PA      | $13267.62     | 0.00%             | 2036-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TENGIZCHEVROIL FIN CO IN                               | Tengizchevroil Finance Co International Ltd                                     | CUSIP: 000000000<br>LEI: 5493001VEV2XTJIBZH31 | Long             | DBT              | CORP              | BM        |   3294000 | PA      | $3036836.73   | 0.20%             | 2030-08-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179WLP1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1000275 | PA      | $861869.30    | 0.06%             | 2051-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LoanCore 2021-CRE5 Issuer, Ltd                         | LoanCore 2021-CRE5 Issuer Ltd                                                   | CUSIP: 53947XAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5318000 | PA      | $5304678.41   | 0.35%             | 2036-07-15      | Floating      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2024-NQM15 Trust                                                            | CUSIP: 67449DAA7<br>LEI: 254900YXEB756F6RCA13 | Long             | ABS-MBS          | CORP              | US        |   1696271 | PA      | $1703773.61   | 0.11%             | 2064-10-25      | Variable      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140X5XN8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    748799 | PA      | $640776.26    | 0.04%             | 2050-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3132L5AD5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    584153 | PA      | $537739.83    | 0.04%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179W7J1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    288514 | PA      | $248747.62    | 0.02%             | 2052-06-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                     | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-4                   | CUSIP: 35563PMN6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    386897 | PA      | $335812.40    | 0.02%             | 2059-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                             | Humana Inc                                                                      | CUSIP: 444859BV3<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |   4131000 | PA      | $4346239.10   | 0.29%             | 2033-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31414GG60<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7851 | PA      | $8167.94      | 0.00%             | 2038-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                     | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-3                   | CUSIP: 35563PLK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    387342 | PA      | $367640.67    | 0.02%             | 2058-10-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31410KXK5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     77966 | PA      | $80903.12     | 0.01%             | 2038-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31413RFX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33150 | PA      | $34528.95     | 0.00%             | 2037-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority/The                   | BERKS CNTY PA MUNI AUTH                                                         | CUSIP: 084538JL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2286000 | PA      | $1307582.17   | 0.09%             | 2044-06-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179W2U1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4518615 | PA      | $3891967.71   | 0.26%             | 2052-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3133KMSR7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    292044 | PA      | $236682.62    | 0.02%             | 2051-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ICON INVESTMENTS SIX DAC                               | Icon Investments Six DAC                                                        | CUSIP: 45115AAC8<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |   2657000 | PA      | $2789058.88   | 0.19%             | 2034-05-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs      | United States Small Business Administration                                     | CUSIP: 83162CTR4<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |     87870 | PA      | $85922.91     | 0.01%             | 2030-11-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                               | Corebridge Financial Inc                                                        | CUSIP: 21871XAS8<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   2801000 | PA      | $2946295.46   | 0.20%             | 2034-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae REMICS                                                               | CUSIP: 3136AEXM4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     37574 | PA      | $2132.53      | 0.00%             | 2033-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs      | United States Small Business Administration                                     | CUSIP: 83162CTN3<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |    754013 | PA      | $733683.52    | 0.05%             | 2030-09-01      | Fixed         | 3.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138A7FR4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    333609 | PA      | $325084.59    | 0.02%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31412LGN4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12376 | PA      | $13041.62     | 0.00%             | 2037-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138ERCZ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     65911 | PA      | $64104.16     | 0.00%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179UCA8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    351483 | PA      | $325857.71    | 0.02%             | 2048-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                 | OKLAHOMA ST DEV FIN AUTH HLTHSYS REVENUE                                        | CUSIP: 67884XCP0<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   3770000 | PA      | $3718740.44   | 0.25%             | 2028-08-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Notes                                                             | CUSIP: 91282CKX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11500000 | PA      | $11728652.32  | 0.78%             | 2029-06-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3128KYA33<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7817 | PA      | $8221.85      | 0.00%             | 2037-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31419AGZ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    109145 | PA      | $107300.10    | 0.01%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418ECW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    905531 | PA      | $867360.52    | 0.06%             | 2037-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                               | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAL5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1779000 | PA      | $1775829.79   | 0.12%             | 2026-04-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3132WHJY2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4487124 | PA      | $4073901.78   | 0.27%             | 2046-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31419B5X9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    545655 | PA      | $532724.07    | 0.04%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                          | UBS Commercial Mortgage Trust 2018-C8                                           | CUSIP: 90276VAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5865766 | PA      | $5801552.29   | 0.39%             | 2051-02-15      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                       | T-Mobile USA Inc                                                                | CUSIP: 87264ACB9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1939000 | PA      | $1761815.54   | 0.12%             | 2031-02-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418D7E6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    318205 | PA      | $257958.96    | 0.02%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31419AAH0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22024 | PA      | $23155.73     | 0.00%             | 2038-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                          | Citigroup Inc                                                                   | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2392000 | PA      | $2465092.34   | 0.16%             | 2030-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ALCON FINANCE CORP                                     | Alcon Finance Corp                                                              | CUSIP: 01400EAE3<br>LEI: 549300CUZUI9VU7XNK42 | Long             | DBT              | CORP              | US        |   1318000 | PA      | $1374284.35   | 0.09%             | 2032-12-06      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3128M4W66<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7571 | PA      | $7862.88      | 0.00%             | 2036-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                                               | BXMT 2020-FL2 LTD                                                               | CUSIP: 12434LAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1731000 | PA      | $1722391.74   | 0.11%             | 2038-02-15      | Floating      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| Escambia County Health Facilities Authority            | ESCAMBIA CNTY FL HLTH FACS AUTH                                                 | CUSIP: 296110GG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1061421.11   | 0.07%             | 2040-08-15      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31410RCJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9825 | PA      | $10136.32     | 0.00%             | 2036-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36202F2V7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    146531 | PA      | $151480.84    | 0.01%             | 2042-01-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                      | Post Holdings Inc                                                               | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   1225000 | PA      | $1180915.19   | 0.08%             | 2030-04-15      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| BAT INTL FINANCE PLC                                   | BAT International Finance PLC                                                   | CUSIP: 05530QAP5<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |   4936000 | PA      | $4965767.14   | 0.33%             | 2028-03-16      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                               | Liberty Mutual Group Inc                                                        | CUSIP: 53079EBJ2<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |   2221000 | PA      | $1701036.74   | 0.11%             | 2050-10-15      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                    | New Residential Mortgage Loan Trust 2025-NQM4                                   | CUSIP: 64832FAC0<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |   7213876 | PA      | $7266440.17   | 0.48%             | 2065-07-25      | Variable      | 5.35%                 | Yes           |                  2 | On Loan: No      |
| ACREC 2021-FL1 Ltd.                                    | ACREC 2021-FL1 Ltd                                                              | CUSIP: 00500RAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2546000 | PA      | $2548217.57   | 0.17%             | 2036-10-16      | Floating      | 6.40%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140F5DA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1111889 | PA      | $1042228.55   | 0.07%             | 2046-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31408H3H6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2919 | PA      | $3075.52      | 0.00%             | 2036-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418CNY6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    366080 | PA      | $330818.84    | 0.02%             | 2047-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140FDVW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1136349 | PA      | $1030449.76   | 0.07%             | 2046-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31415PNH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     45771 | PA      | $47561.10     | 0.00%             | 2038-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                                     | BSPRT 2021-FL7 Issuer Ltd                                                       | CUSIP: 05602CAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    836500 | PA      | $831356.36    | 0.06%             | 2038-12-15      | Floating      | 6.56%                 | Yes           |                  2 | On Loan: No      |
| APA INFRASTRUCTURE LTD                                 | APA Infrastructure Ltd                                                          | CUSIP: 00188LAA5<br>LEI: 261700SS8OEHDOCOUJ33 | Long             | DBT              | CORP              | AU        |    391000 | PA      | $396273.46    | 0.03%             | 2034-09-16      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2020-FL4 Ltd                                                                | CUSIP: 58003UAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2602500 | PA      | $2607133.75   | 0.17%             | 2035-12-15      | Floating      | 6.36%                 | Yes           |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                       | LPL Holdings Inc                                                                | CUSIP: 50212YAK0<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   1917000 | PA      | $2003027.66   | 0.13%             | 2034-05-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                             | Fiserv Inc                                                                      | CUSIP: 337738AU2<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |   2280000 | PA      | $2216021.74   | 0.15%             | 2029-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                               | BX Commercial Mortgage Trust 2025-BCAT                                          | CUSIP: 12433HAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1503549 | PA      | $1504488.63   | 0.10%             | 2042-08-15      | Floating      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31411CKK6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2799 | PA      | $2910.29      | 0.00%             | 2036-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 31292LLA1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    220945 | PA      | $209755.34    | 0.01%             | 2042-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 3620A9SS1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     70031 | PA      | $69971.22     | 0.00%             | 2039-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust               | AmeriCredit Automobile Receivables Trust 2024-1                                 | CUSIP: 023947AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    495911 | PA      | $496566.15    | 0.03%             | 2028-02-18      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3132DQDZ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    635708 | PA      | $649896.40    | 0.04%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810TZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  40900000 | PA      | $40003714.95  | 2.66%             | 2044-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                  | Wells Fargo & Co                                                                | CUSIP: 95000U2J1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   4514000 | PA      | $4194995.03   | 0.28%             | 2031-02-11      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| EMPIRE DISTRICT BONDCO                                 | Empire District Bondco LLC                                                      | CUSIP: 291918AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1413792 | PA      | $1431401.23   | 0.10%             | 2033-01-01      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| ELM Trust 2024                                         | ELM Trust 2024-ELM                                                              | CUSIP: 26860XBC4<br>LEI: 254900IIXJ23M1M8Y987 | Long             | ABS-MBS          | CORP              | US        |    742347 | PA      | $748450.43    | 0.05%             | 2039-06-10      | Variable      | 6.40%                 | Yes           |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                    | Charles Schwab Corp/The                                                         | CUSIP: 808513CE3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2461538.71   | 0.16%             | 2034-05-19      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31385XAZ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    573143 | PA      | $587236.58    | 0.04%             | 2033-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418EAS9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    478869 | PA      | $440069.30    | 0.03%             | 2037-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Man Glg Us Clo 2018-2 Ltd                              | MAN US CLO 2023-1 LTD                                                           | CUSIP: 56166RAC6<br>LEI: 254900N9T03W7ZI61W42 | Long             | ABS-CBDO         | CORP              | JE        |   3420864 | PA      | $3427695.47   | 0.23%             | 2035-07-20      | Floating      | 7.33%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138ETDS2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1103669 | PA      | $1073476.29   | 0.07%             | 2043-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ENI SPA                                                | Eni SpA                                                                         | CUSIP: 26874RAN8<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |   1487000 | PA      | $1529708.84   | 0.10%             | 2034-05-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| UMBS, TBA                                              | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F0306A1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1025000 | PA      | $900156.20    | 0.06%             | 2055-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140QMZC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1810327 | PA      | $1549195.75   | 0.10%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                            | Oracle Corp                                                                     | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1472000 | PA      | $1467471.85   | 0.10%             | 2055-09-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                               | Rogers Communications Inc                                                       | CUSIP: 775109CJ8<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |   6129000 | PA      | $5335866.64   | 0.35%             | 2042-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ILPT Commercial Mortgage Trust                         | ILPT Commercial Mortgage Trust 2025-LPF2                                        | CUSIP: 451955AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3609000 | PA      | $3674004.23   | 0.24%             | 2042-07-13      | Variable      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179TLR4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1723467 | PA      | $1557874.36   | 0.10%             | 2047-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HALEON US CAPITAL LLC                                  | Haleon US Capital LLC                                                           | CUSIP: 36264FAM3<br>LEI: 549300N8C3A3L0UVQB07 | Long             | DBT              | CORP              | US        |   3229000 | PA      | $3059932.21   | 0.20%             | 2032-03-24      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| WMG ACQUISITION CORP                                   | WMG Acquisition Corp                                                            | CUSIP: 92933BAR5<br>LEI: 549300NAS11NXI33CP80 | Long             | DBT              | CORP              | US        |   1568000 | PA      | $1452195.80   | 0.10%             | 2031-02-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 36177T4M6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     62913 | PA      | $58812.98     | 0.00%             | 2042-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 36177PCJ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    131138 | PA      | $123081.12    | 0.01%             | 2042-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Cantor Commercial Real Estate Lending                  | Cantor Commercial Real Estate Lending 2019-CF2                                  | CUSIP: 12528YAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6645635 | PA      | $6247246.46   | 0.41%             | 2052-11-15      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2022-FL8 Ltd                                                                | CUSIP: 55284JAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1407473 | PA      | $1388831.44   | 0.09%             | 2037-02-19      | Floating      | 6.78%                 | Yes           |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                   | Deephaven Residential Mortgage Trust 2024-1                                     | CUSIP: 24380QAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5538050 | PA      | $5594404.29   | 0.37%             | 2069-07-25      | Variable      | 5.74%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO                                              | Boeing Co/The                                                                   | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   6236000 | PA      | $6188770.72   | 0.41%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418EDC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    381992 | PA      | $323405.51    | 0.02%             | 2052-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3132DWC68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    836294 | PA      | $677194.84    | 0.04%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31417AVY2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     57068 | PA      | $54042.30     | 0.00%             | 2042-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                        | CUSIP: 38377YEC0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    158315 | PA      | $155440.23    | 0.01%             | 2041-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179TQN8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2959423 | PA      | $2679801.74   | 0.18%             | 2048-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                               | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAM3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   2890000 | PA      | $2860235.77   | 0.19%             | 2026-02-21      | Fixed         | 2.13%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 31297VPS1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     22861 | PA      | $23467.16     | 0.00%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                              | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F0326A7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    350000 | PA      | $319732.42    | 0.02%             | 2055-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 3618N5EV7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1166525 | PA      | $1176104.13   | 0.08%             | 2055-01-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140QNLM2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    157567 | PA      | $133450.21    | 0.01%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31417TNK0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    604998 | PA      | $606255.90    | 0.04%             | 2040-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                 | Rockford Tower CLO 2020-1 Ltd                                                   | CUSIP: 77341EBE4<br>LEI: 5493009YDNBJVFWX7747 | Long             | ABS-CBDO         | CORP              | KY        |   3331195 | PA      | $3323360.03   | 0.22%             | 2036-01-20      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                 | Philip Morris International Inc                                                 | CUSIP: 718172CV9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   2140000 | PA      | $2186404.34   | 0.15%             | 2027-11-17      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                     | Energy Transfer LP                                                              | CUSIP: 29273VAP5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1261000 | PA      | $1298004.65   | 0.09%             | 2028-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140XLCZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    491365 | PA      | $508756.57    | 0.03%             | 2043-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418EAN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    675586 | PA      | $571331.31    | 0.04%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31416WEW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33317 | PA      | $33428.55     | 0.00%             | 2040-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140QKLX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    424521 | PA      | $400281.88    | 0.03%             | 2036-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                      | Iron Mountain Inc                                                               | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   5315000 | PA      | $5073305.16   | 0.34%             | 2031-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 36296JD51<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     13685 | PA      | $14350.85     | 0.00%             | 2039-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                               | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   2329000 | PA      | $2244439.81   | 0.15%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                                     | BSPRT 2021-FL6 Issuer Ltd                                                       | CUSIP: 05601HAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3669500 | PA      | $3668043.21   | 0.24%             | 2036-03-15      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138EH3F7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    762532 | PA      | $743204.83    | 0.05%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140KE2N7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    128591 | PA      | $111121.88    | 0.01%             | 2050-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ACREC LLC                                              | Acrec 2025 Fl 3 LLC                                                             | CUSIP: 00112HAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3857000 | PA      | $3844761.74   | 0.26%             | 2042-08-18      | Floating      | 5.78%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae REMICS                                                               | CUSIP: 3136ARB31<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    172417 | PA      | $160726.14    | 0.01%             | 2046-04-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179RBW8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    304099 | PA      | $276396.90    | 0.02%             | 2045-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| STORE Master Funding LLC                               | Store Master Funding I-VII XIV XIX XX XXIV XXII                                 | CUSIP: 86212XAM2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    904211 | PA      | $925486.59    | 0.06%             | 2054-05-20      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| HCA INC                                                | HCA Inc                                                                         | CUSIP: 404119CS6<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   3251000 | PA      | $2782000.21   | 0.18%             | 2042-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31412NJQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13466 | PA      | $14163.64     | 0.00%             | 2038-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31409GKK1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10561 | PA      | $11129.41     | 0.00%             | 2036-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140A5RZ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    150355 | PA      | $154020.02    | 0.01%             | 2053-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36202FLN4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    225492 | PA      | $218253.79    | 0.01%             | 2040-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 3620AFPN1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     15542 | PA      | $15500.29     | 0.00%             | 2040-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31414QTQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3424 | PA      | $3551.82      | 0.00%             | 2038-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STORE Master Funding LLC                               | Store Master Funding I-VII XIV XIX XX XXIV XXII                                 | CUSIP: 86212XAL4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    432847 | PA      | $438452.49    | 0.03%             | 2054-05-20      | Fixed         | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac REMICS                                                              | CUSIP: 3137BJF65<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    114492 | PA      | $109971.82    | 0.01%             | 2039-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                                   | Boston Properties LP                                                            | CUSIP: 10112RBH6<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |   1899000 | PA      | $2048030.20   | 0.14%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                                | Kinder Morgan Energy Partners LP                                                | CUSIP: 494550BH8<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |   2040000 | PA      | $2178950.58   | 0.14%             | 2041-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 312940BC2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     26974 | PA      | $27484.56     | 0.00%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2025-FL19 LLC                                                               | CUSIP: 55287KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3778621 | PA      | $3791608.50   | 0.25%             | 2042-05-18      | Floating      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140FH6D4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    180210 | PA      | $154727.45    | 0.01%             | 2050-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138EKBW4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     52052 | PA      | $53307.93     | 0.00%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                 | US 5YR NOTE (CBT) DEC25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       382 | NC      | $-10109.63    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31413ECR4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10741 | PA      | $11319.07     | 0.00%             | 2037-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                                        | AREIT 2022-CRE6 Trust                                                           | CUSIP: 04002VAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1126000 | PA      | $1120423.87   | 0.07%             | 2037-01-20      | Floating      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31410KQ64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     32777 | PA      | $34103.39     | 0.00%             | 2036-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3128MJBX7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5600 | PA      | $5907.57      | 0.00%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3132WJUV1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    842388 | PA      | $788204.45    | 0.05%             | 2046-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31410GFF5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10297 | PA      | $10713.49     | 0.00%             | 2037-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ACREC 2021-FL1 Ltd.                                    | ACREC 2021-FL1 Ltd                                                              | CUSIP: 00500RAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3070500 | PA      | $3058294.46   | 0.20%             | 2036-10-16      | Floating      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31407KRH4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     61216 | PA      | $62687.06     | 0.00%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs      | United States Small Business Administration                                     | CUSIP: 83162CVL4<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |   1056429 | PA      | $983536.92    | 0.07%             | 2033-04-01      | Fixed         | 2.08%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage Trust                     | STWD 2021-FL2 Ltd                                                               | CUSIP: 78486BAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2027000 | PA      | $2017827.83   | 0.13%             | 2038-04-18      | Floating      | 6.35%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 31335ALX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1130192 | PA      | $1132878.70   | 0.08%             | 2042-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Northwell Healthcare Inc                               | Northwell Healthcare Inc                                                        | CUSIP: 667274AA2<br>LEI: 54930073NUTKK4QD3P47 | Long             | DBT              | CORP              | US        |   1503000 | PA      | $1188503.50   | 0.08%             | 2046-11-01      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140A4XM8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    423767 | PA      | $428235.84    | 0.03%             | 2053-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs      | United States Small Business Administration                                     | CUSIP: 83162CUY7<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |    126624 | PA      | $119976.80    | 0.01%             | 2032-08-01      | Fixed         | 2.37%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.       | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137FTZU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1901414 | PA      | $140315.99    | 0.01%             | 2030-04-25      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 3620ALQ49<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     56847 | PA      | $56388.24     | 0.00%             | 2040-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHENIERE CORP CHRISTI HD                               | Cheniere Corpus Christi Holdings LLC                                            | CUSIP: 16412XAL9<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |   1939000 | PA      | $1626328.75   | 0.11%             | 2039-12-31      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia/The                    | PHILADELPHIA PA SCH DIST                                                        | CUSIP: 717883NM0<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3419193.38   | 0.23%             | 2030-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810TU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9600000 | PA      | $9264749.95   | 0.62%             | 2043-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                      | Kinder Morgan Inc                                                               | CUSIP: 28368EAE6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |   3350000 | PA      | $3895343.08   | 0.26%             | 2032-01-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2025-NQM16 Trust                                                            | CUSIP: 67122DAC7<br>LEI: 254900WI6P4MRT24JH23 | Long             | ABS-MBS          | CORP              | US        |   2121223 | PA      | $2118261.56   | 0.14%             | 2065-08-25      | Variable      | 4.91%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140QKQL5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    597669 | PA      | $508432.27    | 0.03%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 36294UUL4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     44153 | PA      | $41275.58     | 0.00%             | 2042-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179W5C8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    880179 | PA      | $786048.74    | 0.05%             | 2052-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                    | Ashtead Capital Inc                                                             | CUSIP: 045054AS2<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   1161000 | PA      | $1216466.33   | 0.08%             | 2034-04-15      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Village of Bridgeview IL                               | BRIDGEVIEW IL                                                                   | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8850000 | PA      | $8230312.38   | 0.55%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31409VYW7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2171 | PA      | $2257.09      | 0.00%             | 2036-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31413ETV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4468 | PA      | $4651.24      | 0.00%             | 2037-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                 | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6587000 | PA      | $6220859.63   | 0.41%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2024-NQM9 Trust                                                             | CUSIP: 67119DAA6<br>LEI: 2549004KB8X0K1PPTU08 | Long             | ABS-MBS          | CORP              | US        |   2345927 | PA      | $2374288.49   | 0.16%             | 2064-01-25      | Variable      | 6.03%                 | Yes           |                  2 | On Loan: No      |
| Bayview Commercial Asset Trust                         | Bayview Commercial Asset Trust 2006-4                                           | CUSIP: 07325BAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     43479 | PA      | $4.35         | 0.00%             | 2036-12-25      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179WY93<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5158750 | PA      | $4443337.75   | 0.29%             | 2052-03-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                    | JPMorgan Chase & Co                                                             | CUSIP: 46647PCR5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3363000 | PA      | $3016342.83   | 0.20%             | 2032-11-08      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                               | Lloyds Banking Group PLC                                                        | CUSIP: 53944YAD5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   2765000 | PA      | $2754237.35   | 0.18%             | 2027-01-11      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179XLG9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1280256 | PA      | $1250661.27   | 0.08%             | 2052-11-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                              | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F0626A4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3375000 | PA      | $3487669.95   | 0.23%             | 2054-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio               | MFS Institutional Money Market Portfolio                                        | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | EC               | RF                | US        |  24092674 | NS      | $24095083.57  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ReadyCap Commercial Mortgage Trust                     | Ready Capital Mortgage Financing 2021-FL7 LLC                                   | CUSIP: 75575WAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1575000 | PA      | $1572176.03   | 0.10%             | 2036-11-25      | Floating      | 7.22%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae REMICS                                                               | CUSIP: 3136ABC35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    175845 | PA      | $12263.51     | 0.00%             | 2033-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                               | 1011778 BC ULC / New Red Finance Inc                                            | CUSIP: 68245XAR0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   2656000 | PA      | $2715765.31   | 0.18%             | 2029-06-15      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                              | Chesapeake Funding II LLC                                                       | CUSIP: 165183CU6<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |    451557 | PA      | $454329.86    | 0.03%             | 2035-05-15      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                                 | Fairfax Financial Holdings Ltd                                                  | CUSIP: 303901BL5<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |   2374000 | PA      | $2466927.52   | 0.16%             | 2032-08-16      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3128M6JU3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     17830 | PA      | $18280.27     | 0.00%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARIN GENERAL HOSPITAL                                 | Marin General Hospital                                                          | CUSIP: 568039AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2243000 | PA      | $2490349.61   | 0.17%             | 2045-08-01      | Fixed         | 7.24%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                    | Ashtead Capital Inc                                                             | CUSIP: 045054AQ6<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   4843000 | PA      | $4995286.15   | 0.33%             | 2033-05-30      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 36290WG55<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     33034 | PA      | $33631.18     | 0.00%             | 2033-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138EHGM8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    377624 | PA      | $367740.69    | 0.02%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31408DV50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4157 | PA      | $4367.25      | 0.00%             | 2035-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                                 | Anglo American Capital PLC                                                      | CUSIP: 034863BC3<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |   4511000 | PA      | $3921817.84   | 0.26%             | 2052-03-16      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418CM43<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    196813 | PA      | $185984.22    | 0.01%             | 2037-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179WR34<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    378203 | PA      | $337948.34    | 0.02%             | 2051-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2025-NQM14 Trust                                                            | CUSIP: 673924AC0<br>LEI: 254900T4WKE0IYMYAI09 | Long             | ABS-MBS          | CORP              | US        |   1495302 | PA      | $1505355.71   | 0.10%             | 2065-07-25      | Variable      | 5.16%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY                                         | Morgan Stanley                                                                  | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1239000 | PA      | $1280270.64   | 0.08%             | 2029-07-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs      | United States Small Business Administration                                     | CUSIP: 83162CVG5<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |    676840 | PA      | $634160.61    | 0.04%             | 2033-01-01      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31419FG83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    446708 | PA      | $436121.38    | 0.03%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36202ESB6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     23719 | PA      | $24520.61     | 0.00%             | 2038-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31417YFL6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    350202 | PA      | $358643.45    | 0.02%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                    | JPMorgan Chase & Co                                                             | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   4435000 | PA      | $4159469.99   | 0.28%             | 2031-05-13      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3133B4H99<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    829030 | PA      | $676895.46    | 0.04%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Notes                                                             | CUSIP: 91282CEF4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  17600000 | PA      | $17303000.00  | 1.15%             | 2027-03-31      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31368HMH3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13876 | PA      | $14192.22     | 0.00%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae                                                                      | CUSIP: 21H0326A3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3575000 | PA      | $3259027.38   | 0.22%             | 2055-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3133KMY58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    123990 | PA      | $105154.46    | 0.01%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 31292K2A4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     63344 | PA      | $63498.06     | 0.00%             | 2040-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CBRE SERVICES INC                                      | CBRE Services Inc                                                               | CUSIP: 12505BAG5<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |   2539000 | PA      | $2708188.19   | 0.18%             | 2034-08-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                    | Global Payments Inc                                                             | CUSIP: 37940XAD4<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   5153000 | PA      | $4769061.51   | 0.32%             | 2030-05-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                                     | Vodafone Group PLC                                                              | CUSIP: 92857WBY5<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |   1337000 | PA      | $1301359.40   | 0.09%             | 2053-02-10      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 31297HN70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1131 | PA      | $1155.77      | 0.00%             | 2035-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS CORP                                | SBA Communications Corp                                                         | CUSIP: 78410GAG9<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |   4025000 | PA      | $3764629.59   | 0.25%             | 2029-02-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 36297GSD3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    369211 | PA      | $345496.60    | 0.02%             | 2041-12-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3132DWDQ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1034297 | PA      | $837791.63    | 0.06%             | 2052-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3128LXMK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7377 | PA      | $7685.02      | 0.00%             | 2036-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac REMICS                                                              | CUSIP: 3137BSLS0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     47208 | PA      | $4078.13      | 0.00%             | 2044-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                                        | AREIT 2025-CRE10 Ltd                                                            | CUSIP: 00193DAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4001064 | PA      | $3996066.67   | 0.27%             | 2030-01-17      | Floating      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd        | Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd                          | CUSIP: 03880KAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1740000 | PA      | $1734085.74   | 0.12%             | 2034-08-15      | Floating      | 6.11%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140XEAU8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1587208 | PA      | $1410534.45   | 0.09%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179WVT2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3340484 | PA      | $2761613.64   | 0.18%             | 2052-01-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                   | Enel Finance International NV                                                   | CUSIP: 29278GBA5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    746000 | PA      | $860036.07    | 0.06%             | 2032-10-14      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| ReadyCap Commercial Mortgage Trust                     | Ready Capital Mortgage Financing 2021-FL7 LLC                                   | CUSIP: 75575WAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1340000 | PA      | $1334038.34   | 0.09%             | 2036-11-25      | Floating      | 6.47%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 3620A2UH7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     39051 | PA      | $38699.96     | 0.00%             | 2039-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31368HNR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    329528 | PA      | $331237.36    | 0.02%             | 2039-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                           | Voya 2012-4 Ltd                                                                 | CUSIP: 92916GBH6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1187823 | PA      | $1189465.76   | 0.08%             | 2030-10-15      | Floating      | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3128P8E23<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    129043 | PA      | $127207.03    | 0.01%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs      | United States Small Business Administration                                     | CUSIP: 83162CVS9<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |   1526440 | PA      | $1465595.81   | 0.10%             | 2033-08-01      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31417AYE3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1423254 | PA      | $1384236.33   | 0.09%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31412LNY2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     20231 | PA      | $21319.50     | 0.00%             | 2037-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31419BBY0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    333792 | PA      | $334288.33    | 0.02%             | 2041-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BRAZOS SECURITIZATN LLC                                | Brazos Securitization LLC                                                       | CUSIP: 106230AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3427000 | PA      | $3311085.12   | 0.22%             | 2050-09-01      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                                 | Fairfax Financial Holdings Ltd                                                  | CUSIP: 303901BJ0<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |   1060000 | PA      | $999874.37    | 0.07%             | 2031-03-03      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138X6UA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    969046 | PA      | $913551.59    | 0.06%             | 2043-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                 | Pacific Gas and Electric Co                                                     | CUSIP: 694308JW8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   2630000 | PA      | $2535445.16   | 0.17%             | 2028-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31413D3E5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3487 | PA      | $3663.02      | 0.00%             | 2037-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140QNWX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    165597 | PA      | $146752.83    | 0.01%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                                | BDS 2024-FL13 LLC                                                               | CUSIP: 05555MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1224500 | PA      | $1227288.19   | 0.08%             | 2039-09-19      | Floating      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3132HNK57<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     86353 | PA      | $79427.27     | 0.01%             | 2042-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3128M7U38<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6460 | PA      | $6621.60      | 0.00%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418EBH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    149847 | PA      | $126208.23    | 0.01%             | 2042-02-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| ARDN 2025-ARCP Mortgage Trust                          | ARDN 2025-ARCP Mortgage Trust                                                   | CUSIP: 039961AC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4931651 | PA      | $4930581.52   | 0.33%             | 2035-06-15      | Floating      | 6.15%                 | Yes           |                  2 | On Loan: No      |
| Northwoods Capital Ltd                                 | Northwoods Capital XIV-B Ltd                                                    | CUSIP: 66860CAN3<br>LEI: 549300QQDSTCZ860F679 | Long             | ABS-CBDO         | CORP              | KY        |   3306562 | PA      | $3308826.99   | 0.22%             | 2031-11-13      | Floating      | 6.08%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3132J93Z9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    268592 | PA      | $246691.16    | 0.02%             | 2043-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 36295NG27<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1570 | PA      | $1625.66      | 0.00%             | 2038-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3128M73V6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     38026 | PA      | $38986.64     | 0.00%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ERAC USA Finance LLC                                   | ERAC USA Finance LLC                                                            | CUSIP: 26882PBE1<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |   1983000 | PA      | $2313262.21   | 0.15%             | 2037-10-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418EE30<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     41933 | PA      | $36908.15     | 0.00%             | 2052-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 3620A8GZ0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     24526 | PA      | $24504.66     | 0.00%             | 2040-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                      | Post Holdings Inc                                                               | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   1441000 | PA      | $1435247.82   | 0.10%             | 2029-12-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                | Dell International LLC / EMC Corp                                               | CUSIP: 24703TAG1<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |   6901000 | PA      | $7126004.28   | 0.47%             | 2029-10-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140MGCW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1026177 | PA      | $868823.08    | 0.06%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae REMICS                                                               | CUSIP: 3136ASG67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    295664 | PA      | $54509.05     | 0.00%             | 2046-07-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                           | Barclays PLC                                                                    | CUSIP: 06738EBD6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   3191000 | PA      | $3238475.44   | 0.22%             | 2029-05-16      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                           | UBS Group AG                                                                    | CUSIP: 902613AD0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   7084000 | PA      | $6443461.18   | 0.43%             | 2031-02-10      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140XFGA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1467796 | PA      | $1258696.53   | 0.08%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2025-FL17 LLC                                                               | CUSIP: 55287HAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2388514 | PA      | $2373294.39   | 0.16%             | 2040-02-18      | Floating      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 31292SBD1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2440737 | PA      | $2304767.98   | 0.15%             | 2043-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                               | EQT Corp                                                                        | CUSIP: 26884LAL3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   1294000 | PA      | $1312065.08   | 0.09%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                                 | Fairfax Financial Holdings Ltd                                                  | CUSIP: 303901BB7<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |   5692000 | PA      | $5764015.81   | 0.38%             | 2028-04-17      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Black Diamond CLO Ltd                                  | Black Diamond CLO 2021-1 Ltd                                                    | CUSIP: 09204WAH7<br>LEI: 549300IEWA7GZ3ECTT90 | Long             | ABS-CBDO         | CORP              | KY        |   5375000 | PA      | $5380434.13   | 0.36%             | 2034-11-22      | Floating      | 6.17%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3128M8RP1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     87372 | PA      | $89604.41     | 0.01%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5900000 | PA      | $5680824.20   | 0.38%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179SB89<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    423960 | PA      | $394702.24    | 0.03%             | 2046-05-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31403CXQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2298 | PA      | $2390.97      | 0.00%             | 2035-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140K5AX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    262857 | PA      | $225310.78    | 0.01%             | 2050-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140XHHS9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1467397 | PA      | $1188697.87   | 0.08%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Residential Funding Mortgage Securities II             | Home Equity Loan Trust 2005-HS2                                                 | CUSIP: 76110VSS8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2975 | PA      | $45.00        | 0.00%             | 2035-12-25      | Variable      | 3.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418NX21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     51850 | PA      | $53110.19     | 0.00%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 Multifamily Housing Mortgage Loan Trust                                     | CUSIP: 55282XAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2589000 | PA      | $2589038.84   | 0.17%             | 2036-07-15      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31417AYG8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    519819 | PA      | $505568.75    | 0.03%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179TG33<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    537231 | PA      | $486471.65    | 0.03%             | 2047-09-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 31297UKW9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8163 | PA      | $8359.92      | 0.00%             | 2035-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3132DWDS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     61001 | PA      | $53701.49     | 0.00%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LoanCore 2021-CRE5 Issuer, Ltd                         | LoanCore 2021-CRE5 Issuer Ltd                                                   | CUSIP: 53947XAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5666000 | PA      | $5665834.55   | 0.38%             | 2036-07-15      | Floating      | 6.01%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.       | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137BTAC5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2958000 | PA      | $2936939.63   | 0.19%             | 2026-10-25      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                               | Capital One Financial Corp                                                      | CUSIP: 14040HDA0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   3594000 | PA      | $3887533.91   | 0.26%             | 2034-06-08      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                               | Hilton Domestic Operating Co Inc                                                | CUSIP: 432833AR2<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |   3765000 | PA      | $3843296.94   | 0.26%             | 2033-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179XBT2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1270486 | PA      | $1205511.71   | 0.08%             | 2052-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 36241L4N3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     74754 | PA      | $73731.10     | 0.00%             | 2040-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31371MBH9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1346 | PA      | $1400.44      | 0.00%             | 2035-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Marathon Petroleum Corp                                | Marathon Petroleum Corp                                                         | CUSIP: 56585AAM4<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |   2507000 | PA      | $2481218.11   | 0.16%             | 2045-12-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                             | Verus Securitization Trust 2024-1                                               | CUSIP: 92540EAA1<br>LEI: 984500A3F1D749452747 | Long             | ABS-MBS          | CORP              | US        |   1208902 | PA      | $1216767.77   | 0.08%             | 2069-01-25      | Variable      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                 | Santander Drive Auto Receivables Trust 2025-1                                   | CUSIP: 80288DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2384000 | PA      | $2394437.15   | 0.16%             | 2029-01-16      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179SLR6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    372947 | PA      | $338311.91    | 0.02%             | 2046-09-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE ENTRMN                               | Time Warner Cable Enterprises LLC                                               | CUSIP: 88731EAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290000 | PA      | $340224.87    | 0.02%             | 2033-07-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31415WZ55<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     20807 | PA      | $21926.86     | 0.00%             | 2038-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3128M72C9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     27396 | PA      | $28537.94     | 0.00%             | 2038-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31385W2A6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       834 | PA      | $861.16       | 0.00%             | 2033-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2025-FL17 LLC                                                               | CUSIP: 55287HAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3775488 | PA      | $3755394.85   | 0.25%             | 2040-02-18      | Floating      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO                                              | Boeing Co/The                                                                   | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1704000 | PA      | $1748569.09   | 0.12%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 36295KJV6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     22373 | PA      | $23453.61     | 0.00%             | 2038-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                               | Plains All American Pipeline LP / PAA Finance Corp                              | CUSIP: 72650RBM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2839000 | PA      | $2741117.92   | 0.18%             | 2029-12-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs      | United States Small Business Administration                                     | CUSIP: 83162CVK6<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |    518306 | PA      | $485401.97    | 0.03%             | 2033-03-01      | Fixed         | 2.22%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138W9A75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    255874 | PA      | $248461.29    | 0.02%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                      | NatWest Group PLC                                                               | CUSIP: 639057AH1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    769000 | PA      | $825355.03    | 0.05%             | 2034-03-02      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                                     | BSPRT 2021-FL6 Issuer Ltd                                                       | CUSIP: 05601HAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1288000 | PA      | $1286861.41   | 0.09%             | 2036-03-15      | Floating      | 6.31%                 | Yes           |                  2 | On Loan: No      |
| Bank                                                   | BANK 2023-BNK46                                                                 | CUSIP: 06541DBH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4656029 | PA      | $4944847.13   | 0.33%             | 2056-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                       | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CS6<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   5453000 | PA      | $5726408.29   | 0.38%             | 2029-01-18      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31415MM51<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     70446 | PA      | $74237.34     | 0.00%             | 2038-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                               | International Flavors & Fragrances Inc                                          | CUSIP: 459506AQ4<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |   2330000 | PA      | $2084801.42   | 0.14%             | 2030-11-01      | Fixed         | 2.30%                 | Yes           |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC            | Barclays Commercial Mortgage Trust 2019-C5                                      | CUSIP: 05492JAW2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2755000 | PA      | $2618597.47   | 0.17%             | 2052-11-15      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140KFYV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    128170 | PA      | $110808.65    | 0.01%             | 2050-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                   | Bank of America Corp                                                            | CUSIP: 060505FL3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3924000 | PA      | $3964244.54   | 0.26%             | 2028-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3128KQ6Y7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     14246 | PA      | $14855.92     | 0.00%             | 2037-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PENSKE AUTOMOTIVE GROUP                                | Penske Automotive Group Inc                                                     | CUSIP: 70959WAK9<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | DBT              | CORP              | US        |   5509000 | PA      | $5262483.27   | 0.35%             | 2029-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140QFA66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1448838 | PA      | $1247388.86   | 0.08%             | 2050-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 36296RV61<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      6909 | PA      | $7129.69      | 0.00%             | 2038-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                   | Targa Resources Corp                                                            | CUSIP: 87612GAC5<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |   4345000 | PA      | $4620730.83   | 0.31%             | 2033-03-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs      | United States Small Business Administration                                     | CUSIP: 83162CVH3<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |    162769 | PA      | $152881.65    | 0.01%             | 2033-02-01      | Fixed         | 2.21%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179XHV1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2519008 | PA      | $2254679.58   | 0.15%             | 2052-10-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31414CLB2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     19342 | PA      | $20063.82     | 0.00%             | 2038-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                               | Rogers Communications Inc                                                       | CUSIP: 775109CK5<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |   6129000 | PA      | $5080508.97   | 0.34%             | 2052-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31413DFE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11143 | PA      | $11743.04     | 0.00%             | 2037-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140X54P5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    884049 | PA      | $754371.98    | 0.05%             | 2050-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31414ST29<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     23044 | PA      | $23883.65     | 0.00%             | 2038-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALCON FINANCE CORP                                     | Alcon Finance Corp                                                              | CUSIP: 01400EAD5<br>LEI: 549300CUZUI9VU7XNK42 | Long             | DBT              | CORP              | US        |   1096000 | PA      | $1013894.88   | 0.07%             | 2030-05-27      | Fixed         | 2.60%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31413NUX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     72217 | PA      | $76102.67     | 0.01%             | 2037-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                   | Bank of America Corp                                                            | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  10928000 | PA      | $9794350.26   | 0.65%             | 2032-10-20      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| LoanCore Issuer, Ltd.                                  | LoanCore 2025 2025-CRE8 Issuer LLC                                              | CUSIP: 53947FAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   7367000 | PA      | $7364697.08   | 0.49%             | 2042-08-17      | Floating      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                               | Sumitomo Mitsui Financial Group Inc                                             | CUSIP: 86562MCB4<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   5402000 | PA      | $4891698.50   | 0.32%             | 2030-07-08      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust            | MF1 2024-FL16                                                                   | CUSIP: 55287EAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4385479 | PA      | $4396433.49   | 0.29%             | 2039-11-18      | Floating      | 6.08%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31419AT49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     84723 | PA      | $85653.39     | 0.01%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3132DWDE0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     33311 | PA      | $29330.95     | 0.00%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 36297H6K9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     21904 | PA      | $21696.93     | 0.00%             | 2040-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3132DWMS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2562763 | PA      | $2585688.32   | 0.17%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418EP20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4508323 | PA      | $4491019.74   | 0.30%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Notes                                                             | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20000000 | PA      | $20228906.20  | 1.34%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harbourview CLO VII Ltd                                | Harbourview CLO VII-R                                                           | CUSIP: 41165TAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6541472 | PA      | $6542158.58   | 0.43%             | 2031-07-18      | Floating      | 6.29%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140XGR35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     38491 | PA      | $33893.77     | 0.00%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                                        | AREIT 2022-CRE6 Trust                                                           | CUSIP: 04002VAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2322000 | PA      | $2292976.39   | 0.15%             | 2037-01-20      | Floating      | 6.54%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418TC54<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33806 | PA      | $34620.65     | 0.00%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Notes                                                             | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16750000 | PA      | $16939091.76  | 1.12%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31406J2E2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13774 | PA      | $14331.45     | 0.00%             | 2035-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31416WH39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     43617 | PA      | $44668.59     | 0.00%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                             | Fiserv Inc                                                                      | CUSIP: 337738BE7<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |   2183000 | PA      | $2287325.00   | 0.15%             | 2033-03-02      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140HF7H6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    133790 | PA      | $115375.36    | 0.01%             | 2050-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                               | Fortescue Treasury Pty Ltd                                                      | CUSIP: 30251GBC0<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |   3922000 | PA      | $3744480.48   | 0.25%             | 2031-04-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179WXH6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5696101 | PA      | $4709015.03   | 0.31%             | 2052-02-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31414AQP0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18185 | PA      | $18877.94     | 0.00%             | 2038-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 36177MPD8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    109042 | PA      | $101936.98    | 0.01%             | 2042-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                         | Enterprise Fleet Financing 2024-4 LLC                                           | CUSIP: 29374MAB4<br>LEI: RKWYUSIDZTWNAX1D9U96 | Long             | ABS-O            | CORP              | US        |   1020903 | PA      | $1024431.06   | 0.07%             | 2027-07-20      | Fixed         | 4.69%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140QN6Y3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22379 | PA      | $19709.50     | 0.00%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                                   | Boston Properties LP                                                            | CUSIP: 10112RBE3<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |   7238000 | PA      | $6257019.96   | 0.42%             | 2032-04-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31412V6B9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2367 | PA      | $2411.24      | 0.00%             | 2037-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3132J7RK0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     61902 | PA      | $56977.15     | 0.00%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                           | Novelis Corp                                                                    | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   3638000 | PA      | $3316721.31   | 0.22%             | 2031-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Notes                                                             | CUSIP: 91282CHQ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  70400000 | PA      | $71335000.00  | 4.74%             | 2028-07-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179TUB9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     45447 | PA      | $43480.06     | 0.00%             | 2048-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31371MCF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2238 | PA      | $2328.45      | 0.00%             | 2035-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                                  | HUB International Ltd                                                           | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |   3479000 | PA      | $3628266.91   | 0.24%             | 2030-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| State Board of Administration Finance Corp             | FLORIDA ST BRD OF ADMIN FIN CORP REVENUE                                        | CUSIP: 341271AF1<br>LEI: 549300S34SOJ0RULXM35 | Long             | DBT              | MUN               | US        |   5223000 | PA      | $4778210.36   | 0.32%             | 2030-07-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                               | JP Morgan Mortgage Trust 2003-A1                                                | CUSIP: 466247AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     18351 | PA      | $17494.22     | 0.00%             | 2033-10-25      | Variable      | 5.03%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31406XKB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1737 | PA      | $1751.26      | 0.00%             | 2035-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418ECQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1892388 | PA      | $1599521.72   | 0.11%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138A9AM6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        61 | PA      | $61.05        | 0.00%             | 2026-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                            | Oracle Corp                                                                     | CUSIP: 68389XDM4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1994000 | PA      | $2004979.82   | 0.13%             | 2035-09-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 31297C5V8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       427 | PA      | $436.39       | 0.00%             | 2034-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179R7H6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     78009 | PA      | $70789.52     | 0.00%             | 2046-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Notes                                                             | CUSIP: 91282CKA8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  46800000 | PA      | $47070562.50  | 3.13%             | 2027-02-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418EGG9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4478196 | PA      | $3940753.72   | 0.26%             | 2052-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                               | Capital One Financial Corp                                                      | CUSIP: 14040HCY9<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   2325000 | PA      | $2438244.50   | 0.16%             | 2034-02-01      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                               | Venture Global Calcasieu Pass LLC                                               | CUSIP: 92328MAE3<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |   4349000 | PA      | $4534049.95   | 0.30%             | 2030-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179YHS6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    114048 | PA      | $115530.73    | 0.01%             | 2053-10-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                                 | Anglo American Capital PLC                                                      | CUSIP: 034863BA7<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |   2927000 | PA      | $2682951.72   | 0.18%             | 2031-03-17      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                    | JPMorgan Chase & Co                                                             | CUSIP: 46647PAR7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   5871000 | PA      | $5856313.22   | 0.39%             | 2029-04-23      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140A5EB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    108870 | PA      | $111405.89    | 0.01%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                    | Citigroup Commercial Mortgage Trust 2016-P6                                     | CUSIP: 17291EAW1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1754000 | PA      | $1714274.53   | 0.11%             | 2049-12-10      | Variable      | 3.72%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3133KNEG4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1510952 | PA      | $1288697.33   | 0.09%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority/The                   | BERKS CNTY PA MUNI AUTH                                                         | CUSIP: 084538JJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4348000 | PA      | $3587179.13   | 0.24%             | 2039-06-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31415VKQ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11787 | PA      | $12368.88     | 0.00%             | 2038-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418CF58<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4557 | PA      | $4531.85      | 0.00%             | 2027-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179XFH4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5794261 | PA      | $5661212.45   | 0.38%             | 2052-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2025-NQM15 Trust                                                            | CUSIP: 67122CAC9<br>LEI: 254900Y3YIZHUWMEGC78 | Long             | ABS-MBS          | CORP              | US        |   1502659 | PA      | $1508539.99   | 0.10%             | 2065-07-27      | Variable      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3128LXBH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    502116 | PA      | $514160.38    | 0.03%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138APBB3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2493 | PA      | $2477.53      | 0.00%             | 2026-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3132DWDY6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    804024 | PA      | $679837.09    | 0.05%             | 2052-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140XGQ69<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1056993 | PA      | $938378.81    | 0.06%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418U4W1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    263458 | PA      | $269810.66    | 0.02%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31407FJ92<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5611 | PA      | $5820.53      | 0.00%             | 2035-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138WHNH1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1178101 | PA      | $1102688.37   | 0.07%             | 2046-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Toledo Hospital/The                                    | Toledo Hospital/The                                                             | CUSIP: 889184AC1<br>LEI: 5493009DCR7NWV6K4T34 | Long             | DBT              | CORP              | US        |   7120000 | PA      | $7313113.55   | 0.49%             | 2028-11-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                | Dryden 86 CLO Ltd                                                               | CUSIP: 26245XBE6<br>LEI: 25490017VKY7XEFZL303 | Long             | ABS-CBDO         | CORP              | KY        |   7408185 | PA      | $7416726.64   | 0.49%             | 2034-07-17      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36202FXC5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1676502 | PA      | $1686432.10   | 0.11%             | 2041-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                             | Affirm Asset Securitization Trust 2025-X1                                       | CUSIP: 00834MAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    633569 | PA      | $634891.82    | 0.04%             | 2030-04-15      | Fixed         | 5.08%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 31427MHC8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2844955 | PA      | $2939094.91   | 0.20%             | 2055-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE                                 | Westinghouse Air Brake Technologies Corp                                        | CUSIP: 960386AM2<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |   4993000 | PA      | $5062588.14   | 0.34%             | 2028-09-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3132DWDC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5690164 | PA      | $4607555.71   | 0.31%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3132J9KC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    627487 | PA      | $577169.65    | 0.04%             | 2043-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                    | Charles Schwab Corp/The                                                         | CUSIP: 808513CB9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   6058000 | PA      | $6029618.27   | 0.40%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3133KMZB4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1175383 | PA      | $1005845.22   | 0.07%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Cent CLO LP                                            | Columbia Cent CLO 31 Ltd                                                        | CUSIP: 19737LAW3<br>LEI: 5493007YZPNOMQEILE23 | Long             | ABS-CBDO         | CORP              | KY        |   2457213 | PA      | $2441860.33   | 0.16%             | 2034-04-20      | Floating      | 6.18%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY                                         | Morgan Stanley                                                                  | CUSIP: 61747YEH4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   6985000 | PA      | $6231720.77   | 0.41%             | 2032-10-20      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd        | Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd                          | CUSIP: 03880XAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   9290000 | PA      | $9267954.64   | 0.62%             | 2037-01-15      | Floating      | 7.37%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31406NYG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2246 | PA      | $2327.14      | 0.00%             | 2035-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140KGJG9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    227924 | PA      | $196097.08    | 0.01%             | 2050-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SANTOS FINANCE LTD                                     | Santos Finance Ltd                                                              | CUSIP: 803014AB5<br>LEI: 213800BKUBSWG53XNS94 | Long             | DBT              | CORP              | AU        |   3007000 | PA      | $3307029.44   | 0.22%             | 2033-09-19      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| UMBS, TBA                                              | Uniform Mortgage-Backed Security, TBA                                           | CUSIP: 01F0226A8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1150000 | PA      | $968690.54    | 0.06%             | 2055-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810ST6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30300000 | PA      | $19768382.96  | 1.31%             | 2040-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418CV68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    327525 | PA      | $315346.72    | 0.02%             | 2038-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.       | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137FPHM0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6829181 | PA      | $256260.92    | 0.02%             | 2029-08-25      | Variable      | 1.26%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31402RCV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     62847 | PA      | $64279.16     | 0.00%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31419ANB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    205962 | PA      | $201208.72    | 0.01%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3133BB3C1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    374455 | PA      | $345662.75    | 0.02%             | 2052-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                     | Energy Transfer LP                                                              | CUSIP: 29273VAQ3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   3863000 | PA      | $4049321.88   | 0.27%             | 2033-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179XHX7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2843860 | PA      | $2698417.14   | 0.18%             | 2052-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140K4M56<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    131177 | PA      | $112486.59    | 0.01%             | 2050-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BRIXMOR OPERATING PART                                 | Brixmor Operating Partnership LP                                                | CUSIP: 11120BAA5<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |   4895000 | PA      | $5118236.33   | 0.34%             | 2035-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36202EGR4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      7140 | PA      | $7481.31      | 0.00%             | 2036-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179WY85<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2286104 | PA      | $1889934.58   | 0.13%             | 2052-03-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3132DWLU5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    252305 | PA      | $257921.85    | 0.02%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138ACAL1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     20388 | PA      | $19850.62     | 0.00%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140KDB82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    276119 | PA      | $236996.08    | 0.02%             | 2050-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 312941LZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    278289 | PA      | $277507.89    | 0.02%             | 2040-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3132A5H32<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    176039 | PA      | $158592.12    | 0.01%             | 2048-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31419GP24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     46123 | PA      | $46158.31     | 0.00%             | 2040-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31371NP41<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9485 | PA      | $9996.03      | 0.00%             | 2038-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418MUR1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     25448 | PA      | $25873.42     | 0.00%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418EBR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2854907 | PA      | $2306314.30   | 0.15%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MACQUARIE GROUP LTD                                    | Macquarie Group Ltd                                                             | CUSIP: 55608JBE7<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |   8978000 | PA      | $8827359.48   | 0.59%             | 2033-06-21      | Fixed         | 4.44%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138E55N4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     31016 | PA      | $29557.11     | 0.00%             | 2042-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3133A67D7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    442018 | PA      | $395415.91    | 0.03%             | 2050-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179XQX7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2246782 | PA      | $2279538.58   | 0.15%             | 2053-01-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                    | Charles Schwab Corp/The                                                         | CUSIP: 808513CH6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   2878000 | PA      | $3134974.17   | 0.21%             | 2034-08-24      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                               | Electricite de France SA                                                        | CUSIP: 28504DAD5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |   1704000 | PA      | $1901094.93   | 0.13%             | 2053-05-23      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3132GRL58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    270897 | PA      | $257177.75    | 0.02%             | 2042-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                           | Enbridge Inc                                                                    | CUSIP: 29250NBR5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   1601000 | PA      | $1684824.28   | 0.11%             | 2033-03-08      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs      | United States Small Business Administration                                     | CUSIP: 83162CVU4<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |   1078619 | PA      | $1054764.48   | 0.07%             | 2033-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810TW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30400000 | PA      | $30723000.00  | 2.04%             | 2043-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31417F3J5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    705252 | PA      | $665159.34    | 0.04%             | 2043-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                           | Barclays PLC                                                                    | CUSIP: 06738EBV6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   3776000 | PA      | $3403045.61   | 0.23%             | 2032-11-24      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418CZB3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    257092 | PA      | $250116.32    | 0.02%             | 2033-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                             | CUSIP: 912810TF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12900000 | PA      | $9559101.50   | 0.63%             | 2042-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                               | Capital One Financial Corp                                                      | CUSIP: 254709AS7<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   7435000 | PA      | $8202495.79   | 0.54%             | 2032-11-29      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| KKR Static CLO Ltd, KKR Static CLO I                   | KKR Static CLO I LTD                                                            | CUSIP: 48255QAW3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3690506 | PA      | $3679279.48   | 0.24%             | 2031-07-20      | Floating      | 5.78%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418CFV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6568 | PA      | $6314.45      | 0.00%             | 2047-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138WJFL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    566750 | PA      | $492298.28    | 0.03%             | 2046-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31418EB82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  14187175 | PA      | $11496200.25  | 0.76%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                     | Regal Rexnord Corp                                                              | CUSIP: 758750AM5<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   1521000 | PA      | $1573371.32   | 0.10%             | 2028-04-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3132ACYL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    155313 | PA      | $138624.77    | 0.01%             | 2048-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                 | Philip Morris International Inc                                                 | CUSIP: 718172CW7<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    922000 | PA      | $970147.66    | 0.06%             | 2029-11-17      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138EQTZ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    844519 | PA      | $843662.65    | 0.06%             | 2044-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.       | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137FNX70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3931472 | PA      | $136600.96    | 0.01%             | 2029-07-25      | Variable      | 1.21%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Gold Pool                                                           | CUSIP: 3132GVCM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    902761 | PA      | $854805.18    | 0.06%             | 2042-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                | CUSIP: 3133A2EK2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    844898 | PA      | $757579.47    | 0.05%             | 2050-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae I Pool                                                               | CUSIP: 36230RVV5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    163081 | PA      | $153064.03    | 0.01%             | 2040-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3140FH6C6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    145105 | PA      | $124928.32    | 0.01%             | 2050-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 31414AVN9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     32418 | PA      | $33586.20     | 0.00%             | 2038-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | Ginnie Mae II Pool                                                              | CUSIP: 36179XFG6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1859670 | PA      | $1761877.86   | 0.12%             | 2052-09-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                 | CUSIP: 3138ABYR4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    850341 | PA      | $850819.44    | 0.06%             | 2041-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** MFS VARIABLE INSURANCE TRUST

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer