# EDGAR Filing Document

**Accession Number:** 0001699360
**File Stem:** 0002066578-26-002236
**Filing Date:** 2026-6
**Character Count:** 83223
**Document Hash:** 27ed76ea3d6cdd0827f274d498a85ad3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-002236.hdr.sgml**: 20260626

**ACCESSION NUMBER**: 0002066578-26-002236

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260626

**DATE AS OF CHANGE**: 20260626

**PERIOD START**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morningstar Funds Trust
- **CENTRAL INDEX KEY:** 0001699360

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23235
- **FILM NUMBER:** 261128074

**BUSINESS ADDRESS:**
- **STREET 1:** 22 W. WASHINGTON STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602
- **BUSINESS PHONE:** 312-696-6000

**MAIL ADDRESS:**
- **STREET 1:** 22 W. WASHINGTON STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602

## Series and Classes Contracts Data

### Morningstar Defensive Bond Fund (Series ID: S000057732)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000186143 | Institutional | MSTBX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Morningstar Funds Trust

- **b. Investment Company Act file number:** 811-23235

- **c. CIK number of Registrant:** 0001699360

- **d. LEI of Registrant:** 254900AE65UZA65M0T82

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

  - **Street Address 1:** 22 W. WASHINGTON STREET

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60602

  - **Telephone number:** 312-696-6000

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

- **a. Name of Series:** Morningstar Defensive Bond Fund

- **b. EDGAR series identifier (if any):** S000057732

- **c. LEI of Series:** 254900JILOAKN6ZD6Q96

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

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2026-04-30

**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:** $102922774.04

**Total Liabilities:** $429783.38

**Net Assets:** $102492990.66

**Cash Not Reported:** $98262.68

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.275528929057 | **1-Year:** 1275.619402512917 | **5-Year:** 7284.221767625052 | **10-Year:** 1415.439559767338 | **30-Year:** 71.322523091012

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

- **3-Month:** 7.131154402773 | **1-Year:** 434.292702369783 | **5-Year:** 217.115222118791 | **10-Year:** 1.105333956813 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000186143 | 0.77%                | -0.74%               | 0.19%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $181505.24               | $228367.46                                 |
| Month 2  | $12832.46                | $-1183657.31                               |
| Month 3  | $36793.91                | $-106433.14                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| WTS. UNITI GROUP INC                                                    | WTS. UNITI GROUP INC                                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       714 | NC      | $8446.62      | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Northern Institutional Funds                                            | Northern Institutional Funds LIQ ASET PORTF               | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |  12915900 | NS      | $12915900.00  | 12.60%            |  |  |  | No            |                  1 | On Loan: No      |
| ISHARES US ETF TRUST                                                    | ISHARES US ETF TRUST ULTRA SHORT DURATION BOND ACTIVE ETF | CUSIP: 46434V878<br>LEI: 5493002YECWEEITPWL97 | Long             | EC               | RF                | US        |    239070 | NS      | $12104114.10  | 11.81%            |  |  |  | No            |                  1 | On Loan: —       |
| SCHWAB STRATEGIC TRUST                                                  | SCHWAB STRATEGIC TRUST SHORT-TERM US TREASURY ETF         | CUSIP: 808524862<br>LEI: 549300NAZEQOIX80E226 | Long             | EC               | RF                | US        |   1550925 | NS      | $37609931.25  | 36.70%            |  |  |  | No            |                  1 | On Loan: —       |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT                    | B 0 05/14/26                                              | CUSIP: 912797QN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    438000 | PA      | $437433.37    | 0.43%             | 2026-05-14      | None          | 0.00%                 | No            |                  2 | On Loan: —       |
| VT TOPCO INC                                                            | VERCOR 8.5 08/15/30 144A                                  | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |    164000 | PA      | $167911.24    | 0.16%             | 2030-08-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: —       |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT                    | T 3.5 02/28/31                                            | CUSIP: 91282CQD6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2571000 | PA      | $2513554.22   | 2.45%             | 2031-02-28      | Fixed         | 3.50%                 | No            |                  2 | On Loan: —       |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FHMS K109 A2                                              | CUSIP: 3137FTFY8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    151000 | PA      | $136628.18    | 0.13%             | 2030-04-25      | Fixed         | 1.56%                 | No            |                  2 | On Loan: No      |
| SPRINGCASTLE I SPV LLC                                                  | SCFT 2020-AA A                                            | CUSIP: 85022WAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    110279 | PA      | $103869.68    | 0.10%             | 2037-09-25      | Fixed         | 1.97%                 | Yes           |                  2 | On Loan: No      |
| ABPCI DIRECT LENDING FUND ABS I LTD                                     | ABDLF 2020-1A B                                           | CUSIP: 00090TAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    470720 | PA      | $450785.99    | 0.44%             | 2030-12-20      | Fixed         | 4.93%                 | Yes           |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2022-PJ2                            | GSMBS 2022-PJ2 A24                                        | CUSIP: 36267EBT7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    103681 | PA      | $94246.35     | 0.09%             | 2052-06-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                   | FN FS6264                                                 | CUSIP: 3140XM6A9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    167643 | PA      | $145642.94    | 0.14%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                        | FR SC0457                                                 | CUSIP: 3132D9QJ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    204419 | PA      | $177128.41    | 0.17%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FHMS K114 A2                                              | CUSIP: 3137FVNG3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $89166.97     | 0.09%             | 2030-06-25      | Fixed         | 1.37%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                   | FN MA4334                                                 | CUSIP: 31418DY89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    118116 | PA      | $106433.32    | 0.10%             | 2041-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                   | FN MA4473                                                 | CUSIP: 31418D6K3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    695859 | PA      | $580834.57    | 0.57%             | 2041-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FR SC0443                                                 | CUSIP: 3132D9P40<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    300911 | PA      | $260917.11    | 0.25%             | 2042-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FHMS K108 A2                                              | CUSIP: 3137FTBM8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $90688.16     | 0.09%             | 2030-03-25      | Fixed         | 1.52%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                   | FN MA4176                                                 | CUSIP: 31418DUA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    126996 | PA      | $111486.91    | 0.11%             | 2040-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FR SB8109                                                 | CUSIP: 3132D6AJ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     58248 | PA      | $50814.87     | 0.05%             | 2036-07-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL PARTNERS ABS FUNDING                                      | GCPAF 2021-2A B                                           | CUSIP: 38178XAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    653557 | PA      | $583396.88    | 0.57%             | 2029-10-19      | Fixed         | 3.99%                 | Yes           |                  2 | On Loan: No      |
| HEARTLAND DENTAL LLC                                                    | HEARTL 10.5 04/30/28 144A                                 | CUSIP: 42239PAB5<br>LEI: 5493008FRC0GRKBN1075 | Long             | DBT              | CORP              | US        |     79000 | PA      | $81217.37     | 0.08%             | 2028-04-30      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                        | FH 8D0086                                                 | CUSIP: 3142BNCX0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     73682 | PA      | $66339.68     | 0.06%             | 2051-09-01      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FHMS K104 A2                                              | CUSIP: 3137FREH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    118000 | PA      | $110271.45    | 0.11%             | 2030-01-25      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FHMS K106 A2                                              | CUSIP: 3137FRUT6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $92623.49     | 0.09%             | 2030-01-25      | Fixed         | 2.07%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FHMS K116 A2                                              | CUSIP: 3137FWHT0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $89111.36     | 0.09%             | 2030-07-25      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| MONROE CAPITAL FDG 2021-1 LTD                                           | MCAF 2021-1A A2                                           | CUSIP: 610331AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    140874 | PA      | $130284.58    | 0.13%             | 2031-04-22      | Fixed         | 2.81%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                   | FN 310215                                                 | CUSIP: 31374CSC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    232074 | PA      | $218884.18    | 0.21%             | 2044-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL PARTNERS ABS FUNDING 2020-1 LTD                           | GCPAF 2020-1A A2                                          | CUSIP: 38177UAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     36931 | PA      | $36215.87     | 0.04%             | 2029-01-22      | Fixed         | 3.21%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC STRUCTURED PASS THROUGH CERTIFICATES SERIES 2020-K120       | FHMS K120 A2                                              | CUSIP: 3137F72P9<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    140000 | PA      | $124391.81    | 0.12%             | 2030-10-25      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2021-7                                         | JPMMT 2021-7 A4                                           | CUSIP: 46592NAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     67699 | PA      | $61038.29     | 0.06%             | 2051-11-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FR ZJ0720                                                 | CUSIP: 3131WQYR2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     76730 | PA      | $73926.75     | 0.07%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VCP RRL ABS 2021-1 LTD                                                  | VCRRL 2021-1A A                                           | CUSIP: 92243RAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     89253 | PA      | $84771.39     | 0.08%             | 2031-10-20      | Fixed         | 2.15%                 | Yes           |                  2 | On Loan: No      |
| CERBERUS LOAN FUNDING XLIII LLC                                         | CERB 2023-4A A                                            | CUSIP: 156940AA6<br>LEI: 6354005VK9L5QCJ8WJ98 | Long             | ABS-CBDO         | CORP              | US        |    451000 | PA      | $452680.20    | 0.44%             | 2035-10-15      | Floating      | 6.10%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FHMS K752 A2                                              | CUSIP: 3137HAGZ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    136000 | PA      | $135970.39    | 0.13%             | 2030-07-25      | Variable      | 4.28%                 | No            |                  2 | On Loan: No      |
| SCE RECOVERY FUNDING LLC                                                | EIX 4.453 03/15/36                                        | CUSIP: 78433LAJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    312000 | PA      | $309588.92    | 0.30%             | 2036-03-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FR RB5076                                                 | CUSIP: 3133KYT90<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     45019 | PA      | $39655.04     | 0.04%             | 2040-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FHMS K111 A2                                              | CUSIP: 3137FUZC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $89502.22     | 0.09%             | 2030-05-25      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| PHI GROUP INC                                                           | PHI GROUP INC COM                                         | CUSIP: 69360B104<br>LEI: 5493002853B5XXHLIP12 | Long             | EC               | CORP              | US        |     41002 | NS      | $1311858.99   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST 2021-15                                      | JPMMT 2021-15 A4                                          | CUSIP: 46654TAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     64275 | PA      | $57465.21     | 0.06%             | 2052-06-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| BANK5 2025-5YR13                                                        | BANK5 2025-5YR18 A3                                       | CUSIP: 06604CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    145000 | PA      | $147382.87    | 0.14%             | 2058-12-15      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                   | FN FS7513                                                 | CUSIP: 3140XPK32<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    295328 | PA      | $284289.79    | 0.28%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                   | FN FS7628                                                 | CUSIP: 3140XPPN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     79750 | PA      | $76769.16     | 0.07%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VCP RRL ABS I LTD                                                       | VCRRL 2021-1A B                                           | CUSIP: 92243RAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     82326 | PA      | $73644.62     | 0.07%             | 2031-10-20      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FR RB5134                                                 | CUSIP: 3133KYV30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    105075 | PA      | $88197.71     | 0.09%             | 2041-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                   | FN BM7277                                                 | CUSIP: 3140JCCP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    182047 | PA      | $166586.94    | 0.16%             | 2051-08-01      | Variable      | 1.97%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION                                | GNR 2020-42 IO                                            | CUSIP: 38380PBP8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   1339422 | PA      | $86575.14     | 0.08%             | 2062-03-16      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL PARTNERS ABS FUNDING 2021-1 LP                            | GCPAF 2020-1A B                                           | CUSIP: 38177UAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     95263 | PA      | $93942.23     | 0.09%             | 2029-01-22      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FR QK0622                                                 | CUSIP: 3133D3VP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     83382 | PA      | $70902.39     | 0.07%             | 2041-02-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2021-PJ5                            | GSMBS 2021-PJ5 A8                                         | CUSIP: 36261HAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    206826 | PA      | $185993.46    | 0.18%             | 2051-10-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| SLG OFFICE TRUST COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES 2021-OVA | SLG 2021-OVA A                                            | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    455000 | PA      | $405951.00    | 0.40%             | 2041-07-15      | Fixed         | 2.59%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                   | FN BR2134                                                 | CUSIP: 3140L0LQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     71238 | PA      | $62024.66     | 0.06%             | 2041-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ABPCI DIRECT LENDING FUND ABS II LTD                                    | ABDLF 2022-2A C                                           | CUSIP: 00090NAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    709121 | PA      | $637259.68    | 0.62%             | 2032-03-01      | Fixed         | 8.24%                 | Yes           |                  2 | On Loan: No      |
| Barings Equipment Finance LLC 2026-A                                    | MMAF 2026-A A4                                            | CUSIP: 06764QAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $98922.43     | 0.10%             | 2045-11-13      | Fixed         | 4.24%                 | Yes           |                  2 | On Loan: No      |
| WEPCO ENVIRONMENTAL TRUST FINANCE I LLC                                 | WEPCO 2021-1 A                                            | CUSIP: 950739AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     66351 | PA      | $59867.47     | 0.06%             | 2035-12-15      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FR RB5137                                                 | CUSIP: 3133KYV63<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    492945 | PA      | $413425.10    | 0.40%             | 2041-12-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| ABPCI DIRECT LENDING FUND ABS II LTD                                    | ABDLF 2022-2A A1                                          | CUSIP: 00090NAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    169886 | PA      | $164180.63    | 0.16%             | 2032-03-01      | Floating      | 5.77%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FH 841463                                                 | CUSIP: 31288QTU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    607641 | PA      | $552091.25    | 0.54%             | 2052-07-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                   | FN FS1680                                                 | CUSIP: 3140XG2N8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    698115 | PA      | $609008.10    | 0.59%             | 2036-12-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                        | FH 841640                                                 | CUSIP: 31288QZD5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     90771 | PA      | $82485.80     | 0.08%             | 2053-05-01      | Variable      | 2.16%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2022-PJ3                            | GSMBS 2022-PJ3 A22                                        | CUSIP: 362924BG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     67278 | PA      | $60050.81     | 0.06%             | 2052-08-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| WHARF COMMERCIAL MORTGAGE TRUST 2025-DC                                 | WHARF 2025-DC A                                           | CUSIP: 92987LAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101759.03    | 0.10%             | 2040-07-15      | Variable      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN SEASONED MORTGAGE TRUST 2025-1                                | JPSMT 2025-1 A4                                           | CUSIP: 46659PAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    139845 | PA      | $130356.75    | 0.13%             | 2063-01-25      | Variable      | 3.68%                 | Yes           |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES 2022-                                     | GSMBS 2022-PJ4 A22                                        | CUSIP: 36264RBE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    179883 | PA      | $160136.52    | 0.16%             | 2052-09-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                   | FR ZS3012                                                 | CUSIP: 3132A3KZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     77397 | PA      | $74521.35     | 0.07%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                   | FN FS7700                                                 | CUSIP: 3140XPRW1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    454157 | PA      | $392651.27    | 0.38%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| VERIZON MASTER TRUST                                                    | VZMT 2024-7 A                                             | CUSIP: 92348KDJ9<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |    233000 | PA      | $233068.27    | 0.23%             | 2032-08-20      | Fixed         | 4.35%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                   | FN FS9622                                                 | CUSIP: 3140XRVQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    373086 | PA      | $327017.70    | 0.32%             | 2041-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP INC                                                         | UNITI GROUP INC COM SHS                                   | CUSIP: 912932100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3665 | NS      | $43356.95     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT                    | T 3.5 11/30/30                                            | CUSIP: 91282CPN5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    518000 | PA      | $507073.44    | 0.49%             | 2030-11-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NORTHERN INSTITUTIONAL FUNDS                                            | NORTHERN INSTITUTIONAL FUNDS TREAS PRT PRMR               | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    789164 | NS      | $789163.88    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FR RB5130                                                 | CUSIP: 3133KYVX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     83108 | PA      | $69821.66     | 0.07%             | 2041-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL 2024-SFR3 TRUST                                    | PROG 2024-SFR3 A                                          | CUSIP: 74331VAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130327 | PA      | $123274.03    | 0.12%             | 2041-06-17      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME CORP                                             | OCINCC 7.95 06/13/28                                      | CUSIP: 69120VBB6<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    468000 | PA      | $482201.64    | 0.47%             | 2028-06-13      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| BMO 2024-5C7 MORTGAGE TRUST                                             | BMO 2024-5C7 A3                                           | CUSIP: 09660WAU5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    126000 | PA      | $129318.58    | 0.13%             | 2057-11-15      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| ROCK TRUST 2024-CNTR                                                    | ROCC 2024-CNTR A                                          | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    209000 | PA      | $212056.71    | 0.21%             | 2041-11-13      | Fixed         | 5.39%                 | Yes           |                  2 | On Loan: No      |
| AVIS BUDGET RENTAL CAR FUNDING (AESOP) LLC                              | AESOP 2026-2A A                                           | CUSIP: 05377RLG7<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $98864.83     | 0.10%             | 2032-08-20      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| COPPER PROPERTY CTL PASS THROUGH TRUST                                  | COPPER PROPERTY CTL PASS THROUGH TRUST EQUITY CTFS        | CUSIP: 217519107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25536 | NS      | $277065.60    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSUER TRUST                                           | MIDCAP 6.5 05/01/28                                       | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    461000 | PA      | $457384.01    | 0.45%             | 2028-05-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FR RB5113                                                 | CUSIP: 3133KYVE6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    311366 | PA      | $262925.34    | 0.26%             | 2041-06-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2021-11                                        | JPMMT 2021-11 A4                                          | CUSIP: 46654KAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    396893 | PA      | $356487.98    | 0.35%             | 2052-01-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                        | FR SC0501                                                 | CUSIP: 3132D9RW6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     84340 | PA      | $69251.74     | 0.07%             | 2041-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2021-10                                        | JPMMT 2021-10 A4A                                         | CUSIP: 46654AAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    118387 | PA      | $104088.65    | 0.10%             | 2051-12-25      | Variable      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| FORD CREDIT FLOORPLAN MASTER OWNER TRUST A                              | FORDF 2024-4 A                                            | CUSIP: 34528QJQ8<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |    197000 | PA      | $197316.26    | 0.19%             | 2031-09-15      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| OAKTREE STRATEGIC CREDIT FUND                                           | OAKSCF 8.4 11/14/28 *                                     | CUSIP: 67403AAB5<br>LEI: 2549006RRE0JC7G43241 | Long             | DBT              | CORP              | US        |    313000 | PA      | $328820.17    | 0.32%             | 2028-11-14      | Fixed         | 8.40%                 | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT                    | T 3.625 10/31/30                                          | CUSIP: 91282CPD7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    448000 | PA      | $441052.50    | 0.43%             | 2030-10-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION                                | GNR 2015-7 IO                                             | CUSIP: 38378X2M2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    851127 | PA      | $20975.78     | 0.02%             | 2057-01-16      | Variable      | 0.55%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION                                | GNR 2015-108 IO                                           | CUSIP: 38379KYD4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     35586 | PA      | $89.24        | 0.00%             | 2056-10-16      | Variable      | 0.35%                 | No            |                  2 | On Loan: No      |
| BX TRUST 2018-BILT                                                      | BX 2019-OC11 A                                            | CUSIP: 05606FAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    418000 | PA      | $396436.22    | 0.39%             | 2041-12-09      | Fixed         | 3.20%                 | Yes           |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION                                | GNR 2020-75 IO                                            | CUSIP: 38380PLB8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   2026995 | PA      | $118639.41    | 0.12%             | 2062-02-16      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2021-PJ6                            | GSMBS 2021-PJ6 A8                                         | CUSIP: 36262LAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    120642 | PA      | $108176.17    | 0.11%             | 2051-11-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL 2024-SFR5 TRUST                                    | PROG 2024-SFR5 A                                          | CUSIP: 74332HAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    103842 | PA      | $98165.09     | 0.10%             | 2029-08-09      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| BBCMS MORTGAGE TRUST 2025-5C36                                          | BBCMS 2025-5C36 A3                                        | CUSIP: 05556CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $102942.65    | 0.10%             | 2058-08-15      | Variable      | 5.52%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION                                | GNR 2012-150 IO                                           | CUSIP: 38378B2X6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    449074 | PA      | $3828.31      | 0.00%             | 2052-11-16      | Variable      | 0.54%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FHMS K151 A3                                              | CUSIP: 3137BKGK0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    183000 | PA      | $177856.80    | 0.17%             | 2030-04-25      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FHMS K105 A2                                              | CUSIP: 3137FRUJ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $92026.05     | 0.09%             | 2030-01-25      | Fixed         | 1.87%                 | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT                    | B 0 05/07/26                                              | CUSIP: 912797SP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    294000 | PA      | $293823.71    | 0.29%             | 2026-05-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FR RB5104                                                 | CUSIP: 3133KYU56<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    550956 | PA      | $467054.44    | 0.46%             | 2041-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2021-8                                         | JPMMT 2021-8 A4                                           | CUSIP: 46592TAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     66073 | PA      | $59461.14     | 0.06%             | 2051-12-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| VIRGINIA POWER FUEL SECURITIZATION LLC                                  | VIRPFS 4.877 05/01/31 A-2                                 | CUSIP: 92808VAB8<br>LEI: 254900BELJ95ONW6U791 | Long             | DBT              | CORP              | US        |    424000 | PA      | $427804.33    | 0.42%             | 2031-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TEXAS NATURAL GAS SECURITIZATION FINANCE CORP                           | TX TNGUTL 5.1 04/01/2035                                  | CUSIP: 88258MAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     79079 | PA      | $81194.11     | 0.08%             | 2035-04-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                   | FN FS5363                                                 | CUSIP: 3140XL5Z7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     72819 | PA      | $70096.69     | 0.07%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP INC                                                         | UNITI GROUP INC SERIES A PREFERRED STOCK                  | CUSIP: 97382C206<br>LEI: N/A                  | Long             | EP               | CORP              | US        |        23 | PA      | $23381.00     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                   | FN MA4175                                                 | CUSIP: 31418DT93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     81333 | PA      | $69043.85     | 0.07%             | 2040-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET RENTAL CAR FUNDING (AESOP) LLC                              | AESOP 2024-3A A                                           | CUSIP: 05377RJK1<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    467000 | PA      | $475025.86    | 0.46%             | 2030-12-20      | Fixed         | 5.23%                 | Yes           |                  2 | On Loan: No      |
| PRET 2024-RPL1 TRUST                                                    | PRET 2024-RPL1 A1                                         | CUSIP: 693989AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     74563 | PA      | $71186.86     | 0.07%             | 2063-10-25      | Variable      | 3.90%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                        | FR SB1242                                                 | CUSIP: 3132CXLX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     81666 | PA      | $71246.78     | 0.07%             | 2036-10-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST 2025-S1                                          | SEMT 2025-S1 A4                                           | CUSIP: 81749TAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    272644 | PA      | $242553.83    | 0.24%             | 2054-09-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| MONROE CAPITAL FDG 2021-1 LTD                                           | MCAF 2021-1A B                                            | CUSIP: 610331AC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     85135 | PA      | $78488.54     | 0.08%             | 2031-04-22      | Fixed         | 3.91%                 | Yes           |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2021-PJ4                            | GSMBS 2021-PJ4 A8                                         | CUSIP: 36264PAH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     57691 | PA      | $51912.07     | 0.05%             | 2051-09-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2021-10                                        | JPMMT 2021-10 A4                                          | CUSIP: 46654AAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    317809 | PA      | $284099.74    | 0.28%             | 2051-12-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                   | FN FS7649                                                 | CUSIP: 3140XPQB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     78877 | PA      | $75928.14     | 0.07%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2022-PJ6                            | GSMBS 2022-PJ6 A15                                        | CUSIP: 36267JAX8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    264388 | PA      | $234920.30    | 0.23%             | 2053-01-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                   | FN MA4204                                                 | CUSIP: 31418DU67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     75995 | PA      | $66572.13     | 0.06%             | 2040-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                        | FR SC0504                                                 | CUSIP: 3132D9RZ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     84122 | PA      | $69432.59     | 0.07%             | 2042-01-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FR QK0692                                                 | CUSIP: 3133D3XV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    248113 | PA      | $210343.23    | 0.21%             | 2041-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                        | FR SC0592                                                 | CUSIP: 3132D9UR3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    190986 | PA      | $157122.51    | 0.15%             | 2041-12-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                   | FN FS9724                                                 | CUSIP: 3140XRYW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    116677 | PA      | $98377.32     | 0.10%             | 2042-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                   | FN FA1527                                                 | CUSIP: 3140W1VV2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    295139 | PA      | $248174.42    | 0.24%             | 2042-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| GREATAMERICA LEASING RECEIVABLES FUNDING LLC                            | GALC 2025-2 A4                                            | CUSIP: 39154TCR7<br>LEI: 549300JFP7GIDD4UWO79 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99697.55     | 0.10%             | 2032-09-15      | Fixed         | 4.29%                 | Yes           |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION                                | GNR 2020-43 IO                                            | CUSIP: 38380PAD6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    719606 | PA      | $52993.21     | 0.05%             | 2061-11-16      | Variable      | 1.27%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                   | FN MA4488                                                 | CUSIP: 31418D7A4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     89598 | PA      | $78161.46     | 0.08%             | 2036-11-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT                    | T 3.875 04/30/31                                          | CUSIP: 91282CQK0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    483000 | PA      | $479754.84    | 0.47%             | 2031-04-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL PARTNERS ABS FUNDING 2021-1 LP                            | GCPAF 2021-1A B                                           | CUSIP: 38178HAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    188850 | PA      | $168779.83    | 0.16%             | 2029-04-20      | Fixed         | 3.82%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                   | FN FA1222                                                 | CUSIP: 3140W1LC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    168684 | PA      | $143120.57    | 0.14%             | 2042-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                   | FN FA1315                                                 | CUSIP: 3140W1N90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    251573 | PA      | $211808.35    | 0.21%             | 2042-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                   | FNS 284 1                                                 | CUSIP: 31364HP50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7738 | PA      | $7578.48      | 0.01%             | 2027-07-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HPS CORPORATE LENDING FUND                                              | HLEND 6.75 01/30/29                                       | CUSIP: 40440VAF2<br>LEI: 549300ZS7IHUA6FKFV61 | Long             | DBT              | CORP              | US        |    207000 | PA      | $210984.86    | 0.21%             | 2029-01-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                        | FR SC0659                                                 | CUSIP: 3132D9WU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    210836 | PA      | $175711.88    | 0.17%             | 2042-01-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy Restoration Bond Co II LLC                           | CNP 4.255 12/15/35 A-1                                    | CUSIP: 15201GAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    321000 | PA      | $317528.93    | 0.31%             | 2034-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ARBOR MULTIFAMILY MORTGAGE SECURITIES TRUST 2020-MF1                    | AMMST 2020-MF1 A5                                         | CUSIP: 03881BAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    540000 | PA      | $505254.78    | 0.49%             | 2053-05-15      | Fixed         | 2.76%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                        | FR SC0576                                                 | CUSIP: 3132D9T95<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    116415 | PA      | $101172.52    | 0.10%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL PARTNERS ABS FUNDING 2019-1 LTD                           | GCPAF 2021-1A A2                                          | CUSIP: 38178HAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     70973 | PA      | $65309.76     | 0.06%             | 2029-04-20      | Fixed         | 2.77%                 | Yes           |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL 2024-SFR4 TRUST                                    | PROG 2024-SFR4 A                                          | CUSIP: 74334JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600133 | PA      | $568890.52    | 0.56%             | 2041-07-17      | Fixed         | 3.10%                 | Yes           |                  2 | On Loan: No      |
| PG&E RECOVERY FUNDING LLC                                               | PCG 4.838 06/01/33 A-1                                    | CUSIP: 71710TAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    281195 | PA      | $283968.63    | 0.28%             | 2033-06-01      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                                           | SATS 3.875 11/30/30                                       | CUSIP: 278768AB2<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     27000 | PA      | $101300.63    | 0.10%             | 2030-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FHR 4162 P                                                | CUSIP: 3137AYHU8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     39944 | PA      | $38979.79     | 0.04%             | 2033-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| J.C. Penney Corporation                                                 | J.C. Penney Corporation TLb 425 2023-06-23                | CUSIP: 46611NAJ2<br>LEI: 8TDNUQ07MEFMWW1VHP39 | Long             | LON              | CORP              | US        |    225538 | PA      | $22.55        | 0.00%             | 2028-04-30      | Floating      |  | No            |                  3 | On Loan: No      |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT                    | B 0 05/21/26                                              | CUSIP: 912797SV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     97000 | PA      | $96807.21     | 0.09%             | 2026-05-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FR RB5107                                                 | CUSIP: 3133KYU80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    140901 | PA      | $119331.86    | 0.12%             | 2041-04-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                   | FN MA4301                                                 | CUSIP: 31418DX72<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    117176 | PA      | $102226.40    | 0.10%             | 2036-04-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2021-PJ7                            | GSMBS 2021-PJ7 A8                                         | CUSIP: 36262CAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    216162 | PA      | $193587.43    | 0.19%             | 2052-01-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2021-6                                         | JPMMT 2021-6 A4                                           | CUSIP: 46653PAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     79697 | PA      | $71953.96     | 0.07%             | 2051-10-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                   | FN MA4445                                                 | CUSIP: 31418D5F5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    474737 | PA      | $399253.54    | 0.39%             | 2041-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT                    | T 3.75 01/31/31                                           | CUSIP: 91282CPW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5718000 | PA      | $5652779.06   | 5.52%             | 2031-01-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2022-PJ3                            | GSMBS 2022-PJ3 A24                                        | CUSIP: 362924BK7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     67278 | PA      | $61113.68     | 0.06%             | 2052-08-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FHMS K754 A2                                              | CUSIP: 3137HBC51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    545000 | PA      | $559054.79    | 0.55%             | 2030-11-25      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                        | FH 841600                                                 | CUSIP: 31288QX54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     74071 | PA      | $70450.92     | 0.07%             | 2052-11-01      | Variable      | 3.31%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2024-3                                         | JPMMT 2024-3 A4                                           | CUSIP: 46657QAH4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    208295 | PA      | $189115.69    | 0.18%             | 2054-05-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2021-PJ10                           | GSMBS 2021-PJ10 A8                                        | CUSIP: 36262PAH4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     64746 | PA      | $57870.61     | 0.06%             | 2052-03-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                   | FN MA4454                                                 | CUSIP: 31418D5Q1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    145438 | PA      | $126879.65    | 0.12%             | 2036-09-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL 2025-SFR3 TRUST                                    | PROG 2025-SFR3 A                                          | CUSIP: 74334BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $94472.95     | 0.09%             | 2042-07-17      | Fixed         | 3.39%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                   | FNR 2012-144 PD                                           | CUSIP: 3136ABJH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     42502 | PA      | $42211.92     | 0.04%             | 2042-04-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION                                | GNR 2020-71 IO                                            | CUSIP: 38380PHG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   1024281 | PA      | $67232.44     | 0.07%             | 2062-01-16      | Variable      | 1.06%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2022-3                                         | JPMMT 2022-3 A4A                                          | CUSIP: 46654UAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     67332 | PA      | $60048.39     | 0.06%             | 2052-08-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| MMAF EQUIPMENT FINANCE 2024-A LLC                                       | MMAF 2024-A A4                                            | CUSIP: 55318CAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    132000 | PA      | $134573.84    | 0.13%             | 2049-07-13      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| CHI COMMERCIAL MORTGAGE TRUST 2025-SFT                                  | CHI 2025-SFT A                                            | CUSIP: 16706GAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    291000 | PA      | $295089.19    | 0.29%             | 2042-04-15      | Variable      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FHMS K103 A2                                              | CUSIP: 3137FQKN2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    382000 | PA      | $362514.45    | 0.35%             | 2029-11-25      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                   | FN MA4202                                                 | CUSIP: 31418DU42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    106934 | PA      | $90928.04     | 0.09%             | 2040-12-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FR RB5117                                                 | CUSIP: 3133KYVJ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     68002 | PA      | $57351.52     | 0.06%             | 2041-07-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FHMS K102 A2                                              | CUSIP: 3137FQKC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    271000 | PA      | $256627.70    | 0.25%             | 2029-10-25      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| TEXAS ELECTRIC MARKET STABILIZATION FUNDING N LLC                       | ERCOTT 4.265 08/01/34 A-1                                 | CUSIP: 88240TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75715 | PA      | $74775.84     | 0.07%             | 2034-08-01      | Fixed         | 4.26%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                   | FN MA4266                                                 | CUSIP: 31418DW40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     83207 | PA      | $70612.21     | 0.07%             | 2041-02-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2021-13                                        | JPMMT 2021-13 A4                                          | CUSIP: 46592XAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    314612 | PA      | $283047.22    | 0.28%             | 2052-04-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| GOLUB CAPITAL PARTNERS CLO 46(M) LTD                                    | GOCAP 2019-46A A1R                                        | CUSIP: 38178UAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    343000 | PA      | $343206.83    | 0.33%             | 2037-04-20      | Floating      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                   | FN FS6661                                                 | CUSIP: 3140XNMK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     76031 | PA      | $73189.22     | 0.07%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KANSAS GAS SERVICE SECURITIZATION I LLC                                 | OGS 5.486 08/01/32 22A                                    | CUSIP: 484915AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330546 | PA      | $340047.58    | 0.33%             | 2032-08-01      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FR RB5110                                                 | CUSIP: 3133KYVB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    485045 | PA      | $410032.18    | 0.40%             | 2041-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FR RB5121                                                 | CUSIP: 3133KYVN6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     66699 | PA      | $57983.25     | 0.06%             | 2041-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CERBERUS LOAN FUNDING XL LLC                                            | CERB 2023-1A A                                            | CUSIP: 15675AAA7<br>LEI: 635400FRD1HEGKSHCI69 | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $250520.03    | 0.24%             | 2035-03-22      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2021-PJ5                            | GSMBS 2022-PJ5 A22                                        | CUSIP: 362925BG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    540826 | PA      | $479609.69    | 0.47%             | 2052-10-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FR RB5090                                                 | CUSIP: 3133KYUP2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     85382 | PA      | $75101.35     | 0.07%             | 2040-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                   | FN FS1967                                                 | CUSIP: 3140XHFH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    994428 | PA      | $867499.71    | 0.85%             | 2037-03-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| BMO 2025-C13 MORTGAGE TRUST                                             | BMO 2025-5C13 A3                                          | CUSIP: 09664JAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101694.73    | 0.10%             | 2058-12-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FHMS K101 A2                                              | CUSIP: 3137FQ3Z4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    404000 | PA      | $382204.81    | 0.37%             | 2029-10-25      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FHMS K117 A2                                              | CUSIP: 3137FX3Q9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    493000 | PA      | $438743.38    | 0.43%             | 2030-08-25      | Fixed         | 1.41%                 | No            |                  2 | On Loan: No      |
| NORTHERN INSTITUTIONAL FUNDS                                            | NORTHERN INSTITUTIONAL FUNDS TREAS PRT PRMR               | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |       111 | NS      | $110.85       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FHMS K107 A2                                              | CUSIP: 3137FRZA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $91398.25     | 0.09%             | 2030-01-25      | Fixed         | 1.64%                 | No            |                  2 | On Loan: No      |
| LIGHTPATH FIBER ISSUER LLC                                              | LPATH 2026-1A A2                                          | CUSIP: 53229YAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    102000 | PA      | $102244.80    | 0.10%             | 2056-03-25      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| CERBERUS LOAN FUNDING XLI LLC                                           | CERB 2023-2A A1                                           | CUSIP: 15674VAA2<br>LEI: 635400YAOHPN8ZVJAS71 | Long             | ABS-CBDO         | CORP              | US        |    419000 | PA      | $419728.22    | 0.41%             | 2035-07-15      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                         | FR RB5084                                                 | CUSIP: 3133KYUH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     89733 | PA      | $76176.59     | 0.07%             | 2040-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| NORTHERN INSTITUTIONAL FUNDS                                            | NORTHERN INSTITUTIONAL FUNDS TREAS PRT PRMR               | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   4181587 | NS      | $4181586.90   | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                   | FN BM7354                                                 | CUSIP: 3140JCE42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    176010 | PA      | $159733.14    | 0.16%             | 2052-04-01      | Variable      | 1.89%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                        | FH 8D0161                                                 | CUSIP: 3142BNFA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     86958 | PA      | $80069.43     | 0.08%             | 2052-03-01      | Variable      | 2.57%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                        | FH 8D0226                                                 | CUSIP: 3142BNHB3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     59252 | PA      | $54439.35     | 0.05%             | 2052-05-01      | Variable      | 2.52%                 | No            |                  2 | On Loan: No      |
| VANGUARD MALVERN FUNDS                                                  | VANGUARD MALVERN FUNDS SH-TERM INFL PROTECTED ETF         | CUSIP: 922020805<br>LEI: 549300EW16IGZDA38J20 | Long             | EC               | RF                | US        |    102049 | NS      | $5139187.64   | 5.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHERN INSTITUTIONAL FUNDS                                            | NORTHERN INSTITUTIONAL FUNDS TREAS PRT PRMR               | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |       500 | NS      | $500.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-29

**Name of Applicant:** Morningstar Funds Trust

**Signature:** D. Scott Schilling

**Name of Signer:** D. Scott Schilling

**Title:** Chief Compliance Officer