# EDGAR Filing Document

**Accession Number:** 0001676326
**File Stem:** 0002071691-25-007392
**Filing Date:** 2025-11
**Character Count:** 221575
**Document Hash:** 55fcf9814d6589e16b6cb1537dfce361
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007392.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002071691-25-007392

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morgan Stanley ETF Trust
- **CENTRAL INDEX KEY:** 0001676326

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23820
- **FILM NUMBER:** 251524909

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212.296.1404

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

## Series and Classes Contracts Data

### Eaton Vance Short Duration Income ETF (Series ID: S000084183)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000248456 | Eaton Vance Short Duration Income ETF |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Morgan Stanley ETF Trust

- **b. Investment Company Act file number:** 811-23820

- **c. CIK number of Registrant:** 0001676326

- **d. LEI of Registrant:** 549300HASXQLXGOR9H31

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

  - **Street Address 1:** 1585 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

  - **Telephone number:** 800-548-7786

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

- **a. Name of Series:** Eaton Vance Short Duration Income ETF

- **b. EDGAR series identifier (if any):** S000084183

- **c. LEI of Series:** 254900H1WCGW58VEGZ62

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

- **a. Date of fiscal year-end:** 2025-09-30

- **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:** $727911199.25

**Total Liabilities:** $61301977.21

**Net Assets:** $666609222.04

**Delayed Delivery Securities:** $1900000.00

**Cash Not Reported:** $152188.64

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1443.85479700 | **1-Year:** 31963.49080200 | **5-Year:** 70397.07611700 | **10-Year:** 8644.39593400 | **30-Year:** 661.35021800

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

- **3-Month:** 55.34029800 | **1-Year:** 2738.27519400 | **5-Year:** 2124.22744700 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000248456 | 0.19%                | 1.08%                | 0.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $342207.81               | $-879409.24                                |
| Month 2  | $336003.31               | $2476549.74                                |
| Month 3  | $453373.42               | $-344172.31                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31388UNK2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       521 | PA      | $543.53       | 0.00%             | 2032-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                  | Broadcom, Inc.                                                                            | CUSIP: 11135FBH3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    885000 | PA      | $805189.20    | 0.12%             | 2031-02-15      | Fixed         | 2.45%                 | Yes           |                  2 | On Loan: —       |
| NRTH Mortgage Trust                             | NRTH Mortgage Trust, Series 2024-PARK, Class A                                            | CUSIP: 67021HAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    480000 | PA      | $479591.76    | 0.07%             | 2039-03-15      | Floating      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| Sonic Automotive, Inc.                          | Sonic Automotive, Inc.                                                                    | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |   1109000 | PA      | $1077842.31   | 0.16%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: —       |
| Bellemeade RE Ltd.                              | Bellemeade RE Ltd., Series 2021-3A, Class B1                                              | CUSIP: 078777AF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   2100000 | PA      | $2180177.79   | 0.33%             | 2031-09-25      | Floating      | 8.21%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                             | Societe Generale SA                                                                       | CUSIP: 83368RCG5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   3010000 | PA      | $3097684.88   | 0.46%             | 2031-05-22      | Variable      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                          | Sequoia Mortgage Trust, Series 2004-7, Class A2                                           | CUSIP: 81744FCW5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     42025 | PA      | $39259.76     | 0.01%             | 2034-08-20      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| COPT Defense Properties LP                      | COPT Defense Properties LP                                                                | CUSIP: 22003BAN6<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |    387000 | PA      | $358700.30    | 0.05%             | 2029-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Driven Brands Funding LLC                       | Driven Brands Funding LLC, Series 2019-2A, Class A2                                       | CUSIP: 26208LAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1986279 | PA      | $1972764.24   | 0.30%             | 2049-10-20      | Fixed         | 3.98%                 | Yes           |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                      | J.P. Morgan Mortgage Trust, Series 2024-HE1, Class A1                                     | CUSIP: 46658AAA3<br>LEI: 529900PFHUFMSHU0UV97 | Long             | ABS-O            | CORP              | US        |    224427 | PA      | $225315.17    | 0.03%             | 2054-08-25      | Floating      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| Global Atlantic Fin Co.                         | Global Atlantic Fin Co.                                                                   | CUSIP: 37959GAA5<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |   3313000 | PA      | $3264918.63   | 0.49%             | 2029-10-15      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31391PBD7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       302 | PA      | $316.77       | 0.00%             | 2032-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                       | Ford Motor Credit Co. LLC                                                                 | CUSIP: 345397B28<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   2845000 | PA      | $2839877.98   | 0.43%             | 2025-11-13      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BAE Systems plc                                 | BAE Systems plc                                                                           | CUSIP: 05523RAH0<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |    826000 | PA      | $835963.15    | 0.13%             | 2027-03-26      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31389L2Y4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       632 | PA      | $661.08       | 0.00%             | 2032-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31389FLF7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1913 | PA      | $2002.46      | 0.00%             | 2032-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NRM FHT1 Excess Owner LLC                       | NRM FHT1 Excess Owner LLC, Series 2025-FHT1, Class A                                      | CUSIP: 64832EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    473144 | PA      | $481235.00    | 0.07%             | 2032-03-25      | Variable      | 6.55%                 | Yes           |                  2 | On Loan: No      |
| Celanese US Holdings LLC                        | Celanese US Holdings LLC                                                                  | CUSIP: 15089QAM6<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   2101000 | PA      | $2156646.85   | 0.32%             | 2027-07-15      | Fixed         | 6.67%                 | No            |                  2 | On Loan: —       |
| ORL Trust                                       | ORL Trust, Series 2024-GLKS, Class A                                                      | CUSIP: 67120DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    712000 | PA      | $713221.22    | 0.11%             | 2039-12-15      | Floating      | 5.64%                 | Yes           |                  2 | On Loan: No      |
| MFA Trust                                       | MFA Trust, Series 2024-NPL1, Class A1                                                     | CUSIP: 58004YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    440819 | PA      | $441686.18    | 0.07%             | 2054-09-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                               | HSBC Holdings plc                                                                         | CUSIP: 404280EF2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   2000000 | PA      | $2042459.42   | 0.31%             | 2028-05-17      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                      | UMBS Pool, 30 Year                                                                        | CUSIP: 3132DWMY6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2155953 | PA      | $2175748.09   | 0.33%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                  | Broadcom, Inc.                                                                            | CUSIP: 11135FAL5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    447000 | PA      | $448502.26    | 0.07%             | 2028-09-15      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31385JB98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36291 | PA      | $38231.10     | 0.01%             | 2032-04-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Videotron Ltd.                                  | Videotron Ltd.                                                                            | CUSIP: 92660FAN4<br>LEI: 549300LW4GNJRBECSD81 | Long             | DBT              | CORP              | CA        |    709000 | PA      | $687553.25    | 0.10%             | 2029-06-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                    | Oracle Corp.                                                                              | CUSIP: 68389XDM4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9052.99      | 0.00%             | 2035-09-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| HYT Commercial Mortgage Trust                   | HYT Commercial Mortgage Trust, Series 2024-RGCY, Class C                                  | CUSIP: 449173AE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    297000 | PA      | $298080.19    | 0.04%             | 2041-09-15      | Floating      | 6.99%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                             | Intesa Sanpaolo SpA                                                                       | CUSIP: 46115HBU0<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |   1096000 | PA      | $1100029.98   | 0.17%             | 2025-11-21      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                | OneMain Financial Issuance Trust, Series 2021-1A, Class B                                 | CUSIP: 68269MAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1627000 | PA      | $1535941.20   | 0.23%             | 2036-06-16      | Fixed         | 1.95%                 | Yes           |                  2 | On Loan: No      |
| PENN Commercial Mortgage Trust                  | PENN Commercial Mortgage Trust, Series 2025-P11, Class A                                  | CUSIP: 69382VAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    960000 | PA      | $978374.88    | 0.15%             | 2042-08-10      | Variable      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                           | FHLMC, REMIC, Series 5370, Class FB                                                       | CUSIP: 3137HBFP4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1457745 | PA      | $1468629.67   | 0.22%             | 2054-01-25      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| CTR Partnership LP                              | CTR Partnership LP                                                                        | CUSIP: 126458AE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1948000 | PA      | $1896281.96   | 0.28%             | 2028-06-30      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 91282CEW7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1132000 | PA      | $1124748.13   | 0.17%             | 2027-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| American National Global Funding                | American National Global Funding                                                          | CUSIP: 02771D2B9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1137000 | PA      | $1160318.86   | 0.17%             | 2030-06-03      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| EPR Properties                                  | EPR Properties                                                                            | CUSIP: 26884UAE9<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |   1915000 | PA      | $1930242.50   | 0.29%             | 2028-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Willis Engine Structured Trust VIII             | Willis Engine Structured Trust VIII, Series 2025-A, Class A                               | CUSIP: 97063RAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1645718 | PA      | $1669922.40   | 0.25%             | 2050-06-15      | Fixed         | 5.58%                 | Yes           |                  2 | On Loan: No      |
| Diamond Infrastructure Funding LLC              | Diamond Infrastructure Funding LLC, Series 2021-1A, Class A                               | CUSIP: 25265LAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $575714.16    | 0.09%             | 2049-04-15      | Fixed         | 1.76%                 | Yes           |                  2 | On Loan: No      |
| Horizon Aircraft Finance IV Ltd.                | Horizon Aircraft Finance IV Ltd., Series 2024-1, Class A                                  | CUSIP: 43990EAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1073500 | PA      | $1086304.92   | 0.16%             | 2049-09-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Crossroads Asset Trust                          | Crossroads Asset Trust, Series 2024-A, Class A2                                           | CUSIP: 227927AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    197761 | PA      | $200469.96    | 0.03%             | 2030-08-20      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                          | Oportun Issuance Trust, Series 2025-A, Class A                                            | CUSIP: 68377TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $500780.70    | 0.08%             | 2033-02-08      | Fixed         | 5.01%                 | Yes           |                  2 | On Loan: No      |
| Las Vegas Sands Corp.                           | Las Vegas Sands Corp.                                                                     | CUSIP: 517834AN7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |   1398000 | PA      | $1456493.10   | 0.22%             | 2030-06-14      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bunker Hill Loan Depositary Trust               | Bunker Hill Loan Depositary Trust, Series 2020-1, Class A1                                | CUSIP: 12062RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     24875 | PA      | $24693.11     | 0.00%             | 2055-02-25      | Variable      | 1.72%                 | Yes           |                  2 | On Loan: No      |
| United States of America                        | U.S. Treasury Bonds                                                                       | CUSIP: 912810FM5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1056000 | PA      | $1168158.75   | 0.18%             | 2030-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Cloud Capital Holdco LP                         | Cloud Capital Holdco LP, Series 2024-2A, Class A2                                         | CUSIP: 102104AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $255447.80    | 0.04%             | 2049-11-22      | Fixed         | 5.92%                 | Yes           |                  2 | On Loan: No      |
| HA Sustainable Infrastructure Capital, Inc.     | HA Sustainable Infrastructure Capital, Inc.                                               | CUSIP: 41068XAF7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |   1610000 | PA      | $1639309.47   | 0.25%             | 2034-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| Retained Vantage Data Centers Issuer LLC        | Retained Vantage Data Centers Issuer LLC, Series 2023-1A, Class A2A                       | CUSIP: 76134KAA2<br>LEI: 254900N4NW6XZ9B4HM15 | Long             | ABS-O            | CORP              | US        |   1106000 | PA      | $1108118.10   | 0.17%             | 2048-09-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Smyrna Ready Mix Concrete LLC                   | Smyrna Ready Mix Concrete LLC                                                             | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |   1415000 | PA      | $1416624.42   | 0.21%             | 2028-11-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: —       |
| MMP Capital LLC                                 | MMP Capital LLC, Series 2025-A, Class A                                                   | CUSIP: 55317QAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    725312 | PA      | $731237.73    | 0.11%             | 2031-12-15      | Fixed         | 5.36%                 | Yes           |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC                  | PEAC Solutions Receivables LLC, Series 2025-1A, Class A3                                  | CUSIP: 69392HAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    430000 | PA      | $438237.60    | 0.07%             | 2032-07-20      | Fixed         | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Commonbond Student Loan Trust                   | Commonbond Student Loan Trust, Series 2021-AGS, Class A                                   | CUSIP: 20268WAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    652906 | PA      | $557412.32    | 0.08%             | 2052-03-25      | Fixed         | 1.20%                 | Yes           |                  2 | On Loan: No      |
| CaixaBank SA                                    | CaixaBank SA                                                                              | CUSIP: 12803RAG9<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |   3176000 | PA      | $3295352.36   | 0.49%             | 2030-03-15      | Variable      | 5.67%                 | Yes           |                  2 | On Loan: No      |
| ARES XLIV CLO Ltd.                              | ARES XLIV CLO Ltd., Series 2017-44A, Class BRR                                            | CUSIP: 04016NBP7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3003702.00   | 0.45%             | 2034-04-15      | Floating      | 6.04%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                       | Ford Motor Credit Co. LLC                                                                 | CUSIP: 345397ZR7<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   2604000 | PA      | $2585355.83   | 0.39%             | 2029-05-03      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Utah Acquisition Sub, Inc.                      | Utah Acquisition Sub, Inc.                                                                | CUSIP: 62854AAN4<br>LEI: 254900JOFV74IJ7H9933 | Long             | DBT              | CORP              | US        |   2393000 | PA      | $2382721.78   | 0.36%             | 2026-06-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| NLG Global Funding                              | NLG Global Funding                                                                        | CUSIP: 62915W2B8<br>LEI: 635400SKBQOWEJZLTW68 | Long             | DBT              | CORP              | US        |   1630000 | PA      | $1613940.96   | 0.24%             | 2030-09-15      | Fixed         | 4.35%                 | Yes           |                  2 | On Loan: No      |
| Imperial Brands Finance plc                     | Imperial Brands Finance plc                                                               | CUSIP: 45262BAG8<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |   3009000 | PA      | $3122869.62   | 0.47%             | 2030-02-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Wingspire Equipment Finance LLC                 | Wingspire Equipment Finance LLC, Series 2025-1A, Class A2                                 | CUSIP: 97415CAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1105000 | PA      | $1105375.70   | 0.17%             | 2033-09-20      | Fixed         | 4.33%                 | Yes           |                  2 | On Loan: No      |
| Golub Capital Partners ABS Funding Ltd.         | Golub Capital Partners ABS Funding Ltd., Series 2021-1A, Class A2                         | CUSIP: 38178HAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1128510 | PA      | $1123998.22   | 0.17%             | 2029-04-20      | Fixed         | 2.77%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                            | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PEU6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    325000 | PA      | $330909.39    | 0.05%             | 2029-01-24      | Variable      | 4.92%                 | No            |                  2 | On Loan: —       |
| FHLMC                                           | FHLMC STACR REMIC Trust, Series 2022-DNA2, Class B2                                       | CUSIP: 35564KSQ3<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-MBS          | CORP              | US        |   1035000 | PA      | $1122637.28   | 0.17%             | 2042-02-25      | Floating      | 12.86%                | Yes           |                  2 | On Loan: No      |
| Driven Brands Funding LLC                       | Driven Brands Funding LLC, Series 2021-1A, Class A2                                       | CUSIP: 26209XAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    845183 | PA      | $797917.11    | 0.12%             | 2051-10-20      | Fixed         | 2.79%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                           | FHLMC STACR Trust, Series 2021-HQA3, Class B2                                             | CUSIP: 35564KKL2<br>LEI: 5493000ISHRHX47NOH65 | Long             | ABS-MBS          | CORP              | US        |    660000 | PA      | $684228.07    | 0.10%             | 2041-09-25      | Floating      | 10.61%                | Yes           |                  2 | On Loan: No      |
| Octane Receivables Trust                        | Octane Receivables Trust, Series 2023-1A, Class A                                         | CUSIP: 67571BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     57748 | PA      | $57844.32     | 0.01%             | 2029-05-21      | Fixed         | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Edgewell Personal Care Co.                      | Edgewell Personal Care Co.                                                                | CUSIP: 28035QAB8<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |    622000 | PA      | $592508.80    | 0.09%             | 2029-04-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: —       |
| Lithia Motors, Inc.                             | Lithia Motors, Inc.                                                                       | CUSIP: 536797AG8<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |   1915000 | PA      | $1830596.95   | 0.27%             | 2029-06-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31391FP85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1902 | PA      | $1988.15      | 0.00%             | 2032-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31371HTA6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       769 | PA      | $795.25       | 0.00%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 91282CKE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    213000 | PA      | $214755.59    | 0.03%             | 2027-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Radian Mortgage Capital Trust                   | Radian Mortgage Capital Trust, Series 2025-J3, Class A16                                  | CUSIP: 75024RAZ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    678726 | PA      | $690330.39    | 0.10%             | 2055-12-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Marlette Funding Trust                          | Marlette Funding Trust, Series 2023-1A, Class C                                           | CUSIP: 57110PAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1380098 | PA      | $1388510.28   | 0.21%             | 2033-04-15      | Fixed         | 7.20%                 | Yes           |                  2 | On Loan: No      |
| Castlelake Aircraft Structured Trust            | Castlelake Aircraft Structured Trust, Series 2025-1A, Class A                             | CUSIP: 14856VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1832100 | PA      | $1862814.03   | 0.28%             | 2050-02-15      | Fixed         | 5.78%                 | Yes           |                  2 | On Loan: No      |
| General Motors Co.                              | General Motors Co.                                                                        | CUSIP: 37045VAU4<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |   2420000 | PA      | $2525271.28   | 0.38%             | 2027-10-01      | Fixed         | 6.80%                 | No            |                  2 | On Loan: —       |
| FHLMC                                           | FHLMC, REMIC, Series 5483, Class FB                                                       | CUSIP: 3137HHNE7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    995239 | PA      | $1000584.22   | 0.15%             | 2054-12-25      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                   | Lendbuzz Securitization Trust, Series 2025-2A, Class B                                    | CUSIP: 52611JAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1165000 | PA      | $1161080.71   | 0.17%             | 2030-11-15      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| Mosaic Solar Loan Trust                         | Mosaic Solar Loan Trust, Series 2020-1A, Class A                                          | CUSIP: 61946NAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    133401 | PA      | $117574.92    | 0.02%             | 2046-04-20      | Fixed         | 2.10%                 | Yes           |                  2 | On Loan: No      |
| DB Master Finance LLC                           | DB Master Finance LLC, Series 2021-1A, Class A2I                                          | CUSIP: 233046AN1<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |    899938 | PA      | $876473.88    | 0.13%             | 2051-11-20      | Fixed         | 2.04%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                              | Banco Santander SA                                                                        | CUSIP: 05964HAY1<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    756000 | PA      | $808583.81    | 0.12%             | 2028-11-07      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| VCP RRL ABS I Ltd.                              | VCP RRL ABS I Ltd., Series 2021-1A, Class A                                               | CUSIP: 92243RAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    180540 | PA      | $176016.75    | 0.03%             | 2031-10-20      | Fixed         | 2.15%                 | Yes           |                  2 | On Loan: No      |
| FMC GMSR Issuer Trust                           | FMC GMSR Issuer Trust, Series 2020-GT1, Class A                                           | CUSIP: 30259RAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1487833.05   | 0.22%             | 2026-01-25      | Variable      | 4.45%                 | Yes           |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                | OneMain Financial Issuance Trust, Series 2022-2A, Class B                                 | CUSIP: 68268VAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4415000 | PA      | $4410873.30   | 0.66%             | 2034-10-14      | Fixed         | 5.24%                 | Yes           |                  2 | On Loan: No      |
| Cloud Capital Holdco LP                         | Cloud Capital Holdco LP, Series 2024-1A, Class A2                                         | CUSIP: 102104AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    780000 | PA      | $792909.16    | 0.12%             | 2049-11-22      | Fixed         | 5.78%                 | Yes           |                  2 | On Loan: No      |
| Intact Financial Corp.                          | Intact Financial Corp.                                                                    | CUSIP: 45823TAL0<br>LEI: 5493009LXGE7Y4U9OY43 | Long             | DBT              | CORP              | CA        |   1050000 | PA      | $1082783.14   | 0.16%             | 2032-09-22      | Fixed         | 5.46%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                           | Bank of America Corp.                                                                     | CUSIP: 06051GLE7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1408000 | PA      | $1410717.59   | 0.21%             | 2027-01-20      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.              | General Motors Financial Co., Inc.                                                        | CUSIP: 37045XDZ6<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    255000 | PA      | $255095.51    | 0.04%             | 2025-10-10      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| GNMA                                            | GNMA, Series 2011-H11, Class FA                                                           | CUSIP: 38375BLN0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     16791 | PA      | $16822.72     | 0.00%             | 2061-03-20      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| EPR Properties                                  | EPR Properties                                                                            | CUSIP: 26884UAF6<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96301.07     | 0.01%             | 2029-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: —       |
| NextEra Energy Capital Holdings, Inc.           | NextEra Energy Capital Holdings, Inc.                                                     | CUSIP: 65339KCL2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   2416000 | PA      | $2442739.68   | 0.37%             | 2027-09-01      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| International Flavors & Fragrances, Inc.        | International Flavors & Fragrances, Inc.                                                  | CUSIP: 4595A2YE3<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | STIV             | CORP              | US        |   3275000 | PA      | $3257437.81   | 0.49%             | 2025-11-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                             | U.S. Treasury Long Bonds                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         2 | NC      | $4261.88      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceanview Mortgage Loan Trust                   | Oceanview Mortgage Loan Trust, Series 2020-1, Class A1A                                   | CUSIP: 676477AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    126007 | PA      | $119540.00    | 0.02%             | 2050-05-28      | Variable      | 1.73%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                            | GNMA, Series 2024-43, Class FB                                                            | CUSIP: 38384KNV9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    549469 | PA      | $550829.35    | 0.08%             | 2054-03-20      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| JW Commercial Mortgage Trust                    | JW Commercial Mortgage Trust, Series 2024-MRCO, Class B                                   | CUSIP: 46657XAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    436000 | PA      | $437504.72    | 0.07%             | 2039-06-15      | Floating      | 6.09%                 | Yes           |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                       | Towd Point Mortgage Trust, Series 2025-HE2, Class A1A                                     | CUSIP: 89183PAA4<br>LEI: 254900HCCXAYNB40M417 | Long             | ABS-O            | CORP              | US        |   3275000 | PA      | $3287782.49   | 0.49%             | 2065-09-25      | Floating      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                    | BX Commercial Mortgage Trust, Series 2021-MC, Class A                                     | CUSIP: 05608GAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1085340.96   | 0.16%             | 2034-04-15      | Floating      | 4.96%                 | Yes           |                  2 | On Loan: No      |
| JDE Peet's NV                                   | JDE Peet's NV                                                                             | CUSIP: 47216QAB9<br>LEI: 724500EHG519SE5ZRT89 | Long             | DBT              | CORP              | NL        |   2300000 | PA      | $2213925.77   | 0.33%             | 2027-01-15      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31384VYU0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       119 | PA      | $122.89       | 0.00%             | 2030-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Loanpal Solar Loan Ltd.                         | Loanpal Solar Loan Ltd., Series 2021-2GS, Class A                                         | CUSIP: 53948QAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1035332 | PA      | $845059.09    | 0.13%             | 2048-03-20      | Fixed         | 2.22%                 | Yes           |                  2 | On Loan: No      |
| Delta Air Lines, Inc.                           | Delta Air Lines, Inc.                                                                     | CUSIP: 830867AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4112200 | PA      | $4137034.69   | 0.62%             | 2028-10-20      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Athene Global Funding                           | Athene Global Funding                                                                     | CUSIP: 04685A4E8<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   1683000 | PA      | $1698101.02   | 0.25%             | 2027-01-07      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                           | FHLMC                                                                                     | CUSIP: 31300LTA3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     77150 | PA      | $78806.37     | 0.01%             | 2036-01-01      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| FS Commercial Mortgage Trust                    | FS Commercial Mortgage Trust, Series 2023-4SZN, Class A                                   | CUSIP: 30334RAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    920000 | PA      | $941400.67    | 0.14%             | 2039-11-10      | Fixed         | 7.07%                 | Yes           |                  2 | On Loan: No      |
| Start Ltd.                                      | Start Ltd., Series 2018-1, Class A                                                        | CUSIP: 85572RAA7<br>LEI: 549300VIQYFIDJQCKZ43 | Long             | ABS-O            | CORP              | BM        |    683616 | PA      | $683787.56    | 0.10%             | 2043-05-15      | Fixed         | 4.09%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                            | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PEE2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1408000 | PA      | $1439140.23   | 0.22%             | 2028-04-22      | Variable      | 5.57%                 | No            |                  2 | On Loan: —       |
| Hyundai Capital America                         | Hyundai Capital America                                                                   | CUSIP: 44891AEA1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   2232000 | PA      | $2222346.11   | 0.33%             | 2030-09-18      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: —       |
| Stream Innovations Issuer Trust                 | Stream Innovations Issuer Trust, Series 2024-1A, Class A                                  | CUSIP: 86324CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    229804 | PA      | $239392.45    | 0.04%             | 2044-07-15      | Fixed         | 6.27%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                            | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PEY8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2558000 | PA      | $2643255.56   | 0.40%             | 2031-04-22      | Variable      | 5.10%                 | No            |                  2 | On Loan: —       |
| BX Commercial Mortgage Trust                    | BX Commercial Mortgage Trust, Series 2022-CSMO, Class C                                   | CUSIP: 05610MAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    980000 | PA      | $993760.38    | 0.15%             | 2027-06-15      | Floating      | 8.04%                 | Yes           |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                        | Ajax Mortgage Loan Trust, Series 2020-B, Class A1                                         | CUSIP: 00969YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    357105 | PA      | $338858.01    | 0.05%             | 2059-05-25      | Variable      | 1.70%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                           | FHLMC                                                                                     | CUSIP: 31300LTB1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     99196 | PA      | $101429.49    | 0.02%             | 2037-03-01      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| ELFI Graduate Loan Program LLC                  | ELFI Graduate Loan Program LLC, Series 2021-A, Class A                                    | CUSIP: 28628BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    940360 | PA      | $843200.10    | 0.13%             | 2046-12-26      | Fixed         | 1.53%                 | Yes           |                  2 | On Loan: No      |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 91282CCR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     71000 | PA      | $66020.29     | 0.01%             | 2028-07-31      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                | OneMain Financial Issuance Trust, Series 2019-2A, Class C                                 | CUSIP: 68269BAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    695000 | PA      | $675408.51    | 0.10%             | 2036-10-14      | Fixed         | 3.66%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31390HG33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1200 | PA      | $1259.82      | 0.00%             | 2032-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31384WMS6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3799 | PA      | $3927.97      | 0.00%             | 2029-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Mortgage Trust                     | Hudson Yards Mortgage Trust, Series 2025-SPRL, Class D                                    | CUSIP: 44855PAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1075000 | PA      | $1119608.74   | 0.17%             | 2040-01-13      | Variable      | 6.55%                 | Yes           |                  2 | On Loan: No      |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 91282CJV4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    242000 | PA      | $242190.11    | 0.04%             | 2026-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| Jones Deslauriers Insurance Management, Inc.    | Jones Deslauriers Insurance Management, Inc.                                              | CUSIP: 48020RAB1<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |    281000 | PA      | $295450.43    | 0.04%             | 2030-03-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Aircastle Ltd.                                  | Aircastle Ltd.                                                                            | CUSIP: 00929JAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    752000 | PA      | $783894.90    | 0.12%             | 2031-10-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Falcon Aerospace Ltd.                           | Falcon Aerospace Ltd., Series 2019-1, Class A                                             | CUSIP: 30610GAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     68855 | PA      | $67840.95     | 0.01%             | 2039-09-15      | Fixed         | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Royal Bank of Canada                            | Royal Bank of Canada                                                                      | CUSIP: 78017DAH1<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   1357000 | PA      | $1390234.63   | 0.21%             | 2031-05-02      | Variable      | 4.97%                 | No            |                  2 | On Loan: —       |
| Subway Funding LLC                              | Subway Funding LLC, Series 2024-3A, Class A2II                                            | CUSIP: 864300AJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    496250 | PA      | $498958.04    | 0.07%             | 2054-07-30      | Fixed         | 5.57%                 | Yes           |                  2 | On Loan: No      |
| HSBC USA, Inc.                                  | HSBC USA, Inc.                                                                            | CUSIP: 40428HR95<br>LEI: 549300LBOHZ4QSIWU288 | Long             | DBT              | CORP              | US        |    395000 | PA      | $400673.22    | 0.06%             | 2028-06-03      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                           | Athene Global Funding                                                                     | CUSIP: 04685A3V1<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   1184000 | PA      | $1194292.25   | 0.18%             | 2026-05-08      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 912828YB0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1787000 | PA      | $1658349.96   | 0.25%             | 2029-08-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                  | ACM Auto Trust, Series 2025-1A, Class A                                                   | CUSIP: 00161EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    221341 | PA      | $220667.69    | 0.03%             | 2029-06-20      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                           | FHLMC, REMIC, Series 5443, Class FA                                                       | CUSIP: 3137HDXH8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2918578 | PA      | $2928432.35   | 0.44%             | 2054-08-25      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| N/A                                             | U.S. Treasury 10 Year Notes                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -263 | NC      | $-75301.51    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Marlette Funding Trust                          | Marlette Funding Trust, Series 2025-1A, Class B                                           | CUSIP: 570920AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2245000 | PA      | $2255940.56   | 0.34%             | 2035-07-16      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| LPL Holdings, Inc.                              | LPL Holdings, Inc.                                                                        | CUSIP: 50212YAD6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   1888000 | PA      | $1848148.79   | 0.28%             | 2029-03-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                           | FHLMC, REMIC, Series 5397, Class AF                                                       | CUSIP: 3137HCEA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2069708 | PA      | $2072472.03   | 0.31%             | 2054-04-25      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                   | Lendbuzz Securitization Trust, Series 2024-1A, Class A2                                   | CUSIP: 525935AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    558866 | PA      | $562596.47    | 0.08%             | 2029-08-15      | Fixed         | 6.19%                 | Yes           |                  2 | On Loan: No      |
| Reach ABS Trust                                 | Reach ABS Trust, Series 2024-2A, Class A                                                  | CUSIP: 75525HAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    139275 | PA      | $140010.14    | 0.02%             | 2031-07-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                           | Bank of America Corp.                                                                     | CUSIP: 06051GML0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3552000 | PA      | $3667053.33   | 0.55%             | 2031-01-24      | Variable      | 5.16%                 | No            |                  2 | On Loan: —       |
| Fontainebleau Miami Beach Mortgage Trust        | Fontainebleau Miami Beach Mortgage Trust, Series 2024-FBLU, Class B                       | CUSIP: 34461WAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1875000 | PA      | $1879395.56   | 0.28%             | 2039-12-15      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Tesla Lease Electric Vehicle Securitization LLC | Tesla Lease Electric Vehicle Securitization LLC, Series 2025-A, Class A3                  | CUSIP: 88162VAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2205000 | PA      | $2209006.49   | 0.33%             | 2028-11-20      | Fixed         | 4.27%                 | Yes           |                  2 | On Loan: No      |
| NLG Global Funding                              | NLG Global Funding                                                                        | CUSIP: 62915W2A0<br>LEI: 635400SKBQOWEJZLTW68 | Long             | DBT              | CORP              | US        |     65000 | PA      | $67378.67     | 0.01%             | 2030-01-23      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Jefferies Financial Group, Inc.                 | Jefferies Financial Group, Inc.                                                           | CUSIP: 47233JBH0<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |   1314000 | PA      | $1297804.19   | 0.19%             | 2030-01-23      | Fixed         | 4.15%                 | No            |                  2 | On Loan: —       |
| Auxilior Term Funding LLC                       | Auxilior Term Funding LLC, Series 2023-1A, Class A2                                       | CUSIP: 05335JAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    306486 | PA      | $308786.46    | 0.05%             | 2028-12-15      | Fixed         | 6.18%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                             | Intesa Sanpaolo SpA                                                                       | CUSIP: 46115HAW7<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |   3684000 | PA      | $3692291.21   | 0.55%             | 2026-01-15      | Fixed         | 5.71%                 | Yes           |                  2 | On Loan: No      |
| PRM5 Trust                                      | PRM5 Trust, Series 2025-PRM5, Class D                                                     | CUSIP: 693980AG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $598758.48    | 0.09%             | 2033-03-10      | Variable      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| PNMAC GMSR Issuer Trust                         | PNMAC GMSR Issuer Trust, Series 2025-GT1, Class A                                         | CUSIP: 69354WAK2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1135000 | PA      | $1141708.53   | 0.17%             | 2030-08-26      | Floating      | 6.61%                 | Yes           |                  2 | On Loan: No      |
| AGL CLO 13 Ltd.                                 | AGL CLO 13 Ltd., Series 2021-13A, Class CR                                                | CUSIP: 00120JAQ6<br>LEI: 254900DIJ0G5TXNJMM06 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2002636.00   | 0.30%             | 2034-10-20      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| CI Financial Corp.                              | CI Financial Corp.                                                                        | CUSIP: 125491AT7<br>LEI: 549300M9W7JJQSVCEM78 | Long             | DBT              | CORP              | CA        |   2619000 | PA      | $2792277.83   | 0.42%             | 2029-05-30      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: —       |
| Research-Driven Pagaya Motor Asset Trust        | Research-Driven Pagaya Motor Asset Trust, Series 2025-4A, Class A2                        | CUSIP: 76089MAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    930000 | PA      | $934731.84    | 0.14%             | 2034-04-25      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| STAR Trust                                      | STAR Trust, Series 2025-SFR5, Class A                                                     | CUSIP: 85520CAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1277314 | PA      | $1281551.33   | 0.19%             | 2042-02-17      | Floating      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| Westpac New Zealand Ltd.                        | Westpac New Zealand Ltd.                                                                  | CUSIP: 96122FAB3<br>LEI: 549300MW73M5PK1PNG73 | Long             | DBT              | CORP              | NZ        |    770000 | PA      | $781595.30    | 0.12%             | 2027-02-26      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: —       |
| ORL Trust                                       | ORL Trust, Series 2024-GLKS, Class B                                                      | CUSIP: 67120DAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2642000 | PA      | $2648294.30   | 0.40%             | 2039-12-15      | Floating      | 6.04%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak SB Commercial Mortgage Trust          | Angel Oak SB Commercial Mortgage Trust, Series 2020-SBC1, Class A1                        | CUSIP: 03465BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    211146 | PA      | $203156.68    | 0.03%             | 2050-05-25      | Variable      | 2.07%                 | Yes           |                  2 | On Loan: No      |
| Synchrony Financial                             | Synchrony Financial                                                                       | CUSIP: 87165BAX1<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    722000 | PA      | $728440.12    | 0.11%             | 2029-07-29      | Variable      | 5.02%                 | No            |                  2 | On Loan: —       |
| FNMA                                            | FNMA, REMIC, Series 2024-22, Class FG                                                     | CUSIP: 3136BRK89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    657473 | PA      | $660833.27    | 0.10%             | 2054-05-25      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| FNMA or FHLMC                                   | UMBS, Single Family, 30 Year                                                              | CUSIP: 01F0526A5<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -1287000 | PA      | $-1297909.32  | -0.19%            | 2055-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                               | NatWest Group plc                                                                         | CUSIP: 639057AV0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   3751000 | PA      | $3847669.20   | 0.58%             | 2031-05-23      | Variable      | 5.12%                 | No            |                  2 | On Loan: —       |
| PK Alift Loan Funding 3 LP                      | PK Alift Loan Funding 3 LP, Series 2024-1, Class A1                                       | CUSIP: 69291VAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    286468 | PA      | $293560.67    | 0.04%             | 2039-09-15      | Fixed         | 5.84%                 | Yes           |                  2 | On Loan: No      |
| NRM FNT1 Excess LLC                             | NRM FNT1 Excess LLC, Series 2024-FNT1, Class A                                            | CUSIP: 62956YAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    291340 | PA      | $296796.81    | 0.04%             | 2031-11-25      | Variable      | 7.40%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                            | GNMA, Series 2023-101, Class FM                                                           | CUSIP: 38384CBT5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1769967 | PA      | $1769956.16   | 0.27%             | 2053-07-20      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| Enact Holdings, Inc.                            | Enact Holdings, Inc.                                                                      | CUSIP: 29249EAA7<br>LEI: 9845003CA5664B741N19 | Long             | DBT              | CORP              | US        |   2406000 | PA      | $2517226.64   | 0.38%             | 2029-05-28      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust        | Research-Driven Pagaya Motor Asset Trust, Series 2025-1A, Class B                         | CUSIP: 76089YAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1200000 | PA      | $1207220.16   | 0.18%             | 2033-06-27      | Fixed         | 5.49%                 | Yes           |                  2 | On Loan: No      |
| AIB Group plc                                   | AIB Group plc                                                                             | CUSIP: 00135TAD6<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |   1725000 | PA      | $1831712.14   | 0.27%             | 2029-09-13      | Variable      | 6.61%                 | Yes           |                  2 | On Loan: No      |
| Raizen Fuels Finance SA                         | Raizen Fuels Finance SA                                                                   | CUSIP: 75102XAF3<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |   1792000 | PA      | $1751232.00   | 0.26%             | 2032-07-08      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 91282CKB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    831000 | PA      | $833383.52    | 0.13%             | 2026-02-28      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| GNMA                                            | GNMA I, 30 Year                                                                           | CUSIP: 36241LCE4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        73 | PA      | $74.59        | 0.00%             | 2030-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Ally Financial, Inc.                            | Ally Financial, Inc.                                                                      | CUSIP: 02005NBU3<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    613000 | PA      | $648697.44    | 0.10%             | 2030-01-03      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| FNMA                                            | FNMA, REMIC, Series 2025-75, Class FA                                                     | CUSIP: 3136BXHG2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2556922 | PA      | $2560826.90   | 0.38%             | 2055-09-25      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| FHLMC                                           | FHLMC, REMIC, Series 5529, Class AF                                                       | CUSIP: 3137HKU51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1191088 | PA      | $1191801.11   | 0.18%             | 2055-03-25      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| NJ                                              | NJ, Series 2025-WBRK, Class C                                                             | CUSIP: 65486BAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    540000 | PA      | $546632.66    | 0.08%             | 2035-03-05      | Variable      | 6.28%                 | Yes           |                  2 | On Loan: No      |
| Blue Owl Credit Income Corp.                    | Blue Owl Credit Income Corp.                                                              | CUSIP: 69120VAZ4<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    978000 | PA      | $1028341.89   | 0.15%             | 2031-03-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: —       |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 91282CKT7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4751000 | PA      | $4885085.86   | 0.73%             | 2029-05-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                      | J.P. Morgan Mortgage Trust, Series 2023-HE2, Class A1                                     | CUSIP: 46657FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    461429 | PA      | $464222.91    | 0.07%             | 2054-03-20      | Floating      | 6.09%                 | Yes           |                  2 | On Loan: No      |
| Mosaic Solar Loan Trust                         | Mosaic Solar Loan Trust, Series 2021-1A, Class B                                          | CUSIP: 61947DAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    649275 | PA      | $520361.13    | 0.08%             | 2046-12-20      | Fixed         | 2.05%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank AG                                | Deutsche Bank AG                                                                          | CUSIP: 25160PAQ0<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   2692000 | PA      | $2750306.67   | 0.41%             | 2029-01-10      | Variable      | 5.37%                 | No            |                  2 | On Loan: —       |
| Antares Holdings LP                             | Antares Holdings LP                                                                       | CUSIP: 03666HAE1<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1235159.68   | 0.19%             | 2027-07-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: —       |
| Charles Schwab Corp. (The)                      | Charles Schwab Corp. (The)                                                                | CUSIP: 808513CG8<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    600000 | PA      | $608985.21    | 0.09%             | 2026-08-24      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 91282CHJ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     75000 | PA      | $75045.41     | 0.01%             | 2030-06-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Subway Funding LLC                              | Subway Funding LLC, Series 2024-3A, Class A2I                                             | CUSIP: 864300AG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    623800 | PA      | $624981.73    | 0.09%             | 2054-07-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| KeyBank NA                                      | KeyBank NA                                                                                | CUSIP: 49327M3F9<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |    675000 | PA      | $696472.79    | 0.10%             | 2027-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                          | Marlette Funding Trust, Series 2025-1A, Class C                                           | CUSIP: 570920AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    753000 | PA      | $758195.55    | 0.11%             | 2035-07-16      | Fixed         | 5.26%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 3138EGTR5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12180 | PA      | $12870.19     | 0.00%             | 2037-03-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Durst Commercial Mortgage Trust                 | Durst Commercial Mortgage Trust, Series 2025-151, Class C                                 | CUSIP: 266895AE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    995000 | PA      | $1012088.53   | 0.15%             | 2042-08-10      | Variable      | 6.02%                 | Yes           |                  2 | On Loan: No      |
| XPLR Infrastructure Operating Partners LP       | XPLR Infrastructure Operating Partners LP                                                 | CUSIP: 65342QAL6<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |   1679000 | PA      | $1656174.83   | 0.25%             | 2026-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: —       |
| FOCUS Brands Funding LLC                        | FOCUS Brands Funding LLC, Series 2017-1A, Class A2II                                      | CUSIP: 34417MAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2246040 | PA      | $2245678.61   | 0.34%             | 2047-04-30      | Fixed         | 5.09%                 | Yes           |                  2 | On Loan: No      |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 91282CDP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    845000 | PA      | $786856.74    | 0.12%             | 2028-12-31      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31390ABQ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2576 | PA      | $2692.38      | 0.00%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Amur Equipment Finance Receivables XII LLC      | Amur Equipment Finance Receivables XII LLC, Series 2023-1A, Class A2                      | CUSIP: 03236YAB1<br>LEI: 5493000K1GV1VHEHGY40 | Long             | ABS-O            | CORP              | US        |    203407 | PA      | $205466.33    | 0.03%             | 2029-12-20      | Fixed         | 6.09%                 | Yes           |                  2 | On Loan: No      |
| Extended Stay America Trust                     | Extended Stay America Trust, Series 2021-ESH, Class B                                     | CUSIP: 30227FAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1011931 | PA      | $1012910.34   | 0.15%             | 2038-07-15      | Floating      | 5.64%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                    | UBS Group AG                                                                              | CUSIP: 90352JAC7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   5216000 | PA      | $5217669.59   | 0.78%             | 2028-03-23      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31418FED5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4788054 | PA      | $4832016.50   | 0.72%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alterna Funding III LLC                         | Alterna Funding III LLC, Series 2024-1A, Class A                                          | CUSIP: 02157JAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    737477 | PA      | $739410.00    | 0.11%             | 2039-05-16      | Fixed         | 6.26%                 | Yes           |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                   | Lendbuzz Securitization Trust, Series 2024-3A, Class A2                                   | CUSIP: 52609YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    287676 | PA      | $287999.47    | 0.04%             | 2029-10-15      | Fixed         | 4.97%                 | Yes           |                  2 | On Loan: No      |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 91282CKH3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1282000 | PA      | $1286169.17   | 0.19%             | 2026-03-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| FHLMC                                           | FHLMC, REMIC, Series 5378, Class FA                                                       | CUSIP: 3137HBKC7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2169331 | PA      | $2172440.94   | 0.33%             | 2054-02-25      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Home RE Ltd.                                    | Home RE Ltd., Series 2021-2, Class B1                                                     | CUSIP: 43730VAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   1005000 | PA      | $1029209.14   | 0.15%             | 2034-01-25      | Floating      | 8.51%                 | Yes           |                  2 | On Loan: No      |
| SDR Commercial Mortgage Trust                   | SDR Commercial Mortgage Trust, Series 2024-DSNY, Class B                                  | CUSIP: 811304AE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    437000 | PA      | $436547.75    | 0.07%             | 2039-05-15      | Floating      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| INTOWN Mortgage Trust                           | INTOWN Mortgage Trust, Series 2025-STAY, Class C                                          | CUSIP: 46117WAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1976000 | PA      | $1976588.26   | 0.30%             | 2042-03-15      | Floating      | 6.40%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                            | GNMA, Series 2025-134, Class FL                                                           | CUSIP: 38381UEK4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2201004 | PA      | $2202943.34   | 0.33%             | 2055-06-20      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| United States of America                        | U.S. Treasury Bills                                                                       | CUSIP: 912797QR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1530000 | PA      | $1521574.38   | 0.23%             | 2025-11-20      | None          | 0.00%                 | No            |                  2 | On Loan: —       |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 9128286F2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10696000 | PA      | $10635041.25  | 1.60%             | 2026-02-28      | Fixed         | 2.50%                 | No            |                  2 | On Loan: —       |
| FHLMC                                           | FHLMC                                                                                     | CUSIP: 31300LBF1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     75614 | PA      | $77269.53     | 0.01%             | 2038-07-01      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| FNMA or FHLMC                                   | UMBS, Single Family, 30 Year                                                              | CUSIP: 01F060691<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4659000 | PA      | $4762735.66   | 0.71%             | 2055-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RCKT Trust                                      | RCKT Trust, Series 2025-1A, Class C                                                       | CUSIP: 74939RAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1690000 | PA      | $1701115.81   | 0.26%             | 2034-07-25      | Fixed         | 5.16%                 | Yes           |                  2 | On Loan: No      |
| Fortitude Group Holdings LLC                    | Fortitude Group Holdings LLC                                                              | CUSIP: 34966XAA6<br>LEI: 2549006R9ZUL08JFIH12 | Long             | DBT              | CORP              | US        |   1259000 | PA      | $1308066.74   | 0.20%             | 2030-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                           | FHLMC Gold Pool, 30 Year                                                                  | CUSIP: 3128M7S49<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2392 | PA      | $2516.20      | 0.00%             | 2032-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                              | Banco Santander SA                                                                        | CUSIP: 05964HAU9<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   3100000 | PA      | $3222721.68   | 0.48%             | 2028-08-08      | Fixed         | 5.59%                 | No            |                  2 | On Loan: —       |
| Hyundai Capital America                         | Hyundai Capital America                                                                   | CUSIP: 44891ADV6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   3691000 | PA      | $3744472.99   | 0.56%             | 2028-06-23      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| CSMC Trust                                      | CSMC Trust, Series 2022-RPL4, Class A1                                                    | CUSIP: 12663TAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1184915 | PA      | $1143568.81   | 0.17%             | 2062-04-25      | Variable      | 3.90%                 | Yes           |                  2 | On Loan: No      |
| Citadel Securities Global Holdings LLC          | Citadel Securities Global Holdings LLC                                                    | CUSIP: 17289RAA4<br>LEI: 549300NV5RXBUS3X7L47 | Long             | DBT              | CORP              | US        |   1880000 | PA      | $1930536.77   | 0.29%             | 2030-06-18      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: —       |
| FHLMC                                           | FHLMC                                                                                     | CUSIP: 3128S5PL2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     33991 | PA      | $34802.58     | 0.01%             | 2038-06-01      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners ABS Funding Ltd.         | Golub Capital Partners ABS Funding Ltd., Series 2020-1A, Class A2                         | CUSIP: 38177UAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    412130 | PA      | $411523.70    | 0.06%             | 2029-01-22      | Fixed         | 3.21%                 | Yes           |                  2 | On Loan: No      |
| CFMT LLC                                        | CFMT LLC, Series 2023-HB12, Class M1                                                      | CUSIP: 12530QAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2025000 | PA      | $2004435.92   | 0.30%             | 2033-04-25      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| ALTDE Trust                                     | ALTDE Trust, Series 2025-1A, Class A                                                      | CUSIP: 00166NAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    741674 | PA      | $760713.33    | 0.11%             | 2050-08-15      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Concentrix Corp.                                | Concentrix Corp.                                                                          | CUSIP: 20602DAA9<br>LEI: 5493000EAJN1KMPVA737 | Long             | DBT              | CORP              | US        |   3066000 | PA      | $3112214.52   | 0.47%             | 2026-08-02      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 91282CHM6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1183000 | PA      | $1189681.28   | 0.18%             | 2026-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Synovus Bank                                    | Synovus Bank                                                                              | CUSIP: 87164DVJ6<br>LEI: DX0JX77PRMOELF7VG772 | Long             | DBT              | CORP              | US        |    827000 | PA      | $844480.77    | 0.13%             | 2028-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loan Trust                         | Mosaic Solar Loan Trust, Series 2019-2A, Class B                                          | CUSIP: 61945LAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1438167 | PA      | $1285140.28   | 0.19%             | 2040-09-20      | Fixed         | 3.28%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                          | Goldman Sachs Bank USA                                                                    | CUSIP: 38151LAF7<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |    600000 | PA      | $602803.64    | 0.09%             | 2027-03-18      | Variable      | 5.28%                 | No            |                  2 | On Loan: No      |
| PNMAC GMSR Issuer Trust                         | PNMAC GMSR Issuer Trust, Series 2024-GT1, Class A                                         | CUSIP: 69354WAJ5<br>LEI: 5493007JEN3QN6CZC711 | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $707124.32    | 0.11%             | 2029-03-25      | Floating      | 7.36%                 | Yes           |                  2 | On Loan: No      |
| A/S Mileage Plan IP Ltd.                        | A/S Mileage Plan IP Ltd.                                                                  | CUSIP: 00218QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   2119000 | PA      | $2121050.60   | 0.32%             | 2029-10-20      | Fixed         | 5.02%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                           | FHLMC Gold Pool, 30 Year                                                                  | CUSIP: 3128M7S56<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3016 | PA      | $3186.81      | 0.00%             | 2031-08-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                            | GNMA, Series 2025-2, Class FB                                                             | CUSIP: 38385BP53<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1822113 | PA      | $1825807.11   | 0.27%             | 2054-12-20      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Oportun Issuance Trust                          | Oportun Issuance Trust, Series 2025-C, Class B                                            | CUSIP: 68378RAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1590000 | PA      | $1595904.78   | 0.24%             | 2033-07-08      | Fixed         | 4.93%                 | Yes           |                  2 | On Loan: No      |
| OBX Trust                                       | OBX Trust, Series 2025-HE1, Class A1                                                      | CUSIP: 67121CAA4<br>LEI: 2549002GJHC7CO92J583 | Long             | ABS-O            | CORP              | US        |   2202217 | PA      | $2223745.17   | 0.33%             | 2055-02-25      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                   | Lendbuzz Securitization Trust, Series 2025-2A, Class A2                                   | CUSIP: 52611JAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2200000 | PA      | $2206997.32   | 0.33%             | 2030-05-15      | Fixed         | 5.18%                 | Yes           |                  2 | On Loan: No      |
| Bank of New York Mellon (The)                   | Bank of New York Mellon (The)                                                             | CUSIP: 06405LAH4<br>LEI: HPFHU0OQ28E4N0NFVK49 | Long             | DBT              | CORP              | US        |    995000 | PA      | $1011549.12   | 0.15%             | 2029-04-20      | Variable      | 4.73%                 | No            |                  2 | On Loan: No      |
| STAR Trust                                      | STAR Trust, Series 2025-SFR6, Class B                                                     | CUSIP: 85520EAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1129000 | PA      | $1130516.13   | 0.17%             | 2042-08-17      | Floating      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| Chase Auto Credit Linked Notes                  | Chase Auto Credit Linked Notes, Series 2025-1, Class B                                    | CUSIP: 46591HCS7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2328495 | PA      | $2339594.02   | 0.35%             | 2033-02-25      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust             | New Residential Mortgage Loan Trust, Series 2019-1A, Class A1                             | CUSIP: 64830CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    140485 | PA      | $132625.40    | 0.02%             | 2057-09-25      | Variable      | 3.78%                 | Yes           |                  2 | On Loan: No      |
| Chase Auto Credit Linked Notes                  | Chase Auto Credit Linked Notes, Series 2025-1, Class C                                    | CUSIP: 46591HCT5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    639536 | PA      | $642542.36    | 0.10%             | 2033-02-25      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| Oaktree Strategic Credit Fund                   | Oaktree Strategic Credit Fund                                                             | CUSIP: 67403AAE9<br>LEI: 2549006RRE0JC7G43241 | Long             | DBT              | CORP              | US        |   1495000 | PA      | $1550118.35   | 0.23%             | 2029-07-23      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 91282CKK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    127000 | PA      | $127751.43    | 0.02%             | 2026-04-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust             | New Residential Mortgage Loan Trust, Series 2015-2A, Class A1                             | CUSIP: 64829EAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     52246 | PA      | $51086.26     | 0.01%             | 2055-08-25      | Variable      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                      | LAD Auto Receivables Trust, Series 2024-1A, Class A3                                      | CUSIP: 501689AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    406783 | PA      | $407809.41    | 0.06%             | 2028-01-18      | Fixed         | 5.23%                 | Yes           |                  2 | On Loan: No      |
| Jersey Mike's Funding LLC                       | Jersey Mike's Funding LLC, Series 2019-1A, Class A2                                       | CUSIP: 476681AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    746630 | PA      | $746166.42    | 0.11%             | 2050-02-15      | Fixed         | 4.43%                 | Yes           |                  2 | On Loan: No      |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 91282CCY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    288000 | PA      | $268678.13    | 0.04%             | 2028-09-30      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Amcor Flexibles North America, Inc.             | Amcor Flexibles North America, Inc.                                                       | CUSIP: 02344AAG3<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |    916000 | PA      | $937240.07    | 0.14%             | 2030-03-17      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Castlelake Aircraft Structured Trust            | Castlelake Aircraft Structured Trust, Series 2025-2A, Class B                             | CUSIP: 14855XAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1435402 | PA      | $1448727.36   | 0.22%             | 2050-08-15      | Fixed         | 6.30%                 | Yes           |                  2 | On Loan: No      |
| COMM Mortgage Trust                             | COMM Mortgage Trust, Series 2025-167G, Class A                                            | CUSIP: 12674VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1005513.70   | 0.15%             | 2040-08-10      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)             | Bank of New York Mellon Corp. (The)                                                       | CUSIP: 06406RCB1<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    720000 | PA      | $739775.97    | 0.11%             | 2031-02-11      | Variable      | 4.94%                 | No            |                  2 | On Loan: —       |
| Goldman Sachs Bank USA                          | Goldman Sachs Bank USA                                                                    | CUSIP: 38151LAG5<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |    841000 | PA      | $847603.95    | 0.13%             | 2027-05-21      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31380EJH8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        26 | PA      | $26.85        | 0.00%             | 2028-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                         | American Airlines, Inc.                                                                   | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    954514 | PA      | $955746.16    | 0.14%             | 2026-04-20      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 91282CKS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2815000 | PA      | $2833921.61   | 0.43%             | 2026-05-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FHLMC                                           | FHLMC, REMIC, Series 5402, Class FB                                                       | CUSIP: 3137HC3A8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    757513 | PA      | $761227.48    | 0.11%             | 2054-04-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Essent Group Ltd.                               | Essent Group Ltd.                                                                         | CUSIP: 29669JAA7<br>LEI: 254900QUO860OUT6ZF83 | Long             | DBT              | CORP              | BM        |   2432000 | PA      | $2549127.65   | 0.38%             | 2029-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Uber Technologies, Inc.                         | Uber Technologies, Inc.                                                                   | CUSIP: 90353TAK6<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    920000 | PA      | $919115.24    | 0.14%             | 2029-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: —       |
| GNMA                                            | GNMA, Series 2024-146, Class FE                                                           | CUSIP: 38384W3E3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2101466 | PA      | $2111152.24   | 0.32%             | 2064-09-20      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| GAIA Aviation Ltd.                              | GAIA Aviation Ltd., Series 2019-1, Class A                                                | CUSIP: 87404LAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    354117 | PA      | $343582.69    | 0.05%             | 2044-12-15      | Variable      | 3.97%                 | Yes           |                  2 | On Loan: No      |
| Capital Power US Holdings, Inc.                 | Capital Power US Holdings, Inc.                                                           | CUSIP: 14041TAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3532000 | PA      | $3600431.97   | 0.54%             | 2028-06-01      | Fixed         | 5.26%                 | Yes           |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.              | General Motors Financial Co., Inc.                                                        | CUSIP: 37045XEF9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    827000 | PA      | $831694.57    | 0.12%             | 2026-04-06      | Fixed         | 5.40%                 | No            |                  2 | On Loan: —       |
| FNMA                                            | FNMA, REMIC, Series 2023-46, Class FA                                                     | CUSIP: 3136BQLF4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3131644 | PA      | $3148395.28   | 0.47%             | 2053-10-25      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| United States of America                        | U.S. Treasury Bonds                                                                       | CUSIP: 912810RM2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     80000 | PA      | $62281.25     | 0.01%             | 2045-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                            | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PEB8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    544000 | PA      | $557390.76    | 0.08%             | 2030-01-23      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                      | UMBS Pool, 30 Year                                                                        | CUSIP: 3132DWNK5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4000613 | PA      | $4037345.45   | 0.61%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                               | Clarios Global LP                                                                         | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1215000 | PA      | $1256073.08   | 0.19%             | 2030-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Hawaii Hotel Trust                              | Hawaii Hotel Trust, Series 2025-MAUI, Class A                                             | CUSIP: 419909AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    520000 | PA      | $521025.44    | 0.08%             | 2042-03-15      | Floating      | 5.54%                 | Yes           |                  2 | On Loan: No      |
| Citizens Financial Group, Inc.                  | Citizens Financial Group, Inc.                                                            | CUSIP: 174610BJ3<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    624000 | PA      | $639704.54    | 0.10%             | 2031-03-05      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Wingspire Equipment Finance LLC                 | Wingspire Equipment Finance LLC, Series 2024-1A, Class A2                                 | CUSIP: 97415AAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    287432 | PA      | $289210.13    | 0.04%             | 2032-09-20      | Fixed         | 4.99%                 | Yes           |                  2 | On Loan: No      |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 912828YS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1234000 | PA      | $1144824.22   | 0.17%             | 2029-11-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                     | FIGRE Trust, Series 2025-FL1, Class A3                                                    | CUSIP: 31684QAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1968060 | PA      | $1982336.57   | 0.30%             | 2055-07-25      | Variable      | 5.67%                 | Yes           |                  2 | On Loan: No      |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 91282CJS1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    215000 | PA      | $215162.81    | 0.03%             | 2025-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Rocket Mortgage LLC                             | Rocket Mortgage LLC                                                                       | CUSIP: 74841CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1630000 | PA      | $1555878.36   | 0.23%             | 2029-03-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: —       |
| MACH 1 Cayman Ltd.                              | MACH 1 Cayman Ltd., Series 2019-1, Class A                                                | CUSIP: 55446MAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     91965 | PA      | $90909.05     | 0.01%             | 2039-10-15      | Fixed         | 3.47%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                          | Oportun Issuance Trust, Series 2025-C, Class C                                            | CUSIP: 68378RAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2770000 | PA      | $2780219.36   | 0.42%             | 2033-07-08      | Fixed         | 5.18%                 | Yes           |                  2 | On Loan: No      |
| Service Experts Issuer LLC                      | Service Experts Issuer LLC, Series 2025-1A, Class A                                       | CUSIP: 81758JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1925270 | PA      | $1936160.15   | 0.29%             | 2037-01-20      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Newtek Small Business Loan Trust                | Newtek Small Business Loan Trust, Series 2023-1, Class A                                  | CUSIP: 65254RAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    448062 | PA      | $451455.49    | 0.07%             | 2050-07-25      | Floating      | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Citadel LP                                      | Citadel LP                                                                                | CUSIP: 17288XAD6<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |   2746000 | PA      | $2855398.80   | 0.43%             | 2030-01-23      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| ECMC Group Student Loan Trust                   | ECMC Group Student Loan Trust, Series 2020-3A, Class A1B                                  | CUSIP: 26833BAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    416963 | PA      | $419570.16    | 0.06%             | 2070-01-27      | Floating      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| Driven Brands Funding LLC                       | Driven Brands Funding LLC, Series 2020-2A, Class A2                                       | CUSIP: 26209XAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1038927 | PA      | $1005025.86   | 0.15%             | 2051-01-20      | Fixed         | 3.24%                 | Yes           |                  2 | On Loan: No      |
| Delta Air Lines, Inc.                           | Delta Air Lines, Inc./SkyMiles IP Ltd.                                                    | CUSIP: 830867AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    148413 | PA      | $148234.59    | 0.02%             | 2025-10-20      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| NRZ Excess Spread-Collateralized Notes          | NRZ Excess Spread-Collateralized Notes, Series 2021-GNT1, Class A                         | CUSIP: 65246QAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    353437 | PA      | $346011.99    | 0.05%             | 2026-11-25      | Fixed         | 3.47%                 | Yes           |                  2 | On Loan: No      |
| Silver Hill Trust                               | Silver Hill Trust, Series 2019-1, Class A1                                                | CUSIP: 82773XAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     54838 | PA      | $54306.60     | 0.01%             | 2049-11-25      | Variable      | 3.10%                 | Yes           |                  2 | On Loan: No      |
| Centene Corp.                                   | Centene Corp.                                                                             | CUSIP: 15135BAY7<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    886000 | PA      | $824009.20    | 0.12%             | 2028-07-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: —       |
| Seagate Data Storage Technology Pte. Ltd.       | Seagate Data Storage Technology Pte. Ltd.                                                 | CUSIP: 81180LAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |   1262000 | PA      | $1430546.41   | 0.21%             | 2032-12-01      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Liberty Utilities Co.                           | Liberty Utilities Co.                                                                     | CUSIP: 531542AA6<br>LEI: 549300UN1FEYPC5BKW09 | Long             | DBT              | CORP              | US        |   1077000 | PA      | $1111526.47   | 0.17%             | 2029-01-31      | Fixed         | 5.58%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                            | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PDX1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   4378000 | PA      | $4620966.04   | 0.69%             | 2029-10-23      | Variable      | 6.09%                 | No            |                  2 | On Loan: —       |
| Foundry JV Holdco LLC                           | Foundry JV Holdco LLC                                                                     | CUSIP: 350930AG8<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |   3186000 | PA      | $3362529.82   | 0.50%             | 2033-01-25      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)        | PNC Financial Services Group, Inc. (The)                                                  | CUSIP: 693475BV6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1315000 | PA      | $1334729.96   | 0.20%             | 2028-01-21      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| ACHV ABS Trust                                  | ACHV ABS Trust, Series 2024-3AL, Class C                                                  | CUSIP: 00092KAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    113698 | PA      | $114878.15    | 0.02%             | 2031-12-26      | Fixed         | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Goddard Funding LLC                             | Goddard Funding LLC, Series 2024-1A, Class A2                                             | CUSIP: 380241AC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    653065 | PA      | $669523.67    | 0.10%             | 2054-10-30      | Fixed         | 6.83%                 | Yes           |                  2 | On Loan: No      |
| PNC Bank NA                                     | PNC Bank NA                                                                               | CUSIP: 69349LAS7<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |    540000 | PA      | $508211.59    | 0.08%             | 2029-10-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Start II Ltd.                                   | Start II Ltd., Series 2019-1, Class A                                                     | CUSIP: 85573LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | BM        |    937927 | PA      | $932330.25    | 0.14%             | 2044-03-15      | Fixed         | 4.09%                 | Yes           |                  2 | On Loan: No      |
| GA Global Funding Trust                         | GA Global Funding Trust                                                                   | CUSIP: 36143L2N4<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |    306000 | PA      | $306745.06    | 0.05%             | 2027-09-23      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                    | Oracle Corp.                                                                              | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   2825000 | PA      | $2829353.07   | 0.42%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: —       |
| SERVPRO Master Issuer LLC                       | SERVPRO Master Issuer LLC, Series 2019-1A, Class A2                                       | CUSIP: 817743AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1071622 | PA      | $1061864.84   | 0.16%             | 2049-10-25      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Jefferies Financial Group, Inc.                 | Jefferies Financial Group, Inc.                                                           | CUSIP: 47233JGT9<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    860000 | PA      | $765249.25    | 0.11%             | 2031-10-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: —       |
| GNMA                                            | GNMA, Series 2012-H15, Class FA                                                           | CUSIP: 38375BUB6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        83 | PA      | $82.90        | 0.00%             | 2062-05-20      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust                           | Theorem Funding Trust, Series 2022-3A, Class B                                            | CUSIP: 882925AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    840032 | PA      | $851714.10    | 0.13%             | 2029-04-15      | Fixed         | 8.95%                 | Yes           |                  2 | On Loan: No      |
| Vontier Corp.                                   | Vontier Corp.                                                                             | CUSIP: 928881AB7<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |   2856000 | PA      | $2816999.58   | 0.42%             | 2026-04-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Oportun Issuance Trust                          | Oportun Issuance Trust, Series 2025-A, Class C                                            | CUSIP: 68377TAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1234000 | PA      | $1235965.89   | 0.19%             | 2033-02-08      | Fixed         | 5.89%                 | Yes           |                  2 | On Loan: No      |
| ACM Auto Trust                                  | ACM Auto Trust, Series 2025-2A, Class A                                                   | CUSIP: 00161TAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1346040 | PA      | $1341549.44   | 0.20%             | 2028-06-20      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| HLTN Commercial Mortgage Trust                  | HLTN Commercial Mortgage Trust, Series 2024-DPLO, Class B                                 | CUSIP: 40424UAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $401396.76    | 0.06%             | 2041-06-15      | Floating      | 6.14%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31416JAZ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     20595 | PA      | $21726.23     | 0.00%             | 2037-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                           | FHLMC, REMIC, Series 5556, Class FA                                                       | CUSIP: 3137HMBS8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3211093 | PA      | $3217418.11   | 0.48%             | 2055-07-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Neighborly Issuer LLC                           | Neighborly Issuer LLC, Series 2021-1A, Class A2                                           | CUSIP: 64016NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1239962 | PA      | $1176366.93   | 0.18%             | 2051-04-30      | Fixed         | 3.58%                 | Yes           |                  2 | On Loan: No      |
| Cologix Data Centers US Issuer LLC              | Cologix Data Centers US Issuer LLC, Series 2021-1A, Class A2                              | CUSIP: 19521UAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2660000 | PA      | $2597336.78   | 0.39%             | 2051-12-26      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| STAR Trust                                      | STAR Trust, Series 2021-SFR2, Class F                                                     | CUSIP: 78474LAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    509000 | PA      | $510067.42    | 0.08%             | 2039-01-17      | Floating      | 7.11%                 | Yes           |                  2 | On Loan: No      |
| Jefferies Financial Group, Inc.                 | Jefferies Financial Group, Inc.                                                           | CUSIP: 47233JDX3<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    844000 | PA      | $734560.17    | 0.11%             | 2032-10-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: —       |
| N/A                                             | U.S. Treasury 2 Year Notes                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       669 | NC      | $32552.58     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridge Trust                                    | Bridge Trust, Series 2025-SFR1, Class C                                                   | CUSIP: 10807GAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $709493.25    | 0.11%             | 2042-09-17      | Fixed         | 4.20%                 | Yes           |                  2 | On Loan: No      |
| Blue Owl Credit Income Corp.                    | Blue Owl Credit Income Corp.                                                              | CUSIP: 09581CAB7<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |   1844000 | PA      | $1923084.44   | 0.29%             | 2029-09-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                        | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |  25186113 | NS      | $25186112.77  | 3.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Smithfield Foods, Inc.                          | Smithfield Foods, Inc.                                                                    | CUSIP: 832248AZ1<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | DBT              | CORP              | US        |   4619000 | PA      | $4589249.67   | 0.69%             | 2027-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| LHOME Mortgage Trust                            | LHOME Mortgage Trust, Series 2024-RTL1, Class A1                                          | CUSIP: 50205DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    610000 | PA      | $614901.17    | 0.09%             | 2029-01-25      | Variable      | 7.02%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                        | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |  23903038 | NS      | $23903038.50  | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyndryl Holdings, Inc.                          | Kyndryl Holdings, Inc.                                                                    | CUSIP: 50155QAL4<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |   2417000 | PA      | $2198357.79   | 0.33%             | 2031-10-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| BFLD Mortgage Trust                             | BFLD Mortgage Trust, Series 2024-VICT, Class A                                            | CUSIP: 05555VAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2042000 | PA      | $2051523.68   | 0.31%             | 2041-07-15      | Floating      | 6.04%                 | Yes           |                  2 | On Loan: No      |
| United Airlines, Inc.                           | United Airlines, Inc.                                                                     | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |   3289000 | PA      | $3286777.00   | 0.49%             | 2026-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust               | GLS Auto Select Receivables Trust, Series 2024-1A, Class A2                               | CUSIP: 37988XAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    419410 | PA      | $422592.06    | 0.06%             | 2030-03-15      | Fixed         | 5.24%                 | Yes           |                  2 | On Loan: No      |
| Mission Lane Credit Card Master Trust           | Mission Lane Credit Card Master Trust, Series 2025-C, Class A                             | CUSIP: 60510MCA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1600000 | PA      | $1604922.56   | 0.24%             | 2030-12-16      | Fixed         | 4.78%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                      | UMBS Pool, 30 Year                                                                        | CUSIP: 3142J6BT9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5737075 | PA      | $5790199.25   | 0.87%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust             | GS Mortgage-Backed Securities Trust, Series 2025-HE1, Class A1                            | CUSIP: 36272NAA2<br>LEI: 254900RIVK2GCJ08H839 | Long             | ABS-MBS          | CORP              | US        |   1217618 | PA      | $1227867.94   | 0.18%             | 2055-10-25      | Floating      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| Hexcel Corp.                                    | Hexcel Corp.                                                                              | CUSIP: 428291AN8<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | DBT              | CORP              | US        |   1777000 | PA      | $1770249.71   | 0.27%             | 2027-02-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| MAPS Trust                                      | MAPS Trust, Series 2021-1A, Class A                                                       | CUSIP: 55292RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    212952 | PA      | $203864.47    | 0.03%             | 2046-06-15      | Fixed         | 2.52%                 | Yes           |                  2 | On Loan: No      |
| Royal Bank of Canada                            | Royal Bank of Canada                                                                      | CUSIP: 78017DAM0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   3549000 | PA      | $3597340.22   | 0.54%             | 2031-08-06      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                      | J.P. Morgan Mortgage Trust, Series 2024-HE2, Class A1                                     | CUSIP: 46593HAA6<br>LEI: 529900ELA1S09AZO9Q54 | Long             | ABS-O            | CORP              | US        |    247126 | PA      | $247310.54    | 0.04%             | 2054-10-20      | Floating      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| Qorvo, Inc.                                     | Qorvo, Inc.                                                                               | CUSIP: 74736KAJ0<br>LEI: 254900YAUJV2EUEVBR11 | Long             | DBT              | CORP              | US        |   1446000 | PA      | $1329846.15   | 0.20%             | 2031-04-01      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Castlelake Aircraft Structured Trust            | Castlelake Aircraft Structured Trust, Series 2025-2A, Class A                             | CUSIP: 14855XAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1224995 | PA      | $1235660.86   | 0.19%             | 2050-08-15      | Fixed         | 5.46%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31418FGY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5068958 | PA      | $5115500.04   | 0.77%             | 2055-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                     | FIGRE Trust, Series 2025-FL1, Class A1                                                    | CUSIP: 31684QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1492524 | PA      | $1503367.66   | 0.23%             | 2055-07-25      | Variable      | 5.26%                 | Yes           |                  2 | On Loan: No      |
| Loanpal Solar Loan Ltd.                         | Loanpal Solar Loan Ltd., Series 2021-1GS, Class A                                         | CUSIP: 53948PAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    778889 | PA      | $654219.93    | 0.10%             | 2048-01-20      | Fixed         | 2.29%                 | Yes           |                  2 | On Loan: No      |
| HYT Commercial Mortgage Trust                   | HYT Commercial Mortgage Trust, Series 2024-RGCY, Class A                                  | CUSIP: 449173AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    380000 | PA      | $381084.98    | 0.06%             | 2041-09-15      | Floating      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                           | Bank of America Corp.                                                                     | CUSIP: 06051GFX2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    400000 | PA      | $398810.30    | 0.06%             | 2026-04-19      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ONEOK, Inc.                                     | ONEOK, Inc.                                                                               | CUSIP: 682680CQ4<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   1926000 | PA      | $1984240.56   | 0.30%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Ally Financial, Inc.                            | Ally Financial, Inc.                                                                      | CUSIP: 02005NBF6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   4850000 | PA      | $4853002.10   | 0.73%             | 2025-11-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                            | FNMA, REMIC, Series 2024-36, Class FB                                                     | CUSIP: 3136BR3E5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1358218 | PA      | $1361698.39   | 0.20%             | 2054-06-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31382KWD6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       345 | PA      | $356.96       | 0.00%             | 2029-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 91282CDF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     37000 | PA      | $34579.82     | 0.01%             | 2028-10-31      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC                                | CCO Holdings LLC                                                                          | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3405000 | PA      | $3384841.38   | 0.51%             | 2027-05-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Stellantis Financial Services US Corp.          | Stellantis Financial Services US Corp.                                                    | CUSIP: 85855FAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2019000 | PA      | $2024159.25   | 0.30%             | 2030-09-15      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Azorra Finance Ltd.                             | Azorra Finance Ltd.                                                                       | CUSIP: 05480AAA3<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |   1200000 | PA      | $1266502.80   | 0.19%             | 2030-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: —       |
| Lendbuzz Securitization Trust                   | Lendbuzz Securitization Trust, Series 2025-1A, Class A2                                   | CUSIP: 525938AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    681524 | PA      | $682533.51    | 0.10%             | 2030-10-15      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| Romania                                         | Romanian Government Bond                                                                  | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |   1072000 | PA      | $953652.85    | 0.14%             | 2031-02-14      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                            | GNMA I, Single Family, 30 Year                                                            | CUSIP: 36296DNA2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     36164 | PA      | $37774.25     | 0.01%             | 2038-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 91282CJL6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1427000 | PA      | $1428731.38   | 0.21%             | 2025-11-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Oscar US Funding XVI LLC                        | Oscar US Funding XVI LLC, Series 2024-1A, Class A2                                        | CUSIP: 68784GAB9<br>LEI: 3538004TGTV49T7RNL88 | Long             | ABS-O            | CORP              | JP        |    129497 | PA      | $129846.28    | 0.02%             | 2027-02-10      | Fixed         | 5.48%                 | Yes           |                  2 | On Loan: No      |
| TX Trust                                        | TX Trust, Series 2024-HOU, Class A                                                        | CUSIP: 90216DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    375000 | PA      | $374878.95    | 0.06%             | 2039-06-15      | Floating      | 5.74%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31383HYG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9436 | PA      | $9870.68      | 0.00%             | 2029-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                             | U.S. Treasury 5 Year Notes                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       510 | NC      | $-95288.10    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Driven Brands Funding LLC                       | Driven Brands Funding LLC, Series 2019-1A, Class A2                                       | CUSIP: 26208LAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2891845 | PA      | $2891485.41   | 0.43%             | 2049-04-20      | Fixed         | 4.64%                 | Yes           |                  2 | On Loan: No      |
| Brean Asset-Backed Securities Trust             | Brean Asset-Backed Securities Trust, Series 2023-RM6, Class A1                            | CUSIP: 10638AAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1623939 | PA      | $1624984.34   | 0.24%             | 2063-01-25      | Variable      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                       | Ford Motor Credit Co. LLC                                                                 | CUSIP: 345397G23<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    664000 | PA      | $662533.80    | 0.10%             | 2029-09-06      | Fixed         | 5.30%                 | No            |                  2 | On Loan: —       |
| BHG Securitization Trust                        | BHG Securitization Trust, Series 2023-A, Class A                                          | CUSIP: 08860FAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    220530 | PA      | $220891.28    | 0.03%             | 2036-04-17      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                        | BX Trust, Series 2025-GW, Class B                                                         | CUSIP: 12433GAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1675000 | PA      | $1682861.78   | 0.25%             | 2042-07-15      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| HLTN Commercial Mortgage Trust                  | HLTN Commercial Mortgage Trust, Series 2024-DPLO, Class A                                 | CUSIP: 40424UAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    322500 | PA      | $323436.57    | 0.05%             | 2041-06-15      | Floating      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| Royal Bank of Canada                            | Royal Bank of Canada                                                                      | CUSIP: 78017DAC2<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   2642000 | PA      | $2723059.36   | 0.41%             | 2031-02-04      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                            | Royal Bank of Canada                                                                      | CUSIP: 78016HZZ6<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    355000 | PA      | $363412.08    | 0.05%             | 2030-08-02      | Variable      | 4.97%                 | No            |                  2 | On Loan: —       |
| PEAC Solutions Receivables LLC                  | PEAC Solutions Receivables LLC, Series 2024-1A, Class A2                                  | CUSIP: 69433BAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    275610 | PA      | $278101.92    | 0.04%             | 2027-06-21      | Fixed         | 5.79%                 | Yes           |                  2 | On Loan: No      |
| BAMLL Trust                                     | BAMLL Trust, Series 2024-BHP, Class A                                                     | CUSIP: 05493WAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    534000 | PA      | $536445.13    | 0.08%             | 2039-08-15      | Floating      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)        | PNC Financial Services Group, Inc. (The)                                                  | CUSIP: 693475CD5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    871000 | PA      | $889729.06    | 0.13%             | 2031-05-13      | Variable      | 4.90%                 | No            |                  2 | On Loan: —       |
| Driven Brands Funding LLC                       | Driven Brands Funding LLC, Series 2020-1A, Class A2                                       | CUSIP: 26209XAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    680339 | PA      | $668820.05    | 0.10%             | 2050-07-20      | Fixed         | 3.79%                 | Yes           |                  2 | On Loan: No      |
| Planet Fitness Master Issuer LLC                | Planet Fitness Master Issuer LLC, Series 2022-1A, Class A2II                              | CUSIP: 72703PAE3<br>LEI: 549300NX9W3U2DO53T22 | Long             | ABS-O            | CORP              | US        |    482500 | PA      | $451059.43    | 0.07%             | 2051-12-05      | Fixed         | 4.01%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                           | FHLMC Seasoned Credit Risk Transfer Trust, Series 2019-4, Class HA                        | CUSIP: 35563PMF3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    427162 | PA      | $396442.50    | 0.06%             | 2059-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce              | Canadian Imperial Bank of Commerce                                                        | CUSIP: 13607PH98<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    974000 | PA      | $989386.90    | 0.15%             | 2029-03-30      | Variable      | 4.86%                 | No            |                  2 | On Loan: No      |
| BAMLL Commercial Mortgage Securities Trust      | BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class BNM                    | CUSIP: 05492PAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    591000 | PA      | $552501.43    | 0.08%             | 2032-11-05      | Fixed         | 3.46%                 | Yes           |                  2 | On Loan: No      |
| FNMA or FHLMC                                   | UMBS, Single Family, 30 Year                                                              | CUSIP: 01F060691<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -4659000 | PA      | $-4762735.66  | -0.71%            | 2055-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust             | New Residential Mortgage Loan Trust, Series 2015-1A, Class A3                             | CUSIP: 64829CAD0<br>LEI: 549300RCJSGOC0A85G53 | Long             | ABS-MBS          | CORP              | US        |     22907 | PA      | $22111.90     | 0.00%             | 2052-05-28      | Variable      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| SHR Trust                                       | SHR Trust, Series 2024-LXRY, Class A                                                      | CUSIP: 784234AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $501490.10    | 0.08%             | 2041-10-15      | Floating      | 6.10%                 | Yes           |                  2 | On Loan: No      |
| American National Group, Inc.                   | American National Group, Inc.                                                             | CUSIP: 025676AN7<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |   1122000 | PA      | $1161348.18   | 0.17%             | 2029-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| STAR Trust                                      | STAR Trust, Series 2025-SFR5, Class C                                                     | CUSIP: 85520CAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    497000 | PA      | $497728.30    | 0.07%             | 2042-02-17      | Floating      | 6.09%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                           | FHLMC, REMIC, Series 5513, Class FA                                                       | CUSIP: 3137HKE42<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    183080 | PA      | $183191.73    | 0.03%             | 2055-03-25      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                            | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PEV4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2405000 | PA      | $2484406.29   | 0.37%             | 2031-01-24      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Trust                | Provident Funding Mortgage Trust, Series 2025-3, Class A3                                 | CUSIP: 74388PAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1035364 | PA      | $1054062.48   | 0.16%             | 2055-08-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| ACM Auto Trust                                  | ACM Auto Trust, Series 2024-2A, Class A                                                   | CUSIP: 00461WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    303629 | PA      | $303467.03    | 0.05%             | 2029-02-20      | Fixed         | 6.06%                 | Yes           |                  2 | On Loan: No      |
| Ally Financial, Inc.                            | Ally Financial, Inc.                                                                      | CUSIP: 02005NBZ2<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1984000 | PA      | $2031282.13   | 0.30%             | 2029-05-15      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31371HQX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       756 | PA      | $781.89       | 0.00%             | 2029-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                            | GNMA, Series 2025-139, Class FE                                                           | CUSIP: 38381QF71<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2477199 | PA      | $2482292.39   | 0.37%             | 2065-08-20      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Eaton Vance Floating-Rate ETF                   | Eaton Vance Floating-Rate ETF                                                             | CUSIP: 61774R833<br>LEI: 254900BDISIY9SGE8S56 | Long             |  | RF                | US        |    209000 | NS      | $10381030.00  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 91282CAE1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    542000 | PA      | $467379.73    | 0.07%             | 2030-08-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| RAM LLC                                         | RAM LLC, Series 2025-1, Class A                                                           | CUSIP: 748950AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1618592 | PA      | $1627270.35   | 0.24%             | 2040-05-15      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                           | FHLMC Gold Pool, 30 Year                                                                  | CUSIP: 3128M7SU1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5305 | PA      | $5624.38      | 0.00%             | 2035-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Radnor Re Ltd.                                  | Radnor Re Ltd., Series 2023-1, Class M1A                                                  | CUSIP: 75050KAA4<br>LEI: 254900P3K895250PCC81 | Long             | ABS-MBS          | CORP              | BM        |    470013 | PA      | $472703.16    | 0.07%             | 2033-07-25      | Floating      | 7.06%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                         | BPCE SA                                                                                   | CUSIP: 05571AAR6<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    774000 | PA      | $822044.60    | 0.12%             | 2029-10-19      | Variable      | 6.71%                 | Yes           |                  2 | On Loan: No      |
| Monroe Capital ABS Funding Ltd.                 | Monroe Capital ABS Funding Ltd., Series 2021-1A, Class A2                                 | CUSIP: 610331AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    674021 | PA      | $669366.44    | 0.10%             | 2031-04-22      | Fixed         | 2.81%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                      | UMBS Pool, 30 Year                                                                        | CUSIP: 3132DWNJ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4950794 | PA      | $4996250.70   | 0.75%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                       | Chesapeake Funding II LLC, Series 2024-1A, Class A1                                       | CUSIP: 165183DE1<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |    490013 | PA      | $496340.46    | 0.07%             | 2036-05-15      | Fixed         | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Antares Holdings LP                             | Antares Holdings LP                                                                       | CUSIP: 03666HAD3<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |    373000 | PA      | $361611.51    | 0.05%             | 2027-01-15      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Jamestown CLO IX Ltd.                           | Jamestown CLO IX Ltd., Series 2016-9A, Class BR3                                          | CUSIP: 47048JBM4<br>LEI: 254900NFTK4YH0WYT485 | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $4005304.00   | 0.60%             | 2034-07-25      | Floating      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                           | Bank of America Corp.                                                                     | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    483000 | PA      | $475713.86    | 0.07%             | 2028-12-20      | Variable      | 3.42%                 | No            |                  2 | On Loan: —       |
| Oaktree Strategic Credit Fund                   | Oaktree Strategic Credit Fund                                                             | CUSIP: 67403AAB5<br>LEI: 2549006RRE0JC7G43241 | Long             | DBT              | CORP              | US        |   1333000 | PA      | $1447858.82   | 0.22%             | 2028-11-14      | Fixed         | 8.40%                 | No            |                  2 | On Loan: No      |
| Truist Bank Auto Credit-Linked Notes            | Truist Bank Auto Credit-Linked Notes, Series 2025-1, Class B                              | CUSIP: 897926CB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2582473 | PA      | $2587555.31   | 0.39%             | 2033-09-26      | Fixed         | 4.73%                 | Yes           |                  2 | On Loan: No      |
| Cascade MH Asset Trust                          | Cascade MH Asset Trust, Series 2022-MH1, Class A                                          | CUSIP: 14732KAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1311238 | PA      | $1279803.18   | 0.19%             | 2054-08-25      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Lunar Structured Aircraft Portfolio Notes       | Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class A                         | CUSIP: 83438LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1258855 | PA      | $1190800.12   | 0.18%             | 2046-10-15      | Fixed         | 2.64%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                          | Oportun Issuance Trust, Series 2021-B, Class B                                            | CUSIP: 68377GAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    271263 | PA      | $266147.42    | 0.04%             | 2031-05-08      | Fixed         | 1.96%                 | Yes           |                  2 | On Loan: No      |
| TerraForm Power Operating LLC                   | TerraForm Power Operating LLC                                                             | CUSIP: 88104LAE3<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |   1465000 | PA      | $1455518.52   | 0.22%             | 2028-01-31      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Navigator Aviation Ltd.                         | Navigator Aviation Ltd., Series 2024-1, Class A                                           | CUSIP: 63943DAA7<br>LEI: 984500UF8C3O89B30652 | Long             | ABS-O            | CORP              | KY        |    572946 | PA      | $574539.42    | 0.09%             | 2049-08-15      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31378XA63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       678 | PA      | $700.92       | 0.00%             | 2028-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BFLD Commercial Mortgage Trust                  | BFLD Commercial Mortgage Trust, Series 2024-UNIV, Class B                                 | CUSIP: 08861RAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $501764.25    | 0.08%             | 2041-11-15      | Floating      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31390QQS7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28988 | PA      | $30407.15     | 0.00%             | 2032-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DataBank Issuer II LLC                          | DataBank Issuer II LLC, Series 2025-1A, Class A2                                          | CUSIP: 23802YAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3230000 | PA      | $3239229.40   | 0.49%             | 2055-09-27      | Fixed         | 5.18%                 | Yes           |                  2 | On Loan: No      |
| Stellantis Finance US, Inc.                     | Stellantis Finance US, Inc.                                                               | CUSIP: 85855CAE0<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |   1315000 | PA      | $1372752.00   | 0.21%             | 2032-09-12      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                           | Bank of America Corp.                                                                     | CUSIP: 06051GKP3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   4757000 | PA      | $4774924.23   | 0.72%             | 2028-04-27      | Variable      | 4.38%                 | No            |                  2 | On Loan: —       |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31384V4M1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3416 | PA      | $3532.61      | 0.00%             | 2030-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA or FHLMC                                   | UMBS, Single Family, 30 Year                                                              | CUSIP: 01F0526B3<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -8973000 | PA      | $-9042751.17  | -1.36%            | 2055-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                       | HCA, Inc.                                                                                 | CUSIP: 404119CH0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    320000 | PA      | $315648.02    | 0.05%             | 2027-03-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: —       |
| HCA, Inc.                                       | HCA, Inc.                                                                                 | CUSIP: 404119BS7<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1480000 | PA      | $1481946.72   | 0.22%             | 2026-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31418MJP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6604 | PA      | $6997.66      | 0.00%             | 2037-08-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC                       | Auxilior Term Funding LLC, Series 2024-1A, Class A2                                       | CUSIP: 05335FAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     87821 | PA      | $88231.40     | 0.01%             | 2027-03-15      | Fixed         | 5.84%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31382M2J2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2901 | PA      | $2999.51      | 0.00%             | 2029-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                     | Extended Stay America Trust, Series 2025-ESH, Class B                                     | CUSIP: 30227TAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1900000 | PA      | $1910686.74   | 0.29%             | 2042-10-15      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                            | FNMA, REMIC, Series 2024-33, Class KF                                                     | CUSIP: 3136BSFC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    467046 | PA      | $468839.38    | 0.07%             | 2054-01-25      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                         | BPCE SA                                                                                   | CUSIP: 05571AAZ8<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    974000 | PA      | $1017528.09   | 0.15%             | 2031-01-14      | Variable      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31418MJT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5697 | PA      | $6012.73      | 0.00%             | 2032-10-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| NYCT Trust                                      | NYCT Trust, Series 2024-3ELV, Class A                                                     | CUSIP: 62956HAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1020000 | PA      | $1026208.54   | 0.15%             | 2029-08-15      | Floating      | 6.14%                 | Yes           |                  2 | On Loan: No      |
| Algonquin Power & Utilities Corp.               | Algonquin Power & Utilities Corp.                                                         | CUSIP: 015857AF2<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |   4825000 | PA      | $4860786.98   | 0.73%             | 2026-06-15      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 91282CCE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     90000 | PA      | $84621.09     | 0.01%             | 2028-05-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Romania                                         | Romanian Government Bond                                                                  | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |   1044000 | PA      | $928744.01    | 0.14%             | 2031-02-14      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                            | GNMA, Series 2015-H13, Class FL                                                           | CUSIP: 38376RCN4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2528 | PA      | $2511.54      | 0.00%             | 2063-05-20      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| loanDepot GMSR Trust                            | loanDepot GMSR Trust, Series 2025-GT1, Class A                                            | CUSIP: 53946TAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1282000 | PA      | $1285241.54   | 0.19%             | 2030-05-16      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Reach Abs Trust                                 | Reach Abs Trust, Series 2024-1A, Class A                                                  | CUSIP: 75526PAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     31625 | PA      | $31671.91     | 0.00%             | 2031-02-18      | Fixed         | 6.30%                 | Yes           |                  2 | On Loan: No      |
| TYSN Mortgage Trust                             | TYSN Mortgage Trust, Series 2023-CRNR, Class A                                            | CUSIP: 87332PAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    540000 | PA      | $570621.35    | 0.09%             | 2033-12-10      | Variable      | 6.80%                 | Yes           |                  2 | On Loan: No      |
| National Bank of Canada                         | National Bank of Canada                                                                   | CUSIP: 63307A3G8<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |    650000 | PA      | $650994.68    | 0.10%             | 2027-03-05      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| GWT                                             | GWT, Series 2024-WLF2, Class A                                                            | CUSIP: 362414AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    570000 | PA      | $571822.46    | 0.09%             | 2041-05-15      | Floating      | 5.84%                 | Yes           |                  2 | On Loan: No      |
| Oscar US Funding XVII LLC                       | Oscar US Funding XVII LLC, Series 2024-2A, Class A2                                       | CUSIP: 68784BAB0<br>LEI: 353800UI8625NXT7ND41 | Long             | ABS-O            | CORP              | JP        |    409903 | PA      | $410139.75    | 0.06%             | 2027-12-10      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| ReadyCap Lending Small Business Loan Trust      | ReadyCap Lending Small Business Loan Trust, Series 2019-2, Class A                        | CUSIP: 75576QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     19236 | PA      | $19223.00     | 0.00%             | 2044-12-27      | Floating      | 6.75%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                           | FHLMC, REMIC, Series 5451, Class FA                                                       | CUSIP: 3137HFL60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2076611 | PA      | $2080653.33   | 0.31%             | 2054-09-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 91282CHU8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    380000 | PA      | $382006.70    | 0.06%             | 2026-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                      | UMBS Pool, 30 Year                                                                        | CUSIP: 3132DWN82<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5078299 | PA      | $5124926.90   | 0.77%             | 2055-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Dext ABS LLC                                    | Dext ABS LLC, Series 2023-2, Class A2                                                     | CUSIP: 25216CAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    352140 | PA      | $354873.52    | 0.05%             | 2034-05-15      | Fixed         | 6.56%                 | Yes           |                  2 | On Loan: No      |
| Seaspan Corp.                                   | Seaspan Corp.                                                                             | CUSIP: 81254UAK2<br>LEI: 5493007Z8Q1H45KT7W98 | Long             | DBT              | CORP              | MH        |   1037000 | PA      | $1000824.36   | 0.15%             | 2029-08-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Tricon Residential Trust                        | Tricon Residential Trust, Series 2025-SFR1, Class C                                       | CUSIP: 895974AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1620000 | PA      | $1624271.62   | 0.24%             | 2042-03-17      | Floating      | 5.74%                 | Yes           |                  2 | On Loan: No      |
| DOC DR LLC                                      | DOC DR LLC                                                                                | CUSIP: 71951QAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1527000 | PA      | $1361674.79   | 0.20%             | 2031-11-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: —       |
| CSMC Trust                                      | CSMC Trust, Series 2021-BPNY, Class A                                                     | CUSIP: 12659XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2054302 | PA      | $1952488.03   | 0.29%             | 2026-08-15      | Floating      | 7.98%                 | Yes           |                  2 | On Loan: No      |
| Theorem Funding Trust                           | Theorem Funding Trust, Series 2023-1A, Class A                                            | CUSIP: 88338QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9038 | PA      | $9048.95      | 0.00%             | 2029-04-15      | Fixed         | 7.58%                 | Yes           |                  2 | On Loan: No      |
| NRZ FHT Excess LLC                              | NRZ FHT Excess LLC, Series 2020-FHT1, Class A                                             | CUSIP: 62955MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    149831 | PA      | $149557.18    | 0.02%             | 2025-11-25      | Fixed         | 4.21%                 | Yes           |                  2 | On Loan: No      |
| Sunnova Helios V Issuer LLC                     | Sunnova Helios V Issuer LLC, Series 2021-A, Class A                                       | CUSIP: 86746EAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    708262 | PA      | $559369.93    | 0.08%             | 2048-02-20      | Fixed         | 1.80%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31387KBA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3108 | PA      | $3214.10      | 0.00%             | 2031-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Planet Fitness Master Issuer LLC                | Planet Fitness Master Issuer LLC, Series 2024-1A, Class A2I                               | CUSIP: 72703PAF0<br>LEI: 549300NX9W3U2DO53T22 | Long             | ABS-O            | CORP              | US        |   1053360 | PA      | $1075055.00   | 0.16%             | 2054-06-05      | Fixed         | 5.76%                 | Yes           |                  2 | On Loan: No      |
| Synovus Financial Corp.                         | Synovus Financial Corp.                                                                   | CUSIP: 87161CAP0<br>LEI: 549300EIUS8UN5JTLE54 | Long             | DBT              | CORP              | US        |   2132000 | PA      | $2214081.06   | 0.33%             | 2030-11-01      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| Athene Holding Ltd.                             | Athene Holding Ltd.                                                                       | CUSIP: 04686JAF8<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |    300000 | PA      | $325774.70    | 0.05%             | 2033-02-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Durst Commercial Mortgage Trust                 | Durst Commercial Mortgage Trust, Series 2025-151, Class D                                 | CUSIP: 266895AG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    719000 | PA      | $740420.16    | 0.11%             | 2042-08-10      | Variable      | 7.02%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                            | FNMA, REMIC, Series 2025-31, Class FB                                                     | CUSIP: 3136BVYK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1956952 | PA      | $1960420.19   | 0.29%             | 2054-06-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                              | Banco Santander SA                                                                        | CUSIP: 05964HAQ8<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   1883000 | PA      | $1880596.33   | 0.28%             | 2028-03-24      | Variable      | 4.17%                 | No            |                  2 | On Loan: No      |
| Eaton Vance Ultra-Short Income ETF              | Eaton Vance Ultra-Short Income ETF                                                        | CUSIP: 61774R700<br>LEI: 254900V7QBF5XYWO0K24 | Long             |  | RF                | US        |    100000 | NS      | $5096500.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: —       |
| Canadian Imperial Bank of Commerce              | Canadian Imperial Bank of Commerce                                                        | CUSIP: 13607QFE7<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   1690000 | PA      | $1696264.39   | 0.25%             | 2031-09-08      | Variable      | 4.58%                 | No            |                  2 | On Loan: —       |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 91282CKY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  17870700 | PA      | $17978958.73  | 2.70%             | 2026-06-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 912828ZQ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     78000 | PA      | $67818.87     | 0.01%             | 2030-05-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| ServiceMaster Funding LLC                       | ServiceMaster Funding LLC, Series 2020-1, Class A2I                                       | CUSIP: 81761TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2668496 | PA      | $2517492.92   | 0.38%             | 2051-01-30      | Fixed         | 2.84%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                          | Oportun Issuance Trust, Series 2025-A, Class B                                            | CUSIP: 68377TAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    274000 | PA      | $274358.23    | 0.04%             | 2033-02-08      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                 | Goldman Sachs Group, Inc. (The)                                                           | CUSIP: 38141GC93<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   3214000 | PA      | $3324286.87   | 0.50%             | 2031-04-23      | Variable      | 5.22%                 | No            |                  2 | On Loan: —       |
| BNP Paribas SA                                  | BNP Paribas SA                                                                            | CUSIP: 09659W2V5<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1838000 | PA      | $1875074.00   | 0.28%             | 2029-01-13      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Option One Mortgage Loan Trust                  | Option One Mortgage Loan Trust, Series 2000-5, Class A                                    | CUSIP: 68389FBH6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25971 | PA      | $26414.81     | 0.00%             | 2030-08-20      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Romania                                         | Romania Government Bond                                                                   | CUSIP: 77586RAR1<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    301000 | PA      | $321615.76    | 0.05%             | 2033-01-17      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Crockett Partners Equipment Co. IIA LLC         | Crockett Partners Equipment Co. IIA LLC, Series 2024-1C, Class A                          | CUSIP: 22689LAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    390000 | PA      | $395845.72    | 0.06%             | 2031-01-20      | Fixed         | 6.05%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                       | Ford Motor Credit Co. LLC                                                                 | CUSIP: 345397G49<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    335000 | PA      | $340938.05    | 0.05%             | 2029-11-07      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fortitude Global Funding                        | Fortitude Global Funding                                                                  | CUSIP: 34967GAA2<br>LEI: 635400TKBOGEHNO5RT68 | Long             | DBT              | CORP              | US        |   2005000 | PA      | $2007342.48   | 0.30%             | 2028-10-06      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| FNMA or FHLMC                                   | UMBS, Single Family, 30 Year                                                              | CUSIP: 01F0526A5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1784000 | PA      | $1799122.17   | 0.27%             | 2055-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp.                               | BAT Capital Corp.                                                                         | CUSIP: 05526DBB0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    575000 | PA      | $569248.40    | 0.09%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| American National Global Funding                | American National Global Funding                                                          | CUSIP: 02771D2A1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    303000 | PA      | $312352.64    | 0.05%             | 2030-01-28      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust               | GLS Auto Select Receivables Trust, Series 2024-2A, Class A2                               | CUSIP: 379924AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130290 | PA      | $131967.28    | 0.02%             | 2030-06-17      | Fixed         | 5.58%                 | Yes           |                  2 | On Loan: No      |
| A/S Mileage Plan IP Ltd.                        | A/S Mileage Plan IP Ltd.                                                                  | CUSIP: 00218QAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    190000 | PA      | $189228.36    | 0.03%             | 2031-10-20      | Fixed         | 5.31%                 | Yes           |                  2 | On Loan: No      |
| Marex Group plc                                 | Marex Group plc                                                                           | CUSIP: 566539AA0<br>LEI: 549300DWX0SVICJAL507 | Long             | DBT              | CORP              | GB        |   1928000 | PA      | $1988936.73   | 0.30%             | 2029-11-04      | Fixed         | 6.40%                 | No            |                  2 | On Loan: —       |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31391C5N1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3220 | PA      | $3375.23      | 0.00%             | 2032-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                            | UMBS, 30 Year                                                                             | CUSIP: 31418MJQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10847 | PA      | $11428.77     | 0.00%             | 2033-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                           | FHLMC, Strips, Series 406, Class F12                                                      | CUSIP: 3133Q3GP0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1126275 | PA      | $1133124.65   | 0.17%             | 2053-10-25      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| GNMA                                            | GNMA, Series 2014-H03, Class FA                                                           | CUSIP: 38375UEJ5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     10074 | PA      | $10101.47     | 0.00%             | 2064-01-20      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| GNMA                                            | GNMA, Series 2024-197, Class GF                                                           | CUSIP: 38385BAP5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    980958 | PA      | $982248.74    | 0.15%             | 2054-12-20      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 91282CMP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2322000 | PA      | $2336195.04   | 0.35%             | 2027-02-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Gilead Aviation LLC                             | Gilead Aviation LLC, Series 2025-1A, Class A                                              | CUSIP: 37556TAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    614467 | PA      | $628581.92    | 0.09%             | 2050-03-15      | Fixed         | 5.79%                 | Yes           |                  2 | On Loan: No      |
| FMC GMSR Issuer Trust                           | FMC GMSR Issuer Trust, Series 2022-GT2, Class A                                           | CUSIP: 30259RAP0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1600000 | PA      | $1609247.68   | 0.24%             | 2027-07-25      | Fixed         | 7.90%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                            | JPMorgan Chase & Co.                                                                      | CUSIP: 46625HRX0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297669.29    | 0.04%             | 2027-12-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: —       |
| Jersey Mike's Funding                           | Jersey Mike's Funding, Series 2021-1A, Class A2I                                          | CUSIP: 476681AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    586575 | PA      | $574299.28    | 0.09%             | 2052-02-15      | Fixed         | 2.89%                 | Yes           |                  2 | On Loan: No      |
| American National Group, Inc.                   | American National Group, Inc.                                                             | CUSIP: 02772AAA7<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |    546000 | PA      | $573190.78    | 0.09%             | 2032-06-13      | Fixed         | 6.14%                 | Yes           |                  2 | On Loan: —       |
| UPX HIL Issuer Trust                            | UPX HIL Issuer Trust, Series 2025-1, Class A                                              | CUSIP: 916925AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2933020 | PA      | $2947869.62   | 0.44%             | 2047-01-25      | Fixed         | 5.16%                 | Yes           |                  2 | On Loan: No      |
| ING Groep NV                                    | ING Groep NV                                                                              | CUSIP: 456837BR3<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   4804000 | PA      | $4922432.10   | 0.74%             | 2031-03-25      | Variable      | 5.07%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                              | T-Mobile USA, Inc.                                                                        | CUSIP: 87264ACB9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   2545000 | PA      | $2313174.45   | 0.35%             | 2031-02-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP                              | VICI Properties LP                                                                        | CUSIP: 92564RAL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2190000 | PA      | $2139536.47   | 0.32%             | 2029-02-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| BF Mortgage Trust                               | BF Mortgage Trust, Series 2019-NYT, Class A                                               | CUSIP: 62954PAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1328000 | PA      | $1316825.01   | 0.20%             | 2035-12-15      | Floating      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| N/A                                             | U.S. Treasury 10 Year Ultra Bonds                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -17 | NC      | $-16298.44    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Ferrellgas LP                                   | Ferrellgas LP                                                                             | CUSIP: 315289AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    919000 | PA      | $910424.90    | 0.14%             | 2026-04-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| American International Group, Inc.              | American International Group, Inc.                                                        | CUSIP: 026874DR5<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |   1916000 | PA      | $1836963.26   | 0.28%             | 2030-06-30      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Wendy's Funding LLC                             | Wendy's Funding LLC, Series 2019-1A, Class A2I                                            | CUSIP: 95058XAG3<br>LEI: 5493009DRVSTWJOXUL48 | Long             | ABS-O            | CORP              | US        |    404126 | PA      | $401902.57    | 0.06%             | 2049-06-15      | Fixed         | 3.78%                 | Yes           |                  2 | On Loan: No      |
| Athene Global Funding                           | Athene Global Funding                                                                     | CUSIP: 04685A3T6<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   2712000 | PA      | $2762555.26   | 0.41%             | 2027-03-25      | Fixed         | 5.52%                 | Yes           |                  2 | On Loan: No      |
| ORL Trust                                       | ORL Trust, Series 2024-GLKS, Class D                                                      | CUSIP: 67120DAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    254000 | PA      | $255104.09    | 0.04%             | 2039-12-15      | Floating      | 6.94%                 | Yes           |                  2 | On Loan: No      |
| NRZ Excess Spread-Collateralized Notes          | NRZ Excess Spread-Collateralized Notes, Series 2021-FHT1, Class A                         | CUSIP: 62955MAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    329928 | PA      | $324787.38    | 0.05%             | 2026-07-25      | Fixed         | 3.10%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                       | HCA, Inc.                                                                                 | CUSIP: 404119DA4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   2405000 | PA      | $2506687.44   | 0.38%             | 2032-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust        | Research-Driven Pagaya Motor Asset Trust, Series 2025-1A, Class A                         | CUSIP: 76089YAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1805233 | PA      | $1815475.31   | 0.27%             | 2033-06-27      | Fixed         | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                             | Medline Borrower LP                                                                       | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    841000 | PA      | $834350.38    | 0.13%             | 2029-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: —       |
| United States of America                        | U.S. Treasury Notes                                                                       | CUSIP: 91282CKG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4517000 | PA      | $4586607.69   | 0.69%             | 2029-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                | Boeing Co. (The)                                                                          | CUSIP: 097023DQ5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   3339000 | PA      | $3544454.35   | 0.53%             | 2029-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: —       |
| Pagaya AI Debt Grantor Trust                    | Pagaya AI Debt Grantor Trust, Series 2025-1, Class A2                                     | CUSIP: 69544NAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    356607 | PA      | $359988.20    | 0.05%             | 2032-07-15      | Fixed         | 5.16%                 | Yes           |                  2 | On Loan: No      |
| Cajun Global LLC                                | Cajun Global LLC, Series 2021-1, Class A2                                                 | CUSIP: 12803VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1346538 | PA      | $1329245.13   | 0.20%             | 2051-11-20      | Fixed         | 3.93%                 | Yes           |                  2 | On Loan: No      |
| STAR Trust                                      | STAR Trust, Series 2022-SFR3, Class F                                                     | CUSIP: 78474PAN7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    551577 | PA      | $554779.09    | 0.08%             | 2039-05-17      | Floating      | 8.64%                 | Yes           |                  2 | On Loan: No      |
| Biogen, Inc.                                    | Biogen, Inc.                                                                              | CUSIP: 09062XAN3<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |   1595000 | PA      | $1640473.24   | 0.25%             | 2031-01-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: —       |
| FHLMC                                           | FHLMC, REMIC, Series 5410, Class FE                                                       | CUSIP: 3137HCV82<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    679821 | PA      | $683121.94    | 0.10%             | 2054-05-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Ashtead Capital, Inc.                           | Ashtead Capital, Inc.                                                                     | CUSIP: 045054AF0<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    320000 | PA      | $320102.08    | 0.05%             | 2027-08-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                             | Petroleos Mexicanos                                                                       | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |   2032000 | PA      | $2058761.44   | 0.31%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Post Road Equipment Finance LLC                 | Post Road Equipment Finance LLC, Series 2024-1A, Class A2                                 | CUSIP: 737473AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    285704 | PA      | $287232.97    | 0.04%             | 2029-11-15      | Fixed         | 5.59%                 | Yes           |                  2 | On Loan: No      |
| COPT Defense Properties LP                      | COPT Defense Properties LP                                                                | CUSIP: 22003BAM8<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |    907000 | PA      | $821603.46    | 0.12%             | 2031-04-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: —       |
| NextEra Energy Capital Holdings, Inc.           | NextEra Energy Capital Holdings, Inc.                                                     | CUSIP: 65339KCM0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    729000 | PA      | $741919.20    | 0.11%             | 2028-02-28      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| FHLMC                                           | FHLMC, REMIC, Series 2182, Class ZC                                                       | CUSIP: 3133TM7G5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     50629 | PA      | $51793.38     | 0.01%             | 2029-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Oportun Funding Trust                           | Oportun Funding Trust, Series 2024-3, Class B                                             | CUSIP: 68377NAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $802348.56    | 0.12%             | 2029-08-15      | Fixed         | 5.48%                 | Yes           |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                    | BX Commercial Mortgage Trust, Series 2022-CSMO, Class A                                   | CUSIP: 05610MAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $754982.25    | 0.11%             | 2027-06-15      | Floating      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| Truist Financial Corp.                          | Truist Financial Corp.                                                                    | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   1360000 | PA      | $1375980.79   | 0.21%             | 2027-06-08      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| Centene Corp.                                   | Centene Corp.                                                                             | CUSIP: 15135BAT8<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |   3960000 | PA      | $3842115.63   | 0.58%             | 2029-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AASET Ltd.                                      | AASET Ltd., Series 2025-2A, Class A                                                       | CUSIP: 00039NAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2504016 | PA      | $2535142.38   | 0.38%             | 2050-02-16      | Fixed         | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Radian Group, Inc.                              | Radian Group, Inc.                                                                        | CUSIP: 750236AW1<br>LEI: 54930005OUP720S5U385 | Long             | DBT              | CORP              | US        |   2369000 | PA      | $2376354.47   | 0.36%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FHLMC                                           | FHLMC STACR REMIC Trust, Series 2021-DNA7, Class B2                                       | CUSIP: 35564KNE5<br>LEI: 5493000ISOMSKCX2AW62 | Long             | ABS-MBS          | CORP              | US        |    880000 | PA      | $934501.92    | 0.14%             | 2041-11-25      | Floating      | 12.16%                | Yes           |                  2 | On Loan: No      |
| HAT Holdings I LLC                              | HAT Holdings I LLC                                                                        | CUSIP: 418751AD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1996000 | PA      | $1842012.11   | 0.28%             | 2030-09-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| SoFi Consumer Loan Program Trust                | SoFi Consumer Loan Program Trust, Series 2025-2, Class B                                  | CUSIP: 83407HAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    945000 | PA      | $955750.79    | 0.14%             | 2034-06-25      | Fixed         | 4.97%                 | Yes           |                  2 | On Loan: No      |
| Great Wolf Trust                                | Great Wolf Trust, Series 2024-WOLF, Class A                                               | CUSIP: 39152MAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1391000 | PA      | $1395240.05   | 0.21%             | 2039-03-15      | Floating      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Swedbank AB                                     | Swedbank AB                                                                               | CUSIP: 87020PAX5<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |   1516000 | PA      | $1544794.01   | 0.23%             | 2026-09-12      | Fixed         | 6.14%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                            | GNMA, Series 2012-H20, Class BA                                                           | CUSIP: 38375BVQ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     34729 | PA      | $34930.58     | 0.01%             | 2062-09-20      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC            | Charter Communications Operating LLC                                                      | CUSIP: 161175CQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1999000 | PA      | $2098110.72   | 0.31%             | 2029-06-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| ACHV ABS Trust                                  | ACHV ABS Trust, Series 2024-3AL, Class B                                                  | CUSIP: 00092KAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    275347 | PA      | $278120.07    | 0.04%             | 2031-12-26      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Morgan Stanley ETF Trust

**Signature:** Francis J. Smith

**Name of Signer:** Francis J. Smith

**Title:** Principal Financial Officer