# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-25-001580
**Filing Date:** 2025-11
**Character Count:** 105300
**Document Hash:** bb182bb14d50dd5b92731c45aa1212db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001580.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0002066578-25-001580

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08236
- **FILM NUMBER:** 251506545

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

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

## Series and Classes Contracts Data

### SHORT BOND FUND (Series ID: S000038896)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000119674 | SHORT BOND FUND | BSBAX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

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

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

- **a. Name of Series:** Short Bond Fund

- **b. EDGAR series identifier (if any):** S000038896

- **c. LEI of Series:** 549300CM47D075J93239

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $229320528.09

**Total Liabilities:** $630172.51

**Net Assets:** $228690355.58

**Delayed Delivery Securities:** $399996.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 876.571760300432 | **1-Year:** 16422.297342051826 | **5-Year:** 19884.179879326430 | **10-Year:** 1945.824719624692 | **30-Year:** 0.000000000000

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

- **3-Month:** 97.209378254747 | **1-Year:** 1195.014544658813 | **5-Year:** 2277.992717305086 | **10-Year:** 19.753253812847 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000119674 | 0.05%                | 0.97%                | 0.36%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $204422.43               | $-870285.06                                |
| Month 2  | $249672.45               | $1270709.85                                |
| Month 3  | $86573.60                | $-40817.68                                 |

**Designated Index Information**

- **Index Name:** BBG Govt/Credit 1-3Y

- **Index Identifier:** LEH1-3YRGC

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| WILLIAMS COS INC/TH 5.40%                     | WILLIAMS COS INC/TH 5.40%                     | CUSIP: 969457CH1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    730000 | PA      | $733287.17    | 0.32%             | 2026-03-02      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| TAKE-TWO INTERACTIV 5.00%                     | TAKE-TWO INTERACTIV 5.00%                     | CUSIP: 874054AJ8<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1404894.23   | 0.61%             | 2026-03-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%                        | FREDDIE MAC POOL 5.50%                        | CUSIP: 3133KQ2M7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    697631 | PA      | $710278.76    | 0.31%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HSBC HLDGS. PLC F2F                           | HSBC HLDGS. PLC F2F                           | CUSIP: 404280ED7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1900000 | PA      | $1971446.12   | 0.86%             | 2030-03-04      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAP. AMERI 5.275%                     | HYUNDAI CAP. AMERI 5.275%                     | CUSIP: 44891ADB0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1340000 | PA      | $1360663.67   | 0.59%             | 2027-06-24      | Fixed         | 5.28%                 | Yes           |                  2 | On Loan: No      |
| JOHN DEERE CAP. COR 4.20%                     | JOHN DEERE CAP. COR 4.20%                     | CUSIP: 24422EXV6<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    570000 | PA      | $573735.30    | 0.25%             | 2027-07-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| FASHION SHOW MALL LLC VAR                     | FASHION SHOW MALL LLC VAR                     | CUSIP: 50245XAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2650000 | PA      | $2703495.82   | 1.18%             | 2041-10-10      | Variable      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| TEVA PHARM. FIN. NE 5.75%                     | TEVA PHARM. FIN. NE 5.75%                     | CUSIP: 881937AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |   1030000 | PA      | $1060806.27   | 0.46%             | 2030-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MSRW 2025-CC PAS 5.89372%                     | MSRW 2025-CC PAS 5.89372%                     | CUSIP: 55361BAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1596697 | PA      | $1603006.74   | 0.70%             | 2030-08-15      | Fixed         | 5.89%                 | Yes           |                  2 | On Loan: No      |
| DEUTSCHE BANK AG/NEW F2F                      | DEUTSCHE BANK AG/NEW F2F                      | CUSIP: 251526DB2<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    300000 | PA      | $302837.04    | 0.13%             | 2031-08-04      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| KEYBANK NA/CLEVELAN 4.70%                     | KEYBANK NA/CLEVELAN 4.70%                     | CUSIP: 49327M3G7<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |    950000 | PA      | $950572.18    | 0.42%             | 2026-01-26      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| UNITI GRP. LP / UN 10.50%                     | UNITI GRP. LP / UN 10.50%                     | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    784000 | PA      | $825708.80    | 0.36%             | 2028-02-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE 5.70%                     | EXTRA SPACE STORAGE 5.70%                     | CUSIP: 30225VAJ6<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |   1410000 | PA      | $1456265.91   | 0.64%             | 2028-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MGT. 6.271%                     | ELEMENT FLEET MGT. 6.271%                     | CUSIP: 286181AH5<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   1050000 | PA      | $1063586.46   | 0.47%             | 2026-06-26      | Fixed         | 6.27%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC POOL 6.00%                        | FREDDIE MAC POOL 6.00%                        | CUSIP: 3132DP6A1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    666333 | PA      | $687127.32    | 0.30%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HONDA AUTO RECEIVAB 5.21%                     | HONDA AUTO RECEIVAB 5.21%                     | CUSIP: 437918AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    336055 | PA      | $339231.48    | 0.15%             | 2028-08-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MTGE. TST. VAR                      | JP MORGAN MTGE. TST. VAR                      | CUSIP: 46657TAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     88555 | PA      | $88427.26     | 0.04%             | 2054-08-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| BANCO BILBAO VIZCA 5.381%                     | BANCO BILBAO VIZCA 5.381%                     | CUSIP: 05946KAQ4<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |    800000 | PA      | $826436.02    | 0.36%             | 2029-03-13      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY CARD FNDG 5.04%                     | SYNCHRONY CARD FNDG 5.04%                     | CUSIP: 87166PAM3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    236000 | PA      | $239484.87    | 0.10%             | 2030-03-15      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| ENOVA INTL. INC 9.125%                        | ENOVA INTL. INC 9.125%                        | CUSIP: 29357KAK9<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |    346000 | PA      | $363358.13    | 0.16%             | 2029-08-01      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| GLS AUTO RECEIVABLE 5.53%                     | GLS AUTO RECEIVABLE 5.53%                     | CUSIP: 37989AAL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1985000 | PA      | $2016925.75   | 0.88%             | 2031-02-18      | Fixed         | 5.53%                 | Yes           |                  2 | On Loan: No      |
| CNH INDL. CAP. LLC 4.50%                      | CNH INDL. CAP. LLC 4.50%                      | CUSIP: 12592BAT1<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |    480000 | PA      | $482868.68    | 0.21%             | 2027-10-08      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT 4.35%                     | TOYOTA MOTOR CREDIT 4.35%                     | CUSIP: 89236TMS1<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1311022.26   | 0.57%             | 2027-10-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| CUMMINS INC 4.25%                             | CUMMINS INC 4.25%                             | CUSIP: 231021AY2<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | DBT              | CORP              | US        |    175000 | PA      | $176313.48    | 0.08%             | 2028-05-09      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SANTANDER MTGE. AS 5.852%                     | SANTANDER MTGE. AS 5.852%                     | CUSIP: 80263AAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    675250 | PA      | $680645.05    | 0.30%             | 2065-05-25      | Variable      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| INTEL CORP 4.875%                             | INTEL CORP 4.875%                             | CUSIP: 458140CD0<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65131.16     | 0.03%             | 2026-02-10      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MANUFACTURERS & TRA 4.70%                     | MANUFACTURERS & TRA 4.70%                     | CUSIP: 55279HAW0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $405348.65    | 0.18%             | 2028-01-27      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| FLAGSHIP CREDIT AUT 5.05%                     | FLAGSHIP CREDIT AUT 5.05%                     | CUSIP: 337955AG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1700000 | PA      | $1698502.30   | 0.74%             | 2028-01-18      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| S&P GLOBAL INC 2.45%                          | S&P GLOBAL INC 2.45%                          | CUSIP: 78409VBH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    825000 | PA      | $807979.63    | 0.35%             | 2027-03-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| REPUBLIC SERVS. INC 5.00%                     | REPUBLIC SERVS. INC 5.00%                     | CUSIP: 760759BJ8<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |    485000 | PA      | $500712.68    | 0.22%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE R 5.48%                     | EXETER AUTOMOBILE R 5.48%                     | CUSIP: 30166UAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2563000 | PA      | $2586685.45   | 1.13%             | 2030-08-15      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN. 4.75%                      | MERCEDES-BENZ FIN. 4.75%                      | CUSIP: 58769JAU1<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    700000 | PA      | $707823.23    | 0.31%             | 2027-08-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN HONDA FIN. 4.40%                     | AMERICAN HONDA FIN. 4.40%                     | CUSIP: 02665WFP1<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   1325000 | PA      | $1328842.35   | 0.58%             | 2026-10-05      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| WASTE MGT. INC 4.65%                          | WASTE MGT. INC 4.65%                          | CUSIP: 94106LCC1<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |    460000 | PA      | $469273.03    | 0.21%             | 2030-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| OBX 2024-NQM16 TRUS 5.53%                     | OBX 2024-NQM16 TRUS 5.53%                     | CUSIP: 67120GAA6<br>LEI: 254900AIRPH5Q5COT575 | Long             | ABS-O            | CORP              | US        |    507683 | PA      | $511393.74    | 0.22%             | 2064-10-25      | Variable      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| VULCAN MATS. CO 4.95%                         | VULCAN MATS. CO 4.95%                         | CUSIP: 929160BB4<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | DBT              | CORP              | US        |    260000 | PA      | $266241.31    | 0.12%             | 2029-12-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC 4.60%                     | DOMINION ENERGY INC 4.60%                     | CUSIP: 25746UDY2<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    640000 | PA      | $646439.11    | 0.28%             | 2028-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| COLGATE-PALMOLIVE C 4.60%                     | COLGATE-PALMOLIVE C 4.60%                     | CUSIP: 194162AR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $407093.03    | 0.18%             | 2028-03-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ASTRAZENECA FIN. L 4.875%                     | ASTRAZENECA FIN. L 4.875%                     | CUSIP: 04636NAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $408763.91    | 0.18%             | 2028-03-03      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.00%                        | FREDDIE MAC POOL 5.00%                        | CUSIP: 3132DQG75<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    853950 | PA      | $853298.78    | 0.37%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%                        | FREDDIE MAC POOL 5.50%                        | CUSIP: 3132DQKL9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    836921 | PA      | $850377.57    | 0.37%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WF CARD ISSUANCE TR 4.94%                     | WF CARD ISSUANCE TR 4.94%                     | CUSIP: 92970QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    420000 | PA      | $426086.39    | 0.19%             | 2029-02-15      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| IQVIA INC 6.25%                               | IQVIA INC 6.25%                               | CUSIP: 46266TAF5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   2125000 | PA      | $2236849.38   | 0.98%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CARDINAL HEALTH INC 5.00%                     | CARDINAL HEALTH INC 5.00%                     | CUSIP: 14149YBR8<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |    410000 | PA      | $420410.72    | 0.18%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC F2F                              | BARCLAYS PLC F2F                              | CUSIP: 06738ECP8<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1280000 | PA      | $1304894.02   | 0.57%             | 2028-03-12      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| CNH EQUIP. TST. 202 5.19%                     | CNH EQUIP. TST. 202 5.19%                     | CUSIP: 18978JAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $304781.28    | 0.13%             | 2029-09-17      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC 4.15%                            | BROADCOM INC 4.15%                            | CUSIP: 11135FCA7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1140000 | PA      | $1142973.28   | 0.50%             | 2028-02-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT TST 5.688%                     | PAGAYA AI DEBT TST 5.688%                     | CUSIP: 69547DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    760000 | PA      | $771434.50    | 0.34%             | 2033-01-17      | Fixed         | 5.69%                 | Yes           |                  2 | On Loan: No      |
| NTT FIN. CORP 4.876%                          | NTT FIN. CORP 4.876%                          | CUSIP: 62954WAS4<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |    600000 | PA      | $609643.42    | 0.27%             | 2030-07-16      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| FORD MOTOR CREDIT C 5.73%                     | FORD MOTOR CREDIT C 5.73%                     | CUSIP: 345397H48<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $756173.06    | 0.33%             | 2030-09-05      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 7.50%                         | FANNIE MAE POOL 7.50%                         | CUSIP: 31385XH26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2472 | PA      | $2479.78      | 0.00%             | 2032-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FISERV INC 5.45%                              | FISERV INC 5.45%                              | CUSIP: 337738BD9<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |   1875000 | PA      | $1927657.20   | 0.84%             | 2028-03-02      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| MEDTRONIC GBL. HLDG 4.25%                     | MEDTRONIC GBL. HLDG 4.25%                     | CUSIP: 58507LBB4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    400000 | PA      | $402823.20    | 0.18%             | 2028-03-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP/T F2F                     | CHARLES SCHWAB CORP/T F2F                     | CUSIP: 808513CD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $415397.60    | 0.18%             | 2029-05-19      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN COR 4.45%                     | LOCKHEED MARTIN COR 4.45%                     | CUSIP: 539830BZ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    825000 | PA      | $834255.16    | 0.36%             | 2028-05-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| BX TST. 2024-PAT FRN                          | BX TST. 2024-PAT FRN                          | CUSIP: 05612FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1026000 | PA      | $1026320.63   | 0.45%             | 2041-03-15      | Floating      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| WORLD OMNI AUTO REC 5.27%                     | WORLD OMNI AUTO REC 5.27%                     | CUSIP: 98164HAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $252711.10    | 0.11%             | 2029-09-17      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL F2F                       | SYNCHRONY FINANCIAL F2F                       | CUSIP: 87165BAV5<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    175000 | PA      | $181393.14    | 0.08%             | 2030-08-02      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINL. S 4.40%                     | CATERPILLAR FINL. S 4.40%                     | CUSIP: 14913UAR1<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |   1275000 | PA      | $1288881.19   | 0.56%             | 2027-10-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| UNILEVER CAP. CORP 4.25%                      | UNILEVER CAP. CORP 4.25%                      | CUSIP: 904764BU0<br>LEI: MYF1DAS6G5WY7PRWCU78 | Long             | DBT              | CORP              | US        |    420000 | PA      | $423162.53    | 0.19%             | 2027-08-12      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WASTE MGT. INC 4.50%                          | WASTE MGT. INC 4.50%                          | CUSIP: 94106LCB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $404823.77    | 0.18%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.00%                        | FREDDIE MAC POOL 5.00%                        | CUSIP: 3132DPS74<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    739642 | PA      | $757473.89    | 0.33%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%                        | FREDDIE MAC POOL 5.50%                        | CUSIP: 3132DNQM8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    730890 | PA      | $740003.02    | 0.32%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BMW VEHICLE LEASE T 5.00%                     | BMW VEHICLE LEASE T 5.00%                     | CUSIP: 05611UAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $706300.00    | 0.31%             | 2027-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HSBC HLDGS. PLC F2F                           | HSBC HLDGS. PLC F2F                           | CUSIP: 404280EF2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    840000 | PA      | $857640.49    | 0.38%             | 2028-05-17      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO 4.15%                          | ELI LILLY & CO 4.15%                          | CUSIP: 532457CP1<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    480000 | PA      | $483130.97    | 0.21%             | 2027-08-14      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON INGALLS 5.353%                     | HUNTINGTON INGALLS 5.353%                     | CUSIP: 446413BA3<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |    170000 | PA      | $175192.04    | 0.08%             | 2030-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| MANUFACTURERS & TRADE F2F                     | MANUFACTURERS & TRADE F2F                     | CUSIP: 564760CC8<br>LEI: WWB2V0FCW3A0EE3ZJN75 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1009632.97   | 0.44%             | 2028-07-06      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| CARVANA AUTO RECEIV 5.48%                     | CARVANA AUTO RECEIV 5.48%                     | CUSIP: 14688YAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1300000 | PA      | $1329278.99   | 0.58%             | 2031-11-10      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC 6.125%                         | ROCKET COS INC 6.125%                         | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1865000 | PA      | $1914086.80   | 0.84%             | 2030-08-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| BOMBARDIER INC 7.50%                          | BOMBARDIER INC 7.50%                          | CUSIP: 097751BZ3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $520992.00    | 0.23%             | 2029-02-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| LLOYDS BANKING GRP. P F2V                     | LLOYDS BANKING GRP. P F2V                     | CUSIP: 539439AX7<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   1650000 | PA      | $1711505.53   | 0.75%             | 2029-03-06      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%                         | FANNIE MAE POOL 2.50%                         | CUSIP: 3140XJAB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    492840 | PA      | $476528.44    | 0.21%             | 2035-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP F2F                      | BANK OF AMERICA CORP F2F                      | CUSIP: 06051GLG2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1610000 | PA      | $1650351.66   | 0.72%             | 2029-04-25      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| WORLD OMNI AUTO REC 4.86%                     | WORLD OMNI AUTO REC 4.86%                     | CUSIP: 98164RAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    320000 | PA      | $321935.04    | 0.14%             | 2029-03-15      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC 4.80%                              | ABBVIE INC 4.80%                              | CUSIP: 00287YDR7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1193398.78   | 0.52%             | 2027-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| NATWEST GRP. PLC F2V                          | NATWEST GRP. PLC F2V                          | CUSIP: 639057AL2<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    840000 | PA      | $855596.46    | 0.37%             | 2028-03-01      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO F2F                       | AMERICAN EXPRESS CO F2F                       | CUSIP: 025816DV8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1185000 | PA      | $1205219.15   | 0.53%             | 2028-07-26      | Fixed         | 5.04%                 | No            |                  2 | On Loan: —       |
| COMM 2024-277P MTGE. VAR                      | COMM 2024-277P MTGE. VAR                      | CUSIP: 12654FAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2200000 | PA      | $2348793.70   | 1.03%             | 2044-08-10      | Variable      | 7.23%                 | Yes           |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA F2F                        | CREDIT AGRICOLE SA F2F                        | CUSIP: 22535WAL1<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   1430000 | PA      | $1439041.46   | 0.63%             | 2028-09-11      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| JOHN DEERE OWNER TS 4.06%                     | JOHN DEERE OWNER TS 4.06%                     | CUSIP: 477911AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1502815.05   | 0.66%             | 2029-06-15      | Fixed         | 4.06%                 | No            |                  2 | On Loan: No      |
| PACCAR FINL. CORP 4.00%                       | PACCAR FINL. CORP 4.00%                       | CUSIP: 69371RT48<br>LEI: PH3S12DWZBHHQKVYZ297 | Long             | DBT              | CORP              | US        |    460000 | PA      | $459715.95    | 0.20%             | 2029-09-26      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENCORA INC 4.625%                            | CENCORA INC 4.625%                            | CUSIP: 03073EAV7<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |    410000 | PA      | $414631.82    | 0.18%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PSEG POWER LLC 5.20%                          | PSEG POWER LLC 5.20%                          | CUSIP: 69362BBD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    875000 | PA      | $897667.46    | 0.39%             | 2030-05-15      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| MSRW 2025-CC PAS 6.65052%                     | MSRW 2025-CC PAS 6.65052%                     | CUSIP: 55361BAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $803394.64    | 0.35%             | 2030-08-15      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE 2.5%                               | FANNIE MAE 2.5%                               | CUSIP: 3140FKSC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    548053 | PA      | $528676.90    | 0.23%             | 2031-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC 3.0%                              | FREDDIE MAC 3.0%                              | CUSIP: 3128MMWH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    256310 | PA      | $249785.87    | 0.11%             | 2032-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE 3.0%                               | FANNIE MAE 3.0%                               | CUSIP: 3140J9SF9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    237977 | PA      | $233716.71    | 0.10%             | 2030-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE 4.0%                               | FANNIE MAE 4.0%                               | CUSIP: 3140JAD70<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14508 | PA      | $14460.48     | 0.01%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 4.50%                      | UNITED STATES TSY. 4.50%                      | CUSIP: 91282CFW6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1009000 | PA      | $1009433.56   | 0.44%             | 2025-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%                        | FREDDIE MAC POOL 5.50%                        | CUSIP: 3132DQQ33<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    661519 | PA      | $673498.93    | 0.29%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GRP. FRN                       | LLOYDS BANKING GRP. FRN                       | CUSIP: 53944YAY9<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   1690000 | PA      | $1708157.01   | 0.75%             | 2028-01-05      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| TALLGRASS ENERGY P 7.375%                     | TALLGRASS ENERGY P 7.375%                     | CUSIP: 87470LAL5<br>LEI: 549300IQ3DN0F3VERF65 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1029843.00   | 0.45%             | 2029-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| MARATHON PETROLEUM 5.15%                      | MARATHON PETROLEUM 5.15%                      | CUSIP: 56585ABK7<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |    545000 | PA      | $560140.96    | 0.24%             | 2030-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 3.875%                     | UNITED STATES TSY. 3.875%                     | CUSIP: 91282CNM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  19039000 | PA      | $19162456.11  | 8.38%             | 2028-07-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE 3.5%                               | FANNIE MAE 3.5%                               | CUSIP: 3140X5BT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    276545 | PA      | $273155.15    | 0.12%             | 2033-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC 3.0%                              | FREDDIE MAC 3.0%                              | CUSIP: 3132CWGY4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    215936 | PA      | $212238.75    | 0.09%             | 2032-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE 3.0%                               | FANNIE MAE 3.0%                               | CUSIP: 3140EBJU6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    293057 | PA      | $287234.16    | 0.13%             | 2031-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ AUTO 5.95%                      | MERCEDES-BENZ AUTO 5.95%                      | CUSIP: 58769FAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    428645 | PA      | $435078.33    | 0.19%             | 2028-11-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ADVANCED MICRO DEV 4.319%                     | ADVANCED MICRO DEV 4.319%                     | CUSIP: 007903BJ5<br>LEI: R2I72C950HOYXII45366 | Long             | DBT              | CORP              | US        |    400000 | PA      | $403486.47    | 0.18%             | 2028-03-24      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN. USA 4.50%                      | RIO TINTO FIN. USA 4.50%                      | CUSIP: 76720AAR7<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    850000 | PA      | $859322.74    | 0.38%             | 2028-03-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| STORE CAP. LLC 5.40%                          | STORE CAP. LLC 5.40%                          | CUSIP: 862123AA4<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              | CORP              | US        |    705000 | PA      | $718016.03    | 0.31%             | 2030-04-30      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES F2V                     | HUNTINGTON BANCSHARES F2V                     | CUSIP: 446150BG8<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    870000 | PA      | $867708.42    | 0.38%             | 2049-12-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    675118 | NS      | $675118.38    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| FREDDIE MAC 2.5%                              | FREDDIE MAC 2.5%                              | CUSIP: 3132A7NE7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     83326 | PA      | $81883.15     | 0.04%             | 2028-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL BUSIN 4.65%                     | INTERNATIONAL BUSIN 4.65%                     | CUSIP: 459200LF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $405713.14    | 0.18%             | 2028-02-10      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL 4.125%                     | PHILIP MORRIS INTL 4.125%                     | CUSIP: 718172DR7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $400716.78    | 0.18%             | 2028-04-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE 3.0%                               | FANNIE MAE 3.0%                               | CUSIP: 3140JAKW7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     23881 | PA      | $23598.57     | 0.01%             | 2029-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA F2V                            | BNP PARIBAS SA F2V                            | CUSIP: 09659T2B6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $448176.85    | 0.20%             | 2035-08-12      | Fixed         | 2.59%                 | Yes           |                  2 | On Loan: No      |
| CITIZENS FINL. GRP. F2V                       | CITIZENS FINL. GRP. F2V                       | CUSIP: 174610BA2<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29613.16     | 0.01%             | 2031-02-11      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.50%                         | FANNIE MAE POOL 4.50%                         | CUSIP: 3140XLDY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    644911 | PA      | $631422.22    | 0.28%             | 2051-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BPCE SA F2F                                   | BPCE SA F2F                                   | CUSIP: 05571AAV7<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   1750000 | PA      | $1809761.59   | 0.79%             | 2030-01-18      | Fixed         | 5.72%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC 3.0%                              | FREDDIE MAC 3.0%                              | CUSIP: 3128MMWB5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    104399 | PA      | $101747.34    | 0.04%             | 2032-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE 3.0%                               | FANNIE MAE 3.0%                               | CUSIP: 3140J86X6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    306370 | PA      | $302537.52    | 0.13%             | 2030-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE 3.0%                               | FANNIE MAE 3.0%                               | CUSIP: 3140X5DB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    215344 | PA      | $210882.96    | 0.09%             | 2032-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE 2.5%                               | FANNIE MAE 2.5%                               | CUSIP: 3140EVTX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    177538 | PA      | $171499.69    | 0.07%             | 2031-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PNC FINL. SERVS. GRP. F2F                     | PNC FINL. SERVS. GRP. F2F                     | CUSIP: 693475BT1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    635000 | PA      | $650524.02    | 0.28%             | 2027-10-20      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE SA F2V                       | SOCIETE GENERALE SA F2V                       | CUSIP: 83368RBV3<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $1013380.34   | 0.44%             | 2028-01-19      | Fixed         | 5.52%                 | Yes           |                  2 | On Loan: No      |
| BRAVO RESIDENTIAL 5.908%                      | BRAVO RESIDENTIAL 5.908%                      | CUSIP: 10569MAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1975448 | PA      | $1987097.22   | 0.87%             | 2064-12-25      | Variable      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| UNITED STATES TSY. 3.75%                      | UNITED STATES TSY. 3.75%                      | CUSIP: 91282CNL1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10071000 | PA      | $10089096.38  | 4.41%             | 2027-06-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SOLSTICE ADVANCED 5.625%                      | SOLSTICE ADVANCED 5.625%                      | CUSIP: 83443QAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $40132.15     | 0.02%             | 2033-09-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| STRYKER CORP 4.85%                            | STRYKER CORP 4.85%                            | CUSIP: 863667BL4<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |    585000 | PA      | $599549.43    | 0.26%             | 2030-02-10      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAP. 5.05%                     | NEXTERA ENERGY CAP. 5.05%                     | CUSIP: 65339KDJ6<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    585000 | PA      | $602355.12    | 0.26%             | 2030-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GRP. HLD F2F                     | SANTANDER UK GRP. HLD F2F                     | CUSIP: 80281LAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    600000 | PA      | $598329.35    | 0.26%             | 2029-09-22      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC NON GOLD FRN                      | FREDDIE MAC NON GOLD FRN                      | CUSIP: 3128JN4B8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     41157 | PA      | $42282.99     | 0.02%             | 2037-10-01      | Variable      | 7.15%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC 2.5%                              | FREDDIE MAC 2.5%                              | CUSIP: 31329LDL3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     25927 | PA      | $25503.74     | 0.01%             | 2028-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE 3.0%                               | FANNIE MAE 3.0%                               | CUSIP: 3140X46K7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    184121 | PA      | $180976.01    | 0.08%             | 2031-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF MIAMI-D 1.229%                      | COUNTY OF MIAMI-D 1.229%                      | CUSIP: 59333P6A1<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.22%             | 2025-10-01      | Fixed         | 1.23%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC 3.0%                              | FREDDIE MAC 3.0%                              | CUSIP: 3131XDCF0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    289651 | PA      | $281916.57    | 0.12%             | 2032-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE 3.0%                               | FANNIE MAE 3.0%                               | CUSIP: 3140X5BW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    324344 | PA      | $317687.73    | 0.14%             | 2033-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GENERAL MILLS INC 4.70%                       | GENERAL MILLS INC 4.70%                       | CUSIP: 370334CX0<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |    380000 | PA      | $382928.68    | 0.17%             | 2027-01-30      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CARGILL INC 4.625%                            | CARGILL INC 4.625%                            | CUSIP: 141781CE2<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1014222.80   | 0.44%             | 2028-02-11      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| NUTRIEN LTD 5.25%                             | NUTRIEN LTD 5.25%                             | CUSIP: 67077MBF4<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |    610000 | PA      | $629489.85    | 0.28%             | 2032-03-12      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE 4.65%                     | WESTLAKE AUTOMOBILE 4.65%                     | CUSIP: 96043LAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    900000 | PA      | $903214.17    | 0.39%             | 2028-02-15      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| HEWLETT PACKARD ENT 4.15%                     | HEWLETT PACKARD ENT 4.15%                     | CUSIP: 42824CBZ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    460000 | PA      | $459479.93    | 0.20%             | 2028-09-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| ADOBE INC 4.75%                               | ADOBE INC 4.75%                               | CUSIP: 00724PAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    825000 | PA      | $840768.37    | 0.37%             | 2028-01-17      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| EXETER AUTOMOBILE R 5.49%                     | EXETER AUTOMOBILE R 5.49%                     | CUSIP: 30167MAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    490000 | PA      | $497983.57    | 0.22%             | 2031-05-15      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| ALLY FINL. INC F2F                            | ALLY FINL. INC F2F                            | CUSIP: 02005NBW9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    355000 | PA      | $361642.53    | 0.16%             | 2031-01-17      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER 4.60%                      | ARTHUR J GALLAGHER 4.60%                      | CUSIP: 04316JAK5<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |   1230000 | PA      | $1242058.46   | 0.54%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CITADEL LP 6.00%                              | CITADEL LP 6.00%                              | CUSIP: 17288XAD6<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |    425000 | PA      | $441737.18    | 0.19%             | 2030-01-23      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| AMERICREDIT AUTOMOB 3.23%                     | AMERICREDIT AUTOMOB 3.23%                     | CUSIP: 03066TAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1900000 | PA      | $1876991.00   | 0.82%             | 2028-02-18      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| HONEYWELL INTL. INC 4.95%                     | HONEYWELL INTL. INC 4.95%                     | CUSIP: 438516CJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $408961.41    | 0.18%             | 2028-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE OPE 5.125%                     | PUBLIC STORAGE OPE 5.125%                     | CUSIP: 74460WAF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    825000 | PA      | $851860.80    | 0.37%             | 2029-01-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY CARD FNDG 5.54%                     | SYNCHRONY CARD FNDG 5.54%                     | CUSIP: 87166PAK7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    180000 | PA      | $182072.72    | 0.08%             | 2029-07-15      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC 4.734%                         | NRG ENERGY INC 4.734%                         | CUSIP: 629377DA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $399873.41    | 0.17%             | 2030-10-15      | Fixed         | 4.73%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%                         | FANNIE MAE POOL 3.50%                         | CUSIP: 3140J5LV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    273116 | PA      | $270202.60    | 0.12%             | 2032-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%                        | FREDDIE MAC POOL 5.50%                        | CUSIP: 3132DQGK6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    541767 | PA      | $548665.28    | 0.24%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ONEOK INC 5.55%                               | ONEOK INC 5.55%                               | CUSIP: 682680BH5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   2210000 | PA      | $2237993.87   | 0.98%             | 2026-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & CO F2F                          | WELLS FARGO & CO F2F                          | CUSIP: 95000U3L5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    840000 | PA      | $859517.32    | 0.38%             | 2028-04-22      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| AMPHENOL CORP 5.05%                           | AMPHENOL CORP 5.05%                           | CUSIP: 032095AN1<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |    410000 | PA      | $416478.18    | 0.18%             | 2027-04-05      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP F2V                            | AIR LEASE CORP F2V                            | CUSIP: 00912XBQ6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    650000 | PA      | $630623.28    | 0.28%             | 2049-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FORD CREDIT AUTO OW 1.91%                     | FORD CREDIT AUTO OW 1.91%                     | CUSIP: 345340AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3455000 | PA      | $3404359.37   | 1.49%             | 2033-10-17      | Fixed         | 1.91%                 | Yes           |                  2 | On Loan: No      |
| STANDARD CHARTERED PL F2V                     | STANDARD CHARTERED PL F2V                     | CUSIP: 853254CQ1<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    900000 | PA      | $904013.69    | 0.40%             | 2027-01-09      | Fixed         | 6.17%                 | Yes           |                  2 | On Loan: No      |
| HYATT HOTELS CORP 5.75%                       | HYATT HOTELS CORP 5.75%                       | CUSIP: 448579AQ5<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    400000 | PA      | $407532.06    | 0.18%             | 2027-01-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HSBC HLDGS. PLC F2F                           | HSBC HLDGS. PLC F2F                           | CUSIP: 404280DZ9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $506732.27    | 0.22%             | 2027-08-14      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH I 9.875%                     | LIFEPOINT HEALTH I 9.875%                     | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1082938.00   | 0.47%             | 2030-08-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| CNH EQUIP. TST. 202 4.03%                     | CNH EQUIP. TST. 202 4.03%                     | CUSIP: 18978GAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $801631.84    | 0.35%             | 2030-01-15      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| GM FINL. AUTOMOBILE 4.89%                     | GM FINL. AUTOMOBILE 4.89%                     | CUSIP: 36271VAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1600000 | PA      | $1617915.04   | 0.71%             | 2029-02-20      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| MASTERCARD INC 4.55%                          | MASTERCARD INC 4.55%                          | CUSIP: 57636QBF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $406467.76    | 0.18%             | 2028-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CISCO SYS. INC 4.55%                          | CISCO SYS. INC 4.55%                          | CUSIP: 17275RBW1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    630000 | PA      | $639686.92    | 0.28%             | 2028-02-24      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE 4.86%                     | WESTLAKE AUTOMOBILE 4.86%                     | CUSIP: 96043LAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $304408.23    | 0.13%             | 2030-05-15      | Fixed         | 4.86%                 | Yes           |                  2 | On Loan: No      |
| SK HYNIX INC 4.375%                           | SK HYNIX INC 4.375%                           | CUSIP: 78392BAK3<br>LEI: N/A                  | Long             | DBT              | CORP              | KR        |   1900000 | PA      | $1891441.03   | 0.83%             | 2030-09-11      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.00%                        | FREDDIE MAC POOL 5.00%                        | CUSIP: 3132DQPS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    700461 | PA      | $701244.51    | 0.31%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE R 5.61%                     | EXETER AUTOMOBILE R 5.61%                     | CUSIP: 30166DAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    602109 | PA      | $603292.18    | 0.26%             | 2028-04-17      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| DRIVE AUTO RECEIVAB 4.52%                     | DRIVE AUTO RECEIVAB 4.52%                     | CUSIP: 26207AAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $300985.14    | 0.13%             | 2029-07-16      | Fixed         | 4.52%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUT 5.47%                     | SANTANDER DRIVE AUT 5.47%                     | CUSIP: 80287NAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1535000 | PA      | $1561783.60   | 0.68%             | 2031-05-15      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE 5.15%                     | WESTLAKE AUTOMOBILE 5.15%                     | CUSIP: 96043LAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $610412.64    | 0.27%             | 2030-11-15      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| ECOLAB INC 4.30%                              | ECOLAB INC 4.30%                              | CUSIP: 278865BQ2<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |    710000 | PA      | $715659.64    | 0.31%             | 2028-06-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GRP. OF 4.85%                      | VOLKSWAGEN GRP. OF 4.85%                      | CUSIP: 928668CX8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    700000 | PA      | $702920.60    | 0.31%             | 2030-09-11      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| 4835 FREDDIE MA 3.5%                          | 4835 FREDDIE MA 3.5%                          | CUSIP: 3137FHR70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    223488 | PA      | $218067.86    | 0.10%             | 2047-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BANK 2021-BNK37 VAR                           | BANK 2021-BNK37 VAR                           | CUSIP: 06540LBF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1525000 | PA      | $1356663.64   | 0.59%             | 2064-11-15      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALT 5.25%                     | CHS/COMMUNITY HEALT 5.25%                     | CUSIP: 12543DBM1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    675000 | PA      | $610634.82    | 0.27%             | 2030-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%                         | FANNIE MAE POOL 5.50%                         | CUSIP: 3140XLE38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    548189 | PA      | $554631.38    | 0.24%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALLY AUTO RECEIVABL 5.46%                     | ALLY AUTO RECEIVABL 5.46%                     | CUSIP: 02007WAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1926993 | PA      | $1943784.34   | 0.85%             | 2028-05-15      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| SYSCO CORP 5.10%                              | SYSCO CORP 5.10%                              | CUSIP: 871829BU0<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |    475000 | PA      | $489725.14    | 0.21%             | 2030-09-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC 4.65%                              | ABBVIE INC 4.65%                              | CUSIP: 00287YDY2<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1982122.04   | 0.87%             | 2028-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP 4.45%                             | ORACLE CORP 4.45%                             | CUSIP: 68389XDH5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1109455.39   | 0.49%             | 2030-09-26      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| HCA INC 5.00%                                 | HCA INC 5.00%                                 | CUSIP: 404119CY3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    560000 | PA      | $570305.50    | 0.25%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON NATL. BANK F2F                     | HUNTINGTON NATL. BANK F2F                     | CUSIP: 44644MAK7<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | DBT              | CORP              | US        |    500000 | PA      | $505317.71    | 0.22%             | 2028-04-12      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%                        | FREDDIE MAC POOL 2.50%                        | CUSIP: 3132A9T80<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    591082 | PA      | $567247.53    | 0.25%             | 2032-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| COINBASE GBL. INC 3.375%                      | COINBASE GBL. INC 3.375%                      | CUSIP: 19260QAC1<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |    600000 | PA      | $569461.86    | 0.25%             | 2028-10-01      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| CARNIVAL CORP 6.00%                           | CARNIVAL CORP 6.00%                           | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    700000 | PA      | $710448.19    | 0.31%             | 2029-05-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| HONDA AUTO RECEIVAB 5.41%                     | HONDA AUTO RECEIVAB 5.41%                     | CUSIP: 43815QAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    740614 | PA      | $746117.46    | 0.33%             | 2028-02-18      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| DRIVE AUTO RECEIVAB 4.67%                     | DRIVE AUTO RECEIVAB 4.67%                     | CUSIP: 26207AAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3675000 | PA      | $3689878.61   | 1.61%             | 2032-05-17      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE R 5.89%                     | EXETER AUTOMOBILE R 5.89%                     | CUSIP: 30168JAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    456000 | PA      | $467930.69    | 0.20%             | 2031-07-15      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| DELL INTL. LLC / EM 4.75%                     | DELL INTL. LLC / EM 4.75%                     | CUSIP: 24703TAL0<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    990000 | PA      | $1004515.64   | 0.44%             | 2028-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO F2F                       | JPMORGAN CHASE & CO F2F                       | CUSIP: 46647PCP9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $974790.07    | 0.43%             | 2027-09-22      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA FIN 7.875%                     | VISTAJET MALTA FIN 7.875%                     | CUSIP: 92840JAD1<br>LEI: 5299001UK94VGT0CPQ36 | Long             | DBT              | CORP              | MT        |   1000000 | PA      | $1015593.00   | 0.44%             | 2027-05-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO F2F                       | JPMORGAN CHASE & CO F2F                       | CUSIP: 46647PDA1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1710000 | PA      | $1714224.91   | 0.75%             | 2028-04-26      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC 5.30%                     | GLOBAL PAYMENTS INC 5.30%                     | CUSIP: 37940XAN2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    935000 | PA      | $956179.65    | 0.42%             | 2029-08-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 6.50%                        | FREDDIE MAC POOL 6.50%                        | CUSIP: 3132DPE87<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    584381 | PA      | $607438.22    | 0.27%             | 2052-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO 5.20%                           | DTE ENERGY CO 5.20%                           | CUSIP: 233331BN6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $824323.82    | 0.36%             | 2030-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| PROVIDENT FNDG. MTGE. VAR                     | PROVIDENT FNDG. MTGE. VAR                     | CUSIP: 74389DAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    835974 | PA      | $840691.41    | 0.37%             | 2055-06-25      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 5.50%                     | FREDDIE MAC GOLD PO 5.50%                     | CUSIP: 3129405K1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     24366 | PA      | $25264.59     | 0.01%             | 2040-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA 4.50%                     | BANK OF NOVA SCOTIA 4.50%                     | CUSIP: 064159HB5<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    300000 | PA      | $300092.09    | 0.13%             | 2025-12-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMERICAN P VAR                     | PLAINS ALL AMERICAN P VAR                     | CUSIP: 726503AE5<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |    525000 | PA      | $525786.98    | 0.23%             | 2049-12-31      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| BX COMMER. MTGE. TST. FRN                     | BX COMMER. MTGE. TST. FRN                     | CUSIP: 05608BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    235490 | PA      | $234312.27    | 0.10%             | 2034-04-15      | Floating      | 5.20%                 | Yes           |                  2 | On Loan: No      |
| SEASONED LOANS STRU 2.75%                     | SEASONED LOANS STRU 2.75%                     | CUSIP: 35564CCZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGA              | US        |    590921 | PA      | $564736.41    | 0.25%             | 2029-09-25      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%                        | FREDDIE MAC POOL 2.50%                        | CUSIP: 3132CWC69<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   1639422 | PA      | $1581241.01   | 0.69%             | 2031-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC 6.375%                            | NETFLIX INC 6.375%                            | CUSIP: 64110LAX4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    825000 | PA      | $888891.49    | 0.39%             | 2029-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP 4.50%                            | CALPINE CORP 4.50%                            | CUSIP: 131347CM6<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298734.42    | 0.13%             | 2028-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| TEGNA INC 5.00%                               | TEGNA INC 5.00%                               | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |    650000 | PA      | $646644.58    | 0.28%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT 3.375%                      | FORD MOTOR CREDIT 3.375%                      | CUSIP: 345397B28<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    260000 | PA      | $259521.76    | 0.11%             | 2025-11-13      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| FS KKR CAP. CORP 3.40%                        | FS KKR CAP. CORP 3.40%                        | CUSIP: 302635AG2<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |    500000 | PA      | $497733.60    | 0.22%             | 2026-01-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| 7-ELEVEN INC 1.80%                            | 7-ELEVEN INC 1.80%                            | CUSIP: 817826AE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    770000 | PA      | $669263.24    | 0.29%             | 2031-02-10      | Fixed         | 1.80%                 | Yes           |                  2 | On Loan: No      |
| CSX CORP 3.80%                                | CSX CORP 3.80%                                | CUSIP: 126408HJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $398379.35    | 0.17%             | 2028-03-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%                        | FREDDIE MAC POOL 3.00%                        | CUSIP: 3132CWCV4<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    665232 | PA      | $653542.11    | 0.29%             | 2032-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%                        | FREDDIE MAC POOL 3.00%                        | CUSIP: 3132CWLJ1<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    551530 | PA      | $541228.83    | 0.24%             | 2032-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 2.50%                     | FREDDIE MAC GOLD PO 2.50%                     | CUSIP: 31294NZZ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    103776 | PA      | $102137.02    | 0.04%             | 2028-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP 2.65%                             | ORACLE CORP 2.65%                             | CUSIP: 68389XBM6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $988265.81    | 0.43%             | 2026-07-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| STANLEY BLACK & DEC 3.40%                     | STANLEY BLACK & DEC 3.40%                     | CUSIP: 854502AK7<br>LEI: 549300DJ09SMTO561131 | Long             | DBT              | CORP              | US        |    500000 | PA      | $497988.21    | 0.22%             | 2026-03-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| JPMCC COMMER. MTG 3.3861%                     | JPMCC COMMER. MTG 3.3861%                     | CUSIP: 46591EAT4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3760000 | PA      | $3548205.97   | 1.55%             | 2052-06-13      | Variable      | 3.39%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.00%                         | FANNIE MAE POOL 3.00%                         | CUSIP: 3140X6VA6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    556937 | PA      | $547048.68    | 0.24%             | 2032-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINANCI 1.10%                     | CATERPILLAR FINANCI 1.10%                     | CUSIP: 14913R2G1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $379597.58    | 0.17%             | 2027-09-14      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATL. MT 2.50%                     | GOVERNMENT NATL. MT 2.50%                     | CUSIP: 38380FMH6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    287068 | PA      | $268723.52    | 0.12%             | 2046-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP. 1.75%                     | AERCAP IRELAND CAP. 1.75%                     | CUSIP: 00774MAS4<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |   1070000 | PA      | $1061295.85   | 0.46%             | 2026-01-30      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| FNMA 5% 06/01/2014                            | FNMA 5% 06/01/2014                            | CUSIP: 3138AG2D9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     43878 | PA      | $44936.85     | 0.02%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING I 4.75%                     | GRAPHIC PACKAGING I 4.75%                     | CUSIP: 38869AAA5<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1171143.27   | 0.51%             | 2027-07-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.50%                         | FANNIE MAE POOL 4.50%                         | CUSIP: 3140X4V45<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    564279 | PA      | $556809.88    | 0.24%             | 2049-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CIGNA CORP 1.25%                              | CIGNA CORP 1.25%                              | CUSIP: 125523CP3<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    242000 | PA      | $238649.90    | 0.10%             | 2026-03-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%                         | FANNIE MAE POOL 5.50%                         | CUSIP: 31418NAR1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12449 | PA      | $12892.33     | 0.01%             | 2038-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA POOL #BC0266 3.5% 02                     | FNMA POOL #BC0266 3.5% 02                     | CUSIP: 3140EUJL4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    263709 | PA      | $260940.17    | 0.11%             | 2031-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BAXTER INTERNATIONA 2.60%                     | BAXTER INTERNATIONA 2.60%                     | CUSIP: 071813BQ1<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |    500000 | PA      | $493112.61    | 0.22%             | 2026-08-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL FINANCIAL 3.10%                     | PRINCIPAL FINANCIAL 3.10%                     | CUSIP: 74251VAM4<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $988595.57    | 0.43%             | 2026-11-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| SIMON PPTY GROUP L3.25% 3                     | SIMON PPTY GROUP L3.25% 3                     | CUSIP: 828807CY1<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $990742.97    | 0.43%             | 2026-11-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%                        | FREDDIE MAC POOL 3.00%                        | CUSIP: 3132CWGZ1<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    524039 | PA      | $512141.58    | 0.22%             | 2032-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%                        | FREDDIE MAC POOL 5.50%                        | CUSIP: 3132DQPV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    670945 | PA      | $681439.92    | 0.30%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC F2F                         | NATWEST GROUP PLC F2F                         | CUSIP: 780097BG5<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    400000 | PA      | $406285.72    | 0.18%             | 2029-05-18      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| EDWARDS LIFESCIENCE 4.30%                     | EDWARDS LIFESCIENCE 4.30%                     | CUSIP: 28176EAD0<br>LEI: YA13X31F3V31L8TMPR58 | Long             | DBT              | CORP              | US        |   1140000 | PA      | $1143965.67   | 0.50%             | 2028-06-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| FORESTAR GRP. INC 5.00%                       | FORESTAR GRP. INC 5.00%                       | CUSIP: 346232AE1<br>LEI: 549300BC2UB0GHV60V70 | Long             | DBT              | CORP              | US        |    370000 | PA      | $366537.24    | 0.16%             | 2028-03-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ASHTEAD CAP. INC 4.375%                       | ASHTEAD CAP. INC 4.375%                       | CUSIP: 045054AF0<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499829.30    | 0.22%             | 2027-08-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| FISERV INC 3.20%                              | FISERV INC 3.20%                              | CUSIP: 337738AT5<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198727.42    | 0.09%             | 2026-07-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%                        | FREDDIE MAC POOL 3.00%                        | CUSIP: 3132A9RT6<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    351277 | PA      | $343209.48    | 0.15%             | 2031-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LAMB WESTON HLDGS. 4.875%                     | LAMB WESTON HLDGS. 4.875%                     | CUSIP: 513272AC8<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |    220000 | PA      | $219202.41    | 0.10%             | 2028-05-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| DAVITA INC 3.75%                              | DAVITA INC 3.75%                              | CUSIP: 23918KAT5<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    675000 | PA      | $618231.31    | 0.27%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| COCA-COLA CO/THE 1.00%                        | COCA-COLA CO/THE 1.00%                        | CUSIP: 191216DD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $374732.02    | 0.16%             | 2028-03-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| ROLLS-ROYCE PLC 5.75%                         | ROLLS-ROYCE PLC 5.75%                         | CUSIP: 77578JAC2<br>LEI: X57JK1U580XATGR67572 | Long             | DBT              | CORP              | GB        |    810000 | PA      | $832070.35    | 0.36%             | 2027-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.00%                         | FANNIE MAE POOL 3.00%                         | CUSIP: 31418CNG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    138828 | PA      | $135173.87    | 0.06%             | 2032-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GENERAL DYNAMICS CO 3.75%                     | GENERAL DYNAMICS CO 3.75%                     | CUSIP: 369550BC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $399107.90    | 0.17%             | 2028-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FIN. CORP 5.375%                      | ONEMAIN FIN. CORP 5.375%                      | CUSIP: 85172FAR0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    675000 | PA      | $667347.32    | 0.29%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SIMON PROP. GRP. LP 1.75%                     | SIMON PROP. GRP. LP 1.75%                     | CUSIP: 828807DL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $380024.06    | 0.17%             | 2028-02-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: —       |
| AVIATION CAP. GRP. 1.95%                      | AVIATION CAP. GRP. 1.95%                      | CUSIP: 05369AAK7<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1090274.74   | 0.48%             | 2026-01-30      | Fixed         | 1.95%                 | Yes           |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPT 2.00%                     | NISSAN MOTOR ACCEPT 2.00%                     | CUSIP: 654740BS7<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1279081.31   | 0.56%             | 2026-03-09      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN. 4.65%                      | MERCEDES-BENZ FIN. 4.65%                      | CUSIP: 58769JBC0<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $2165538.44   | 0.95%             | 2027-04-01      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP F2F                     | TRUIST FINANCIAL CORP F2F                     | CUSIP: 89788MAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $376953.46    | 0.16%             | 2029-06-07      | Fixed         | 1.89%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN. LLC 5.00%                      | JEFFERIES FIN. LLC 5.00%                      | CUSIP: 47232MAF9<br>LEI: 549300SKVB18YSSIDT75 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $966184.70    | 0.42%             | 2028-08-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA CORP F2F                      | BANK OF AMERICA CORP F2F                      | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $980028.58    | 0.43%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| MONDELEZ INTL. INC 4.125%                     | MONDELEZ INTL. INC 4.125%                     | CUSIP: 609207AM7<br>LEI: 549300DV9GIB88LZ5P30 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1401262.70   | 0.61%             | 2028-05-07      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| AIR CANADA 3.875%                             | AIR CANADA 3.875%                             | CUSIP: 008911BK4<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |    320000 | PA      | $317095.81    | 0.14%             | 2026-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| GS MTGE. SECS. TS 1.3666%                     | GS MTGE. SECS. TS 1.3666%                     | CUSIP: 36263UAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    349243 | PA      | $341467.59    | 0.15%             | 2054-12-15      | Fixed         | 1.37%                 | Yes           |                  2 | On Loan: No      |
| CARMAX AUTO OWNER T 5.26%                     | CARMAX AUTO OWNER T 5.26%                     | CUSIP: 14319WAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1900000 | PA      | $1945521.34   | 0.85%             | 2030-10-15      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| UNILEVER CAPITAL CO 3.50%                     | UNILEVER CAPITAL CO 3.50%                     | CUSIP: 904764BC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $396292.66    | 0.17%             | 2028-03-22      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FS COMMER. MTGE. TST. VAR                     | FS COMMER. MTGE. TST. VAR                     | CUSIP: 30334RAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1220000 | PA      | $1250375.07   | 0.55%             | 2039-11-10      | Variable      | 7.80%                 | Yes           |                  2 | On Loan: No      |
| LPL HLDGS. INC 4.90%                          | LPL HLDGS. INC 4.90%                          | CUSIP: 50212YAN4<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1263513.85   | 0.55%             | 2028-04-03      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GBL. 4.40%                      | NEW YORK LIFE GBL. 4.40%                      | CUSIP: 64953BBW7<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1363728.02   | 0.60%             | 2028-04-25      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| FS COMMER. MTGE. TST. VAR                     | FS COMMER. MTGE. TST. VAR                     | CUSIP: 30334RAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $820573.36    | 0.36%             | 2039-11-10      | Variable      | 8.39%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                        | DEC 25 CBT ULT DEC 25                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -35 | NC      | $-4027733.50  | -1.76%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                        | DEC 25 CBT UL DEC 25                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -5 | NC      | $-600312.50   | -0.26%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                        | DEC 25 5 YR T NOTEDEC 25                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -446 | NC      | $-48701103.80 | -21.30%           |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                        | DEC 25 US 2YR DEC 25                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       403 | NC      | $83984555.20  | 36.72%            |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Liquid Asset Portfolio | Northern Institutional Liquid Asset Portfolio | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    489260 | NS      | $489260.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Northern Funds

**Signature:** Randal E. Rein

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

**Title:** Treasurer and Principal Financial Officer