# EDGAR Filing Document

**Accession Number:** 0001724826
**File Stem:** 0001752724-25-185789
**Filing Date:** 2025-8
**Character Count:** 190276
**Document Hash:** d5b814918427d3cee6567a8f0035931e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-185789.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001752724-25-185789

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Six Circles Trust
- **CENTRAL INDEX KEY:** 0001724826

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23325
- **FILM NUMBER:** 251200613

**BUSINESS ADDRESS:**
- **STREET 1:** C/O J.P. MORGAN PRIVATE INVESTMENTS INC.
- **STREET 2:** 383 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179
- **BUSINESS PHONE:** 212-270-6000

**MAIL ADDRESS:**
- **STREET 1:** C/O J.P. MORGAN PRIVATE INVESTMENTS INC.
- **STREET 2:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 23Wall Trust
- **DATE OF NAME CHANGE:** 20171208

## Series and Classes Contracts Data

### Six Circles Tax Aware Ultra Short Duration Fund (Series ID: S000061648)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000199640 | Six Circles Tax Aware Ultra Short Duration Fund | CUTAX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** SIX CIRCLES TRUST

- **b. Investment Company Act file number:** 811-23325

- **c. CIK number of Registrant:** 0001724826

- **d. LEI of Registrant:** 549300NG19QZK8S0N704

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

  - **Street Address 1:** 383 Madison Ave

  - **City:** NY

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10179

  - **Telephone number:** 212-464-2070

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

- **a. Name of Series:** Six Circles Tax Aware Ultra Short Duration Fund

- **b. EDGAR series identifier (if any):** S000061648

- **c. LEI of Series:** 549300JM9VEQKW8WTZ21

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $976119986.36

**Total Liabilities:** $21735099.91

**Net Assets:** $954384886.45

**Cash Not Reported:** $5450294.03

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 12913.86236400 | **1-Year:** 43405.89032800 | **5-Year:** 27900.25638300 | **10-Year:** 4832.83348000 | **30-Year:** 977.48120300

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

- **3-Month:** 24.10322500 | **1-Year:** 107.57090900 | **5-Year:** 5.88472000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000199640 | 0.19%                | 0.28%                | 0.48%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $10541.54                | $-627846.19                                |
| Month 2  | $189347.16               | $838835.41                                 |
| Month 3  | $59388.97                | $1632855.81                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CLIFTON TX HGR EDU 5% 08/15/25 | CLIFTON TX HGR EDU FIN CORP ED REGD N/C B/E PSF-GTD 5.00000000                                 | CUSIP: 187145SC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1387903.10   | 0.15%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GMCAR 2023-4 A 5.89% 06/16/25  | GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2023-4 SER 2023-4 CL A2A REGD 5.89000000    | CUSIP: 379930AB6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     44088 | PA      | $44134.18     | 0.00%             | 2026-11-16      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| CASH COLLATERAL LCH FOB WFS    | CASH COLLATERAL LCH FOB WFS 0.00000000                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |   2591000 | PA      | $2591000.00   | 0.27%             | 2049-12-31      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABO V/R 12/15/27 | COOPERATIEVE RABOBANK UA REGD V/R 144A P/P 1.98000000                                          | CUSIP: 74977RDL5<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   2400000 | PA      | $2314652.16   | 0.24%             | 2027-12-15      | Variable      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| GSMBS 2021-RPL1  V/R 12/25/60  | GS MORTGAGE-BACKED SECURITIES CORP TRUST 2021 SER 2021-RPL1 CL A1 V/R REGD 144A P/P 1.75000000 | CUSIP: 36261WAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    173788 | PA      | $162955.18    | 0.02%             | 2060-12-25      | Variable      | 1.75%                 | Yes           |                  2 | On Loan: No      |
| BAAT 2024-1A A 5.35% 11/15/28  | BOFA AUTO TRUST 2024-1 SER 2024-1A CL A3 REGD 144A P/P 5.35000000                              | CUSIP: 09709AAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1500000 | PA      | $1514258.85   | 0.16%             | 2028-11-15      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP 4.9% 08/14/26 | VOLKSWAGEN GROUP AMERICA REGD 144A P/P 4.90000000                                              | CUSIP: 928668CK6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1001969.88   | 0.10%             | 2026-08-14      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| FHR 5493 FK V/R 01/25/55       | FREDDIE MAC REMICS SER 5493 CL FK V/R 5.45517000                                               | CUSIP: 3137HHWV9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    733445 | PA      | $731260.18    | 0.08%             | 2055-01-25      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| F/C US ULTRA BOND CBT SEP25    | FUTURE CONTRACT ON           US ULTRA BOND CBT SEP25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       -92 | NC      | $-10959500.00 | -1.15%            |  |  |  | No            |                  1 | On Loan: No      |
| CARMX 2023-3 A 5.28% 01/15/27  | CARMAX AUTO OWNER TRUST 2023-3 SER 2023-3 CL A3 REGD 5.28000000                                | CUSIP: 14319BAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    976070 | PA      | $981950.32    | 0.10%             | 2028-05-15      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC 5.8% 12/12/25     | ILLUMINA INC REGD 5.80000000                                                                   | CUSIP: 452327AN9<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |    400000 | PA      | $401712.08    | 0.04%             | 2025-12-12      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CASINO REINVESTMEN 5% 11/01/26 | CASINO REINVESTMENT DEV AUTH N REGD N/C B/E AG 5.00000000                                      | CUSIP: 14760RAZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025999.50   | 0.11%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NAVSL 2018-BX A2 V/R 09/15/26  | NAVIENT PRIVATE EDUCATION LOAN TRUST 2018-B SER 2018-BX CL A2B V/R REGD REG S 5.14624000       | CUSIP: U6379HAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    194870 | PA      | $194904.86    | 0.02%             | 2059-12-15      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| FNR 2025-6 FA V/R 02/25/55     | FANNIE MAE REMICS SER 2025-6 CL FA V/R 5.55517000                                              | CUSIP: 3136BUTN0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    541224 | PA      | $543306.37    | 0.06%             | 2055-02-25      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA 5% 07/01/27 | PORT OF SEATTLE WA REVENUE REGD N/C B/E AMT 5.00000000                                         | CUSIP: 735389Z84<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7233683.10   | 0.76%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH  V/R 06/01/36 | MISSOURI ST HLTH & EDUCTNL FAC REGD V/R B/E 3.90000000                                         | CUSIP: 60637AMU3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |  16600000 | PA      | $16600000.00  | 1.74%             | 2036-06-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| GNR 2023-H26 DF V/R 09/20/73   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2023-H26 CL DF V/R 4.60185000                     | CUSIP: 38383KKA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1031760 | PA      | $1025991.30   | 0.11%             | 2073-09-20      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN V/R 07/31/26 | MERCEDES-BENZ FIN NA REGD V/R 144A P/P 4.98483800                                              | CUSIP: 58769JAV9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1800591.97   | 0.19%             | 2026-07-31      | Variable      | 4.98%                 | Yes           |                  2 | On Loan: No      |
| HDMOT 2025-A A 4.71% 07/17/28  | HARLEY-DAVIDSON MOTORCYCLE TRUST 2025-A SER 2025-A CL A2A REGD 4.71000000                      | CUSIP: 41284XAB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    600000 | PA      | $601971.12    | 0.06%             | 2028-07-17      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MET WTR 5% 12/01/27 | CHICAGO IL MET WTR RECLAMATION REGD N/C B/E 5.00000000                                         | CUSIP: 167560XR7<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |  12940000 | PA      | $13615663.39  | 1.43%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALIMENTATION COU INC 0% 7/2/25 | ALIMENTATION COUCHE-TARD INC__  DISCOUNT COMMERCIAL PAPER 0.00000000                           | CUSIP: 01626UU29<br>LEI: N/A                  | Long             | STIV             | CORP              | CA        |   1900000 | PA      | $1899509.61   | 0.20%             | 2025-07-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| GNR 2022-H01 FA V/R 01/20/72   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2022-H01 CL FA V/R 4.65185000                     | CUSIP: 38382YKM4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    777987 | PA      | $762134.99    | 0.08%             | 2072-01-20      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUT 5% 02/01/28 | INDIANA ST FIN AUTH REVENUE REGD N/C B/E 5.00000000                                            | CUSIP: 45506EMR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2473558.77   | 0.26%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC  5% 10/01/25 | MET WASHINGTON DC ARPTS AUTH A REGD N/C B/E AMT 5.00000000                                     | CUSIP: 592647EB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9425000 | PA      | $9466067.55   | 0.99%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COM V/R 01/24/28 | WELLS FARGO & COMPANY REGD V/R 5.13292100                                                      | CUSIP: 95000U3S0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500285.19    | 0.05%             | 2028-01-24      | Variable      | 5.13%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC V/R 11/03/26 | HSBC HOLDINGS PLC REGD V/R 7.33600000                                                          | CUSIP: 404280DQ9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1009313.64   | 0.11%             | 2026-11-03      | Variable      | 7.34%                 | No            |                  2 | On Loan: No      |
| N/A                            | CAD/USD FWD 20250702 000006038 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-23629.21    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CAN V/R 03/27/28 | ROYAL BANK OF CANADA REGD V/R MTN SER GMTN 5.23396100                                          | CUSIP: 78017DAG3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   2500000 | PA      | $2507510.80   | 0.26%             | 2028-03-27      | Variable      | 5.23%                 | No            |                  2 | On Loan: No      |
| FNMA 30YR TBA 5.5% AUG 25      | FNMA 30YR TBA 5.5% AUG 25      TO BE ANNOUNCED 5.50000000                                      | CUSIP: 01F052680<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   5000000 | PA      | $4995374.70   | 0.52%             | 2055-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH  V/R 08/15/51 | HAMILTON CNTY OH HOSP FACS REV REGD V/R B/E 4.05000000                                         | CUSIP: 4072722B8<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   9620000 | PA      | $9620000.00   | 1.01%             | 2051-08-15      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| FNR 2024-101 FB V/R 01/25/55   | FANNIE MAE REMICS SER 2024-101 CL FB V/R 5.40517000                                            | CUSIP: 3136BUFJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    865725 | PA      | $864773.72    | 0.09%             | 2055-01-25      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| GNR 2017-H02 FH V/R 01/20/67   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2017-H02 CL FH V/R 5.44943000                     | CUSIP: 38375UYK0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    643013 | PA      | $650070.93    | 0.07%             | 2067-01-20      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA WT 5% 09/01/26 | PHILADELPHIA PA WTR & WSTWTR R REGD N/C B/E AG 5.00000000                                      | CUSIP: 7178932D2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2614238.33   | 0.27%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NRZT 2018-3A A1 V/R 05/25/58   | NEW RESIDENTIAL MORTGAGE LOAN TRUST 2018-3 SER 2018-3A CL A1 V/R REGD 144A P/P 4.50000000      | CUSIP: 64830KAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     78681 | PA      | $77016.55     | 0.01%             | 2058-05-25      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| CRVNA 2024-P1  5.05% 04/10/29  | CARVANA AUTO RECEIVABLES TRUST 2024-P1 SER 2024-P1 CL A3 REGD 144A P/P 5.05000000              | CUSIP: 14688NAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1005767.60   | 0.11%             | 2029-04-10      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| CBRE SERVICES  DISC 07/10/25   | CBRE SERVICES  DISC 07/10/25 0.00000000                                                        | CUSIP: 12610BUA8<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    900000 | PA      | $898812.45    | 0.09%             | 2025-07-10      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ROLLS-ROYCE PL 3.625% 10/14/25 | ROLLS-ROYCE PLC REGD P/P 3.62500000                                                            | CUSIP: 77578JAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    500000 | PA      | $497452.25    | 0.05%             | 2025-10-14      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| KANSAS CITY MO 5% 02/01/26     | KANSAS CITY MO REGD N/C B/E 5.00000000                                                         | CUSIP: 484873RC0<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |    900000 | PA      | $910512.63    | 0.10%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE LTD 4.25% 06/15/26   | AIRCASTLE LTD REGD 4.25000000                                                                  | CUSIP: 00928QAS0<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |   1200000 | PA      | $1194532.48   | 0.13%             | 2026-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI 5% 11/15/27 | PUBLIC FIN AUTH WI EDUCTNL FAC REGD N/C B/E 5.00000000                                         | CUSIP: 74442PH65<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    285000 | PA      | $296128.62    | 0.03%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BAN V/R 05/21/27 | GOLDMAN SACHS BANK USA REGD V/R 5.12483600                                                     | CUSIP: 38151LAH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    702000 | PA      | $703984.37    | 0.07%             | 2027-05-21      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| BPCE SA V/R 10/06/26           | BPCE SA REGD V/R P/P 1.65200000                                                                | CUSIP: 05583JAH5<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |    300000 | PA      | $297519.82    | 0.03%             | 2026-10-06      | Variable      | 1.65%                 | Yes           |                  2 | On Loan: No      |
| NORDEA BANK ABP V/R 03/19/27   | NORDEA BANK ABP REGD V/R 144A P/P 5.14527500                                                   | CUSIP: 65558RAF6<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |   1200000 | PA      | $1206036.00   | 0.13%             | 2027-03-19      | Variable      | 5.15%                 | Yes           |                  2 | On Loan: No      |
| GCCT 2022-1A A 1.97% 01/15/27  | GOLDEN CREDIT CARD TRUST SER 2022-1A CL A REGD 144A P/P 1.97000000                             | CUSIP: 380881FE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | CA        |   1000000 | PA      | $965403.40    | 0.10%             | 2029-01-15      | Fixed         | 1.97%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY BA V/R 10/15/27 | MORGAN STANLEY BANK NA REGD V/R 5.03012900                                                     | CUSIP: 61690U8F0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2801517.40   | 0.29%             | 2027-10-15      | Variable      | 5.03%                 | No            |                  2 | On Loan: No      |
| CARMX 2024-1 A2 5.3% 11/15/25  | CARMAX AUTO OWNER TRUST 2024-1 SER 2024-1 CL A2A REGD 5.30000000                               | CUSIP: 14318WAB3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    544313 | PA      | $544970.98    | 0.06%             | 2027-03-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV V/R 10/13/26  | ABN AMRO BANK NV REGD V/R 144A P/P MTN 6.57500000                                              | CUSIP: 00084DBC3<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |   2200000 | PA      | $2211368.52   | 0.23%             | 2026-10-13      | Variable      | 6.58%                 | Yes           |                  2 | On Loan: No      |
| GNR 2021-H09 FG V/R 06/20/71   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2021-H09 CL FG V/R 5.80185000                     | CUSIP: 38380Q4V1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1404555 | PA      | $1433575.86   | 0.15%             | 2071-06-20      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| NALT 2024-B A3 4.92% 03/15/27  | NISSAN AUTO LEASE TRUST 2024-B SER 2024-B CL A3 REGD 4.92000000                                | CUSIP: 65481DAD4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    600000 | PA      | $606396.90    | 0.06%             | 2027-11-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AU V/R 11/01/37 | INDIANA ST FIN AUTH HLTH SYS R REGD V/R B/E 3.90000000                                         | CUSIP: 45470YBL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8000000.00   | 0.84%             | 2037-11-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI 5% 11/15/26 | PUBLIC FIN AUTH WI REVENUE REGD N/C B/E 5.00000000                                             | CUSIP: 74442PH57<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    275000 | PA      | $281034.13    | 0.03%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CGCMT 2021-KEYS  V/R 10/15/23  | CITIGROUP COMMERCIAL MORTGAGE TRUST 2021-KEYS SER 2021-KEYS CL A V/R REGD 144A P/P 5.60648000  | CUSIP: 17291GAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    900000 | PA      | $894937.50    | 0.09%             | 2036-10-15      | Variable      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| FORDL 2024-B A2B V/R 01/15/26  | FORD CREDIT AUTO LEASE TRUST 2024-B SER 2024-B CL A2B V/R REGD 4.70385000                      | CUSIP: 345279AC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    584326 | PA      | $584335.57    | 0.06%             | 2027-02-15      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA  V/R 11/01/45 | DIST OF COLUMBIA REVENUE REGD V/R B/E 1.95000000                                               | CUSIP: 25483VAE4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2325000.00   | 0.24%             | 2045-11-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| CRVNA 2023-P1  5.94% 07/12/27  | CARVANA AUTO RECEIVABLES TRUST 2023-P1 SER 2023-P1 CL A4 REGD 144A P/P 5.94000000              | CUSIP: 14688EAD1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1018513.90   | 0.11%             | 2029-01-10      | Fixed         | 5.94%                 | Yes           |                  2 | On Loan: No      |
| WAYNE CNTY MI ARPT 5% 12/01/27 | WAYNE CNTY MI ARPT AUTH REVENU REGD N/C B/E AMT 5.00000000                                     | CUSIP: 944514WP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1877884.59   | 0.20%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNR 2025-16 FN V/R 01/25/55    | FANNIE MAE REMICS SER 2025-16 CL FN V/R 5.25517000                                             | CUSIP: 3136BU6A3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    949554 | PA      | $949969.54    | 0.10%             | 2055-01-25      | Variable      | 5.26%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST  V/R 07/01/46 | MASSACHUSETTS ST DEV FIN AGY R REGD V/R B/E 1.50000000                                         | CUSIP: 57583R6H3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   5700000 | PA      | $5700000.00   | 0.60%             | 2046-07-01      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY V/R 07/13/27  | DEUTSCHE BANK NY REGD V/R 7.14600000                                                           | CUSIP: 25160PAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |   1200000 | PA      | $1230271.46   | 0.13%             | 2027-07-13      | Variable      | 7.15%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LL V/R 08/13/26 | BMW US CAPITAL LLC REGD V/R 144A P/P 5.16565000                                                | CUSIP: 05565ECN3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2208470.00   | 0.23%             | 2026-08-13      | Variable      | 5.17%                 | Yes           |                  2 | On Loan: No      |
| UNITED OVERSEAS B V/R 04/02/28 | UNITED OVERSEAS BANK LTD REGD V/R 144A P/P MTN 4.92115100                                      | CUSIP: 91127KAL6<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | DBT              | CORP              | SG        |   1200000 | PA      | $1201826.08   | 0.13%             | 2028-04-02      | Variable      | 4.92%                 | Yes           |                  2 | On Loan: No      |
| HOLCIM FIN US L DISC 07/16/25  | HOLCIM FIN US L DISC 07/16/25 0.00000000                                                       | CUSIP: 43475FUG5<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   2100000 | PA      | $2095696.05   | 0.22%             | 2025-07-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ELFI 2021-A A 1.53% 12/26/46   | ELFI GRADUATE LOAN PROGRAM 2021-A LLC SER 2021-A CL A REGD 144A P/P 1.53000000                 | CUSIP: 28628BAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    593589 | PA      | $527584.27    | 0.06%             | 2046-12-26      | Fixed         | 1.53%                 | Yes           |                  2 | On Loan: No      |
| SFAST 2024-2A  5.33% 11/20/29  | SFS AUTO RECEIVABLES SECURITIZATION TRUST 2 SER 2024-2A CL A3 REGD 144A P/P 5.33000000         | CUSIP: 78397XAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1200000 | PA      | $1214458.32   | 0.13%             | 2029-11-20      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP  V/R 03/20/26 | VOLKSWAGEN GROUP AMERICA REGD V/R 144A P/P 5.23564200                                          | CUSIP: 928668CD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $600075.79    | 0.06%             | 2026-03-20      | Variable      | 5.24%                 | Yes           |                  2 | On Loan: No      |
| UNIV OF NEW MEXIC V/R 06/01/26 | UNIV OF NEW MEXICO NM REGD V/R B/E 2.10000000                                                  | CUSIP: 914692WL8<br>LEI: 549300WZXG6PIBC7KB43 | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1835000.00   | 0.19%             | 2026-06-01      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS A 5% 07/01/26 | GUAM GOVT WTRWKS AUTH WTR & WS REGD N/C B/E 5.00000000                                         | CUSIP: 40065FDL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $354603.20    | 0.04%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE S V/R 03/11/27 | CREDIT AGRICOLE SA REGD V/R REG S 5.26615400                                                   | CUSIP: 22535EAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |    500000 | PA      | $500843.18    | 0.05%             | 2027-03-11      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| SBALT 2024-B A 5.56% 09/21/26  | SBNA AUTO LEASE TRUST 2024-B SER 2024-B CL A3 REGD 144A P/P 5.56000000                         | CUSIP: 78437VAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1008269.10   | 0.11%             | 2027-11-22      | Fixed         | 5.56%                 | Yes           |                  2 | On Loan: No      |
| DELL INT LLC /  6.02% 06/15/26 | DELL INT LLC / EMC CORP REGD 6.02000000                                                        | CUSIP: 24703TAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1211587.16   | 0.13%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| N/A                            | EUR/USD FWD 20250702 000006038 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-5930.73     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC 4.375% 01/12/26   | BARCLAYS PLC REGD 4.37500000                                                                   | CUSIP: 06738EAN5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    700000 | PA      | $699438.37    | 0.07%             | 2026-01-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV V/R 12/03/28  | ABN AMRO BANK NV REGD V/R 144A P/P 5.38748200                                                  | CUSIP: 00084DBE9<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    300000 | PA      | $299815.54    | 0.03%             | 2028-12-03      | Variable      | 5.39%                 | Yes           |                  2 | On Loan: No      |
| GNR 2024-H01 FB V/R 01/20/74   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2024-H01 CL FB V/R 5.20185000                     | CUSIP: 38383KNN8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    964605 | PA      | $967095.91    | 0.10%             | 2074-01-20      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDI 4.9% 06/01/26 | SOUTHERN CAL EDISON REGD 4.90000000                                                            | CUSIP: 842400HW6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1100894.26   | 0.12%             | 2026-06-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE 3.625% 10/13/25 | ELECTRICITE DE FRANCE SA REGD 144A P/P 3.62500000                                              | CUSIP: 268317AS3<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $995971.31    | 0.10%             | 2025-10-13      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| PORT OF SEATTLE WA 5% 06/01/27 | PORT OF SEATTLE WA REGD N/C B/E 5.00000000                                                     | CUSIP: 735371RM0<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   7300000 | PA      | $7629694.28   | 0.80%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OCBC/SYDNEY V/R 05/18/26/AUD/  | OCBC/SYDNEY /AUD/ REGD V/R MTN 4.58760000                                                      | CUSIP: Q7S56EBB4<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |   1000000 | PA      | $660236.30    | 0.07%             | 2026-05-18      | Variable      | 4.59%                 | No            |                  2 | On Loan: No      |
| DBS GROUP HOLDING V/R 03/21/28 | DBS GROUP HOLDINGS LTD REGD V/R 144A P/P MTN 5.00168700                                        | CUSIP: 24023KAM0<br>LEI: 5493007FKT78NKPM5V55 | Long             | DBT              | CORP              | SG        |    900000 | PA      | $901571.75    | 0.09%             | 2028-03-21      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CCCIT 2023-A1  5.23% 12/08/25  | CITIBANK CREDIT CARD ISSUANCE TRUST SER 2023-A1 CL A1 REGD 5.23000000                          | CUSIP: 17305EGW9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2300000 | PA      | $2306898.62   | 0.24%             | 2027-12-08      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEP 5% 07/01/27 | LOS ANGELES CA DEPT OF WTR & P REGD N/C B/E 5.00000000                                         | CUSIP: 544532AU8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   8415000 | PA      | $8713574.30   | 0.91%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOLCIM FIN US DISC 07/15/25    | HOLCIM FIN US DISC 07/15/25 0.00000000                                                         | CUSIP: 43475FUF7<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    300000 | PA      | $299424.03    | 0.03%             | 2025-07-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY T 5% 11/01/25 | NEW YORK CITY NY TRANSITIONAL REGD N/C B/E 5.00000000                                          | CUSIP: 64971X4M7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7049263.90   | 0.74%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NAVSL 2020-A A2B V/R 07/15/28  | NAVIENT PRIVATE EDUCATION LOAN TRUST 2020-A SER 2020-A CL A2B V/R REGD 144A P/P 5.32624000     | CUSIP: 63941FAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    577768 | PA      | $576104.80    | 0.06%             | 2068-11-15      | Variable      | 5.33%                 | Yes           |                  2 | On Loan: No      |
| CONNECTICUT ST HL V/R 07/01/42 | CONNECTICUT ST HLTH & EDUCTNL REGD V/R B/E 3.00000000                                          | CUSIP: 20775DTS1<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6500000.00   | 0.68%             | 2042-07-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| NRZT 2019-NQM5 A V/R 11/25/59  | NEW RESIDENTIAL MORTGAGE LOAN TRUST 2019-NQM5 SER 2019-NQM5 CL A1 V/R REGD 144A P/P 2.70986000 | CUSIP: 64830PAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    191616 | PA      | $181757.04    | 0.02%             | 2059-11-25      | Variable      | 2.71%                 | Yes           |                  2 | On Loan: No      |
| GMALT 2025-1 A 4.54% 09/20/26  | GM FINANCIAL AUTOMOBILE LEASING TRUST 2025-1 SER 2025-1 CL A2A REGD 4.54000000                 | CUSIP: 36271VAB3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2300000 | PA      | $2302781.39   | 0.24%             | 2027-05-20      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUC 5% 07/01/25 | NEW JERSEY ST EDUCTNL FACS AUT REGD N/C B/E AG 5.00000000                                      | CUSIP: 646067HT8<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1690000.00   | 0.18%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARMX 2025-1 A 4.84% 10/15/28  | CARMAX AUTO OWNER TRUST 2025-1 SER 2025-1 CL A3 REGD 4.84000000                                | CUSIP: 14319WAD8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $506640.10    | 0.05%             | 2030-01-15      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| FHR 5549 FA V/R 06/25/55       | FREDDIE MAC REMICS SER 5549 CL FA V/R 5.55517000                                               | CUSIP: 3137HLST0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1884495 | PA      | $1892120.47   | 0.20%             | 2055-06-25      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| FNR 2025-1 FD V/R 02/25/55     | FANNIE MAE REMICS SER 2025-1 CL FD V/R 5.50517000                                              | CUSIP: 3136BUZM5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    359759 | PA      | $360477.64    | 0.04%             | 2055-02-25      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GR V/R 08/07/27 | LLOYDS BANKING GROUP PLC REGD V/R 5.91978100                                                   | CUSIP: 53944YAW3<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   1100000 | PA      | $1108540.27   | 0.12%             | 2027-08-07      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE S V/R 03/11/27 | CREDIT AGRICOLE SA REGD V/R 144A P/P 5.26615400                                                | CUSIP: 22534PAJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   1700000 | PA      | $1702866.81   | 0.18%             | 2027-03-11      | Variable      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI 5% 11/15/25 | PUBLIC FIN AUTH WI REVENUE REGD N/C B/E 5.00000000                                             | CUSIP: 74442PH40<br>LEI: 5493004S6D3NA627K012 | Long             | STIV             | MUN               | US        |    365000 | PA      | $367033.23    | 0.04%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU 5% 08/15/26 | CLIFTON TX HGR EDU FIN CORP ED REGD N/C B/E PSF-GTD 5.00000000                                 | CUSIP: 187145SD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023268.80   | 0.11%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CRE 4.134% 08/04/25 | FORD MOTOR CREDIT CO LLC REGD 4.13400000                                                       | CUSIP: 345397XL2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $299684.70    | 0.03%             | 2025-08-04      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CSMC 2021-RPL4 A V/R 12/27/60  | CSMC 2021-RPL4 TRUST SER 2021-RPL4 CL A1 V/R REGD 144A P/P 4.11860000                          | CUSIP: 12662GAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    241716 | PA      | $240735.96    | 0.03%             | 2060-12-27      | Variable      | 4.12%                 | Yes           |                  2 | On Loan: No      |
| MCCT 2023-1A A 4.7% 12/21/25   | MASTER CREDIT CARD TRUST II SER 2023-1A CL A REGD 144A P/P 4.70000000                          | CUSIP: 576339DF9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | CA        |    600000 | PA      | $600149.76    | 0.06%             | 2027-06-21      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| TLOT 2025-A A2 4.58% 12/21/26  | TOYOTA LEASE OWNER TRUST 2025-A SER 2025-A CL A2A REGD 144A P/P 4.58000000                     | CUSIP: 89239NAB1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2600000 | PA      | $2606132.10   | 0.27%             | 2027-07-20      | Fixed         | 4.58%                 | Yes           |                  2 | On Loan: No      |
| OHIO ST UNIV V/R 06/01/43      | OHIO ST UNIV REGD V/R B/E 1.70000000                                                           | CUSIP: 677632P39<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6000000.00   | 0.63%             | 2043-06-01      | Variable      | 1.70%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HS V/R 11/15/48 | CONNECTICUT ST HSG FIN AUTH HS REGD V/R B/E 1.92000000                                         | CUSIP: 20775CZK3<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   5585000 | PA      | $5585000.00   | 0.59%             | 2048-11-15      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| FNR 2018-82 W V/R 11/25/58     | FANNIE MAE REMICS SER 2018-82 CL W V/R 6.61018000                                              | CUSIP: 3136B3NP1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    182616 | PA      | $188186.09    | 0.02%             | 2058-11-25      | Variable      | 6.61%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & E 2.95% 03/01/26 | PACIFIC GAS & ELECTRIC REGD 2.95000000                                                         | CUSIP: 694308HP5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1085502.77   | 0.11%             | 2026-03-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPER 4.876% 01/14/30 | CANADIAN IMPERIAL BANK REGD 144A P/P 4.87600000                                                | CUSIP: 13607PVU5<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   1100000 | PA      | $1135273.06   | 0.12%             | 2030-01-14      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| FHR 5499 FH V/R 02/25/55       | FREDDIE MAC REMICS SER 5499 CL FH V/R 5.50517000                                               | CUSIP: 3137HJWY9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    444208 | PA      | $445121.49    | 0.05%             | 2055-02-25      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| US TIPS 2.125% 04/15/29        | UNITED STATES TREASURY INFLATION INDEXED BONDS 2.12500000                                      | CUSIP: 91282CKL4<br>LEI: N/A                  | Long             | DBT              | UST               | US        |   1410510 | PA      | $1448474.67   | 0.15%             | 2029-04-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| VZMT 2024-6 A1B V/R 08/20/27   | VERIZON MASTER TRUST SER 2024-6 CL A1B V/R REGD 4.97185000                                     | CUSIP: 92348KDF7<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-CBDO         | CORP              | US        |   1100000 | PA      | $1104931.41   | 0.12%             | 2030-08-20      | Variable      | 4.97%                 | No            |                  2 | On Loan: No      |
| FHR 5532 FA V/R 04/25/55       | FREDDIE MAC REMICS SER 5532 CL FA V/R 5.25517000                                               | CUSIP: 3137HKPJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2003801 | PA      | $1998778.87   | 0.21%             | 2055-04-25      | Variable      | 5.26%                 | No            |                  2 | On Loan: No      |
| TAOT 2023-A A3 4.63% 05/15/26  | TOYOTA AUTO RECEIVABLES 2023-A OWNER TRUST SER 2023-A CL A3 REGD 4.63000000                    | CUSIP: 891940AC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    125477 | PA      | $125529.52    | 0.01%             | 2027-09-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| PPSI 2005-WCW2 M V/R 07/25/35  | PARK PLACE SECURITIES INC ASSET-BACKED PASS-THROUG SER 2005-WCW2 CL M2 V/R REGD 5.22868000     | CUSIP: 70069FLH8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      9857 | PA      | $9844.13      | 0.00%             | 2035-07-25      | Variable      | 5.23%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST 5% 09/15/26    | PENNSYLVANIA ST REGD N/C B/E 5.00000000                                                        | CUSIP: 70914PB68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2055692.00   | 0.22%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TCCT 2023-3A A V/R 08/26/25    | TRILLIUM CREDIT CARD TRUST II SER 2023-3A CL A V/R REGD 144A P/P 5.13659600                    | CUSIP: 89621ABT5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | CA        |   2000000 | PA      | $2001400.00   | 0.21%             | 2028-08-26      | Variable      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| GNR 2015-H04 FA V/R 12/20/64   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2015-H04 CL FA V/R 5.09602000                     | CUSIP: 38378U8L4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    609575 | PA      | $609863.03    | 0.06%             | 2064-12-20      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| ING BANK (AU V/R 12/08/25/AUD/ | ING BANK (AUSTRALIA) LTD /AUD/ REGD V/R 4.69520000                                             | CUSIP: Q4R128LM3<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |    900000 | PA      | $593969.81    | 0.06%             | 2025-12-08      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| FNR 2025-18 FM V/R 09/25/54    | FANNIE MAE REMICS SER 2025-18 CL FM V/R 5.20517000                                             | CUSIP: 3136BVKH0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   6152985 | PA      | $6129040.33   | 0.64%             | 2054-09-25      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| OSCAR 2024-2A  4.63% 11/10/26  | OSCAR US FUNDING XVII LLC SER 2024-2A CL A2 REGD 144A P/P 4.63000000                           | CUSIP: 68784BAB0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    829430 | PA      | $828241.59    | 0.09%             | 2027-12-10      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| PNC BANK NA V/R 01/15/27       | PNC BANK NA REGD V/R SER BKNT 4.77500000                                                       | CUSIP: 69353RFX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2303642.99   | 0.24%             | 2027-01-15      | Variable      | 4.78%                 | No            |                  2 | On Loan: No      |
| FHR 5508 FC V/R 02/25/55       | FREDDIE MAC REMICS SER 5508 CL FC V/R 5.30517000                                               | CUSIP: 3137HJGF8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    841148 | PA      | $841759.97    | 0.09%             | 2055-02-25      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| JACKSONVILLE FL SP 5% 10/01/25 | JACKSONVILLE FL SPL REVENUE REGD N/C B/E 5.00000000                                            | CUSIP: 469487TA0<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1506985.50   | 0.16%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL V/R 01/13/28 | CANADIAN IMPERIAL BANK REGD V/R 5.06490600                                                     | CUSIP: 13607PVR2<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   1600000 | PA      | $1598578.80   | 0.17%             | 2028-01-13      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OH  V/R 07/01/29 | FRANKLIN CNTY OH HOSP REVENUE REGD V/R B/E 1.75000000                                          | CUSIP: 3531863Q0<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 0.15%             | 2029-07-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| FORDO 2024-B A2 5.4% 02/15/26  | FORD CREDIT AUTO OWNER TRUST 2024-B SER 2024-B CL A2A REGD 5.40000000                          | CUSIP: 34531QAB5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    836206 | PA      | $838352.08    | 0.09%             | 2027-04-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| F/C US 2YR NOTE (CBT) SEP25    | FUTURE CONTRACT ON           US 2YR NOTE (CBT) SEP25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       -62 | NC      | $-12897453.16 | -1.35%            |  |  |  | No            |                  1 | On Loan: No      |
| AIRCASTLE LTD 5.25% 08/11/25   | AIRCASTLE LTD REGD 144A P/P 5.25000000                                                         | CUSIP: 00928QAT8<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |    979000 | PA      | $978915.42    | 0.10%             | 2025-08-11      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| INDIANA ST FIN AUT 5% 02/01/27 | INDIANA ST FIN AUTH REVENUE REGD N/C B/E 5.00000000                                            | CUSIP: 45506EMQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7400000 | PA      | $7646349.70   | 0.80%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HALST 2025-B A 4.58% 12/15/26  | HYUNDAI AUTO LEASE SECURITIZATION TRUST 2 SER 2025-B CL A2A REGD 144A P/P 4.58000000           | CUSIP: 44935DAB5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1400000 | PA      | $1404699.10   | 0.15%             | 2027-09-15      | Fixed         | 4.58%                 | Yes           |                  2 | On Loan: No      |
| CARD2 2023-2A A V/R 07/15/25   | CARDS II TRUST SER 2023-2A CL A V/R REGD 144A P/P 5.14092300                                   | CUSIP: 14161GCF5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | CA        |   1500000 | PA      | $1500214.50   | 0.16%             | 2028-07-15      | Variable      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| BANQUE FED CRED M V/R 02/16/28 | BANQUE FED CRED MUTUEL REGD V/R 144A P/P 5.43989200                                            | CUSIP: 06675DCL4<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $1004704.62   | 0.11%             | 2028-02-16      | Variable      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| SANTANDER UK GROU V/R 11/21/26 | SANTANDER UK GROUP HLDGS REGD V/R 6.83300000                                                   | CUSIP: 80281LAS4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    800000 | PA      | $806562.68    | 0.08%             | 2026-11-21      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY  V/R 06/15/45 | NEW YORK CITY NY MUNI WTR FIN REGD V/R B/E 3.60000000                                          | CUSIP: 64972GYZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4325000 | PA      | $4325000.00   | 0.45%             | 2045-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| CFCRE 2016-C4 3.091% 09/10/25  | CFCRE COMMERCIAL MORTGAGE TRUST 2016-C4 SER 2016-C4 CL ASB REGD 3.09100000                     | CUSIP: 12531YAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     55100 | PA      | $55004.06     | 0.01%             | 2058-05-10      | Fixed         | 3.09%                 | No            |                  2 | On Loan: No      |
| TAOT 2022-C A3 3.76% 12/15/25  | TOYOTA AUTO RECEIVABLES 2022-C OWNER TRUST SER 2022-C CL A3 REGD 3.76000000                    | CUSIP: 89231CAD9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    404187 | PA      | $402966.12    | 0.04%             | 2027-04-15      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNAT 5.125% 01/13/28 | SAUDI INTERNATIONAL BOND REGD 144A P/P 5.12500000                                              | CUSIP: 80413TBJ7<br>LEI: N/A                  | Long             | DBT              | USGA              | SA        |   2300000 | PA      | $2336280.80   | 0.24%             | 2028-01-13      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| TRIBOROUGH NY BRID 5% 03/15/27 | TRIBOROUGH NY BRIDGE & TUNNEL REGD N/C B/E 5.00000000                                          | CUSIP: 89602HJA6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10371445.00  | 1.09%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT 5% 12/01/27 | CHICAGO IL TRANSIT AUTH SALES REGD N/C B/E 5.00000000                                          | CUSIP: 16772PDV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2363710.73   | 0.25%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI F V/R 07/13/26 | SUMITOMO MITSUI FINL GRP REGD V/R 5.64468400                                                   | CUSIP: 86562MCZ1<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    700000 | PA      | $706785.49    | 0.07%             | 2026-07-13      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| MF1 2021-W10 A V/R 12/15/24    | MF1 2021-W10X SER 2021-W10 CL A V/R REGD 144A P/P 5.38232700                                   | CUSIP: 55284DAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    900000 | PA      | $897437.34    | 0.09%             | 2034-12-15      | Variable      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| FNR 2025-18 FA V/R 11/25/53    | FANNIE MAE REMICS SER 2025-18 CL FA V/R 5.25517000                                             | CUSIP: 3136BU7K0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    836995 | PA      | $838088.79    | 0.09%             | 2053-11-25      | Variable      | 5.26%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE  5% 01/01/26 | CHICAGO IL O'HARE INTERNATIONA REGD N/C B/E AMT 5.00000000                                     | CUSIP: 167593Z21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3530215.85   | 0.37%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHR 5534 FM V/R 05/25/55       | FREDDIE MAC REMICS SER 5534 CL FM V/R 5.23517000                                               | CUSIP: 3137HLEP3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1851828 | PA      | $1850556.06   | 0.19%             | 2055-05-25      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS  4.5% 06/30/28 | IMPERIAL BRANDS FIN PLC REGD 144A P/P 4.50000000                                               | CUSIP: 45262BAJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    200000 | PA      | $199944.97    | 0.02%             | 2028-06-30      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| FNR 2022-8 D 2% 08/25/38       | FANNIE MAE REMICS SER 2022-8 CL D 2.00000000                                                   | CUSIP: 3136BLW30<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    972789 | PA      | $908550.77    | 0.10%             | 2038-08-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST BRD OF  5% 07/01/25 | FLORIDA ST BRD OF EDU LOTTERY REGD N/C B/E 5.00000000                                          | CUSIP: 341507P54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.21%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| F/C US 5YR NOTE (CBT) SEP25    | FUTURE CONTRACT ON           US 5YR NOTE (CBT) SEP25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |      1343 | NC      | $146387000.00 | 15.34%            |  |  |  | No            |                  1 | On Loan: No      |
| AVON 4A A V/R 09/28/26 /GBP/   | AVON FINANCE SER 4A CL A V/R REGD 144A P/P /GBP/ 5.26115000                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-CBDO         | CORP              | GB        |    888400 | PA      | $1221646.41   | 0.13%             | 2049-12-28      | Variable      | 5.26%                 | Yes           |                  2 | On Loan: No      |
| TESLA 2024-A A 5.37% 09/20/25  | TESLA AUTO LEASE TRUST 2024-A SER 2024-A CL A2A REGD 144A P/P 5.37000000                       | CUSIP: 88166VAB2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    195562 | PA      | $195664.17    | 0.02%             | 2026-06-22      | Fixed         | 5.37%                 | Yes           |                  2 | On Loan: No      |
| PROGS 2020- V/R 11/21/25 /AUD/ | PROGRESS 2020-1 TRUST SER 2020-1 CL A V/R REGD /AUD/ 4.69250000                                | CUSIP: Q7S0C5AA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | AU        |    360380 | PA      | $237383.11    | 0.02%             | 2051-01-21      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| GNR 2023-H02 FA V/R 01/20/73   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2023-H02 CL FA V/R 5.20185000                     | CUSIP: 38382YN82<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    389615 | PA      | $389878.07    | 0.04%             | 2073-01-20      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| MUFG BANK L V/R 02/17/26 /AUD/ | MUFG BANK LTD SYDNEY VARIABLE_  SER TCD /AUD/ CTF OF DEPOSIT 4.67760000                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | JP        |   1700000 | PA      | $1122301.02   | 0.12%             | 2026-02-17      | Variable      | 4.68%                 | No            |                  2 | On Loan: No      |
| TPMT 2019-HY2 A1 V/R 05/25/58  | TOWD POINT MORTGAGE TRUST 2019-HY2 SER 2019-HY2 CL A1 V/R REGD 144A P/P 5.43368000             | CUSIP: 89177HAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    152207 | PA      | $155739.96    | 0.02%             | 2058-05-25      | Variable      | 5.43%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS GRO V/R 12/09/26 | GOLDMAN SACHS GROUP INC REGD V/R SER FRN 5.18175900                                            | CUSIP: 38141GXN9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    400000 | PA      | $400505.89    | 0.04%             | 2026-12-09      | Variable      | 5.18%                 | No            |                  2 | On Loan: No      |
| N/A                            | GBP/USD FWD 20250702 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-32168.60    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ABBVIE INC      0.00% 07/07/25 | ABBVIE INC      0.00% 07/07/25 0.00000000                                                      | CUSIP: 00287BU72<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   2800000 | PA      | $2797506.32   | 0.29%             | 2025-07-07      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SHINHAN BANK V/R 11/16/25/AUD/ | SHINHAN BANK /AUD/ REGD V/R REG S 5.74720000                                                   | CUSIP: Q8500VAG6<br>LEI: N/A                  | Long             | DBT              | CORP              | KR        |   3500000 | PA      | $2316447.65   | 0.24%             | 2025-11-16      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| SREIT 2021-IND A V/R 10/15/23  | SREIT TRUST 2021-IND SER 2021-IND CL A V/R REGD 144A P/P 5.12648000                            | CUSIP: 78473JAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99689.39     | 0.01%             | 2038-10-15      | Variable      | 5.13%                 | Yes           |                  2 | On Loan: No      |
| FASTR 20 3.724% 06/15/27 /CAD/ | FORD AUTO SECURITIZATION TRUST II SER 2024-BA CL A2 REGD 144A P/P /CAD/ 3.72400000             | CUSIP: 345214BT6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | CA        |   2300000 | PA      | $1699366.84   | 0.18%             | 2028-11-15      | Fixed         | 3.72%                 | Yes           |                  2 | On Loan: No      |
| COPAR 2023-2 A 5.82% 06/15/28  | CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2023-2 SER 2023-2 CL A3 REGD 5.82000000               | CUSIP: 14044EAD0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1100000 | PA      | $1113663.54   | 0.12%             | 2028-06-15      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA 5% 08/01/27    | PHILADELPHIA PA REGD N/C B/E 5.00000000                                                        | CUSIP: 717813C23<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3395646.15   | 0.36%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG F V/R 05/01/44 | NEW YORK ST HSG FIN AGY REVENU REGD V/R B/E 2.00000000                                         | CUSIP: 64986UEB9<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |  11620000 | PA      | $11620000.00  | 1.22%             | 2044-05-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| HDMOT 2024-B A 4.62% 03/16/26  | HARLEY-DAVIDSON MOTORCYCLE TRUST 2024-B SER 2024-B CL A2 REGD 4.62000000                       | CUSIP: 41284PAB1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1382875 | PA      | $1383243.50   | 0.14%             | 2027-08-16      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| IPS MULTI-SCH BLDG 5% 07/15/25 | IPS MULTI-SCH BLDG CORP IN REGD N/C B/E ST INTE 5.00000000                                     | CUSIP: 46263RUA1<br>LEI: 549300BHLK1DUJUYPM91 | Long             | STIV             | MUN               | US        |   1050000 | PA      | $1050682.71   | 0.11%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA V/R 12/04/26       | CITIBANK NA REGD V/R SER BKNT 5.44934200                                                       | CUSIP: 17325FBD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1208761.64   | 0.13%             | 2026-12-04      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| NOMURA HOLDING 1.851% 07/16/25 | NOMURA HOLDINGS INC REGD 1.85100000                                                            | CUSIP: 65535HAR0<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |   2300000 | PA      | $2297220.43   | 0.24%             | 2025-07-16      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON 5% 03/01/26 | NEW JERSEY ST ECON DEV AUTH RE REGD N/C B/E 5.00000000                                         | CUSIP: 64577XEN2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506551.40    | 0.05%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KT CORP 4.375% 01/03/29        | KT CORP REGD 144A P/P 4.37500000                                                               | CUSIP: 48268KAJ0<br>LEI: 9884005ACF8449EANY26 | Long             | DBT              | CORP              | KR        |   1300000 | PA      | $1299789.54   | 0.14%             | 2029-01-03      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| CHICAGO IL MIDWAY  5% 01/01/26 | CHICAGO IL MIDWAY ARPT REVENUE REGD N/C B/E AMT 5.00000000                                     | CUSIP: 167562SX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3026643.90   | 0.32%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JACKSONVILLE FL SP 5% 10/01/25 | JACKSONVILLE FL SPL REVENUE REGD N/C B/E 5.00000000                                            | CUSIP: 469487VF6<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1255821.25   | 0.13%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHR 5528 FA V/R 04/25/55       | FREDDIE MAC REMICS SER 5528 CL FA V/R 5.17517000                                               | CUSIP: 3137HKR30<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1838108 | PA      | $1834683.95   | 0.19%             | 2055-04-25      | Variable      | 5.18%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY C DISC 07/28/25 | NEXTERA ENERGY C DISC 07/28/25 0.00000000                                                      | CUSIP: 65339MUU8<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   1400000 | PA      | $1394984.22   | 0.15%             | 2025-07-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| GNR 2019-54 KF V/R 05/20/44    | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2019-54 CL KF V/R 4.85861000                      | CUSIP: 38381R7J2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    275024 | PA      | $269284.27    | 0.03%             | 2044-05-20      | Variable      | 4.86%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDI 1.2% 02/01/26 | SOUTHERN CAL EDISON REGD SER 20C 1.20000000                                                    | CUSIP: 842400GV9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1267141.24   | 0.13%             | 2026-02-01      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| CRVNA 2024-P4  4.64% 04/10/28  | CARVANA AUTO RECEIVABLES TRUST 2024-P4 SER 2024-P4 CL A3 REGD 4.64000000                       | CUSIP: 14076LAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $502903.05    | 0.05%             | 2030-01-10      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATI 4.7% 08/15/25 | EDISON INTERNATIONAL REGD 4.70000000                                                           | CUSIP: 281020AU1<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199689.90    | 0.02%             | 2025-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| WOART 2024-B A 5.48% 09/15/27  | WORLD OMNI AUTO RECEIVABLES TRUST 2024-B SER 2024-B CL A2A REGD 5.48000000                     | CUSIP: 98164HAB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    208400 | PA      | $208764.51    | 0.02%             | 2027-09-15      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| FHR 5517 FE V/R 03/25/55       | FREDDIE MAC REMICS SER 5517 CL FE V/R 5.25517000                                               | CUSIP: 3137HKGJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2142175 | PA      | $2116693.46   | 0.22%             | 2055-03-25      | Variable      | 5.26%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY V/R 11/24/26  | DEUTSCHE BANK NY REGD V/R 2.12900000                                                           | CUSIP: 251526CE7<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |   1736000 | PA      | $1718322.68   | 0.18%             | 2026-11-24      | Variable      | 2.13%                 | No            |                  2 | On Loan: No      |
| AESOP 2024-1A  5.36% 06/20/29  | AVIS BUDGET RENTAL CAR FUNDING AESOP LLC SER 2024-1A CL A REGD 144A P/P 5.36000000             | CUSIP: 05377RHY3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $2051753.60   | 0.21%             | 2030-06-20      | Fixed         | 5.36%                 | Yes           |                  2 | On Loan: No      |
| UBS AG AUSTR V/R 02/26/26/AUD/ | UBS AG AUSTRALIA /AUD/ REGD V/R REG S SER . 4.20950000                                         | CUSIP: Q9T799BT4<br>LEI: N/A                  | Long             | DBT              | CORP              | CH        |   1300000 | PA      | $855791.74    | 0.09%             | 2026-02-26      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| F/C AUST 10Y BOND FUT SEP25    | FUTURE CONTRACT ON           AUST 10Y BOND FUT SEP25 /AUD/ 0.00000000                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | AU        |        22 | NC      | $1659606.52   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| FHR 5508 DF V/R 02/25/55       | FREDDIE MAC REMICS SER 5508 CL DF V/R 5.30517000                                               | CUSIP: 3137HJG84<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    841572 | PA      | $843293.79    | 0.09%             | 2055-02-25      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| HART 2023-B A3 5.48% 04/17/28  | HYUNDAI AUTO RECEIVABLES TRUST 2023-B SER 2023-B CL A3 REGD 5.48000000                         | CUSIP: 44933XAD9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1126074 | PA      | $1133266.74   | 0.12%             | 2028-04-17      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPIT 4.875% 10/01/25 | AVIATION CAPITAL GROUP REGD 144A P/P 4.87500000                                                | CUSIP: 05367AAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1399268.15   | 0.15%             | 2025-10-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CHICAGO IL WSTWTR  5% 01/01/26 | CHICAGO IL WSTWTR TRANSMISSION REGD N/C B/E 5.00000000                                         | CUSIP: 167727J98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1312692.94   | 0.14%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARMX 2023-4 A 6.08% 08/15/25  | CARMAX AUTO OWNER TRUST 2023-4 SER 2023-4 CL A2A REGD 6.08000000                               | CUSIP: 14318XAB1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    102229 | PA      | $102330.76    | 0.01%             | 2026-12-15      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF  5% 01/01/26 | MUNI ELEC AUTH OF GA REGD N/C B/E 5.00000000                                                   | CUSIP: 62620HJD5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4038506.40   | 0.42%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRIV CLGS & UNIVS  5% 09/01/25 | PRIV CLGS & UNIVS AUTH GA REGD N/C B/E ETM 5.00000000                                          | CUSIP: 74265LS66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1023268.79   | 0.11%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST 5% 08/01/27          | ALASKA ST REGD N/C B/E 5.00000000                                                              | CUSIP: 0117705S9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $786097.80    | 0.08%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORDO 2024-C A 4.32% 05/15/26  | FORD CREDIT AUTO OWNER TRUST 2024-C SER 2024-C CL A2A REGD 4.32000000                          | CUSIP: 34532UAB5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1686565 | PA      | $1685051.67   | 0.18%             | 2027-08-15      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC  5% 10/01/25 | MET WASHINGTON DC ARPTS AUTH A REGD N/C B/E AMT 5.00000000                                     | CUSIP: 592647KW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1672254.90   | 0.18%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF  5% 07/01/25 | MUNI ELEC AUTH OF GA REGD N/C B/E AG 5.00000000                                                | CUSIP: 62620HGS5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    275000 | PA      | $275000.00    | 0.03%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST MUNI P 5% 01/01/26 | OKLAHOMA ST MUNI PWR AUTH REGD N/C B/E AG 5.00000000                                           | CUSIP: 67910HQT0<br>LEI: 54930074Q1M8747DCS20 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3534869.80   | 0.37%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STAR 2020-3 A1 V/R 04/25/65    | STARWOOD MORTGAGE RESIDENTIAL TRUST 2020-3 SER 2020-3 CL A1 V/R REGD 144A P/P 1.48600000       | CUSIP: 85573MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    123178 | PA      | $118763.94    | 0.01%             | 2065-04-25      | Variable      | 1.49%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS PLC V/R 09/13/27      | BARCLAYS PLC REGD V/R 6.27846200                                                               | CUSIP: 06738ECM5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $304378.18    | 0.03%             | 2027-09-13      | Variable      | 6.28%                 | No            |                  2 | On Loan: No      |
| SMB 2022-C A1B V/R 11/15/31    | SMB PRIVATE EDUCATION LOAN TRUST 2022-C SER 2022-C CL A1B V/R REGD 144A P/P 6.15385000         | CUSIP: 78449CAB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    223861 | PA      | $225809.09    | 0.02%             | 2050-05-16      | Variable      | 6.15%                 | Yes           |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP  V/R 08/14/26 | VOLKSWAGEN GROUP AMERICA REGD V/R 144A P/P 5.42769400                                          | CUSIP: 928668CJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $200638.15    | 0.02%             | 2026-08-14      | Variable      | 5.43%                 | Yes           |                  2 | On Loan: No      |
| UBS AG AUSTR V/R 07/30/25/AUD/ | UBS AG AUSTRALIA /AUD/ REGD V/R REG S SER . 4.74450000                                         | CUSIP: Q9T799BR8<br>LEI: N/A                  | Long             | DBT              | CORP              | CH        |   2200000 | PA      | $1448509.10   | 0.15%             | 2025-07-30      | Variable      | 4.74%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST  V/R 09/01/32 | NEW HAMPSHIRE ST HLTH & EDU FA REGD V/R B/E 1.75000000                                         | CUSIP: 644614N21<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1575000.00   | 0.17%             | 2032-09-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| JONES LANG LASAL DISC 07/09/25 | JONES LANG LASAL DISC 07/09/25 0.00000000                                                      | CUSIP: 48002AU93<br>LEI: N/A                  | Long             | STIV             | CORP              | NL        |    500000 | PA      | $499425.50    | 0.05%             | 2025-07-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH V/R 11/15/38 | ROCHESTER MN HLTH CARE FACS RE REGD V/R B/E 1.75000000                                         | CUSIP: 771902FB4<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |  14500000 | PA      | $14500000.00  | 1.52%             | 2038-11-15      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| MBART 2023-1 A 4.51% 08/15/26  | MERCEDES-BENZ AUTO RECEIVABLES TRUST 2023-1 SER 2023-1 CL A3 REGD 4.51000000                   | CUSIP: 58770AAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    603192 | PA      | $603159.61    | 0.06%             | 2027-11-15      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| HIGHLANDS CNTY FL V/R 11/15/37 | HIGHLANDS CNTY FL HLTH FACS AU REGD V/R B/E 1.94000000                                         | CUSIP: 431022KG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2800000.00   | 0.29%             | 2037-11-15      | Variable      | 1.94%                 | No            |                  2 | On Loan: No      |
| FNR 2020-29 FC V/R 05/25/50    | FANNIE MAE REMICS SER 2020-29 CL FC V/R 5.26449000                                             | CUSIP: 3136B9TM9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1117182 | PA      | $1113103.25   | 0.12%             | 2050-05-25      | Variable      | 5.26%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF  5% 07/01/25 | MUNI ELEC AUTH OF GA REGD N/C B/E AG 5.00000000                                                | CUSIP: 62620HFU1<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    275000 | PA      | $275000.00    | 0.03%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GNR 2025-89 PF V/R 05/20/55    | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2025-89 CL PF V/R 5.25185000                      | CUSIP: 38385GMK2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    498715 | PA      | $498228.15    | 0.05%             | 2055-05-20      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AR 5% 07/01/26 | PHILADELPHIA PA ARPT REVENUE REGD N/C B/E AMT 5.00000000                                       | CUSIP: 717817XG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9755000 | PA      | $9936146.45   | 1.04%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA C V/R 10/24/26 | BANK OF AMERICA CORP REGD V/R MTN 1.19700000                                                   | CUSIP: 06051GJK6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $989553.15    | 0.10%             | 2026-10-24      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELE V/R 09/04/25 | PACIFIC GAS & ELECTRIC REGD V/R 5.33934200                                                     | CUSIP: 694308KS5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1199995.01   | 0.13%             | 2025-09-04      | Variable      | 5.34%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY V/R 10/01/46       | NEW YORK NY REGD V/R B/E 3.90000000                                                            | CUSIP: 64966MSB6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3500000.00   | 0.37%             | 2046-10-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF  5% 01/01/27 | MUNI ELEC AUTH OF GA REGD N/C B/E 5.00000000                                                   | CUSIP: 62620HJE3<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031977.40   | 0.11%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV V/R 04/01/27      | ING GROEP NV REGD V/R 5.35148000                                                               | CUSIP: 456837AX1<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $501356.85    | 0.05%             | 2027-04-01      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| CASINO REINVESTMEN 5% 11/01/27 | CASINO REINVESTMENT DEV AUTH N REGD N/C B/E AG 5.00000000                                      | CUSIP: 14760RBV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $543877.67    | 0.06%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY N V/R 12/01/27 | CUMBERLAND CNTY NC INDL FACS & REGD V/R B/E AMT 3.75000000                                     | CUSIP: 230589AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4001544.40   | 0.42%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC PWR GENERAT 5% 01/01/27 | PUBLIC PWR GENERATION AGY NE R REGD N/C B/E 5.00000000                                         | CUSIP: 744434EY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2066866.60   | 0.22%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| F/C US 10YR ULTRA FUT SEP25    | FUTURE CONTRACT ON           US 10YR ULTRA FUT SEP25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       -30 | NC      | $-3427968.75  | -0.36%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C LONG GILT FUTURE  SEP25    | FUTURE CONTRACT ON           LONG GILT FUTURE  SEP25 /GBP/ 0.00000000                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | GB        |        37 | NC      | $4724812.13   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| BWAY 2021-1450 A V/R 09/15/23  | BWAY 2021-1450 MORTGAGE TRUST SER 2021-1450 CL A V/R REGD 144A P/P 5.67624000                  | CUSIP: 12430YAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $482084.40    | 0.05%             | 2036-09-15      | Variable      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| N/A                            | EUR/USD FWD 20250702 000003534 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $2588.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DLLAA 2025-1A A 4.7% 10/20/27  | DLLAA 2025-1 LLC SER 2025-1A CL A2 REGD 144A P/P 4.70000000                                    | CUSIP: 233249AB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1200000 | PA      | $1202199.24   | 0.13%             | 2027-10-20      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| NOMURA HOLDINGS I V/R 07/02/27 | NOMURA HOLDINGS INC REGD V/R 5.59114800                                                        | CUSIP: 65535HBQ1<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    500000 | PA      | $503430.49    | 0.05%             | 2027-07-02      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| NALT 2025-A A2B V/R 12/15/26   | NISSAN AUTO LEASE TRUST 2025-A SER 2025-A CL A2B V/R REGD 4.75385000                           | CUSIP: 65479XAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1200000 | PA      | $1201575.60   | 0.13%             | 2027-11-15      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP FAC  V/R 01/01/52 | OHIO ST HOSP FAC REVENUE REGD V/R B/E 1.70000000                                               | CUSIP: 677561KZ4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |  14000000 | PA      | $14000000.00  | 1.47%             | 2052-01-01      | Variable      | 1.70%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH  5% 01/01/27 | N TX TOLLWAY AUTH REVENUE REGD N/C B/E 5.00000000                                              | CUSIP: 66285WP83<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035778.00   | 0.11%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POL V/R 07/01/43 | CALIFORNIA ST POLL CONTROL FIN REGD V/R B/E AMT 3.70000000                                     | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3997801.60   | 0.42%             | 2043-07-01      | Variable      | 3.70%                 | Yes           |                  2 | On Loan: No      |
| FHR 5517 MF V/R 03/25/55       | FREDDIE MAC REMICS SER 5517 CL MF V/R 5.25517000                                               | CUSIP: 3137HKH72<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    834256 | PA      | $835463.29    | 0.09%             | 2055-03-25      | Variable      | 5.26%                 | No            |                  2 | On Loan: No      |
| UNIV OF UTAH UT RE 5% 08/01/25 | UNIV OF UTAH UT REVENUES REGD N/C B/E 5.00000000                                               | CUSIP: 9151832E6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $926491.38    | 0.10%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF QUEE V/R 10/29/25/AUD/ | BANK OF QUEENSLAND LTD /AUD/ REGD V/R MTN 4.99260000                                           | CUSIP: Q1279GXK9<br>LEI: 549300WFIN7T02UKDG08 | Long             | DBT              | CORP              | AU        |   1000000 | PA      | $659630.80    | 0.07%             | 2025-10-29      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| EVERGY KANSAS CE 4.7% 03/13/28 | EVERGY KANSAS CENTRAL REGD 4.70000000                                                          | CUSIP: 30036FAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $606687.62    | 0.06%             | 2028-03-13      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ALASKA ST 5% 08/01/26          | ALASKA ST REGD N/C B/E 5.00000000                                                              | CUSIP: 0117705R1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $707373.65    | 0.07%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CASH COLLATERAL CME WFS        | CASH COLLATERAL CME WFS        /CCWFSXUS7 4.23000000                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |   1670000 | PA      | $1670000.00   | 0.17%             | 2049-12-31      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| ORLANDO FL UTILIT V/R 10/01/33 | ORLANDO FL UTILITIES COMMISSIO REGD V/R B/E 2.50000000                                         | CUSIP: 686507DZ4<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |  25060000 | PA      | $25060000.00  | 2.63%             | 2033-10-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC V/R 08/14/27 | HSBC HOLDINGS PLC REGD V/R 5.88700000                                                          | CUSIP: 404280DZ9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1014024.39   | 0.11%             | 2027-08-14      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC V/R 11/02/26      | BARCLAYS PLC REGD V/R 7.32500000                                                               | CUSIP: 06738ECC7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1157000 | PA      | $1166604.12   | 0.12%             | 2026-11-02      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER S V/R 07/15/28 | BANCO SANTANDER SA REGD V/R 5.46535100                                                         | CUSIP: 05964HBE4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $401088.93    | 0.04%             | 2028-07-15      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & E 3.15% 01/01/26 | PACIFIC GAS & ELECTRIC REGD 3.15000000                                                         | CUSIP: 694308JP3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1337048.65   | 0.14%             | 2026-01-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI T V/R 09/14/26 | SUMITOMO MITSUI TR BK LT REGD V/R REG S 5.54615400                                             | CUSIP: J7771YSN8<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |   1600000 | PA      | $1612400.78   | 0.17%             | 2026-09-14      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| FNR 2025-35 FB V/R 05/25/55    | FANNIE MAE REMICS SER 2025-35 CL FB V/R 5.30517000                                             | CUSIP: 3136BVF78<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1544835 | PA      | $1543041.80   | 0.16%             | 2055-05-25      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL 5% 11/01/25 | CONNECTICUT ST SPL TAX OBLIG R REGD N/C B/E 5.00000000                                         | CUSIP: 207758F65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1258713.25   | 0.13%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BPCE SA V/R 01/18/27           | BPCE SA REGD V/R 144A P/P MTN 5.97500000                                                       | CUSIP: 05583JAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   2000000 | PA      | $2013462.94   | 0.21%             | 2027-01-18      | Variable      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| ILLINOIS ST FIN A V/R 01/01/37 | ILLINOIS ST FIN AUTH REVENUE REGD V/R B/E 2.00000000                                           | CUSIP: 45200B3G1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1770000.00   | 0.19%             | 2037-01-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MID-BAY 5% 10/01/27 | FLORIDA ST MID-BAY BRIDGE AUTH REGD N/C B/E AG 5.00000000                                      | CUSIP: 342814ED8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3126518.40   | 0.33%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GRO V/R 12/09/26 | GOLDMAN SACHS GROUP INC REGD V/R SER VAR 1.09300000                                            | CUSIP: 38141GXM1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1673578.87   | 0.18%             | 2026-12-09      | Variable      | 1.09%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV V/R 07/01/26      | ING GROEP NV REGD V/R 144A P/P 1.40000000                                                      | CUSIP: 456837AU7<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    300000 | PA      | $300000.00    | 0.03%             | 2026-07-01      | Variable      | 1.40%                 | Yes           |                  2 | On Loan: No      |
| ATHENE GLOBAL FUN V/R 08/27/26 | ATHENE GLOBAL FUNDING REGD V/R REG S EMTN 5.41059000                                           | CUSIP: 04686E4J8<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    600000 | PA      | $602382.00    | 0.06%             | 2026-08-27      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH V/R 11/15/38 | ROCHESTER MN HLTH CARE FACS RE REGD V/R B/E 1.75000000                                         | CUSIP: 771902FC2<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3900000.00   | 0.41%             | 2038-11-15      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AR 5% 07/01/26 | PHILADELPHIA PA ARPT REVENUE REGD N/C B/E AMT 5.00000000                                       | CUSIP: 717817TY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2546424.00   | 0.27%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SBALT 2024-C A 4.56% 11/20/26  | SBNA AUTO LEASE TRUST 2024-C SER 2024-C CL A3 REGD 144A P/P 4.56000000                         | CUSIP: 78398DAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    900000 | PA      | $901740.60    | 0.09%             | 2028-02-22      | Fixed         | 4.56%                 | Yes           |                  2 | On Loan: No      |
| SMB 2020-PTA A2 1.6% 09/15/54  | SMB PRIVATE EDUCATION LOAN TRUST 2020-PT-A SER 2020-PTA CL A2A REGD 144A P/P 1.60000000        | CUSIP: 78449VAB2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    270173 | PA      | $254110.11    | 0.03%             | 2054-09-15      | Fixed         | 1.60%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAPITAL A V/R 08/04/25 | HYUNDAI CAPITAL AMERICA REGD V/R 144A P/P 5.50869700                                           | CUSIP: 44891ACL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $200093.27    | 0.02%             | 2025-08-04      | Variable      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| BDS 2022-FL12 A V/R 08/19/38   | BDS 2022-FL12 LLC SER 2022-FL12 CL A V/R REGD 144A P/P 6.45408000                              | CUSIP: 07336CAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    426057 | PA      | $426309.34    | 0.04%             | 2038-08-19      | Variable      | 6.45%                 | Yes           |                  2 | On Loan: No      |
| BAYER US FINANC 4.25% 12/15/25 | BAYER US FINANCE II LLC REGD 144A P/P 4.25000000                                               | CUSIP: 07274NAJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2492822.33   | 0.26%             | 2025-12-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS A 5% 07/01/25 | GUAM GOVT WTRWKS AUTH WTR & WS REGD N/C B/E 5.00000000                                         | CUSIP: 40065FDK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $350000.00    | 0.04%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIE 4.5% 08/15/29 | UBER TECHNOLOGIES INC REGD 144A P/P 4.50000000                                                 | CUSIP: 90353TAK6<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    500000 | PA      | $496332.75    | 0.05%             | 2029-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| DENVER CITY & C 5.25% 11/15/27 | DENVER CITY & CNTY CO ARPT REV REGD N/C B/E AMT 5.25000000                                     | CUSIP: 249182SV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1568653.05   | 0.16%             | 2027-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TRTN 2021-2 V/R 02/09/53 /AUD/ | TRITON BOND TRUST 2021-2 IN RESPECT OF SERIES 1 SER 2021-2 CL A1AU V/R REGD /AUD/ 4.45750000   | CUSIP: Q744CHAB0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | AU        |    281288 | PA      | $184783.34    | 0.02%             | 2053-02-09      | Variable      | 4.46%                 | No            |                  2 | On Loan: No      |
| GNR 2023-H27 FD V/R 11/20/73   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2023-H27 CL FD V/R 5.40185000                     | CUSIP: 38383KHV7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    484029 | PA      | $490753.91    | 0.05%             | 2073-11-20      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| HCA INC 5.875% 02/15/26        | HCA INC REGD 5.87500000                                                                        | CUSIP: 404119BS7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2702935.90   | 0.28%             | 2026-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ONEOK INC 5.85% 01/15/26       | ONEOK INC REGD 5.85000000                                                                      | CUSIP: 682680BD4<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    700000 | PA      | $703546.96    | 0.07%             | 2026-01-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| GNR 2024-H02 FH V/R 01/20/74   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2024-H02 CL FH V/R 5.23185000                     | CUSIP: 38383KMK5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1124635 | PA      | $1129785.23   | 0.12%             | 2074-01-20      | Variable      | 5.23%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST E 5% 07/01/26 | MASSACHUSETTS ST EDUCTNL FING REGD N/C B/E AMT 5.00000000                                      | CUSIP: 57563RSX8<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4066398.40   | 0.43%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| F/C CAN 10YR BOND FUT SEP25    | FUTURE CONTRACT ON           CAN 10YR BOND FUT SEP25 /CAD/ 0.00000000                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | CA        |        -7 | NC      | $-627134.20   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| GNR 2017-121 PE 3% 07/20/46    | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2017-121 CL PE 3.00000000                         | CUSIP: 38380TV37<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     98931 | PA      | $97012.05     | 0.01%             | 2046-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST BRD OF  5% 07/01/27 | FLORIDA ST BRD OF EDU LOTTERY REGD N/C B/E 5.00000000                                          | CUSIP: 341507T35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4895000 | PA      | $5116762.59   | 0.54%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC  5% 10/01/26 | MET WASHINGTON DC ARPTS AUTH A REGD N/C B/E AMT 5.00000000                                     | CUSIP: 592647LJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2805000 | PA      | $2873232.75   | 0.30%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CCCIT 2017-A6 A6 V/R 05/14/27  | CITIBANK CREDIT CARD ISSUANCE TRUST SER 2017-A6 CL A6 V/R REGD 5.19624000                      | CUSIP: 17305EGE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $2018822.80   | 0.21%             | 2029-05-14      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| ONEOK INC 2.2% 09/15/25        | ONEOK INC REGD 2.20000000                                                                      | CUSIP: 682680BA0<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    400000 | PA      | $397592.24    | 0.04%             | 2025-09-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| OHIO ST MENTAL HLT 5% 02/01/26 | OHIO ST MENTAL HLTH CAPITAL FA REGD N/C B/E 5.00000000                                         | CUSIP: 677587DN4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1518306.00   | 0.16%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST BLDG A 5% 10/15/25 | MICHIGAN ST BLDG AUTH REVENUE REGD N/C B/E 5.00000000                                          | CUSIP: 594615KV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5536763.10   | 0.58%             | 2025-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                            | IRS RSOFRP03.86 02/28/29 WFSL FLOAT                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         1 | NC      | $-85271.07    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| NISSAN MOTOR AC 1.85% 09/16/26 | NISSAN MOTOR ACCEPTANCE REGD 144A P/P MTN 1.85000000                                           | CUSIP: 65480CAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $953659.12    | 0.10%             | 2026-09-16      | Fixed         | 1.85%                 | Yes           |                  2 | On Loan: No      |
| OPTUS FINAN 1.6% 07/01/25/AUD/ | OPTUS FINANCE PTY LTD /AUD/ REGD REG S MTN 1.60000000                                          | CUSIP: Q7151CAT4<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |   1000000 | PA      | $658149.97    | 0.07%             | 2025-07-01      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| MONMOUTH CNTY NJ I 4% 03/13/26 | MONMOUTH CNTY NJ IMPT AUTH REV REGD N/C B/E CNTY GT 4.00000000                                 | CUSIP: 60956PS78<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   8000000 | PA      | $8053381.60   | 0.84%             | 2026-03-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL V/R 09/10/27  | BANK OF MONTREAL REGD V/R MTN 5.27383500                                                       | CUSIP: 06368L8M1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $401150.80    | 0.04%             | 2027-09-10      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| N/A                            | IRS R03.50PSO/N 03/19/30 WFSLUS33XXX FIXED                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |         1 | NC      | $-28989.07    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GFORT 2023-1 A 5.34% 06/15/26  | GMF FLOORPLAN OWNER REVOLVING TRUST SER 2023-1 CL A1 REGD 144A P/P 5.34000000                  | CUSIP: 361886CR3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1100000 | PA      | $1110175.44   | 0.12%             | 2028-06-15      | Fixed         | 5.34%                 | Yes           |                  2 | On Loan: No      |
| CARMX 2024-2 A 5.65% 02/16/26  | CARMAX AUTO OWNER TRUST 2024-2 SER 2024-2 CL A2A REGD 5.65000000                               | CUSIP: 14319EAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    443157 | PA      | $444258.45    | 0.05%             | 2027-05-17      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| FHR 5549 CF V/R 10/25/52       | FREDDIE MAC REMICS SER 5549 CL CF V/R 5.30517000                                               | CUSIP: 3137HLSA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1383254 | PA      | $1350121.03   | 0.14%             | 2052-10-25      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| OHIO ST UNIV V/R 06/01/43      | OHIO ST UNIV REGD V/R B/E 1.75000000                                                           | CUSIP: 677632N98<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |  11600000 | PA      | $11600000.00  | 1.22%             | 2043-06-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| BACARDI-MARTIN DISC 07/03/25   | BACARDI-MARTIN DISC 07/03/25 0.00000000                                                        | CUSIP: 05634EU34<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    300000 | PA      | $299880.33    | 0.03%             | 2025-07-03      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BAAT 2025-1A A 4.52% 11/22/27  | BOFA AUTO TRUST 2025-1 SER 2025-1A CL A2A REGD 144A P/P 4.52000000                             | CUSIP: 05594BAB2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1200000 | PA      | $1200676.08   | 0.13%             | 2027-11-22      | Fixed         | 4.52%                 | Yes           |                  2 | On Loan: No      |
| TPAT 2021-SL1 A2 V/R 11/20/26  | TOWD POINT ASSET TRUST 2021-SL1 SER 2021-SL1 CL A2 V/R REGD 144A P/P 5.13206000                | CUSIP: 89179XAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     69679 | PA      | $69399.89     | 0.01%             | 2061-11-20      | Variable      | 5.13%                 | Yes           |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF  5% 01/01/26 | MUNI ELEC AUTH OF GA REGD N/C B/E 5.00000000                                                   | CUSIP: 62620HKA9<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    625000 | PA      | $631016.63    | 0.07%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SWEDBANK AB 6.136% 09/12/26    | SWEDBANK AB REGD 144A P/P 6.13600000                                                           | CUSIP: 87020PAX5<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |   2900000 | PA      | $2961434.38   | 0.31%             | 2026-09-12      | Fixed         | 6.14%                 | Yes           |                  2 | On Loan: No      |
| PORT AUTH OF NEW Y 5% 12/01/25 | PORT AUTH OF NEW YORK & NEW JE REGD N/C B/E AMT 5.00000000                                     | CUSIP: 73358XJT0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5031677.50   | 0.53%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LMAT 2021-GS3 A1 V/R 07/25/61  | LEGACY MORTGAGE ASSET TRUST 2021-GS3 SER 2021-GS3 CL A1 V/R REGD 144A P/P 5.75000000           | CUSIP: 52474XAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1001880 | PA      | $998671.26    | 0.10%             | 2061-07-25      | Variable      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| FNR 2024-104 FA V/R 01/25/55   | FANNIE MAE REMICS SER 2024-104 CL FA V/R 5.35517000                                            | CUSIP: 3136BUEQ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1031077 | PA      | $1028335.02   | 0.11%             | 2055-01-25      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| OOREDOO INTL FINAN 5% 10/19/25 | OOREDOO INTL FINANCE REGD P/P MTN 5.00000000                                                   | CUSIP: 74733LAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1100000 | PA      | $1100881.10   | 0.12%             | 2025-10-19      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NORTHAMPTON CNTY P 5% 08/15/25 | NORTHAMPTON CNTY PA GEN PURPOS REGD N/C B/E 5.00000000                                         | CUSIP: 66353RCJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5565000 | PA      | $5575458.30   | 0.58%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SVENSKA HAND V/R 03/04/26/AUD/ | SVENSKA HANDELSBANKEN AB /AUD/ REGD V/R MTN 4.16140000                                         | CUSIP: W9125C8G7<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | DBT              | CORP              | SE        |    600000 | PA      | $394680.69    | 0.04%             | 2026-03-04      | Variable      | 4.16%                 | No            |                  2 | On Loan: No      |
| SALC 202 5.299% 10/15/26 /CAD/ | MBARC CREDIT CANADA INC SER 2024-AA CL A2 REGD 144A P/P /CAD/ 5.29900000                       | CUSIP: 552755BX7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | CA        |    270653 | PA      | $199426.18    | 0.02%             | 2026-10-15      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| HOUSTON TX UTILIT V/R 05/15/34 | HOUSTON TX UTILITY SYS REVENUE REGD V/R B/E 2.35000000                                         | CUSIP: 44244CRZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6000000.00   | 0.63%             | 2034-05-15      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| SYNIT 2023-A1  5.54% 07/15/26  | SYNCHRONY CARD FUNDING LLC SER 2023-A1 CL A REGD 5.54000000                                    | CUSIP: 87166PAK7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1011361.80   | 0.11%             | 2029-07-15      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST CITIZ 5% 06/01/26 | LOUISIANA ST CITIZENS PROPERTY REGD N/C B/E 5.00000000                                         | CUSIP: 546456EF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16000000 | PA      | $16305281.60  | 1.71%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC 4.875% 09/27/29          | FEDERAL HOME LOAN MORTGAGE CORP 4.87500000                                                     | CUSIP: 3134HAPE7<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   2300000 | PA      | $2298732.82   | 0.24%             | 2029-09-27      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA 5% 08/01/27   | DIST OF COLUMBIA REGD N/C B/E 5.00000000                                                       | CUSIP: 25476FC71<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5243643.50   | 0.55%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIV 5% 05/15/26 | LOWER COLORADO RIVER TX AUTH T REGD N/C B/E 5.00000000                                         | CUSIP: 54811BP21<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017872.00   | 0.11%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DYNO NOBEL  4.3% 03/18/26/AUD/ | DYNO NOBEL LTD /AUD/ REGD REG S MTN 4.30000000                                                 | CUSIP: Q48872AB3<br>LEI: 254900UW2F3BKV6Z9V18 | Long             | DBT              | CORP              | AU        |    800000 | PA      | $526367.28    | 0.06%             | 2026-03-18      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| SARASOTA CNTY FL S 5% 07/01/26 | SARASOTA CNTY FL SCH BRD COPS REGD N/C B/E 5.00000000                                          | CUSIP: 80330QDE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1277668.00   | 0.13%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PEAC 2025-1A A 4.94% 10/20/28  | PEAC SOLUTIONS RECEIVABLES 2025-1 LLC SER 2025-1A CL A2 REGD 144A P/P 4.94000000               | CUSIP: 69392HAB9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1003370.10   | 0.11%             | 2028-10-20      | Fixed         | 4.94%                 | Yes           |                  2 | On Loan: No      |
| LEE CNTY FL ARPT R 5% 10/01/25 | LEE CNTY FL ARPT REVENUE REGD N/C B/E AMT 5.00000000                                           | CUSIP: 523470GD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003349.60   | 0.11%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RALEIGH NC LTD OBL 5% 10/01/26 | RALEIGH NC LTD OBLIG REGD N/C B/E 5.00000000                                                   | CUSIP: 751120FT8<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |   7250000 | PA      | $7465062.55   | 0.78%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST DEPT OF  5% 04/01/28 | OREGON ST DEPT OF ADMIN SVCS L REGD N/C B/E 5.00000000                                         | CUSIP: 68607V6A8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3987367.13   | 0.42%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF  V/R 03/25/27 | NATIONAL BANK OF CANADA REGD V/R MTN SER GMTN 5.31187300                                       | CUSIP: 63307A2Y0<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   1300000 | PA      | $1301299.27   | 0.14%             | 2027-03-25      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD 5% 07/01/27  | BALTIMORE CNTY MD REGD N/C B/E 5.00000000                                                      | CUSIP: 05914GJS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2096239.40   | 0.22%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| F/C 3 MONTH SOFR FUT  JUN25    | FUTURE CONTRACT ON           3 MONTH SOFR FUT  JUN25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |        68 | NC      | $16263050.00  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR CREDIT V/R 03/06/26 | FORD MOTOR CREDIT CO LLC REGD V/R 7.34055000                                                   | CUSIP: 345397C50<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $302814.00    | 0.03%             | 2026-03-06      | Variable      | 7.34%                 | No            |                  2 | On Loan: No      |
| VZMT 2024-1 A1A 5% 12/20/28    | VERIZON MASTER TRUST SER 2024-1 CL A1A REGD 5.00000000                                         | CUSIP: 92348KCL5<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $2003973.40   | 0.21%             | 2028-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOPERAT RABOBANK V/R 10/05/26 | COOPERAT RABOBANK UA/NY REGD V/R 5.24232300                                                    | CUSIP: 21688AAZ5<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    250000 | PA      | $251519.50    | 0.03%             | 2026-10-05      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| FHR 5426 BF V/R 04/15/49       | FREDDIE MAC REMICS SER 5426 CL BF V/R 5.25001000                                               | CUSIP: 3137HCXW7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    388089 | PA      | $388728.52    | 0.04%             | 2049-04-15      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| ARIZONA BRD OF RG V/R 07/01/34 | ARIZONA BRD OF RGTS ST UNIV SY REGD V/R B/E 2.00000000                                         | CUSIP: 04048RAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11595000 | PA      | $11595000.00  | 1.21%             | 2034-07-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| GCCT 2021-1A A 1.14% 08/15/26  | GOLDEN CREDIT CARD TRUST SER 2021-1A CL A REGD 144A P/P 1.14000000                             | CUSIP: 380881FB3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1600000 | PA      | $1544136.16   | 0.16%             | 2028-08-15      | Fixed         | 1.14%                 | Yes           |                  2 | On Loan: No      |
| NORFOLK VA ECON D V/R 11/01/34 | NORFOLK VA ECON DEV AUTH HOSPF REGD V/R B/E 2.00000000                                         | CUSIP: 65588TAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8135000 | PA      | $8135000.00   | 0.85%             | 2034-11-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| NSLT 2019-2A A V/R 09/25/32    | NELNET STUDENT LOAN TRUST 2019-2 SER 2019-2A CL A V/R 144A P/P 5.31965000                      | CUSIP: 64034NAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    513956 | PA      | $513350.27    | 0.05%             | 2067-06-27      | Variable      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK NY V/R 10/01/46       | NEW YORK NY REGD V/R B/E 3.90000000                                                            | CUSIP: 64966MSD2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10000000.00  | 1.05%             | 2046-10-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY  V/R 06/15/38 | NEW YORK CITY NY MUNI WTR FIN REGD V/R B/E 3.55000000                                          | CUSIP: 64972FHJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5225000 | PA      | $5225000.00   | 0.55%             | 2038-06-15      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRE 5.896% 07/13/26 | BANQUE FED CRED MUTUEL REGD 144A P/P 5.89600000                                                | CUSIP: 06675FBA4<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   1500000 | PA      | $1522689.80   | 0.16%             | 2026-07-13      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| NEW JERSEY ST EDUC 5% 07/01/26 | NEW JERSEY ST EDUCTNL FACS AUT REGD N/C B/E AG 5.00000000                                      | CUSIP: 646067HU5<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022046.70   | 0.11%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MET WTR 5% 12/01/27 | CHICAGO IL MET WTR RECLAMATION REGD N/C B/E 5.00000000                                         | CUSIP: 167560XT3<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |   8310000 | PA      | $8743907.48   | 0.92%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LL V/R 03/21/28 | BMW US CAPITAL LLC REGD V/R 144A P/P 5.32615200                                                | CUSIP: 05565ECX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $299164.43    | 0.03%             | 2028-03-21      | Variable      | 5.33%                 | Yes           |                  2 | On Loan: No      |
| F/C US 10YR NOTE (CBT)SEP25    | FUTURE CONTRACT ON           US 10YR NOTE (CBT)SEP25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |      -101 | NC      | $-11324625.00 | -1.19%            |  |  |  | No            |                  1 | On Loan: No      |
| HARRIS CNTY TX HOS 5% 02/15/28 | HARRIS CNTY TX HOSP DIST CTFS REGD N/C B/E 5.00000000                                          | CUSIP: 41415UBG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1795022.52   | 0.19%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST 5% 08/15/27    | PENNSYLVANIA ST REGD N/C B/E 5.00000000                                                        | CUSIP: 70914P4M1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10483385.00  | 1.10%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNR 2024-103 FC V/R 01/25/55   | FANNIE MAE REMICS SER 2024-103 CL FC V/R 5.45517000                                            | CUSIP: 3136BUQH6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1030570 | PA      | $1029808.51   | 0.11%             | 2055-01-25      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| FNR 2024-100 FA V/R 06/25/54   | FANNIE MAE REMICS SER 2024-100 CL FA V/R 5.40517000                                            | CUSIP: 3136BUFY1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    772988 | PA      | $771645.07    | 0.08%             | 2054-06-25      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| CHELAN CNTY WA PU V/R 07/01/32 | CHELAN CNTY WA PUBLIC UTILITYD REGD V/R B/E 1.75000000                                         | CUSIP: 163103UP7<br>LEI: 5493004E8FN9GU2SU067 | Long             | DBT              | MUN               | US        |  13160000 | PA      | $13160000.00  | 1.38%             | 2032-07-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL A V/R 06/24/27 | HYUNDAI CAPITAL AMERICA REGD V/R 144A P/P 5.38198300                                           | CUSIP: 44891ADE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $299453.10    | 0.03%             | 2027-06-24      | Variable      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| ABN AMRO BANK NV V/R 09/18/27  | ABN AMRO BANK NV REGD V/R 144A P/P 6.18450600                                                  | CUSIP: 00084DBB5<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $101189.00    | 0.01%             | 2027-09-18      | Variable      | 6.18%                 | Yes           |                  2 | On Loan: No      |
| BMW US CAPITAL LL V/R 03/19/27 | BMW US CAPITAL LLC REGD V/R 144A P/P 5.18527400                                                | CUSIP: 05565ECV5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $200149.04    | 0.02%             | 2027-03-19      | Variable      | 5.19%                 | Yes           |                  2 | On Loan: No      |
| ILLINOIS ST 5% 10/01/25        | ILLINOIS ST REGD N/C B/E 5.00000000                                                            | CUSIP: 4521522H3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2465000 | PA      | $2474350.24   | 0.26%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GSKY 2025-1A A 5.12% 03/25/60  | GREENSKY HOME IMPROVEMENT ISSUER TRUST 2025-1 SER 2025-1A CL A2 REGD 144A P/P 5.12000000       | CUSIP: 39571NAB2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    453413 | PA      | $454212.61    | 0.05%             | 2060-03-25      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| BERRY GLOBAL I 4.875% 07/15/26 | BERRY GLOBAL INC REGD 144A P/P 4.87500000                                                      | CUSIP: 085770AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    977000 | PA      | $975770.54    | 0.10%             | 2026-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU 5% 02/15/28 | CLIFTON TX HGR EDU FIN CORP ED REGD N/C B/E PSF-GTD 5.00000000                                 | CUSIP: 187145UW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1206471.90   | 0.13%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY V/R 11/15/54 | HILLSBOROUGH CNTY FLA INDL DEV REGD V/R B/E 3.85000000                                         | CUSIP: 43233KAX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7500000.00   | 0.79%             | 2054-11-15      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MI V/R 11/07/25 /AUD/ | SUMITOMO MITSUI SYD VARIABLE__  SER TCD /AUD/ CTF OF DEPOSIT 4.92910000                        | CUSIP: Q8T94SWP0<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |   2400000 | PA      | $1583872.12   | 0.17%             | 2025-11-07      | Variable      | 4.93%                 | No            |                  2 | On Loan: No      |
| CRVNA 2024-P3  4.61% 04/10/26  | CARVANA AUTO RECEIVABLES TRUST 2024-P3 SER 2024-P3 CL A2 REGD 4.61000000                       | CUSIP: 146919AB1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    448943 | PA      | $448824.48    | 0.05%             | 2027-11-10      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| GMCAR 2023-4 A 5.78% 04/16/27  | GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2023-4 SER 2023-4 CL A3 REGD 5.78000000     | CUSIP: 379930AD2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1200000 | PA      | $1213806.24   | 0.13%             | 2028-08-16      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| N/A                            | GBP/USD FWD 20250804 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-37311.98    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST  5% 12/01/25 | SOUTH CAROLINA ST PUBLIC SVC A REGD N/C B/E 5.00000000                                         | CUSIP: 8371515W5<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | STIV             | MUN               | US        |   7500000 | PA      | $7557491.25   | 0.79%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY  V/R 06/15/39 | NEW YORK CITY NY MUNI WTR FIN REGD V/R B/E 3.90000000                                          | CUSIP: 64972FWL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10000000.00  | 1.05%             | 2039-06-15      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| FHR 5560 FB V/R 06/25/55       | FREDDIE MAC REMICS SER 5560 CL FB V/R 5.30620000                                               | CUSIP: 3137HLZD7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $981880.90    | 0.10%             | 2055-06-25      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUND 1.75% 06/30/26 | F&G GLOBAL FUNDING REGD 144A P/P 1.75000000                                                    | CUSIP: 30321L2A9<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2430209.15   | 0.25%             | 2026-06-30      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| TRIBOROUGH NY BRID 5% 02/01/28 | TRIBOROUGH NY BRIDGE & TUNNEL REGD N/C B/E 5.00000000                                          | CUSIP: 89602RMU6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  14820000 | PA      | $15693704.21  | 1.64%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALGONQUIN PWR &  S/UP 06/15/26 | ALGONQUIN PWR & UTILITY REGD S/UP 5.36500000                                                   | CUSIP: 015857AF2<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $1006193.57   | 0.11%             | 2026-06-15      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| MFRA 2021-RPL1 A V/R 07/25/60  | MFA 2021-RPL1 TRUST SER 2021-RPL1 CL A1 V/R REGD 144A P/P 1.13130000                           | CUSIP: 55283QAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    288679 | PA      | $262439.85    | 0.03%             | 2060-07-25      | Variable      | 1.13%                 | Yes           |                  2 | On Loan: No      |
| WINCHESTER VA ECON 5% 01/01/27 | WINCHESTER VA ECON DEV AUTH RE REGD N/C B/E 5.00000000                                         | CUSIP: 973122AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $825105.20    | 0.09%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF  V/R 07/02/27 | NATIONAL BANK OF CANADA REGD V/R 5.37336900                                                    | CUSIP: 63307A2Z7<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   1100000 | PA      | $1102391.16   | 0.12%             | 2027-07-02      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| GMALT 2023-3 A 5.38% 12/20/25  | GM FINANCIAL AUTOMOBILE LEASING TRUST 2023-3 SER 2023-3 CL A3 REGD 5.38000000                  | CUSIP: 379929AD4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1584175 | PA      | $1586882.92   | 0.17%             | 2026-11-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GNR 2023-H12 FA V/R 05/20/73   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2023-H12 CL FA V/R 5.30185000                     | CUSIP: 38382Y5K5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1897512 | PA      | $1915694.91   | 0.20%             | 2073-05-20      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| WASHINGTON DC MET  5% 07/15/26 | WASHINGTON DC MET AREA TRANSIT REGD N/C B/E 5.00000000                                         | CUSIP: 93878YCW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1279777.38   | 0.13%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHR 5480 FG V/R 12/25/54       | FREDDIE MAC REMICS SER 5480 CL FG V/R 5.45517000                                               | CUSIP: 3137HHUD1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    747983 | PA      | $746640.59    | 0.08%             | 2054-12-25      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| FHR 5516 FB V/R 03/25/55       | FREDDIE MAC REMICS SER 5516 CL FB V/R 5.20517000                                               | CUSIP: 3137HKBL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1729789 | PA      | $1723656.81   | 0.18%             | 2055-03-25      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| SMB 2023-A A1A 5.38% 01/15/53  | SMB PRIVATE EDUCATION LOAN TRUST 2023-A SER 2023-A CL A1A REGD 144A P/P 5.38000000             | CUSIP: 78450QAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    128630 | PA      | $130444.43    | 0.01%             | 2053-01-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| DNB BANK ASA V/R 10/09/26      | DNB BANK ASA REGD V/R 144A P/P 5.89600000                                                      | CUSIP: 23341CAC7<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |    700000 | PA      | $702560.99    | 0.07%             | 2026-10-09      | Variable      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| CNH 2023-B A2 5.9% 07/15/25    | CNH EQUIPMENT TRUST 2023-B SER 2023-B CL A2 REGD 5.90000000                                    | CUSIP: 12666DAB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     59057 | PA      | $59089.20     | 0.01%             | 2027-02-16      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUN V/R 01/07/27 | ATHENE GLOBAL FUNDING REGD V/R 144A P/P 5.17232300                                             | CUSIP: 04685A4F5<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300792.00    | 0.03%             | 2027-01-07      | Variable      | 5.17%                 | Yes           |                  2 | On Loan: No      |
| LOUISIANA ST 5% 12/01/26       | LOUISIANA ST REGD N/C B/E 5.00000000                                                           | CUSIP: 546417JG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1384467.63   | 0.15%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JERSEY CENTRAL P 4.3% 01/15/26 | JERSEY CENTRAL PWR & LT REGD 144A P/P 4.30000000                                               | CUSIP: 476556DC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $399199.52    | 0.04%             | 2026-01-15      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAPITAL A V/R 01/08/27 | HYUNDAI CAPITAL AMERICA REGD V/R REG S 5.84734900                                              | CUSIP: 44891CCW1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2235000 | PA      | $2248387.78   | 0.24%             | 2027-01-08      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC V/R 09/12/26 | HSBC HOLDINGS PLC REGD V/R 4.29200000                                                          | CUSIP: 404280BX6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    900000 | PA      | $899097.84    | 0.09%             | 2026-09-12      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP DISC 07/08/25   | AIR LEASE CORP DISC 07/08/25 0.00000000                                                        | CUSIP: 00913WU86<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   1200000 | PA      | $1198746.84   | 0.13%             | 2025-07-08      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST 5% 06/01/27      | NEW JERSEY ST REGD N/C B/E 5.00000000                                                          | CUSIP: 646039YL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9950000 | PA      | $10401891.19  | 1.09%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST 5% 05/01/27       | WISCONSIN ST REGD N/C B/E 5.00000000                                                           | CUSIP: 97705ML52<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5217644.00   | 0.55%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                            | EUR/USD FWD 20250804 000003534 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-2618.40     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI T V/R 09/14/26 | SUMITOMO MITSUI TR BK LT REGD V/R 144A P/P 5.54615400                                          | CUSIP: 86563VBL2<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |    200000 | PA      | $201550.10    | 0.02%             | 2026-09-14      | Variable      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| KOREA DEVELOPMENT V/R 02/03/30 | KOREA DEVELOPMENT BANK REGD V/R 5.11903000                                                     | CUSIP: 500630EJ3<br>LEI: N/A                  | Long             | DBT              | USGA              | KR        |   3000000 | PA      | $3011017.08   | 0.32%             | 2030-02-03      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR C 3.522% 09/17/25 | NISSAN MOTOR CO REGD 144A P/P 3.52200000                                                       | CUSIP: 654744AB7<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    700000 | PA      | $695586.04    | 0.07%             | 2025-09-17      | Fixed         | 3.52%                 | Yes           |                  2 | On Loan: No      |
| HDMOT 2024-A A 5.65% 02/16/27  | HARLEY-DAVIDSON MOTORCYCLE TRUST 2024-A SER 2024-A CL A2 REGD 5.65000000                       | CUSIP: 412922AB2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    258812 | PA      | $259194.02    | 0.03%             | 2027-02-16      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| GNR 2022-5 FA V/R 01/20/52     | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2022-5 CL FA V/R 3.50000000                       | CUSIP: 38383FG98<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    764762 | PA      | $675348.54    | 0.07%             | 2052-01-20      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP  V/R 09/12/25 | VOLKSWAGEN GROUP AMERICA REGD V/R 144A P/P 5.32725300                                          | CUSIP: 928668BY7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1501104.05   | 0.16%             | 2025-09-12      | Variable      | 5.33%                 | Yes           |                  2 | On Loan: No      |
| PACIFIC GAS & E 3.45% 07/01/25 | PACIFIC GAS & ELECTRIC REGD 3.45000000                                                         | CUSIP: 694308JL2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1600000.00   | 0.17%             | 2025-07-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| MBALT 2024-B A 4.57% 01/15/26  | MERCEDES-BENZ AUTO LEASE TRUST 2024-B SER 2024-B CL A2A REGD 4.57000000                        | CUSIP: 58769GAB9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    619571 | PA      | $619649.46    | 0.06%             | 2026-12-15      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LO 5% 01/01/28 | INDIANAPOLIS IN LOCAL PUBLIC I REGD N/C B/E AMT 5.00000000                                     | CUSIP: 45528VFT1<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   6230000 | PA      | $6489541.80   | 0.68%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIZUHO BANK V/R 09/14/26 /AUD/ | MIZUHO BANK LTD/SYDNEY________  VARIABLE SER TCD /AUD/ CTF OF DEPOSIT 4.56380000               | CUSIP: Q6S38K3F5<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |    600000 | PA      | $396461.64    | 0.04%             | 2026-09-14      | Variable      | 4.56%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST 5% 07/01/27      | WASHINGTON ST REGD N/C B/E 5.00000000                                                          | CUSIP: 93974ED78<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8384765.60   | 0.88%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP DISC 07/15/25   | AIR LEASE CORP DISC 07/15/25 0.00000000                                                        | CUSIP: 00913WUF0<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   1600000 | PA      | $1596823.52   | 0.17%             | 2025-07-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| GNR 2018-H18 FC V/R 08/20/65   | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2018-H18 CL FC V/R 4.79602000                     | CUSIP: 38380LMV2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    175520 | PA      | $175497.73    | 0.02%             | 2065-08-20      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| FNR 2024-38 FA V/R 01/25/51    | FANNIE MAE REMICS SER 2024-38 CL FA V/R 5.15001000                                             | CUSIP: 3136BR4S3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    763510 | PA      | $763590.76    | 0.08%             | 2051-01-25      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA 5% 08/01/25 | PORT OF SEATTLE WA REVENUE REGD N/C B/E AMT 5.00000000                                         | CUSIP: 735389N95<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1737134.05   | 0.18%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CBRE SVCS INC DISC 07/24/25    | CBRE SVCS INC DISCOUNT________  COMMERCIAL PAPER 0.00000000                                    | CUSIP: 12610BUQ3<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   1600000 | PA      | $1594851.20   | 0.17%             | 2025-07-24      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUN V/R 08/27/26 | ATHENE GLOBAL FUNDING REGD V/R 144A P/P MTN 5.41059000                                         | CUSIP: 04685A4B4<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    985000 | PA      | $988910.45    | 0.10%             | 2026-08-27      | Variable      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| OHIO ST HGR EDUCT V/R 01/01/39 | OHIO ST HGR EDUCTNL FAC COMMIS REGD V/R B/E 3.60000000                                         | CUSIP: 67756DBB1<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4500000.00   | 0.47%             | 2039-01-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| UTAH ST 5% 07/01/26            | UTAH ST REGD N/C B/E 5.00000000                                                                | CUSIP: 917542WL2<br>LEI: 254900RWV9NSVUZONC07 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5117592.00   | 0.54%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITZN 2023-1 A 5.84% 06/15/26  | CITIZENS AUTO RECEIVABLES TRUST 2023-1 SER 2023-1 CL A3 REGD 144A P/P 5.84000000               | CUSIP: 17331KAD1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1560583 | PA      | $1570542.38   | 0.16%             | 2028-01-18      | Fixed         | 5.84%                 | Yes           |                  2 | On Loan: No      |
| SYDNEY AIRPORT 3.625% 04/28/26 | SYDNEY AIRPORT FINANCE REGD REG S 3.62500000                                                   | CUSIP: Q8809VAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |   2100000 | PA      | $2083537.87   | 0.22%             | 2026-04-28      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BAT INTL FINAN 1.668% 03/25/26 | BAT INTL FINANCE PLC REGD 1.66800000                                                           | CUSIP: 05530QAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   1900000 | PA      | $1860483.57   | 0.19%             | 2026-03-25      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| F/C 3 MONTH SOFR FUT  MAR26    | FUTURE CONTRACT ON           3 MONTH SOFR FUT  MAR26 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       262 | NC      | $63273000.00  | 6.63%             |  |  |  | No            |                  1 | On Loan: No      |
| PORT OF SEATTLE WA 5% 09/01/25 | PORT OF SEATTLE WA REVENUE REGD N/C B/E AMT 5.00000000                                         | CUSIP: 735389J74<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   6885000 | PA      | $6902023.16   | 0.72%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL 5% 10/01/25 | MIAMI-DADE CNTY FL SEAPORT REV REGD N/C B/E AMT 5.00000000                                     | CUSIP: 59335KEG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505586.30   | 0.16%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC  5% 10/01/25 | MET WASHINGTON DC ARPTS AUTH A REGD N/C B/E 5.00000000                                         | CUSIP: 592647HZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1034929.89   | 0.11%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CURATORS OF THE UN 5% 11/01/26 | CURATORS OF THE UNIV OF MISSOU REGD N/C B/E 5.00000000                                         | CUSIP: 231266MR5<br>LEI: G0G4PRB87K0V5MXIV248 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7211814.40   | 0.76%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY V/R 11/16/27  | DEUTSCHE BANK NY REGD V/R 5.58889200                                                           | CUSIP: 251526CN7<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    700000 | PA      | $700010.68    | 0.07%             | 2027-11-16      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LO 5% 06/01/26 | INDIANAPOLIS IN LOCAL PUBLIC I REGD N/C B/E 5.00000000                                         | CUSIP: 45528UR86<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1834837.02   | 0.19%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STAR 2021-2 A1 V/R 05/25/65    | STARWOOD MORTGAGE RESIDENTIAL TRUST 2021-2 SER 2021-2 CL A1 V/R REGD 144A P/P 0.94300000       | CUSIP: 85573HAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    164525 | PA      | $154049.86    | 0.02%             | 2065-05-25      | Variable      | 0.94%                 | Yes           |                  2 | On Loan: No      |
| OSCAR 2023-1A  5.81% 11/10/26  | OSCAR US FUNDING XV LLC SER 2023-1A CL A3 REGD 144A P/P 5.81000000                             | CUSIP: 68785CAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JP        |   1000000 | PA      | $1005779.05   | 0.11%             | 2027-12-10      | Fixed         | 5.81%                 | Yes           |                  2 | On Loan: No      |
| COLORADO ST HLTH  V/R 05/15/64 | COLORADO ST HLTH FACS AUTH REV REGD V/R B/E 3.85000000                                         | CUSIP: 19648FYT5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8500000.00   | 0.89%             | 2064-05-15      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| CASINO REINVESTMEN 5% 11/01/27 | CASINO REINVESTMENT DEV AUTH N REGD N/C B/E AG 5.00000000                                      | CUSIP: 14760RBA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1464286.04   | 0.15%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURBERRY  1.125% 09/21/25/GBP/ | BURBERRY GROUP PLC /GBP/ REGD REG S 1.12500000                                                 | CUSIP: G1700DAA3<br>LEI: 213800PE1KEFCNFR1R50 | Long             | DBT              | CORP              | GB        |    900000 | PA      | $1224908.89   | 0.13%             | 2025-09-21      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| NATWEST MARKETS P V/R 05/17/27 | NATWEST MARKETS PLC REGD V/R 144A P/P 5.27024900                                               | CUSIP: 63906YAK4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   1300000 | PA      | $1305665.15   | 0.14%             | 2027-05-17      | Variable      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| AREIT 2022-CRE6  V/R 11/17/24  | AREIT 2022-CRE6 TRUST SER 2022-CRE6 CL A V/R REGD 144A P/P 5.55116000                          | CUSIP: 04002VAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    476825 | PA      | $475897.56    | 0.05%             | 2037-01-20      | Variable      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| GMCAR 2024-4 A 4.53% 07/16/26  | GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2024-4 SER 2024-4 CL A2A REGD 4.53000000    | CUSIP: 38014AAB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    767391 | PA      | $767417.88    | 0.08%             | 2027-10-18      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| CARMX 2023-4 A3 6% 04/15/27    | CARMAX AUTO OWNER TRUST 2023-4 SER 2023-4 CL A3 REGD 6.00000000                                | CUSIP: 14318XAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2400000 | PA      | $2434480.08   | 0.26%             | 2028-07-17      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNR 2024-13 FA V/R 01/20/54    | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2024-13 CL FA V/R 5.25185000                      | CUSIP: 38384GP87<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    209555 | PA      | $210408.92    | 0.02%             | 2054-01-20      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| GMALT 2025-2 A 4.55% 07/20/27  | GM FINANCIAL AUTOMOBILE LEASING TRUST 2025-2 SER 2025-2 CL A2A REGD 4.55000000                 | CUSIP: 362962AB8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1002445.00   | 0.11%             | 2027-07-20      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| HERTZ 2023-1A  5.49% 06/25/26  | HERTZ VEHICLE FINANCING III LLC SER 2023-1A CL A REGD 144A P/P 5.49000000                      | CUSIP: 42806MBS7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $2010119.60   | 0.21%             | 2027-06-25      | Fixed         | 5.49%                 | Yes           |                  2 | On Loan: No      |
| NEXTERA ENERGY DISC 07/29/25   | NEXTERA ENERGY CAP HLDGS INC__  DISCOUNT COMMERCIAL PAPER 0.00000000                           | CUSIP: 65339MUV6<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   1400000 | PA      | $1394808.66   | 0.15%             | 2025-07-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON D V/R 07/01/40 | MISSION TX ECON DEV CORP SOL W REGD V/R B/E AMT 3.95000000                                     | CUSIP: 605155BS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500082.75   | 0.26%             | 2040-07-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| MISSOURI JT MUNI E 5% 01/01/27 | MISSOURI JT MUNI ELEC UTILITY REGD N/C B/E 5.00000000                                          | CUSIP: 606092PP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1578870.65   | 0.17%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST 5% 07/01/25        | ILLINOIS ST REGD N/C B/E 5.00000000                                                            | CUSIP: 452153GA1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2600000.00   | 0.27%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BPCE SA V/R 09/29/25/AUD/      | BPCE SA /AUD/ REGD V/R REG S MTN 4.95370000                                                    | CUSIP: F1883F8S2<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |    700000 | PA      | $461584.92    | 0.05%             | 2025-09-29      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| NORTHAMPTON CNTY P 5% 08/15/26 | NORTHAMPTON CNTY PA GEN PURPOS REGD N/C B/E 5.00000000                                         | CUSIP: 66353RCK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5106623.50   | 0.54%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIE 7.5% 09/15/27 | UBER TECHNOLOGIES INC REGD 144A P/P 7.50000000                                                 | CUSIP: 90353TAE0<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    500000 | PA      | $504451.17    | 0.05%             | 2027-09-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| NORFOLK VA ECON D V/R 11/01/34 | NORFOLK VA ECON DEV AUTH HOSPF REGD V/R B/E 2.00000000                                         | CUSIP: 65588TAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5800000 | PA      | $5800000.00   | 0.61%             | 2034-11-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON DC MET  5% 07/15/25 | WASHINGTON DC MET AREA TRANSIT REGD N/C B/E 5.00000000                                         | CUSIP: 93878YCV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250792.88   | 0.13%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                            | AUD/USD FWD 20250702 000006038 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $13180.52     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | AUD/USD FWD 20250702 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-269198.09   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL 5% 05/01/26 | MIAMI-DADE CNTY FL SCH BRD COP REGD N/C B/E 5.00000000                                         | CUSIP: 59333MW68<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10162986.00  | 1.06%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS  V/R 07/28/27 | AMERICAN EXPRESS CO REGD V/R 5.32514300                                                        | CUSIP: 025816DJ5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1204404.32   | 0.13%             | 2027-07-28      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CAN V/R 07/23/27 | ROYAL BANK OF CANADA REGD V/R MTN SER GMTN 5.14214100                                          | CUSIP: 78016HZY9<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    300000 | PA      | $300931.72    | 0.03%             | 2027-07-23      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX 5% 02/01/26     | SAN ANTONIO TX REGD N/C B/E 5.00000000                                                         | CUSIP: 79623PSR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1048214.36   | 0.11%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEFT 2024-2 A2 4.69% 08/22/30  | DELL EQUIPMENT FINANCE TRUST 2024-2 SER 2024-2 CL A2 REGD 144A P/P 4.69000000                  | CUSIP: 24704EAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $2001420.20   | 0.21%             | 2030-08-22      | Fixed         | 4.69%                 | Yes           |                  2 | On Loan: No      |
| FNR 2024-95 KF V/R 12/25/54    | FANNIE MAE REMICS SER 2024-95 CL KF V/R 5.40517000                                             | CUSIP: 3136BTS53<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    460011 | PA      | $459608.80    | 0.05%             | 2054-12-25      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| TSET 2024-1A A 5.08% 09/20/29  | TESLA SUSTAINABLE ENERGY TRUST 2024-1 SER 2024-1A CL A2 REGD 144A P/P 5.08000000               | CUSIP: 88164AAB0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    580014 | PA      | $581888.46    | 0.06%             | 2050-06-21      | Fixed         | 5.08%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK NY CITY T 5% 11/01/27 | NEW YORK NY CITY TRANSITIONAL REGD N/C B/E 5.00000000                                          | CUSIP: 64972JJJ8<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |  20850000 | PA      | $21996925.14  | 2.30%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CASINO REINVESTMEN 5% 11/01/26 | CASINO REINVESTMENT DEV AUTH N REGD N/C B/E AG 5.00000000                                      | CUSIP: 14760RBU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512999.75    | 0.05%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHR 5546 FB V/R 06/25/55       | FREDDIE MAC REMICS SER 5546 CL FB V/R 5.30517000                                               | CUSIP: 3137HLME9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1866156 | PA      | $1871762.94   | 0.20%             | 2055-06-25      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| BAAT 2023-2A A 5.85% 08/17/26  | BANK OF AMERICA AUTO TRUST 2023-2 SER 2023-2A CL A2 REGD 144A P/P 5.85000000                   | CUSIP: 06054YAB3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     31252 | PA      | $31269.17     | 0.00%             | 2026-08-17      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| EFF 2024-4 A2 4.69% 01/20/27   | ENTERPRISE FLEET FINANCING 2024-4 LLC SER 2024-4 CL A2 REGD 144A P/P 4.69000000                | CUSIP: 29374MAB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    300000 | PA      | $300388.44    | 0.03%             | 2027-07-20      | Fixed         | 4.69%                 | Yes           |                  2 | On Loan: No      |
| CENTRL PUGET SOUND 5% 11/01/25 | CENTRL PUGET SOUND WA REGL TRA REGD N/C B/E 5.00000000                                         | CUSIP: 155048DQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5036644.00   | 0.53%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR  5% 12/01/25 | NEW JERSEY ST HGR EDU ASSISTAN REGD N/C B/E AMT 5.00000000                                     | CUSIP: 646080WR8<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    575000 | PA      | $578955.48    | 0.06%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUC 5% 08/01/27 | NEW JERSEY ST EDUCTNL FACS AUT REGD N/C B/E 5.00000000                                         | CUSIP: 646067JW9<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2088908.80   | 0.22%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GMALT 2024-3 A 4.29% 04/20/26  | GM FINANCIAL AUTOMOBILE LEASING TRUST 2024-3 SER 2024-3 CL A2A REGD 4.29000000                 | CUSIP: 38012QAB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1356586 | PA      | $1354908.05   | 0.14%             | 2027-01-20      | Fixed         | 4.29%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SP 7% 11/21/25 | INTESA SANPAOLO SPA REGD 144A P/P 7.00000000                                                   | CUSIP: 46115HBU0<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |   2800000 | PA      | $2822024.74   | 0.30%             | 2025-11-21      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK 5% 01/01/27 | MISSISSIPPI DEV BK SPL OBLIG REGD N/C B/E 5.00000000                                           | CUSIP: 60534XWP7<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031941.60   | 0.11%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TPMF 2024-G V/R 10/20/29 /GBP/ | TOWD POINT MORTGAGE FUNDING 2024 - GRA SER 2024-GR6A CL A1 V/R REGD 144A P/P /GBP/ 5.23627000  | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-CBDO         | CORP              | GB        |    849837 | PA      | $1168488.53   | 0.12%             | 2053-07-20      | Variable      | 5.24%                 | Yes           |                  2 | On Loan: No      |
| MSC 2019-PLND A V/R 05/15/21   | MORGAN STANLEY CAPITAL I TRUST 2019-PLND SER 2019-PLND CL A V/R REGD 144A P/P 5.42648000       | CUSIP: 61691XAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    700000 | PA      | $430500.00    | 0.05%             | 2036-05-15      | Variable      | 5.43%                 | Yes           |                  2 | On Loan: No      |
| VALET 2023-2 A 5.72% 10/20/25  | VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2023-2 SER 2023-2 CL A2A REGD 5.72000000                   | CUSIP: 92867YAB0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    547252 | PA      | $548585.09    | 0.06%             | 2027-03-22      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| CCCIT 2018-A5 A5 V/R 08/07/25  | CITIBANK CREDIT CARD ISSUANCE TRUST SER 2018-A5 CL A5 V/R REGD 5.03582000                      | CUSIP: 17305EGP4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1000482.50   | 0.10%             | 2027-08-07      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL  5% 10/01/26 | JEFFERSON CNTY AL SWR REVENUE REGD N/C B/E 5.00000000                                          | CUSIP: 472682YV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1280462.00   | 0.13%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FAC V/R 03/01/48 | IDAHO ST HLTH FACS AUTH REVENU REGD V/R B/E 3.65000000                                         | CUSIP: 451295ZZ5<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4500000.00   | 0.47%             | 2048-03-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| N/A                            | IRS RSOFRP03.62 11/30/29 WFSLUS33XXX FLOAT                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         1 | NC      | $-991577.43   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| CARMX 2025-2 A 4.59% 03/15/27  | CARMAX AUTO OWNER TRUST 2025-2 SER 2025-2 CL A2A REGD 4.59000000                               | CUSIP: 14320AAB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2500000 | PA      | $2508109.50   | 0.26%             | 2028-07-17      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| CHESH 2020- V/R 08/20/25 /GBP/ | CHESHIRE 2020-1 PLC SER 2020-1 CL A V/R REGD REG S /GBP/ 5.12171000                            | CUSIP: G2R3Z7AC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | GB        |    254480 | PA      | $349386.56    | 0.04%             | 2045-08-20      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| NRZT 2021-NQ2R A V/R 10/25/58  | NEW RESIDENTIAL MORTGAGE LOAN TRUST 2021- SER 2021-NQ2R CL A1 V/R REGD 144A P/P 0.94054000     | CUSIP: 64831EAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    282864 | PA      | $269294.70    | 0.03%             | 2058-10-25      | Variable      | 0.94%                 | Yes           |                  2 | On Loan: No      |
| FNR 2025-35 FM V/R 05/25/55    | FANNIE MAE REMICS SER 2025-35 CL FM V/R 5.35517000                                             | CUSIP: 3136BVJ66<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    297418 | PA      | $299006.10    | 0.03%             | 2055-05-25      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** Six Circles Trust

**Signature:** Tricia Larkin

**Name of Signer:** Tricia Larkin

**Title:** Treasurer/Principal Financial Officer